--- type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/28200478.md" description: "$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." datetime: "2025-03-19T06:52:22.000Z" locales: - [en](https://longbridge.com/en/topics/28200478.md) - [zh-CN](https://longbridge.com/zh-CN/topics/28200478.md) - [zh-HK](https://longbridge.com/zh-HK/topics/28200478.md) author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)" --- # $ANTA SPORTS(02020.HK) 24H2 Quick Interpretation: … ### Related Stocks - [82020.HK](https://longbridge.com/en/quote/82020.HK.md) - [02020.HK](https://longbridge.com/en/quote/02020.HK.md) ## Comments (8) - **一点水 · 2025-03-19T08:21:42.000Z**: The performance of ANTA must be evaluated based on actual sales per square meter ratio, rather than blindly assuming high costs just because it's a large store. - **Dolphin Research** (2025-03-19T12:15:04.000Z): The actual sales per square meter of ANTA Sports (02020.HK) was not disclosed in the financial report. Let's check the earnings call later. - **一点水** (2025-03-19T15:06:04.000Z): Got it. Since they've collaborated with Anta's Fila before, which has relatively high requirements for sales per square meter? Anta has also been reforming according to the Fila model in recent years, - **Ferran V. · 2025-03-19T08:11:55.000Z · 👍 1**: Can the slight fluctuation in book profit caused by investing in store expansion that aligns more with future trends be interpreted as a pessimistic signal? Is this really something shareholders should see? We're investing real money, and I'm definitely holding onto 02020. - **el niño · 2025-03-19T08:08:35.000Z · 👍 2**: Everyone should read more about Warren Buffett's value judgment methods. Data only presents part of the facts. Companies on the verge of bankruptcy show losses on their books, while companies undergoing rapid expansion may also show losses or temporary reductions in book profits, but these are compl - **tzl · 2025-03-19T07:59:22.000Z · 👍 5**: The market is too prone to misinterpreting data, failing to think about the market behind the data, such as viewing reinvestment as a negative signal. Amer in the past two years is an example. Super Anta and Decathlon, these large and comprehensive stores, are the future form of offline retail becau - **OscarFine · 2025-03-19T06:58:00.000Z**: Could you please advise if the downside here is the Q4 profit year-on-year growth data of around 6%? - **Dolphin Research** (2025-03-19T08:42:07.000Z): That's the one, but it's 2h~