安踏體育：依舊在運動行業保持領先成長

公司發佈2025中報

25H1：營收385億，同比+14%。

公司維持高質量的經營效率，整體經營溢利率仍上升0.6pct至26%，其中：安踏分部的經營溢利率上升1.5pct至23%; FILA分部的經營溢利率下降0.9pct至28%; 所有其他品牌的經營溢利率上升3.3pct至33%。

經調整股東應占溢利66億元同比+7%; 不包括由Amer Sports上市事項權益攤薄所致的利得，股東應占溢利70億元同比+15%。

25H1公司錄得經營活動現金流入凈額109億元; 自由現金流入75億元，維持穩定的現金產出能力。

董事會宣派截至二零二五年六月三十日止六個月的中期股息每股普通股港幣137分。

安踏：商品創新，安踏以科技驅動產品升級——跑鞋方面，推出PG7跑鞋、C202馬拉松跑鞋，服飾方面，推出風暴甲衝鋒衣系列、速乾之王運動T恤系列、光盾防曬服系列、型動褲運動長褲系列，兒童方面，首創動態足橋科技，推出足弓PRO跑鞋; 提升品牌於專業圈層的聲譽，「安踏冠軍」聚焦菁英戶外，贊助香港100越野賽、高黎貢超級山徑賽等專業越野賽; 提升品牌形象，在低線城市及縣級市場開展「燈塔店計劃」，在地標商圈整合並升級門店，逐步以更具規模與體驗感的大店逐步替代部分原有門店; 推進全球化戰略，安踏以「PG7全球緩震計劃」邀請全球各地跑者參與產品實測，快速融入當地市場，建立國際品牌認知。 

FILA：品牌建設方面，定位高端運動時尚，著力針對中產消費者進行品牌溝通，「明天的WOMEN」品牌活動FILA首次以女性視角發聲，FILA FUSION聚焦打造青年文化，簽約新一代偶像藝人與杜卡迪等品牌合作。 專業運動方面，FILA聚焦高爾夫與網球兩大「菁英運動」賽道——讚助頂級賽事沃爾沃中國公開賽及簽約LPGA巡迴賽五冠王、大滿貫女子PGA錦標賽冠軍殷若寧，提升FILA在高爾夫專業運動領域的影響力; 打造BB1馬球、蘇珊裙等標誌性商品，贊助中國網球公開賽、鑽石杯青少年網球公開賽等，網球心智行業領先。 革新商品方面，品牌從追求「快速上新」轉向「深度經營」，強調產品開發精研，實現科技與設計的融合。 

DESCENTE：豐富鞋商品組合，推出多款專業跑步鞋，如專為鐵人三項與馬拉松設計的DELTA PRO EXP V2競速跑鞋，以及搭載升級緩震科技的DYNAMIC FLUID 3.0流跑鞋; 布局兒童市場，拓展客群覆蓋，推出涵蓋騎行、跑步與高爾夫場景的兒童系列產品; 擴展零售網路，聚焦於中國一、二線城市高端商圈，通過大店升級計劃，提升單店營運能力，打造高店效模式。 

KOLON SPORT：完善差異化產品矩陣，通過戰略性優化產品結構，提升鞋商品比重，推進「鞋服配」全品類布局升級，鞋商品方面推出全新升級的中長距離專業徒步鞋MOVE ALPHA 2.0，服商品方面，推出全新先鋒靈感支線K：系列等; 從區域發展邁向全國佈局，建立起以北上廣深一線城市為立足點，逐步拓展至覆蓋華南、華西地區的戰略網路，在符合品牌定位及目標客群的核心城市開設旗艦門店，而非單純追求門店規模擴張。

Anta effected revenue and profit growth in H1 on concerted product upgrades and market reach initiatives across its stable of iconic brands. Operationally, the core ANTA brand margin rose 1.5ppt; while ANTA and FILA each contributed 38% to profit. We maintain our BUY call.

The gist: BUY

• 25H1E results: revenue grew 14% and adjusted profit rose 7% yoy

• ANTA: product upgrades and initiatives drive running, kids, pro segments

• FILA: branding initiatives invigorate women’s, youth and pro sports segments

25H1E results: revenue grew 14% and adjusted profit rose 7% yoy

Revenue: Anta Sports Products released unaudited 25H1E results on 27 Aug 2025 with revenue growing 14% yoy to RMB38.5bn.

Margins: The company maintained high operational efficiency in H1, which boosted operating margin by 0.6ppt to 26%. Specifically, its core ANTA brand’s operating margin widened 1.5ppt to 23%, while FILA’s narrowed 0.9ppt to 28%; other brands increased their collective operating margin by 3.3ppt to 33%.

