安踏體育：具備成熟的多品牌管理經驗

分品牌看：

成熟品牌：安踏品牌2025H1實現營收170億元，同比增長5.4%，佔總收入比重約44%，毛利率54.9%，同比-1.7pp。 安踏品牌在電商渠道打造明星產品，持續強化大眾市場影響力，並在海外市場積極拓展佈局。

成長品牌：FILA品牌2025H1實現營收142億元，同比增長8.6%，佔總收入比重約37%，毛利率68%，同比-2.2pp。 品牌在專業運動領域表現尤為突出，網球、高爾夫、女子和戶外系列等運動品類保持較強的增長勢頭。

新興品牌組合：所有其他品牌（包括DESCENTE迪桑特、KOLON SPORT可隆等）2025H1實現營收74億元，同比增長61.1%，佔總收入比重從去年同期約13%大幅提升至約19%，毛利率73.9%，同比+1.2pp。 其中，迪桑特實現了令人滿意的增長，展現了強勁的增長韌性。 作為專為亞洲女性設計的專業運動品牌，MAIA ACTIVE成功開闢市場，專注滿足目標人群對運動兼時尚的需求。

分渠道看：

DTC：2025H1實現營收94億元，同比增長5.3%，佔總收入比重約56%。 通過DTC模式轉型提升效率與體驗，持續提高銷售效率。

電子商務：2025H1實現營收61億元，同比增長10.1%，佔總收入比重約36%。 公司通過CRM系統沉澱用戶標籤，運用算法模型提升銷售轉化，推動線上業務持續增長。

傳統批發及其他：2025H1實現營收14億元，同比減少10.6%，佔總收入比重約8%。

戰略與展望：

公司2025年上半年持續貫徹「單聚焦、多品牌、全球化」，通過雙核心品牌驅動增長。 安踏品牌將不斷深化轉型，推動創新業態與垂類店鋪孵化; FILA品牌聚焦高爾夫與網球領域，打造核心品類矩陣; DESCENTE、KOLON SPORT等新興品牌保持高速增長。

公司全球化佈局穩步推進，覆蓋亞洲、歐美等市場。 數字化建設方面，集團強化「人貨場」整合，啟動AI戰略布局，推動材料研發與工藝創新。 可持續發展方面，加快環保產品線拓展，完善供應鏈責任管理。

組織架構上，通過賦能各品牌提升決策靈活性，構建多元化人才梯隊。 針對JACK WOLFSKIN品牌已制定3-5年復興計劃，重塑產品體系。 未來集團期望持續通過數字化轉型、供應鏈優化和技術創新，實現高質量盈利增長。

Anta evinces strength in managing multiple brand operations, growing sales through product upgrades, and better services and operations. Its strong AI agenda comes with plans to boost materials R&D toward eco-friendly lines, and to revamp retail formats. We maintain our BUY call.

The gist: BUY

• 25H1 revenue: solid growth overall; emerging brands contributed 19%

• Globalization and brand elevation; digital and retail restructure

• Brands to get greater autonomy; Jack Wolfskin brand revamp over 3-5 years

Steady H1 revenue growth across the board; emerging brands ramp up their share

In its interim report for 2025, Anta Sports Products posted sturdy results for its core brands, while the emerging ones expanded their share of total revenue.

Revenue by brand:

• Mature brands: The main ANTA brand drove revenue up 5.4% yoy to RMB17bn in 25H1, accounting for about 44% of total revenue. Gross margin came to 54.9%, down 1.7ppt yoy. The brand developed flagship products through online channels, strengthening its market influence and expanding its presence in foreign markets.

• Growing brands: FILA brought in revenue of RMB14.2bn, up 8.6% yoy, making up about 37% of total revenue. Gross margin was 68%, down 2.2ppt yoy. The brand performed particularly well in professional sports categories, with a strong growth pace in tennis, golf, women’s wear and outdoor apparel.

• Emerging brands: Collective revenue from other brands (including Descente and Kolon Sport) surged 61.1% yoy to RMB7.4bn. Their share of total revenue increased from around 13% in 24H1 to about 19%, while their gross margin grew 1.2ppt yoy to 73.9%. Descente demonstrated resilience in delivering decent growth. And Maia Active, which has carved out a niche as a professional sports brand for Asian women, continues to fulfill its target market's requirements for both athletic performance and fashion.

