CICC has reaffirmed its earnings per share forecasts for Anta Sports Products (02020.HK) at RMB4.81 for 2025 and RMB5.42 for 2026, with the current share price reflecting 17 times and 15 times forward price-to-earnings ratios respectively. The brokerage maintains its Outperform Industry rating and HK$120.92 target price, representing 23 times and 20 times projected 2025-2026 earnings multiples and implying 35% upside potential from current levels.
Operational updates for Q2 2025 reveal distinct performance patterns across Anta's brand portfolio. The flagship Anta label recorded low single-digit year-over-year retail sales growth, while FILA achieved mid single-digit expansion. Other brands collectively surged 50-55% during the period. CICC anticipates accelerating momentum through 2025, projecting high single-digit growth for Anta and mid single-digit gains for FILA as offline store networks and e-commerce management structures stabilize. These projections are further bolstered by favorable base effects from prior periods.
The firm's multi-brand strategy continues yielding dividends across market segments. Within the premium outdoor category, DESCENTE and KOLON sustained exceptional momentum with Q2 sales vaulting over 40% and 70% respectively while maintaining disciplined discounting. Emerging label Maia Active surged beyond 30% growth with multiple innovative retail formats under development. FILA demonstrated balanced progress across product lines: core apparel grew at high single digits, children's wear and fashion lines expanded mid single digits, while golf and tennis collections emerged as standout performers. Strategic online discounting increased by 1-2 percentage points to optimize inventory turnover and stimulate sales, simultaneously creating runway for 2026 product launches.
Market analysis indicates sustained strength in China's mid-to-high-end sportswear segment. Anta's Q2 performance aligned with industry trends, registering low single-digit growth across both primary and children's categories. FILA maintained steady progress, reinforcing its market positioning through diversified category development and channel optimization.