公司研究 [Table_ReportType] 公司点评报告 [安Ta踏bl体e_育Sto(c2k0A2n0d.RaHnKk)] 上次评级 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 刘田田 纺织服饰行业分析师 执业编号：S1500525120001 邮箱：liutiantian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 证券研究报告 [Table_Title] 单季度流水有所波动，长期聚焦品牌深化 [Table_ReportDate] 2026 年 1 月 21 日 投资评级 [T事ab件le：_S安um踏ma体ry育]发布 2025 年第四季度及全年的最新营运表现。根据公告， 安踏品牌在 2025 年第四季度零售金额录得低单位数的负增长，FILA 品牌录 得中单位数的正增长。所有其他品牌在第四季度的零售金额同比增长 35-40%。 [姜Ta文b镪le_新Au消th费o行r]业首席分析师 四季度流水有波动，全年年流水达成；梯度增长显 ...

公司研究 [Table_ReportType] 公司点评报告 [安Ta踏bl体e_育Sto(c2k0A2n0d.RaHnKk)] 上次评级 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 刘田田 纺织服饰行业分析师 执业编号：S1500525120001 邮箱：liutiantian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 证券研究报告 [Table_Title] 单季度流水有所波动，长期聚焦品牌深化 [Table_ReportDate] 2026 年 1 月 21 日 投资评级 [T事ab件le：_S安um踏ma体ry育]发布 2025 年第四季度及全年的最新营运表现。根据公告， 安踏品牌在 2025 年第四季度零售金额录得低单位数的负增长，FILA 品牌录 得中单位数的正增长。所有其他品牌在第四季度的零售金额同比增长 35-40%。 [姜Ta文b镪le_新Au消th费o行r]业首席分析师 四季度流水有波动，全年年流水达成；梯度增长显 ...

北京商报讯（记者 张君花）1月20日，安踏体育发布了2025年第四季度及全年的最新营运表现称，2025 年全年，集团旗下安踏品牌产品的零售金额（按零售价值计算，下同）与2024年同期相比实现低单位数 正增长；FILA品牌产品的零售金额同比实现中单位数正增长；所有其他品牌（包括DESCENTE及 KOLON SPORT）产品的零售金额同比实现45%-50%的正增长。 ...

Core Insights - The company reported a 14.3% year-on-year revenue growth to 38.54 billion yuan in the first half of 2025, with a net profit increase of 14.5% to 7.03 billion yuan, excluding gains from the Amer Sports listing [1] - The overall gross margin decreased by 0.7 percentage points to 63.4%, attributed to the increased contribution from lower-margin e-commerce and footwear businesses, while operating profit margin improved by 0.6 percentage points to 26.3% due to effective cost control and increased government subsidies [1] - The company declared an interim dividend of 1.37 HKD per share, with a payout ratio of 50.2%, and has repurchased nearly 2 billion HKD worth of shares since the announcement of the buyback plan [1] Brand Performance - Anta's main brand revenue grew by 5.4% to 16.95 billion yuan, while FILA's revenue increased by 8.6% to 14.18 billion yuan, and other brands saw a significant growth of 61.1% to 7.41 billion yuan [2] - Operating profit margins for Anta, FILA, and other brands were 23.3%, 27.7%, and 33.2%, reflecting a mixed performance across the brand portfolio [2] - The acquisition of JACK WOLFSKIN in May 2025 further strengthened the outdoor brand matrix, and a joint venture with MUSINSA aims to explore the integration of sports, fashion, and new retail [2] Management Outlook - Management remains confident in the company's growth trajectory, updating the 2025 guidance with expectations of single-digit growth for Anta and FILA brands, while other brands are projected to grow over 40% [2] - The profit contribution from the Amer Sports joint venture is also expected to continue growing rapidly [2] Financial Projections - The company maintains its profit forecasts for 2025-2026, with slight upward adjustments for 2027, projecting net profits of 13.48 billion, 15.46 billion, and 17.36 billion yuan for 2025-2027, respectively [3] - The reasonable valuation has been adjusted to 119-124 HKD, corresponding to a 2025 PE of 23-24X, maintaining an "outperform" rating [3]