安踏體育:市場領導地位進一步強化

公司發佈25年財報

2025年公司業務保持穩健發展，在行業中實現較快收入及利潤增長。

全年收入同增13.3%達802.19億，保持高質量運營效率，持續加大品牌、渠道、產品研發及海外市場拓展投入; OPM增長0.4pct至23.8%。

2025年歸母凈利增長13.9%至135.88億（在2024年不包括由Amer Sports上市事項及Amer Sports配售事項權益攤薄所致的收益）。

公司經營業務現金流入凈額209.96億;自由現金流入161.06億，保持穩定現金流產出能力。

2025年派付末期股息每股普通股港幣108分。

安踏、斐樂及戶外分部均取得高質量增長

安踏分部收入增長3.7%至347.5億（2024年：335.2億），OPM同減0.3pct至20.7%（2024年：21.0%）。

安踏持續優化渠道佈局，系統性推進線上線下結構性升級：線下通過差異化業態及零優化銷售組合，提升單店運營效率與終端體驗; 線上聚焦商品結構、內容行銷及會員體系建設，強化組織能力，堅守發展質量與長期品牌價值; 同時穩步推進品牌全球化。海外市場拓展取得顯著成效。

斐樂分部收入增長6.9%達284.7億（2024年：266.3億）。 通過卓有成效的精細化運營管理，OPM增至26.1%（2024年：25.3%）。

斐樂展現經營韌性，年內完成內部資源與組織文化的整合，確立“ONE FILA”核心戰略。 通過持續提升商品競爭力與零售體驗，品牌穩步鞏固發展勢頭，為2026年充分釋放增長動能，奠定堅實基礎。

其他所有品牌分部表現卓越，收入大幅增長59.2%達170.0億（2024年：106.8億）。 儘管OPM正處於新收購品牌整合培育階段，在該階段內會受到一定影響，但仍保持在27.9%（2024年：28.6%）理想水準，整體表現亮眼。

高品質專業運動品牌DESCENTE憑藉差異化的商品體系與高端專業定位，流水成功突破百億大關，成為公司第三個達成此里程碑的品牌。年內，該品牌在單店坪效、品牌心智等核心經營指標上實現顯著提升，成功打造可複製、可持續的“高店效運營”模式。為未來長期高質量穩健發展築牢根基。

戶外專業運動品牌KOLON SPORT業務增長得益於品牌勢能的持續釋放，以及消費者對其高端戶外產品的高度認可。 通過深耕中國重點城市與核心商圈，品牌店效展現出強勁增長動力。 品牌未來將進一步依託品牌內涵深度挖掘、產品核心競爭力持續強化，以及高質量零售運營與社群營運體系，驅動業務持續攀升。

MAIA ACTIVE作為專注女性瑜伽領域的品牌，目前處於培育與加速發展的階段。 公司對其長期發展定位保持堅定信心，將持續於品牌建設與產品研發方面投入資源，穩步培育其長期品牌價值。

公司於2025年5月成功收購德國專業戶外品牌JACK WOLFSKIN，實現從大眾到高端戶外領域的全方位覆蓋。 管理層已為JACK WOLFSKIN制定為五年的全球品牌復興發展規劃，以充分釋放品牌價值，推動業務邁向新的增長階段。

電子商貿業務持續擴張：公司所有品牌電商收入同增15.5%，佔整體收入35.8%（2024年：35.1%）。 於雙11期間，FILA在天貓及抖音平台表現卓越，其羽絨服及老爹鞋品類均穩居第一，彰顯品牌在主流電商渠道的持續競爭力與市場領導地位。

公司戰略清晰，將秉持「單聚焦、多品牌、全球化」

安踏與FILA作為基石型品牌，將強化消費者心智滲透，打造市場認可的爆款產品，提升零售運營效率，憑藉規模與運營優勢鞏固發展根基，實現穩健可持續增長。

DESCENTE及KOLON SPORT為代表的成長型品牌，聚焦戶外及專業運動賽道，鞏固專業定位，維持快速增長。

此外，公司將持續培植MAIA ACTIVE、JACK WOLFSKIN等培育型品牌潛質，圍繞其明確定位打造高質量產品。 其中JACK WOLFSKIN已確立其全場景專業徒步品牌定位，將透過匹配的商品和渠道，釋放品牌價值。

