证券研究报告 | 2025年08月28日 安踏体育（02020.HK） 优于大市 品牌矩阵拉动，2025 上半年收入与核心利润均双位数增长 2025 上半年公司收入与核心利润均双位数增长，维持出色的股东回报。2025 年上半年，公司收入同比增长 14.3%至 385.4 亿元，不包括由 Amer Sports 上市事项利得，归母净利润同比增长 14.5%至 70.3 亿元。因毛利率相对 较低的电商业务及鞋类产品贡献增加，整体毛利率同比下降 0.7 个百分 点至 63.4%；但凭借有效的费用管控和政府补贴的增加，整体经营溢利 率同比提升 0.6 个百分点至 26.3%。营运资金方面，受收购 JACK WOLFSKIN 业务等影响，平均存货周转日数增加 22 天至 136 天，但应收及应付贸 易账款周转天数保持稳定。期内经营活动现金流入净额达 109.3 亿元， 净现金为 315.4 亿元，财务状况稳健。公司宣派中期股息每股港币 137 分，派息率达 50.2%。去年下半年股份回购计划公布以来，截止 2025 年 6 月底已回购注销近 20 亿港元股份。 安踏主品牌增长稳健，FILA 表现坚韧，其他品牌高速增长。 ...

Core Viewpoint - Anta Group demonstrated strong resilience in its performance, achieving over 14% growth in the first half of the year, contrasting with a relatively weak sports goods market in 2025, which is termed a "small sports year" [1] Group Performance - Anta Group's revenue reached 38.54 billion yuan, a year-on-year increase of 14.3%, with a significant gap of over 15 billion yuan compared to Nike China's half-year revenue [1] - The group's operating profit was 10.131 billion yuan, up 17%, with an operating profit margin of 26.3%, exceeding market expectations [1] Brand Performance - Revenue by brand: Anta brand generated 16.95 billion yuan (up 5.4%), Fila brand reached 14.18 billion yuan (up 8.6%), and other brands including Kolon and Descente totaled 7.41 billion yuan (up 61.1%), all achieving record highs [3] - Amer Sports, controlled by Anta Group, reported a revenue increase of 23.5% to 2.709 billion USD, with Greater China revenue up 42.4% to 856 million USD [3] Multi-Brand Strategy - Anta Group's multi-brand strategy has been validated, with all brands showing strong performance and high growth rates, indicating the effectiveness of its multi-brand management capabilities [3][6] - The company is deepening its multi-brand operational precision, providing new growth momentum [3] Retail and Channel Development - Anta Group enhanced retail capabilities through new store formats, such as "Anta Arena" and "Anta Palace," which significantly increased sales and became key growth drivers [4] - Fila opened its first Fila Fusion and Fila Kids stores, while Kolon launched its flagship store in Chengdu, and Descente upgraded its stores to improve operational efficiency [4] Product Innovation - Anta Group integrated its advantages and research resources to offer superior products, with popular items like the PG7 running shoes and "Anta Membrane" driving consumer growth [5] - Fila's innovative products, such as dad shoes and elite running shoes, also saw significant sales increases [5] Core Competencies - Anta Group has developed a unique business model combining "brand + retail," leveraging three core competencies: multi-brand collaborative management, multi-brand retail operation, and global operation and resource integration [7] - This model supports the company's ability to meet diverse consumer needs and expand into new markets [7] Expansion and Acquisition - Anta Group's acquisition of the German outdoor brand Jack Wolfskin and the establishment of a joint venture with South Korean fashion group Musinsa are expected to broaden its consumer base and enhance its market presence [8] - The company is implementing a global strategy to penetrate mature markets like North America and expand aggressively in high-growth regions such as Southeast Asia [8][9]

