CTANTAS@EC2611A

Puma Reports Earnings and Implements Market Strategies in China

Puma CEO Optimistic About Partnership with Anta

Puma Expected to Remain Loss-making in 2026 Under CEO's Turnaround Strategy

ANTA Brand Opens Its First Flagship Store in North America in Los Angeles

J.P. Morgan Expresses Optimism towards China's Sportswear Industry and Adjusts Ratings for Anta and Li-Ning

Stephen Curry May Reach Endorsement Deal with Anta

ANTA Becomes Top Contender for Curry's New Sneaker Contract

ANTA Acquires Equity in MUSINSA and Fully Acquires German Brand Jack Wolfskin

ANTA's First North American Flagship Store Opens in Beverly Hills, Los Angeles

ANTA Sports Products Receives Shareholder Approval in Writing

ANTA Sports Products Limited Acquires 29.06% of PUMA SE Shares

Li-Ning Secures Olympic Clothing Sponsorship Again, Anta Markets Panda Hats

ANTA Opens First US Store and Signs NBA Stars

Citi Analysis: Anta's Acquisition of Puma Expected to Positively Impact China Business

Anta Acquires Nearly 30% Stake in Puma for 1.23 Billion Yuan

ANTA to Open Its First US Flagship Store

ANTA Plans to Open Its First US Flagship Store

ANTA plans to acquire 29% of PUMA shares to accelerate global layout

Shanghai Pudong Development Bank Maintains Buy Rating for Anta Sports, Target Price at HKD 97.30

ANTA Becomes Gold Sponsor for Greece Olympic Committee in 2026 Winter Olympics

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STARCOIN GROUP

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STELUX HOLDINGS

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ASIAPAC FIN INV

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German sports brand Puma is expected to incur losses again this year and has canceled a dividend of €0.61 per share. Puma reported an EBIT loss of €307.7 million in the last quarter of last year, with sales declining by 27.2% year-on-year. ANTA SPORTS acquired a 29.06% stake in Puma, becoming the largest single shareholder. It is expected that the EBIT loss will narrow to between €50 million and €150 million by 2026, with sales potentially declining in the low single-digit percentage range. Analysts believe the financial forecast is slightly better than market expectations

AASTOCKS

ANTA SPORTS

PUMA SE

Puma reported an EBIT loss of €307.7 million in the last quarter of last year, canceled its dividend, and expects this year's EBIT loss to narrow

Puma expects to remain loss-making in 2026, forecasting an operating loss of €50-150 million and cancelling its dividend for 2025. The company reported a narrower loss of €357.2 million in 2025, better than analyst expectations. Sales fell 8.1% to €7.3 billion, with a continued decline anticipated this year. Under new CEO Arthur Hoeld, Puma is implementing a turnaround strategy amid weak demand and U.S. tariffs. China's Anta has acquired a 29% stake in Puma to support sales growth in the region.

Reuters

Puma to remain loss-making this year, cancels dividend in turnaround drive

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Daiwa Capital Markets released a research report indicating that the growth momentum of the consumption market during the Spring Festival holiday is improving, showing initial signs of recovery in consumer markets. The firm is optimistic about industries such as dining, services, and experiential consumption, with top picks including ANTA SPORTS, CHINA RES BEER, HAIDILAO, and YUM China, all rated as "Buy." At the same time, it adjusted the target prices for some stocks, raising HAIDILAO's target price to RMB 19.7, LI NING to RMB 21.6, and Kweichow Moutai to RMB 1,682

YUM China

CHINA RES BEER

HAIDILAO

YUM CHINA

LI NING

Daiwa Capital Markets: The consumption momentum during the Spring Festival holiday is improving, with a preference for ANTA, CHINA RES BEER, HAIDILAO, and YUM China

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Hong Kong stocks experienced a relief rally on Wednesday, with the Hang Seng Index rising 0.6% to 26,739.79. The Hang Seng Tech Index increased by 1%. Key stocks like Haidilao International Holdings and Anta Sports Products saw gains of 4.6% and 3.6%, respectively. This rebound followed a decline in concerns over AI disruptions, as investors awaited Nvidia's earnings report. Other Asian markets also rose, with Japan's Nikkei 225 up 1.3% and South Korea's Kospi up 1.7%.

