Broker: China Galaxy International Securities (CGSI)
Date of Report: March 26, 2026
Excerpt from China Galaxy International Securities (CGSI) report.
Report Summary
- Anta Sports reported FY25 revenue of RMB 80.2bn (+13.3% YoY) and core net profit of RMB 13.6bn (+13.9% YoY), both slightly above expectations, driven by strong growth in its “other brands” segment and effective cost control.
- Management guides for continued growth in FY26F: low-single-digit revenue growth for Anta, mid-single-digit for Fila, and 20% growth for other brands, in line with Q1 2026 momentum; the company targets overseas expansion (especially Southeast Asia), improved store efficiency, and aims for 15% overseas revenue contribution by FY30F.
- Operating profit margin improved to 23.8% in FY25, but is expected to contract slightly in FY26F due to higher distribution expenses in a major sports year (Olympics, Asian Games); dividend payout ratio maintained at ~50%.
- Target price raised to HK\$115 (from HK\$109), with a reiteration of “Add” rating; main risks include weaker-than-expected demand, higher marketing spend, and possible aggressive M&A activity.
- Key financial projections (FY26F): revenue RMB 86.3bn (+7.5% YoY), net profit RMB 14.3bn (+5.2% YoY), with ongoing strong performance expected from Descente and Kolon brands and a clear overseas expansion blueprint.
Above is an excerpt from a report by China Galaxy International Securities (CGSI). Clients of China Galaxy International Securities (CGSI) can be the first to access the full report from the CGSI website: https://www.chinastock.com.hk
