Apparel, Accessories and Luxury Goods

ANTA SPORTS

ANTA

Conference Minutes

82020

02020

The following are the minutes of Anta's FY25 H1 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Anta Sports: Controlling Discounts, Clearing Inventory, Can the 'Slimming Plan' Succeed? - &#34;

ANTA SPORTS-R

Anta (Minutes): Outdoor brands will continue to maintain high growth rates

Financial Analysis

On the afternoon of August 27th, Beijing time, Anta (2020.HK) released its performance for the first half of 2025. Since the company had previously provided the sales data, there was not much deviation from expectations. However, the core point of market concern lies in the company's downward revision of the full-year guidance for its main brand and the declining profit margin.

Anta Sports: Controlling Discounts, Clearing Inventory, Can the 'Slimming Plan' Succeed?

Today’s Key News Recap

TSLA

0804 | Dolphin Research Focus: 🐬 Stock 1, $Tesla(TSLA.US) Miami federal jury has ruled on a 2019 Florida Autopilot fatality case, requiring Tesla to pay a total of approximately $243 million to the victim's family and the injured, with punitive damages reaching as high as $200 million. According to U.S. judicial practice, the compensation amount is usually significantly reduced after an appeal. However, more importantly, over a dozen similar lawsuits are also being investigated by the NHTSA. If more courts accept the 'marketing misrepresentation' theory...

Tesla

Tesla's autonomous driving held liable; Anta responds to Reebok acquisition

The following is the minutes of Anta's FY24H2 earnings call. For the financial report interpretation, please refer to &#34;Anta Sports: Revenue through 'Running Shoes', Profit stepping on 'Laces'?&#34;

Anta Sports (Minutes): Niche high-end brands perform well

On the afternoon of March 19, Beijing time, Anta (2020.HK) released its full-year performance for 2024. Since Anta had already announced its operational performance for Q3 and Q4 of 2024 in January this year and October last year, the market's expectations for total revenue are relatively accurate. However, the core concern that has raised market worries is the decline in Anta's profitability

Venu

Anta Sports: Revenue is sprinting ahead while profits are tripping over their laces

$ANTA SPORTS(02020.HK) 24H2 Quick Interpretation: Overall, Dolphin Research believes that Anta's performance this time is mediocre. Although revenue and gross profit slightly exceeded expectations, due to intense market competition, Anta increased its market spending and related expenses, resulting in core operating profit slightly falling short of expectations, raising concerns among some investors.On the revenue side, whether it is Anta, FILA, or other brands, under the backdrop of weak consumer spending, all increased the launch of high-cost-performance products (such as PG7 running shoes) in 24H2, introduced store types like Super Anta with high cost-performance, and appropriately increased discount intensity through e-commerce to attract a large number of price-sensitive consumers, leading to revenue exceeding market expectations. Anta's market share in the entire sports footwear and apparel sector further increased to 23%.However, the result of this is that the gross profit margins of various brands under Anta experienced varying degrees of decline in 24H2, with FILA and the main Anta brand's gross profit margins decreasing by 3.3 percentage points and 1.5 percentage points year-on-year, respectively, while high-end brands like Descente and Kolon Sport saw relatively lower declines.On the expense side, on one hand, due to fierce market competition, Anta increased its marketing efforts; on the other hand, factors such as store upgrades and new store openings also led to an increase in the company's expense spending, causing Anta's core operating profit margin to decline to some extent.Regarding the guidance for 2025, the company plans to promote the high-cost-performance store type of Super Anta. Although the company claims in the announcement that the efficiency of Super Anta stores is more than three times that of ordinary stores, Dolphin Research believes that Super Anta also faces challenges of large size and high costs, and ultimately, it will depend on specific profitability. More information can be followed up in the subsequent conference call.

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YUMC

The return of Trump has left China with no policy options but one path—reflation, which includes asset reflation and price reflation.For China's economic growth, there are only two real drivers: leveraging and strong external demand. These are the fundamental sources of demand creation.Next year, external demand itself will weaken marginally. If Trump wields the tariff stick again, China will have to focus on internal reforms. Moreover, demand stimulation must target end-user demand, not intermediate investment demand.Over the past two years, Chinese assets have remained undervalued with high dividends. In 2025, cyclical and tech-upgrading sectors are likely to present opportunities (refer to the 2018 trade war).The path is singular and clear, making the game simple. Next year, the focus will likely be on cyclical sectors, especially in trading terms—front-loading policy expectations and back-loading implementation effects.The policy game has already begun today. In terms of timing, consumer goods, especially service-related consumption, must lead the cyclical upturn, as service consumption holds greater potential in China's domestic demand.Moreover, the results of the 8th meeting will soon be released, followed by the Central Economic Work Conference at year-end. Thus, consumer sectors are poised for an initial rally. With valuations at low levels, Dolphin Research believes now is the window to position in cyclical sectors, recommending focus on consumer sectors with solid fundamentals and low valuations. $YUM China(YUMC.US) $NONGFU SPRING(09633.HK) $TSINGTAO BREW(00168.HK) $HAIDILAO(06862.HK) $CHINA RES BEER(00291.HK) $ANTA SPORTS(02020.HK) Note that these overseas assets are purely listed in Hong Kong.Internet consumer stocks, mostly listed in the U.S. with higher U.S. capital weightings, face concerns about becoming part of the U.S.-China play. Thus, they need to digest negative sentiment first, but opportunities may emerge afterward.

HAIDILAO

YUM CHINA

YUM China

ANTA Reports Revenue Growth but Net Profit Dips Due to One-Time Gains

Anta Enhances Brand Portfolio Performance Through Acquisitions

Anta Group Reports FY25 Earnings: Revenue Growth but Profit Decline

Anta's Report Shows Kolon Brand Revenue Surge

CLSA Raises Anta Sports' Sales and Profit Forecast and Maintains 'Outperform' Rating

Yuanta Securities Upgrades Rating of Anta Sports to Buy

ANTA Announces Significant Growth in Other Brands' Revenue in 2025 Earnings Report

China Duty Free International and Anta Sign Cooperation Memorandum to Expand International Markets

Nomura Raises Target Price for Anta Sports Products to HKD125.00

Nomura Raises Anta's 2026-2027 Revenue Forecast and Maintains Buy Rating

CICC Raises Anta Sports' Earnings Forecast and Maintains Outperform Industry Rating

ANTA SPORTS released FY2025 Q3 earnings on March 25 (BJT), actual revenue HKD 22.78 B, actual EPS HKD 1.2696

ANTA SPORTS released FY2025 9 Months Earnings on March 25 (BJT), Actual Revenue: HKD 64.51 B, Actual EPS: HKD 3.9539

ANTA Group reports record-breaking 2025 annual performance with a 13.3% revenue growth

FBR Maintains Hold Rating on Anta Sports

ANTA SPORTS released FY2025 Q4 earnings on March 25 During-Market (BJT), actual revenue HKD 23.17 B, actual EPS HKD 1.2915

ANTA SPORTS released FY2025 Annual Earnings on March 25 During-Market (BJT), forecasted revenue HKD 87.77 B, forecasted EPS HKD 5.2275

ANTA SPORTS(02020.HK)

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