南华早报

Hang Seng Index

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

HSTECH ETF

Tianhong Hang Seng TECH ETF(QDII)

Pro Ultrshrt Yen

NVIDIA

Hong Kong stocks rebound in relief rally as global AI scare fades

Credit Suisse holds an optimistic view on China's sportswear industry, expecting retail sales growth to exceed 5% year-to-date. Despite the impact of a warm winter, retail sales during the Lunar New Year holiday still outperformed expectations, attributed to government subsidies, holiday changes, and the popularity of outdoor sports. ANTA's operations are stabilizing, with a target price of 95 yuan and a rating of "Hold"; LI NING has a target price of 48 yuan and a rating of "Buy."

Credit Suisse is more optimistic about China's sportswear industry, expecting retail sales to rise over 5% from the beginning of the year to date

Goldman Sachs maintains a "Buy" rating on ANTA SPORTS, with a target price of 108 yuan. The report points out that Amer Sports, in which ANTA has invested, had better-than-expected earnings per share in the fourth fiscal quarter, but the adjusted EBIT margin was below market consensus. Amer's guidance for fiscal year 2026 shows a revenue growth expectation of 16% to 18%, but the earnings per share expectation is below Goldman Sachs' forecast. Despite facing challenges, Amer's growth in Greater China is strong, with positive performance during the Lunar New Year, and Goldman Sachs holds a positive view on ANTA's long-term growth prospects

Amer Sports

Goldman Sachs: Assigns "Buy" rating to ANTA SPORTS with a target price of 108 yuan

NBA superstar Stephen Curry may sign a contract with Chinese sports brand ANTA, and the stock price has rebounded by 15%. Curry previously collaborated with Under Armour and is now in talks with ANTA, where the Curry Brand logo has appeared for the first time on ANTA's basketball shoes. If the collaboration is confirmed, it could further drive the stock price up. ANTA already has several NBA stars as endorsers, including Curry's former teammate Klay Thompson

Stheadline

NBA superstar rumored to sign with ANTA, domestic brand rises to counterattack the U.S., stock price jumps 15%, likely to become a catalyst

ANTA opened its first flagship store in North America in Beverly Hills, Los Angeles, marking the brand's first offline direct-operated store in the U.S. This move aims to break the traditional model of Chinese brands relying on wholesalers and agents, leveraging ANTA's "brand + retail" business model and DTC capabilities to promote global development

ANTA's first flagship store in North America opened in Beverly Hills, Los Angeles

Anta Sports Products gets written shareholders' approvals from Anta International, units

marketscreener

Anta Sports Products gets written shareholders' approvals from Anta International, units

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Anta Sports, China's leading sportswear company, has acquired a 29% stake in Puma for $1.8 billion, aiming to compete with Nike and Adidas. With a market valuation of $28 billion, Anta holds 23% of China's sportswear market. Founder Ding Shizong seeks to make Anta the largest sportswear conglomerate globally. The acquisition strategy may continue, as Anta plans to expand its global presence, particularly in Southeast Asia, while leveraging Puma's brand recognition to enhance its market position.

Businesstimes News

Adidas

adidas AG

China Universal CSI Consumer Staples ETF

Nike

Global X China Consumer

China Merchants SSE Consumer 80 ETF

With Puma stake, China’s Anta seeks to enter the arena with Nike and Adidas

These consumer sector stocks are really laid back: Nongfu Spring, Mengniu, and Anta are as stable as a rock, with gains relying solely on a snail's pace, and occasional news stimulation barely makes a ripple.I thought Weilong might bring something new to the table, but it still couldn't escape the fate of following the market's flat trend.Honestly, the atmosphere in Hong Kong stocks is quite discouraging, but I'm used to it. No matter how much the food and beverage sector fluctuates, it won't fall too far.

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NONGFU SPRING

MENGNIU DAIRY

Mengniu Dairy

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ANTA

Conference Minutes

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 (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

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.

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.

CTANTAS@EC2611A(24083.HK)

Puma reported an EBIT loss of €307.7 million in the last quarter of last year, canceled its dividend, and expects this year's EBIT loss to narrow

Puma to remain loss-making this year, cancels dividend in turnaround drive

Daiwa Capital Markets: The consumption momentum during the Spring Festival holiday is improving, with a preference for ANTA, CHINA RES BEER, HAIDILAO, and YUM China

Hong Kong stocks rebound in relief rally as global AI scare fades

Credit Suisse is more optimistic about China's sportswear industry, expecting retail sales to rise over 5% from the beginning of the year to date