CICC has maintained its earnings per share forecasts for ANTA Sports (2020.HK) at CNY4.81 for 2025 and CNY5.42 for 2026. The current share price implies forward price-to-earnings multiples of 17 times for 2025 and 15 times for 2026. The investment bank reiterated its "Outperform Industry" rating while keeping the target price unchanged at HK$120.92, representing 23 times 2025 and 20 times 2026 earnings multiples. This projection offers a potential 35% upside from current levels.
ANTA's operational update for the second quarter of 2025 revealed distinct growth patterns across its brand portfolio. The flagship ANTA brand recorded low-single-digit year-on-year growth in retail sales value, while FILA achieved mid-single-digit expansion. All other brands collectively surged 50-55% during the period.
Market analysts anticipate ANTA and FILA will meet their respective full-year targets of high-single-digit and mid-single-digit growth. This expectation stems from ongoing structural adjustments in offline retail and online channel management, coupled with favorable base effects from the previous year. For the broader brand portfolio, the group is positioned to leverage its premium distribution advantages and multi-brand operational expertise to sustain robust expansion.
The domestic sportswear sector's second-quarter performance highlights continued momentum in the mid-to-high-end outdoor segment. ANTA's quarterly growth was driven equally by its mainline and children's categories, both posting low-single-digit advances. FILA's mid-single-digit improvement featured high-single-digit growth in core apparel, complemented by mid-single-digit increases in both children's and trendy lines. The brand maintained steady performance with emerging categories like golf and tennis becoming notable growth drivers. Strategic online discounting increased by 1-2 percentage points to accelerate inventory turnover while laying groundwork for 2026 product launches.
Among complementary brands, DESCENTE and KOLON sustained exceptional momentum with retail sales vaulting over 40% and 70% respectively, achieved with minimal promotional activity. Newcomer MaiaActive registered above 30% growth as the company actively develops innovative store formats.