安踏體育：經營底色不變

公司發佈三季度營運概要

安踏品牌產品的零售金額同比低單位數正增長; FILA品牌產品的零售金額同比低單位數正增長; 所有其他品牌產品的零售金額同比增長45%至50%。

全國300+新店同開

國慶期間，安踏全國300多家新店同步開業。 其中包括：39家安踏殿堂級店，以多樣裝備引領運動新風尚; 30家安踏冠軍店，專注於越野、滑雪、徒步等戶外運動領域; 24家超級安踏店，產品覆蓋從專業運動到休閒運動的全品類; 41家安踏燈塔店，提供專業運動產品; 8家安踏奧萊店，打造場景化奧萊式運動公園; 4家安踏作品集店，為運動跨界風格品牌; 11家安踏兒童店，為青少年打造各類專業運動場景; 4家ANTA KIDS PARK，場景化奧萊式兒童運動樂園; 55家ANTA靈龍店，為安踏兒童專屬IP。

新技術持續突破

8月28日，安踏聯合東華大學正式發佈中國首款自研量產高性能無氟防水透濕材料“無氟安踏膜”，同時全新一代“風暴甲”上市，標誌著全球高性能無氟防水透濕面料領域實現關鍵突破。 安踏集團計劃在2030年前將可持續產品比例提升至50%，實現50%的可持續原材料使用。 全新一代“風暴甲”將在海外市場同步發售，預計到2026年銷量將超過50萬件。

10月16日，安踏攜手武漢紡織大學正式發佈全新保暖技術“安踏六度芯科技”，這項源自航太科技的創新技術已成功實現民用化量產，為消費者帶來兼具科技感與舒適感的全新保暖體驗。

HÉLÀ STYLED全球之旅

HÉLÀ STYLED歐文風格空間全球之旅先後到達紐約、上海和巴黎。 10月18日，安踏於巴黎Footpatrol門店成功舉辦HÉLÀ STYLED主題展演活動。 作為走進歐洲的重要佈局，安踏同步推進線上線下協同開拓的市場戰略。 在線下，安踏聯手歐洲體育零售巨頭JD Sports，率先通過其旗下兩大精選零售管道——Footpatrol與Size進行產品發售; 在線上，安踏將以HELA為切入點，覆蓋英國、法國、德國、義大利、西班牙五國的品牌官網，逐步將更豐富的產品帶給歐洲潮流運動愛好者。

Anta timed the long Chinese National Day holiday for a slew of new store openings, including Hall of Fame and Champion formats. Aside from launching proprietary green tech products, its global expansion drive took a major step into Europe with O2O channels. We maintain our BUY call.

The gist: BUY

• Q3 retail sales: main brands ANTA and FILA rose by a single digit yoy

• National Day bonanza: 300 ANTA new stores open their doors across China

• Going greener: fluorine-free waterproof fabrics and space-tech thermal wear

25Q3 sales update: main brands ANTA and FILA rose by a single digit yoy

Anta Sports Products released a business update for the third quarter of 2025 on 27 Oct:

• ANTA main brand products: retail sales grew at a low single digit yoy.

• FILA: Its Italian brand clocked low-single-digit yoy sales growth.

• Other brands: retail sales of all other brands rose 45–50% yoy.

National Day bonanza: over 300 ANTA new stores open their doors nationwide

The company opened more than 300 new stores across the country during China’s National Day period starting 1 Oct, a week-long holiday popularly termed Golden Week. They include:

• 39 ANTA Hall of Fame stores: new trends with a diverse range of sports equipment;

• 30 ANTA Champion stores: outdoor sports like cross-country running, skiing, hiking;

• 24 Super ANTA stores: covering both professional sports and leisure sports;

• 41 ANTA Beacon stores: professional sports gear;

• 8 ANTA Outlets: themed outlet-style sports parks;

• 4 ANTA Portfolio stores: featuring the brand’s crossover sports wear;

• 11 ANTA Kids stores: covering various professional sports scenarios for teenagers;

• 4 ANTA Kids Parks: themed outlet-style children’s sports parks; and

• 55 ANTA Ling Loong Stores: representing ANTA Kids’ exclusive IP merchandise.

Going greener: fluorine-free waterproof fabrics and space-tech thermal wear

Green products expansion: Anta plans to increase the proportion of sustainable products to 50% of its total portfolio and to use as much as 50% sustainable raw materials by 2030E.

Fluorine-free waterproof fabrics: In collaboration with Donghua University, Anta unveiled on 28 August their Fluorine-free ANTA Membrane, representing China’s first proprietary and mass-produced high-performance fluorine-free, waterproof and breathable material. The company also launched a new generation of Storm Armor jackets that feature the high-performance fluorine-free waterproof and breathable fabrics, a major innovation for the global industry. Anta will also launch the new-generation Storm Armor products in foreign markets. It expects sales will exceed 500,000 pieces by 2026E.

Space-tech thermal wear: In collaboration with Wuhan Textile University, Anta unveiled their new thermal insulation technology, ANTA Six Degrees Core Technology. Derived from aerospace technology, the mass-produced product for civilian consumers add a new thermal insulation experience that combines advanced tech with comfort.

ANTA’s global outreach includes Europe marketing, starting with Hélà collection

The Hélà Styled global tour—featuring ANTA’s collaboration with basketball icon Kyrie Irving—has traversed New York, Shanghai, and recently reached Paris with an exhibition and show at Anta’s Footpatrol store on 18 Oct. As a key strategic move into Europe, ANTA is integrating online and offline channels for its market expansion plan:

• Offline: ANTA partnered with European sports retail giant JD Sports to launch its products through its two select retail channels, Footpatrol and Size.

• Online: Leveraging the Hélà collection as its entry point, ANTA would expand its brand coverage across its websites in five European countries—the UK, France, Germany, Italy, and Spain—to progressively deliver a more vibrant product portfolio to European sports and streetwear enthusiasts.

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。