机构：国信证券 研究员：丁诗洁/刘佳琪 事项： 1 月20 日，公司公告第四季度及全年最新营运表现，2025 第四季度，安踏主品牌录得低单位数负增 长，FILA 录得中单位数正增长，其他品牌录得35-40%正增长；2025 全年安踏主品牌录得低单位数正增 长，FILA录得中单位数正增长，其他品牌录得45-50%正增长。 国信纺服观点： 1、2025 第四季度：安踏集团整体增长稳健，其中其他品牌延续高增长态势，安踏品牌增长环比放缓， FILA品牌增长环比提速；安踏与FILA 线上折扣改善、库存健康；安踏品牌渠道升级与海外拓展同步推 进；各品牌全年流水增速符合管理层此前指引。 2、风险提示：关税政策不确定性；品牌形象受损；市场的系统性风险。 3、投资建议：看好集团多品牌全球化运营下，持续好于行业的成长潜力2025 年四季度社零增速放缓、 气温回升、春节旺季时间延后，叠加行业整体去库和价格竞争加剧，服装消费持续承压。集团整体表现 稳健，定位大众市场的安踏主品牌受大环境影响较大，四季度流水出现同比小幅下滑；FILA 品牌增长 逆势提速，其他品牌（迪桑特、可隆等）延续高增，所有品牌全年流水增速符合管理层此前指引；中长 ...

安踏体育（02020.HK） 四季度安踏集团增长稳健，各品牌全年增速达成管理层指引 |  | 公司研究·海外公司快评 |  | 纺织服饰·服装家纺 |  | 投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | | 执证编码：S0980523070003 | 事项： 1 月 20 日，公司公告第四季度及全年最新营运表现，2025 第四季度，安踏主品牌录得低单位数负增长， FILA 录得中单位数正增长，其他品牌录得 35-40%正增长；2025 全年安踏主品牌录得低单位数正增长，FILA 录得中单位数正增长，其他品牌录得 45-50%正增长。 国信纺服观点： 证券研究报告 | 2026年01月21日 1、2025 第四季度：安踏集团整体增长稳健，其中其他品牌延续高增长态势，安 ...

证券研究报告 | 2026年01月21日 安踏体育（02020.HK） 四季度安踏集团增长稳健，各品牌全年增速达成管理层指引 |  | 公司研究·海外公司快评 |  | 纺织服饰·服装家纺 |  | 投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | | 执证编码：S0980523070003 | 事项： 评论： 2025 第四季度：安踏集团整体增长稳健，其中其他品牌延续高增长态势，安踏品牌增长环比放缓，FILA 品牌增长环比提速；安踏与 FILA 线上折扣改善、库存健康；安踏品牌渠道升级与海外拓展同步推进； 各品牌全年流水增速符合管理层此前指引。 1、安踏品牌 2025 第四季度流水下滑低单位数，季末库销比略高于 5 个月，线上折扣同比收窄，渠道升级 与海外拓展同步推进 ...

Core Viewpoint - Anta Sports has demonstrated resilience in a challenging retail environment, achieving positive growth in its core brands while other competitors face declines [1][2][4] Group 1: Company Performance - Anta and FILA brands achieved low single-digit positive growth in retail sales, while other brands (excluding those added after January 1, 2024) saw retail sales increase by 45%-50% year-on-year [1] - The company maintained stable discount rates for Anta and FILA brands, ensuring a healthy inventory turnover ratio, reflecting a focus on brand value and profitability rather than just scale [2][3] - The introduction of new products, such as the PG7 series and C202 marathon shoes, has driven sales growth in high-end performance categories, showcasing Anta's effective product strategy [3] Group 2: Market Trends - The overall retail growth in the apparel and footwear sector has slowed, with the sportswear segment facing increased competition and pressure, leading to a general market weakness [1][4] - International brands, including Nike, are experiencing revenue declines in the Greater China region, highlighting the contrasting performance of Anta in the same market [2] - The sportswear market is shifting from scale expansion to quality improvement, with Anta's multi-brand strategy proving effective in navigating market fluctuations [5] Group 3: Future Outlook - Anta's growth logic remains sustainable, with increasing penetration rates in outdoor and running categories, supported by a comprehensive multi-brand and pricing strategy [4] - The company is well-positioned to capitalize on the ongoing trends in the sportswear industry, with a focus on innovation and global brand integration [4][5] - Anta's strong performance in e-commerce platforms, particularly during the Double Eleven shopping festival, indicates robust competitive strength across its brand portfolio [5]