Profits: Adjusted profit came to RMB6.6bn, up 7% yoy, excluding gains from the dilution of equity due to the listing of Amer Sports, which generated profit of RMB7bn in H1, up 15% yoy. FILA and ANTA operations each contributed 38% to total profit.

Cash flow: The company recorded RMB10.9bn net cash inflow from operating activities and RMB7.5bn free cash inflow, maintaining stable cash generation capacity.

DPS: The board declared an interim dividend of HKD0.137 per ordinary share for the six months ended 30 June 2025.

ANTA: product upgrades and initiatives in running, kids and pro sports segments

Running: The ANTA brand launched the PG7 running shoes and C202 marathon running shoes in the first half of the year. Apparel wise, its new collections included Storm Mecha jackets, A-Dry Fast T-shirts, A-UV Protect wear, and A-Flex pants.

Children: ANTA Kids pioneered dynamic arch bridge technology with the launch of its Arch Pro running shoes for children.

Pro sports profile:

• Events: In line with efforts to raise its professional sports profile, the ANTA Champion campaign shines the spotlight on elite outdoor athletes and it sponsors professional cross-country races such as the Hong Kong 100 Ultra Marathon and Gaoligong Ultra Trail Race.

• Markets: The Beacon Store Project rolled out in lower-tier cities and county-level markets, where the brand integrated or upgraded stores in business district landmarks. It gradually replaced the older stores with large-format ones that offer scale advantages with a more user-oriented experience.

• Global footprint: To push its globalization strategy, the company launched the PG7 Global Cushion Evolution, an initiative in which runners from around the world are invited to participate in ANTA’s product tests. This speeds up integration into local markets and spurs the brand’s pace of international market recognition.

FILA: branding initiatives invigorate women’s, youth and pro sports segments

The sports fashion name known for its Italian roots consolidated its premium positioning in H1, while targeting middle-class sportswear consumers by communicating the following branding initiatives:

• Women: The Women of Tomorrow campaign, which marks the first time FILA takes a female-centric perspective, has been well received by consumers.

• Youth: FILA Fusion turned the spotlight on youth culture and signed new-generation idols as brand ambassadors. Its brand collaborations include iconic names like Italian motorbike maker Ducati.

• Pro sports: FILA focuses on elite sports in this segment, particularly golf and tennis.

• In golf, the sponsor of the top-tier Volvo China Open signed Yin Ruoning, a five-time LPGA Tour champion and Women’s PGA Champion to burnish its standing in this sport.

• In tennis, FILA has created iconic products such as the BB1 Polo shirt and Susan skirt. It also sponsors tournaments such as the China Open and the Diamond Cup Junior Tennis Open to help increase its lead in this market.

• Product innovations: FILA shifted its stance from brisk product launches to deeper product enhancements to showcase meticulous product development that integrates technology and design.

DESCENTE: boosting product lineup and expanding the retail network

In the first half, the premium performance sports brand actively expanded both its product line and retail network, while widening its foothold on the children’s market.

• Footwear: The company enriched its offerings by launching several professional running shoes, including the Delta Pro Exp V2 racing shoe (designed for triathlons and marathons) and the Dynamic Fluid 3.0 running shoe (which features upgraded cushioning technology).

• Children: The brand launched dedicated product lines for children that span cycling, running and golf, further broadening its customer base.

• Channels: The company continued to expand its retail network, especially in high-end commercial districts in China’s tier-1 and tier-2 cities.

• Stores: As part of a flagship store upgrade, the company enhanced operational capabilities at individual stores, putting in place a highly efficient store model.

KOLON SPORT: product mix leans further toward footwear; first-tier city focus

The premium outdoor lifestyle brand focused on strategically optimizing the product mix with a bigger proportion of footwear, while effecting full upgrades across the footwear, apparel and accessories segments.

• Footwear: New launches included the newly upgraded Move Alpha 2.0 (professional hiking shoes for mid- and long-distance).

• Apparel: The brand unveiled its avant-garde sub-line [K:] series, a distinctive new collection that marries minimalist efficiency with quietly luxurious aesthetics.

• Channels: Shifting from regional development to national expansion, the company strategically broadened its network by anchoring its stores in tier-1 cities such as Beijing, Shanghai, Guangzhou and Shenzhen, gradually expanding its presence to south and west China. It opened flagship stores in major cities in line with its brand positioning and target customer groups, rather than just pursuing scale expansion.

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