Revenue by channel:

• DTC: Revenue from direct-to-consumer sales reached RMB9.4bn, up 5.3% yoy, accounting for about 56% of total revenue. Moving to a DTC model has enabled the company to enhance efficiency and the customer experience, as well as sales.

• Ecommerce: Turnover rose 10.1% yoy to RMB6.1bn, accounting for about 36% of total revenue. The company leveraged its customer relationship management (CRM) system to build up customer profiles, while using algorithmic models to improve sales conversion rates, driving growth at the online business.

• Traditional wholesale and other businesses: Revenue came in at RMB1.4bn, down 10.6% yoy, accounting for about 8% of total revenue.

Strategy and outlook: focus on globalization, brand elevation, digital restructure

In H1, the company pressed ahead with its “single-focus, multiple-brand, globalization” strategy, driving growth chiefly through the two main brands.

• ANTA: Brand transformation continued to make headway as the company promoted innovative products and developed specialized retail formats.

• FILA: The brand focused on golf and tennis, building comprehensive product portfolios.

• Emerging brands: Descente and Kolon Sport maintained high growth rates.

Major goals:

• Globalization: Anta plans to move forward with its expansion plans, which are progressing steadily across markets in Asia, Europe and North America.

• Digitalization: The company is deepening efforts to integrate people, products and place. It also launched AI initiatives, while strengthening R&D in high-performance materials and process innovations.

• Sustainable development: Anta is stepping up moves to expand its eco-friendly product lines and advance responsible supply chain management.

• Organizational agility: The company aims to optimize operations by empowering each brand with greater autonomy to make its own decisions and build up a diverse talent pipeline.

• Product portfolios: Anta is formulating a revitalization plan for its Jack Wolfskin brand that will realign the product and brand framework over 3-5 years.

Looking ahead, the company expects to achieve high-quality profitable growth through its digital restructure, supply chain optimization and technological innovations.

本文件由天風國際證券集團有限公司, 天風國際證券與期貨有限公司（證監會中央編號：BAV573）及天風國際資產管理有限公司（證監會中央編號：ASF056）（合稱“天風國際集團”）編制，所載資料可能以若干假設為基礎，僅供作非商業用途及參考之用途，會因經濟、市場及其他情況而隨時更改而毋須另行通知。任何媒體、網站或個人未經授權不得轉載、連結、轉貼或以其他方式複製發表本檔及任何內容。已獲授權者，在使用本檔或任何內容時必須注明稿件來源於天風國際集團，並承諾遵守相關法例及一切使用的國際慣例，不為任何非法目的或以任何非法方式使用本檔，違者將依法追究相關法律責任。本檔所引用之資料或資料可能得自協力廠商，天風國際集團將盡可能確認資料來源之可靠性，但天風國際集團並不對協力廠商所提供資料或資料之準確性負責。且天風國際集團不會就本檔所載任何資料、預測及／或意見的公平性、準確性、時限性、完整性或正確性，以及任何該等預測及／或意見所依據的基準作出任何明文或暗示的保證、陳述、擔保或承諾而負責或承擔任何法律責任。本檔中如有類似前瞻性陳述之內容，此等內容或陳述不得視為對任何將來表現之保證，且應注意實際情況或發展可能與該等陳述有重大落差。本檔並非及不應被視為邀約、招攬、邀請、建議買賣任何投資產品或投資決策之依據，亦不應被詮釋為專業意見。閱覽本文件的人士或在作出任何投資決策前，應完全瞭解其風險以及有關法律、賦稅及會計的特點及後果，並根據個人的情況決定投資是否切合個人的投資目標，以及能否承擔有關風險，必要時應尋求適當的專業意見。投資涉及風險。敬請投資者注意，證券及投資的價值可升亦可跌，過往的表現不一定可以預示日後的表現。在若干國家，傳閱及分派本檔的方式可能受法律或規例所限制。獲取本檔的人士須知悉及遵守該等限制。