Investment Rating - The report maintains a "Buy" rating for Anta Sports [5][7] Core Views - Anta Sports demonstrated strong sales growth in Q2 2025, with a notable performance across its multi-brand portfolio, achieving overall sales growth in the first half of 2025 [1][4] - The report anticipates a revenue growth of 11% for 2025, with a net profit growth of 13% compared to 2024, excluding one-time gains [4] Summary by Sections Anta Brand - In Q2 2025, Anta brand sales grew by a low single-digit percentage year-on-year, a slowdown compared to the high single-digit growth in Q1 2025. This is attributed to store optimization efforts and cautious discounting during the "618 Shopping Festival" [2] - The inventory turnover ratio for Anta brand is expected to remain around 5, indicating a healthy operational level [2] - For H2 2025, sales growth is expected to accelerate as the brand continues to optimize product structure and channel efficiency [2] Fila Brand - Fila brand achieved a mid-single-digit year-on-year sales growth in Q2 2025, with strong performance expected in its core products and e-commerce channels [3] - The brand's inventory turnover ratio is also projected to maintain around 5, with stable discounts in physical stores [3] - For H2 2025, Fila is expected to continue its strong growth trajectory, supported by an expanded product range [3] Other Brands - Other brands within the Anta portfolio saw a remarkable sales growth of 50% to 55% in Q2 2025, driven by improved product offerings and store operations [4] - The acquisition of Maia Active in 2023 is expected to contribute positively to growth, alongside the recent acquisition of outdoor brand Jack Wolfskin [4] - Overall, the company is projected to maintain robust revenue growth in 2025, particularly in its outdoor brands [4] Financial Projections - The report forecasts net profits for Anta Sports to be 135.12 billion yuan in 2025, with a corresponding P/E ratio of 17 times [5][6] - Revenue is expected to grow from 62.36 billion yuan in 2023 to 78.70 billion yuan in 2025, reflecting a compound annual growth rate [6][13]

Investment Rating - The report maintains a "Buy" rating for key companies in the sports footwear and apparel sector, specifically recommending Anta Sports, Li Ning, Xtep International, and 361 Degrees [7]. Core Insights - The sports footwear and apparel sector is expected to achieve steady growth in 2024, with a focus on leading companies' long-term investment value [1]. - In 2024, the combined revenue of four Hong Kong-listed sports footwear and apparel companies grew by 9% year-on-year to 123.2 billion yuan, while net profit attributable to shareholders increased by 36.21% to 21 billion yuan [1][11]. - The sector's stock prices have shown volatility but are expected to rise as consumer confidence improves and national policies stimulate demand [1][39]. Summary by Sections 2024 Review - The sports footwear and apparel sector demonstrated stable growth in terminal sales and maintained healthy inventory levels [1][11]. - The combined revenue of key companies in the sector showed consistent growth across the first and second halves of 2024, with a year-on-year increase of 9% [11]. - The inventory turnover days for major companies are healthy, averaging between 4-5 months, setting a solid foundation for growth in 2025 [1][24]. 2025 Outlook - The demand resilience in the sector is expected to continue, with a forecast for steady growth driven by recovering consumer confidence and an increasing preference for functional apparel [2][44]. - The report anticipates a trend of lower growth in the first quarter of 2025, followed by an increase in subsequent quarters, contingent on overall consumer sentiment improving [2][44]. Operational Trends - Companies are focusing on enhancing product quality, optimizing channel operations, and increasing marketing efforts to capture consumer attention [3]. - Key product categories such as running and outdoor gear are driving growth, with notable increases in sales for brands like Li Ning and Saucony [2][3]. - The report highlights the importance of channel optimization and marketing investments, with companies like 361 Degrees sponsoring major events to boost brand visibility [3][44]. Key Company Analysis and Investment Recommendations - Anta Sports is highlighted as a top pick due to its strong performance and expected revenue growth of 10.5% in 2025, with a projected net profit of 13% growth [45][46]. - Li Ning is expected to maintain stable revenue but face a decline in net profit due to prior asset impairments [45]. - Xtep International is projected to grow revenue by 7% and net profit by 10.3% in 2025, benefiting from its focus on professional sports segments [45][46]. - 361 Degrees is anticipated to achieve a 14% revenue increase and a 14.2% rise in net profit, supported by its broad market positioning [45][46].