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]