Zheshang Securities released a research report stating that it expects ANTA SPORTS (02020) to gradually demonstrate the results of its online and offline reforms, while maintaining the strong momentum of FILA and its outdoor brand portfolio. With the addition of the Jack Wolfskin and Maia Active businesses, the group's multi-brand strategy continues to show significant vitality. The firm reiterates its "Buy" rating.
ANTA brand's Q3 sales grew by low single digits, showing slight acceleration compared to Q2. Online sales increased by high single digits. Offline discount rates remained stable year-on-year at 29% off (7.1折), while online discounts deepened slightly to 50% off. Inventory-to-sales ratio exceeded 5X due to Double 11 preparations. Following e-commerce organizational restructuring, the company continues to adjust product offerings and enrich social media content on platforms like Douyin. Offline, new store formats including Champion, SV, and Palace performed well, while the super ANTA store concept is being further refined.
FILA's Q3 sales grew by low single digits, with a slight sequential slowdown attributed to delayed autumn product sales due to unusually warm September temperatures. Offline discounts remained at 26% off (7.4折), while online discounts stayed stable sequentially at 42% off (5.8折), showing slight year-on-year deepening. Inventory-to-sales ratio increased to 6X for Double 11 preparations, expected to return to 5-6X by year-end. The brand held a strategic launch event in Q3, announcing Bu Yun Chaoke as brand ambassador and partnering with Beijing Sport University and Beijing Institute of Fashion Technology to create an industry-academia-research ecosystem. FILA also served as the exclusive footwear and apparel sponsor for the China Open tennis tournament.
In other brands, the outdoor segment continued its strong performance in Q3. DESCENTE brand achieved 30% quarterly sales growth, while KOLON brand saw 70% growth, both maintaining healthy 10% off (9折) discount rates. Women's activewear brand Maia Active recorded 45% sales growth in Q3, further expanding its brand influence and channel distribution. Jack Wolfskin's global business was consolidated in June, with brand revival strategies currently under active development.