聚焦商品、經營兩大方向，通過優質商品與高效經營實現高質量增長

商品層面，各品牌將制定中期商品戰略，聚焦核心品類、熱賣單品和爆款矩陣，強化消費者認知，提升商品全週期管理效率。 經營層面，各品牌以運營質量為核心，聚焦提質增效，優化庫存健康，嚴格把控新店質量，提升運營表現。

東南亞為公司全球化戰略之橋頭堡，現正全力推進「安踏東南亞千店計劃」，目標於2028年前在該地區設立1000家安踏零售網點。 此外，公司積極投資當地數位化、物流及供應鏈等基礎設施，並逐步進入南亞、澳大利亞、新西蘭及印度等市場，將東南亞運營經驗複製至這些新地區。

中長期看，集團將聚焦四大核心領域：一是優化品牌資源配置與戰略渠道佈局; 二是強化產品核心能力建設，包括設計人才引育、工藝升級、產學科研協同創新，持續提升產品競爭力; 三是拓展海外市場，推進海外渠道及供應鏈建設，加速全球化發展; 四是加速數位化與AI建設，以技術賦能業務高效發展，為集團中長期增長奠定堅實基礎。

The company drove up revenue by 13% and net profit by 14% last year, as it continued to invest into branding, channels, and products. Ecommerce sales were brisk across all brands, with main brands ANTA and FILA posting respectable growth overall. We maintain our BUY call.

The gist: BUY

• 2025 revenue up 13%, net profit up 14%; brand, channel, product investments

• Brands: ANTA, FILA, and others delivered firm financials; brisk ecommerce

• Strategic outlook: sportswear focus, multiple brands, and a global footprint

2025 revenue up 13%, net profit up 14% on brand, channel, product investments

Anta drove steady growth in 2025, with its audited financial results released on 25 March demonstrating fast revenue and profit growth relative to the industry:

• Top line: Revenue rose 13.3% to RMB80.22bn, while the company maintained high operational efficiency as it continued to invest into branding, channels, product R&D, and international market expansion.

• Profitability: With operating margin 0.4ppt wider to reach 23.8%, net profit expanded 13.9% to RMB13.59bn (excluding gains from equity dilution with the Amer Sports IPO and Amer Sports placement in 2024).

• Cash flow: Cash generation was stable, with operating net cash inflow at RMB21.00bn and free cash inflow at RMB16.11bn.

• DPS: The company set a final dividend of 108 HK cents per ordinary share for 2025.

Brands: ANTA, FILA, others deliver strong financials; brisk ecommerce sales

Main brand ANTA:

• Financials: Revenue grew 3.7% to RMB34.75bn at ANTA in 2025 (vs RMB33.52bn in 2024), although OPM narrowed 0.3ppt to 20.7% (vs 21.0% in 2024).

• Key drivers: ANTA optimized its channel mix with systematic structural upgrades in both online and offline channels:

- Physical stores: It upgraded per-store operational efficiency and enhanced the end-consumer experience, along with differentiated retail formats and sales bundling.

- Online sales: Focusing on product mix, content marketing, and membership system enhancements, ANTA deepened organizational capability to uphold a high-growth trend and long-term brand value.

- Global push: Its steady branding push in global markets has brought substantive results in expanding its international footprint.

FILA:

• Financials: Revenue from the FILA brand lifted 6.9% to RMB28.47bn in 2025 (vs RMB26.63bn in 2024), with OPM widening to 26.1% (vs 2024: 25.3%) on effective and detailed operational management.

• Key drivers:

- One FILA: The brand established its One FILA strategy by completing the integration of internal resources and corporate culture within the year, a clear indication of its operational resilience.

- Products and retail interface: FILA stepped up its growth momentum by enhancing product competitiveness and the retail experience. This also helps form a sound basis to unleash its full growth potential in 2026E.

Other brands: Descente, Kolon Sport, Maia Active, Jack Wolfskin

Financials: The other brands delivered ebullient results last year with collective revenue of RMB17bn, up 59.2% (vs RMB10.68bn in 2024). OPM came in at a remarkable 27.9% (vs 28.6% in 2024), despite newly acquired brands being in the integration and development phase, shored up by total business strength.

