安踏体育-2025 年第四季度符合预期；2026 年为投资之年 - 买入

20 January 2026 | 11:04PM HKT Equity Research Anta Sports Products (2020.HK) 2020.HK 12m Price Target: HK$108.00 Price: HK$82.55 Upside: 30.8% Anta Sports reported mixed 4Q25 in line with market expectations and signaled a prudent stance on its 2026 topline/OPM outlook. More specifically in 4Q25, Anta brand saw a -LSD% yoy decline (slowdown from Q3's +LSD%) growth driven by weaker demand, heightened competition and increased price sensitivity among mass-market consumers; Fila accelerated to +MSD% yoy growth ...