GF SEC released a research report stating that it forecasts ANTA SPORTS's (02020) earnings per share for 2026-2028 to be RMB 5.28, RMB 6.05, and RMB 7.01 per share, respectively. By referencing comparable companies and considering ANTA SPORTS's strong competitiveness as an industry leader, the firm assigned a target price-to-earnings ratio of 18 times for 2026, resulting in a fair value estimate of HK$108.03 per share. The "Buy" rating was reaffirmed.

The key points from GF SEC's report are as follows:

The company announced its 2025 annual results. In 2025, revenue reached RMB 80.219 billion, representing a year-on-year increase of 13.3%. Excluding gains in 2024 related to the Amer Sports listing and the equity dilution from the Amer Sports placement, net profit attributable to shareholders was RMB 13.588 billion, a year-on-year increase of 13.9%. The company proposed a final dividend of HK$1.08 per share. Combined with the interim dividend of HK$1.37 per share, the total dividend for 2025 amounts to HK$2.45 per share. Based on the closing price on April 2nd, this implies a dividend yield of 3.04%.

Revenue from the ANTA brand and FILA brand showed steady growth, while revenue from all other brands experienced high growth. In 2025, ANTA brand revenue was RMB 34.754 billion, up 3.7% year-on-year. FILA brand revenue was RMB 28.469 billion, up 6.9% year-on-year. Revenue from all other brands reached RMB 16.996 billion, surging 59.2% year-on-year. In terms of operating profit margin, the ANTA brand achieved 20.7%, while FILA reached 26.1%, an improvement of 0.8 percentage points year-on-year. The operating profit margin for all other brands was 27.9%, a decrease of 0.7 percentage points year-on-year. Regarding store count: ANTA mainline stores totaled 7,203; ANTA Kids stores totaled 2,652; FILA mainline stores totaled 1,273 (a net increase of 9); FILA Kids stores totaled 578; FILA Fusion stores totaled 189; Descente stores totaled 256; Kolon Sport stores totaled 209; and MAIA Active stores totaled 52.

Analysis of the company's profitability showed that the gross profit margin for 2025 was 62.0%. The ANTA brand's gross margin was 53.6%, primarily due to increased investment in professional product costs and a higher contribution from e-commerce business. FILA's gross margin was 66.4%, mainly attributed to enhanced product functionality and quality leading to higher costs, alongside an increased share of e-commerce business. The company's operating expense ratio was 26%, largely because 2024 was a major year for sports events, resulting in a relatively high proportion of advertising expenditure.

Risk warnings include regulatory approval risks and the potential for performance of brands like ANTA and Amer's overseas operations to fall below expectations.