Core Insights - Anta Sports reported positive growth in retail sales for both Anta and FILA brands, with other brands experiencing a significant increase of 45%-50% year-on-year [1] - The sports apparel industry faced challenges in Q3 2025, with a general slowdown in retail sales growth, particularly in the clothing and footwear categories [1] - Anta Sports maintained a strong market position through a well-defined brand matrix and precise category strategies, outperforming industry averages [1][2] Industry Overview - The overall retail sales growth in Q3 2025 slowed compared to Q2, with the apparel and footwear sector showing only low single-digit growth, indicating market pressures [1] - The sports segment saw a divergence in performance, with sports apparel outperforming sports footwear, particularly in running shoes, while basketball and skate shoes faced ongoing challenges [1][2] Company Performance - Anta Sports' ability to sustain solid fundamentals in a weak consumer environment is attributed to its unique business model focused on "brand + retail" and its multi-brand management capabilities [2] - The company successfully maintained stable discount rates for Anta and FILA brands while keeping inventory levels healthy, reflecting a strategic focus on brand value and profitability [2] Product Strategy - Anta has focused on a core strategy of "mass positioning, professional breakthroughs, and brand elevation," successfully capturing market share with innovative products like the PG7 series and C202 marathon shoes [3] - FILA has shown resilience in the high-end sports fashion market, launching a tennis strategy and innovative products that have performed well despite market challenges [3] Growth Drivers - Other brand segments within Anta Sports have continued to grow rapidly, indicating successful positioning in high-end outdoor and professional sports categories [4] - The company’s growth logic remains sustainable, with increasing penetration in outdoor and running categories, supported by a comprehensive multi-brand strategy [4] Market Positioning - Anta Sports brands have demonstrated strong competitive performance in the market, with FILA leading in sales on platforms like Tmall and Douyin, and Anta also ranking highly [5] - The transition in the sports apparel industry from "scale expansion" to "quality improvement" has been effectively navigated by Anta Sports, establishing a unique competitive moat [5]

Core Viewpoint - CICC maintains the EPS forecast for Anta Sports at 4.82/5.47 HKD for 2025/26, with the current stock price corresponding to 19/17 times the 2025/26 P/E ratio, maintaining an outperform rating and target price of 120.92 HKD, indicating a 19% upside potential [1] Financial Performance - Anta Sports reported 1H25 revenue growth of 14% to 38.5 billion HKD, with net profit attributable to shareholders increasing by 14.5% to 7.03 billion HKD, outperforming expectations due to high growth from other brands and increased government subsidies [2] - The company declared an interim dividend of 1.37 HKD per share, corresponding to a payout ratio of approximately 50% [2] Brand Performance - The main brand, Anta, focused on the mass professional sports sector, achieving a revenue increase of 5.4% in 1H25, with the PG7 series selling over 2 million pairs [3] - FILA experienced a revenue increase of 8.6% in 1H25, successfully identifying growth opportunities in niche categories like golf and tennis, with online sales growing by double digits [3] - Other brands saw a significant revenue increase of 61.1%, with Descente and KOLON performing well in their respective segments [3] Operational Efficiency - The advertising expense ratio decreased by 0.9 percentage points to 6.6% in 1H25, while employee cost ratio increased by 0.2 percentage points to 15.7% due to increased retail staff compensation [4] - The operating profit margin improved by 0.6 percentage points to 26.3% due to effective cost control and increased government subsidies [4] Amer Performance - The integration of Amer turned a loss of 20 million HKD in 1H24 into a profit contribution of 430 million HKD in 1H25, demonstrating Anta's brand-building capabilities with continued high growth from Arc'teryx and strong performance from Salomon and Wilson [5] Future Trends - Anta adjusted its full-year guidance for the Anta brand to mid-single-digit growth due to fluctuations in the retail environment, while increasing the growth guidance for other brands from 30% to 40% [6] - FILA maintains its full-year guidance for mid-single-digit growth, and Anta announced a joint venture with Korea's largest fashion platform MUSINSA in China and Hong Kong, holding a 40% stake, which is seen as a beneficial attempt to explore the fusion of sports and fashion [6]

Core Viewpoint - CICC maintains the EPS forecast for Anta Sports at 4.82/5.47 HKD for 2025/26, with the current stock price corresponding to 19/17 times the 2025/26 P/E ratio, maintaining an outperform rating and target price of 120.92 HKD, indicating a 19% upside potential [1] Financial Performance - Anta Sports reported 1H25 revenue growth of 14% to 38.5 billion HKD, with net profit attributable to shareholders increasing by 14.5% to 7.03 billion HKD, outperforming expectations due to high growth from other brands and increased government subsidies [2] - The company declared an interim dividend of 1.37 HKD per share, corresponding to a payout ratio of approximately 50% [2] Brand Performance - The main brand, Anta, focused on the mass professional sports sector, achieving a revenue increase of 5.4% in 1H25, with the PG7 series selling over 2 million pairs [3] - FILA experienced an 8.6% revenue increase in 1H25, successfully identifying growth opportunities in niche categories like golf and tennis, with online sales growing by double digits [3] - Other brands saw a significant revenue increase of 61.1%, with Descente and KOLON performing well in their respective segments [3] Operational Efficiency - The company improved its operating profit margin by 0.6 percentage points to 26.3% in 1H25, attributed to effective cost control and increased government subsidies [4] - Advertising expenses decreased by 0.9 percentage points to 6.6%, while employee cost ratio increased by 0.2 percentage points to 15.7% due to higher retail staff compensation [4] Amer Performance - The integration of Amer turned a loss of 20 million HKD in 1H24 into a profit contribution of 430 million HKD in 1H25, highlighting the company's brand-building capabilities with continued high growth from Arc'teryx and strong performance from Salomon and Wilson [5] Future Trends - The company adjusted its full-year guidance for the Anta brand to mid-single-digit growth due to fluctuations in the retail environment, while increasing the growth guidance for other brands from 30% to 40% [6] - FILA's full-year growth guidance remains in the mid-single digits, and the company announced a joint venture with Korea's largest fashion platform MUSINSA in China and Hong Kong, holding a 40% stake, which is seen as a beneficial exploration of the integration of sports and fashion [6]