盈利预测与评级：作为我国运动鞋服龙头公司，集团深耕行业多年竞争壁垒深厚，通过多品牌运营稳固 发展，且具备海外扩张预期，增长空间较大。我们预计公司2025-2027 年归母净利润分别138.14 亿 元/157.38 亿元/177.47 亿元，同比分别增长-11.43%/13.93%/12.77%。 DESCENTE、Kolon Sport 为代表的高端户外品牌依靠规模效应及同店驱动实现业绩高质量增长。 分渠道看，线上业务同增17.6%，线下持续开拓新业态新店型。从线上渠道看，公司25H1按绝对金额计 营收同比+17.6%，营收占比同比+2.0pct 至34.8%，丰富公司业绩增长驱动力。 从线下渠道看，截至2025 年中报，安踏主品牌拥有门店7187 家，其中，分别拥有安踏竞技场/安踏冠 军/超级安踏/安踏殿堂级/安踏作品集店铺2 家/97 家/69 家/77 家/69 家，新业态百花齐放；此外，FILA 店铺数量维持稳定，DESCENTE、KOLON SPORT 维持快速开店趋势。 多品牌运营仍为公司核心战略。据安踏集团微信公众号，在多品牌战略方面：1）集团于25H1完成对 JACK WOLFSKIN 狼爪 ...

Core Viewpoint - Daiwa's report indicates that Anta Sports (02020) outperformed market expectations in the first half of the year, with revenue and net profit exceeding forecasts by 1.5% and 3.2% respectively [1] Financial Performance - Anta Sports' revenue and net profit for the first half of the year were higher than market expectations, with increases of 1.5% and 3.2% respectively [1] - The growth momentum of Descente and Kolon Sport was better than anticipated [1] Earnings Forecast - Daiwa raised its earnings per share forecast for Anta Sports for the years 2025 to 2027 by 3% to 4% [1] - The revision in earnings forecasts primarily reflects the updated profit guidance from Amer Sports [1] Investment Rating - Daiwa reiterated a "Buy" rating for Anta Sports, increasing the target price from HKD 112 to HKD 117 [1] Strategic Initiatives - The company continues to demonstrate its acquisition intentions, recently announcing a joint venture with South Korea's leading fashion platform MUSINSA to introduce the well-known retail brand into the Chinese market [1]

Core Viewpoint - Daiwa's report indicates that Anta Sports (02020) outperformed market expectations in the first half of the year, with revenue and net profit exceeding forecasts by 1.5% and 3.2% respectively, driven by strong growth in Descente and Kolon Sport [1] Financial Performance - Anta Sports' revenue and net profit for the first half of the year were 1.5% and 3.2% higher than market expectations [1] - Earnings per share forecasts for 2025 to 2027 have been raised by 3% to 4% due to revised profit guidance from Amer Sports [1] Strategic Developments - The company continues to demonstrate its acquisition ambitions, recently announcing a joint venture with South Korea's leading fashion platform MUSINSA to introduce the well-known retail brand to the Chinese market [1] - The target price for Anta Sports has been increased from HKD 112 to HKD 117, maintaining a "Buy" rating [1]