【招银国际】Anta brand’s miss offset by other brands’beat-250716（8页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 16 Jul 2025 CMB International Global Markets|Equity Research|Company Update Anta Sports(2020 HK)Anta brands miss offset by other brands beat Overall retail sales grow

2、th in 2Q25 was slightly weaker than expected,primarily due to the Anta brand,although the beat by other brands has partly offset that.But the larger negative impact came from discounts deepening,even though we do have some expectations ahead.Hence,we have turned slightly cautious about 2H25E and tri

3、mmed our FY25E-27E net profit forecasts by 3%-5%.However,thanks to exceptionally strong outdoor brands growth and competitive advantages over other sportswear peers,we maintain BUY but trim TP to HK$111.54,based on 23x FY25E P/E(cut from 24x).The stock is now trading at 18x FY25E P/E.Retail sales gr

4、owth in Jul 2025 has improved QoQ.According to the management,retail sales growth for both Anta and FILA brands(esp.Anta)has accelerated MTD in Jul 2025,compared to 2Q25.Anta brand may have some reforms in the short run which may affect retail sales growth in 3Q25E,but management is still keeping th

5、e FY25E guidance of HSD.Anta brand has appointed a new head of e-commerce business(a manager who previously worked for Anta and other international brands),and will consolidate the business between interested-based(e.g.Douyin)and traditional platforms(e.g.Taobao,Tmall and JD),in order to refine the

6、pricing strategy and overall inventory management.Anta will also reform its offline business by promoting more larger-sized stores(such as sharing the good experience of upgrading the retail space,product and operational management)or even transferring some of those(may be 1 for a few smaller stores