ANTA SPORTS (02020), as a leading domestic sportswear company, has demonstrated significant success with its multi-brand strategy, effectively capitalizing on the high-growth outdoor sports sector. The core brand continues to achieve steady growth through channel and product innovation, while FILA is expected to stabilize post-adjustment. The newly acquired Jack Wolfskin brand further strengthens the outdoor brand portfolio, supporting the company's steady global expansion.

Zhongtai Securities forecasts ANTA SPORTS' net profit attributable to shareholders for 2025–2027 to reach RMB 13.2/14.8/16.6 billion, maintaining a "Buy" rating. Key observations include:

**25Q3 Operational Performance** Both ANTA and FILA brands reported low single-digit year-on-year growth in sell-through, while all other brands surged 45–50% YoY.

**ANTA Brand** Achieved low single-digit sell-through growth in 25Q3, with offline and online channels estimated to post low and high single-digit growth, respectively. Inventory-to-sales ratio remained healthy at slightly above 5 months. E-commerce performance is expected to recover with optimized livestreaming strategies on Douyin and product adjustments.

**FILA Brand** Delivered low single-digit sell-through growth, with e-commerce outperforming offline. Inventory-to-sales ratio rose to 6 months due to Golden Week and Double 11 preparations but may normalize to 5–6 months by year-end if Q4 promotions succeed. FILA’s renewed partnership with the China Open as the exclusive sportswear sponsor highlights its tennis-focused strategy.

**Other Brands** Sustained strong momentum with 45–50% YoY sell-through growth in 25Q3. DESCENTE grew over 30%, KOLON surged 70%+, and MaiaActive rose ~45%. Enhanced brand differentiation and retail upgrades drove robust new store performance, with Q4 outdoor season expected to maintain high growth.