Western Securities Co.,Ltd. released a research report projecting ANTA SPORTS (02020) to achieve net profits attributable to shareholders of RMB 13.01 billion, RMB 14.48 billion, and RMB 16.16 billion for 2025–2027. The company's multi-brand operations remain robust, with outdoor brands expected to drive growth, warranting a maintained "Buy" rating.

ANTA SPORTS reported Q3 2025 operational data, showing a 45%–50% year-on-year increase in sales for its other brands. Offline discount rates stabilized at around 71%, while online discounts deepened slightly to approximately 50%. The overall inventory-to-sales ratio remained slightly above five months, within a healthy range.

Key product launches in Q3 included the PG7 series’ next-gen "Travel Step 2.5," the C-family midsole technology professional running shoes, the first fluorine-free Storm Jacket combining sustainability with outdoor performance, and a new-generation down jacket utilizing aerospace technology.

Offline channels posted low single-digit growth, while online sales grew at a high single-digit rate. Flagship stores and premium sports experience outlets showed steady improvement, with the "Lighthouse Plan" adding 41 stores during the National Day holiday, bringing the total to over 100. Upgraded stores delivered significant same-store sales growth.

The report highlighted sustained strength in other brands, with full-year sales growth expected to exceed 40%. DESCENTE and KOLON saw Q3 sales surge approximately 30% and 70% YoY, respectively. Women’s activewear brand MAIA, tailored for Asian body types and targeting urban professionals, grew sales by about 45%. Meanwhile, JACK WOLFSKIN outlined a 3–5 year revival plan, aiming to restore its premium outdoor brand positioning in China and Europe within three years.