Guoyuan International released a research report stating that ANTA SPORTS (02020) continues to demonstrate strong performance in outdoor apparel, professional sports, and women's wear segments. In the long term, the company's brand operation, incubation capabilities, and strategic planning for growth stand out in the industry, warranting sustained attention. The firm maintains a "Buy" rating with a target price of HK$98.0. Key highlights from Guoyuan International's analysis include:

ANTA reported single-digit year-on-year sales growth, with stable performance during the Double 11 shopping festival. Based on the company's Q3 earnings call, ANTA adjusted its full-year revenue growth forecast for its core brand to low-to-mid single digits (LSD to MSD), while maintaining expectations of mid-single-digit (MSD) growth for FILA and 40% growth for other brands, with unchanged margin guidance.

In Q3, other brands under ANTA sustained rapid growth, with a consolidated year-on-year increase of approximately 55%. Specifically, DESCENTE grew by 30%, KOLON SPORT by 70%, and MAIA ACTIVE by 45%, while integration efforts for JACK WOLFSKIN are ongoing. During Double 11, third-party data indicates ANTA achieved single-digit year-on-year sales growth on Tmall from October to November, with FILA, DESCENTE, and KOLON SPORT all posting notable growth.

Short-term profitability contributions from professional and outdoor brands are rising, while the brand portfolio is expected to further diversify in the medium to long term. The operating profit margin for ANTA's other brands has consistently improved, turning positive in 2020 and reaching 28.6% in 2024 and 33.2% in H1 2025 (up 3.3 percentage points year-on-year). The share of operating profit from these brands rose from 2.1% in 2020 to 18.4% in 2024 and further to 24.3% in H1 2025.

The outdoor, professional sports, and women's wear segments remain highly promising. DESCENTE, KOLON SPORT, and MAIA ACTIVE are expected to sustain growth trends with potential for further profitability improvements.

In terms of brand expansion, ANTA acquired JACK WOLFSKIN in April to strengthen its outdoor brand portfolio, targeting a 3–5-year revival strategy without a specific profitability timeline. In September, the company established a joint venture with Korean fashion platform Musinsa, holding a 40% stake to explore opportunities in the fashion sector, further enriching its brand matrix.

Earnings forecasts project FY2025E to FY2027E revenues of RMB 78.31 billion, RMB 86.72 billion, and RMB 94.23 billion, representing year-on-year growth of 10.6%, 10.7%, and 8.7%, respectively. Net profit attributable to shareholders is estimated at RMB 13.25 billion, RMB 15.23 billion, and RMB 16.89 billion, with year-on-year growth of 11.2% (excluding equity investment gains), 14.9%, and 10.9%.

The "Buy" rating is maintained with a target price of HK$98.0, implying a FY2025E P/E of around 18.8x and a static P/E of approximately 16x, representing a potential upside of 21.8% from the current price.

Risks include weaker-than-expected retail conditions impacting sales, intensified industry competition, underperformance in marketing efforts, and slower-than-anticipated growth in outdoor and professional apparel segments.