Descente:

• RMB10bn sales: The professional sports brand broke the RMB10bn level in revenue last year, the third brand in Anta’s portfolio to reach this milestone. Key factors were its differentiated product portfolio and premium professional positioning.

• High-efficiency model: Descente made large improvements on key indicators, including per-store sales per sq m and brand awareness, by creating a sustainable and replicable high-efficiency store operation model. It forms the basis for the company’s potentially sustainable high-growth over the long term.

Kolon Sport:

• High-profile stores: The professional sports and outdoor wear brand drove a steady business momentum last year. Capitalizing on wide consumer recognition of its premium outdoor wear, Kolon Sport’s prioritizing locations in key Chinese cities and business districts resulted in strong store performance growth.

• Outlook: Up ahead, the brand intends to deeply leverage its brand appeal by strengthening core product competitiveness with top-tier retail operations and boosting community engagement operations to sustain business growth.

Maia Active: The brand for women’s yoga wear is currently in the nurturing and fast-growth phase. The company is confident of its long-term strategic positioning and would keep investing resources into brand-building and product R&D that would steadily enhance long-term brand value.

Jack Wolfskin: Anta Sports acquired Jack Wolfskin in May 2025 to extend its product coverage. The German professional sports brand’s cross-spectrum products span mass-market to premium outdoor wear. Management has developed a 5-year global revitalization plan to fully unlock its brand value and bring a new phase of growth.

Ecommerce channel:

• 2025: Online business expanded again last year, with revenue across all brands increasing 15.5% to contribute 35.8% of total revenue (vs 35.1% in 2024).

• Double-11: FILA in particular outperformed last year on Tmall and Douyin (China’s TikTok) during the peak shopping season themed around the date of 11 Nov, also called Singles Day, with its down jackets and chunky sneakers topping sales lists. The strong performance on mainstream ecommerce platforms showcases the brand’s longtime competitive edge and market leadership.

Strategic framework: sportswear focus, multiple brands, and a global footprint

3-pronged strategy: Anta Sports continues to push its holistic corporate strategy built on three key principles: a singular focus on the sportswear product market, a multi-brand portfolio, and a global footprint:

(1) Multi-brand portfolio:

• Mature brands: The company’s flagship brands, ANTA and FILA, aim to expand consumer mindshare, create market-savvy best-selling products, raise retail operating efficiency, consolidate their development foundation by leveraging scale and operational advantages, so as to bring sustainable growth.

• Growth brands: This category, represented by Descente and Kolon Sport, will focus on outdoor and professional sports wear, and consolidate their professional sports positioning to maintain rapid growth.

• Emerging brands: The company plans to foster emerging brands with potential, such as Maia Active and Jack Wolfskin, and create quality products with clearly defined market positioning. Jack Wolfskin, an established professional hiking brand positioned across extensive scenarios, would tap its brand value by matching products to channels.

(2) Product strategy: By focusing on products and operations, the company aims to drive a high-growth trajectory through premium products and efficient management:

• Products: Each brand would formulate a medium-term product strategy centering on key categories, best-selling items, and hit product portfolios, so as to raise consumer awareness and improve the efficiency of product lifecycle management.

• Operations: Each brand would prioritize operational standards and efficiency, and enhance inventory health, alongside strict control over quality at new stores to improve operational performance.

(3) Globalization strategy:

• 1,000 SEA stores: Southeast Asia serves as the bridgehead for Anta’s globalization strategy. It is currently pushing an initiative to put in place 1,000 retail stores across the region by 2028E.

• Asia Pacific supply chain: Replicating its Southeast Asian operating experience, the company is investing into local digital, logistics and supply chain infrastructure in the Asia Pacific, as it gradually enters markets in South Asia, Australia, New Zealand, and India.

Long-term initiatives: Anta’s longer-view plans cover improvements in four key areas:

• Brands and channels: optimize resource allocations and the strategic channel mix.

• Competitive key products: Strengthen core product capabilities—recruit and nurture design talents, upgrade processes, and push collaborative innovations across industry, academia and research—so as to enhance product competitiveness.

• Global footprint: To widen its global footprint, the company plans to build up its foreign sales channels and supply chains.

• AI development: Anta believes that stepping up digitalization and AI development to drive business growth provides a sound foundation for medium to long-term growth.

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。