Tianfeng Securities has issued a research report maintaining a "Buy" rating for ANTA SPORTS (02020). The company continued to implement its "single focus, multi-brand, globalization" strategy in the first half of 2025, driving growth through its dual core brands. The ANTA brand will continue to deepen its transformation, promoting innovative formats and vertical store incubation; the FILA brand focuses on golf and tennis, building a core product matrix; emerging brands such as DESCENTE and KOLONSPORT maintain high-speed growth. The company's global expansion is progressing steadily, covering markets in Asia, Europe, and the Americas. The group expects to continue achieving high-quality profitable growth through digital transformation, supply chain optimization, and technological innovation.

Tianfeng Securities' key viewpoints are as follows:

By Brand Performance:

Mature Brands: The ANTA brand achieved revenue of RMB 17 billion in H1 2025, up 5.4% year-over-year, accounting for approximately 44% of total revenue with a gross margin of 54.9%. The ANTA brand creates star products through e-commerce channels, continuously strengthening its influence in the mass market while actively expanding overseas market presence.

Growth Brands: The FILA brand achieved revenue of RMB 14.2 billion in H1 2025, up 8.6% year-over-year, accounting for approximately 37% of total revenue with a gross margin of 68%. The brand performed particularly well in professional sports, with tennis, golf, women's, and outdoor series maintaining strong growth momentum.

Emerging Brand Portfolio: All other brands (including DESCENTE and KOLONSPORT) achieved revenue of RMB 7.4 billion in H1 2025, up 61.1% year-over-year, with their share of total revenue significantly increasing from approximately 13% in the same period last year to approximately 19%, achieving a gross margin of 73.9%, up 1.2 percentage points year-over-year. Among these, DESCENTE achieved satisfactory growth, demonstrating strong growth resilience. As a professional sports brand designed specifically for Asian women, MAIAACTIVE has successfully carved out market space, focusing on meeting target consumers' demand for sports and fashion integration.

By Channel Performance:

DTC: Achieved revenue of RMB 9.4 billion in H1 2025, up 5.3% year-over-year, accounting for approximately 56% of total revenue. The company improved efficiency and experience through DTC model transformation, continuously enhancing sales efficiency.

E-commerce: Achieved revenue of RMB 6.1 billion in H1 2025, up 10.1% year-over-year, accounting for approximately 36% of total revenue. The company accumulates user profiles through CRM systems and applies algorithmic models to improve sales conversion, driving continued growth in online business.