$ANTA SPORTS(02020.HK) The net profit in the 2025 interim report decreased by 8.9% year-on-year, but this was mainly due to the high base effect in the same period of 2024. Excluding the non-recurring gains from the listing of Amer Sports in the first half of 2024, ANTA's core net profit actually increased by 14.5% year-on-year in the first half of 2025. It is a company with very stable growth. Although it is in the traditional sports consumption sector, it is a good company that can maintain steady growth in the current environment and has been consistently repurchasing shares. I think HKD 86-88 is a good entry point. In June, I said ANTA could rise to HKD 105, and I still hold this view.