Group 1 - Musinsa, South Korea's largest online fashion retailer, has announced its plan for an initial public offering (IPO) expected to take place in 2026, with a target valuation of approximately 10 trillion KRW (about 48.1 billion CNY) including debt [2] - The company was founded by Cho Man-ho in 2001, evolving from a streetwear forum into a comprehensive e-commerce platform, currently operating "Musinsa" and the women's platform "29cm," with monthly active users of 7 million and 3 million respectively [2][3] - KKR, a US investment firm, invested in Musinsa in 2021, and Citigroup and JPMorgan have been selected as joint lead underwriters for the upcoming IPO [2] Group 2 - In early 2025, Anta Group invested 50 billion KRW (approximately 2.6 million CNY) to acquire about 1.7% of Musinsa's shares [3] - Musinsa and Anta Group formed a strategic partnership in August, establishing a joint venture "MUSINSA China," where Anta holds 40% and Musinsa holds 60%, focusing on the development of the "MUSINSA STANDARD" brand and multi-brand stores in the Chinese market [3] - The first store of MUSINSA STANDARD in China is set to open on December 14 in Shanghai, featuring a casual wear brand known for its minimalist design, high quality, reasonable pricing, and trendy styles, appealing to young consumers [3] - As of 2024, Musinsa's annual transaction volume is projected to exceed 4 trillion KRW [3]

Core Viewpoint - Anta Sports (02020) reported a 14.5% year-on-year increase in adjusted net profit for the first half of the year, meeting expectations [1] - The management has raised forecasts for Descente and Kolon, indicating confidence in the multi-brand strategy [1] - The recent business developments with Jack Wolfskin and Musinsa are expected to serve as long-term growth catalysts for the company [1] - The target price for Anta Sports has been raised from HKD 106 to HKD 114.7, maintaining a "buy" rating [1] Financial Performance - Adjusted net profit for Anta Sports increased by 14.5% year-on-year [1] Strategic Outlook - Management has adjusted forecasts for Descente and Kolon, reflecting a positive outlook on multi-brand strategy execution [1] - Recent partnerships with Jack Wolfskin and Musinsa are anticipated to drive long-term growth [1] Investment Rating - The investment bank maintains a "buy" rating for Anta Sports, with an increased target price of HKD 114.7 [1]

Core Viewpoint - Anta Sports (02020) reported a 14.5% year-on-year increase in adjusted net profit for the first half of the year, meeting expectations [1] - The management has raised forecasts for Descente and Kolon, indicating confidence in the multi-brand strategy [1] - The recent business developments related to Jack Wolfskin and Musinsa are expected to serve as long-term growth catalysts for the company [1] - The target price for Anta has been raised from HKD 106 to HKD 114.7, maintaining a "Buy" rating [1] Financial Performance - Adjusted net profit for the first half increased by 14.5% year-on-year, aligning with market expectations [1] Strategic Outlook - Management's upward revision of forecasts for Descente and Kolon reflects a positive outlook on the multi-brand strategy [1] - Anta's recent business developments with Jack Wolfskin and Musinsa are anticipated to drive long-term growth [1] Investment Rating - The investment bank maintains a "Buy" rating for Anta Sports, with an increased target price of HKD 114.7 from HKD 106 [1]