China Galaxy Securities has released a research report reiterating its "Recommended" rating for ANTA SPORTS (02020). The company announced its intention to acquire a 29.06% stake in PUMA SE; upon completion of the transaction, ANTA will become the single largest shareholder of PUMA. This move effectively strengthens ANTA's brand portfolio in the mid-to-high-end professional sports segment, enhances its multi-brand matrix, and is expected to build a new growth pillar supporting the company's future high-quality development through global resource integration and synergies. The main points from China Galaxy Securities are as follows.

On January 27, 2026, the company announced it had reached an agreement with Groupe Artémis to acquire its 29.06% stake in PUMA SE for a cash consideration of 1.5 billion euros. Post-transaction, ANTA will become PUMA's single largest shareholder. The company plans to participate in governance by appointing representatives to the Supervisory Board, aiming to empower medium- to long-term development through strategic collaboration while respecting PUMA's established brand heritage and independent operations. Following the acquisitions of Amer Sports and Jack Wolfskin, this purchase represents another critical step in deepening ANTA's global footprint. It not only effectively bolsters the company's brand layout in the mid-to-high-end professional sports sector and perfects its multi-brand strategy but also holds the potential to create a new growth engine for future high-quality development via global resource consolidation and synergistic effects.

PUMA is a world-renowned leading sports brand headquartered in Germany, primarily engaged in the design, development, sales, and marketing of footwear, apparel, and accessories. Having moved past its phase of rapid growth into a period of stable development, PUMA initiated a "Reset" plan in 2025, focusing on optimizing distribution channels, repurchasing inventory, and reducing operational costs. Consequently, for the first three quarters of 2025, the company recorded revenue of 5.974 billion euros, a year-on-year decrease of 8.5%, and a net loss of 308 million euros. Footwear remains PUMA's most resilient and dominant revenue growth driver, accounting for 53% of revenue in 2024 and covering professional sports categories such as football boots, running shoes, and basketball shoes. While the wholesale channel is dominant, the company is actively optimizing it through its "Reset" strategy and vigorously advancing the development of its Direct-to-Consumer (DTC) channels.

By enhancing its global footprint, ANTA has the potential to replicate its successful experience in brand acquisitions. PUMA possesses deep channel roots and substantial brand equity in the EMEA and Americas markets, which geographically complements ANTA's core brand, deeply entrenched in the Chinese market. From a brand perspective, PUMA's expertise in professional football and running categories effectively fills the niche between ANTA's core brand (mass professional) and its other holdings, Amer Sports and FILA. This enables the company to comprehensively cater to global consumer demand, ranging from mass-market to mid-to-high-end and from fashion to hardcore outdoor, thereby further strengthening its global competitiveness. ANTA's proven excellence in retail operations and highly efficient supply chain integration, demonstrated in previous brand acquisitions, is expected to empower PUMA's business recovery in the Greater China region and unlock its growth potential.

Risks include the potential for the acquisition integration process and synergistic effects to fall short of expectations; the risk that PUMA's brand "Reset" strategy may not achieve the intended results; risks associated with global macroeconomic volatility and weak consumer demand; and foreign exchange fluctuation risks.