Huayuan Securities: Anta Sports' multi-brand quality growth validated, maintains Buy rating
Editorial responsibility
- No named human review is recorded for this page.
- Source reporting is collected, normalized, translated or condensed automatically when needed.
- Automatically published source-backed update
Huayuan Securities released a research report maintaining a 'Buy' rating on Anta Sports (02020.HK) after the company published its 2026 first-half results. For the period, Anta reported revenue of 435.1 billion RMB, up 12.9% year-on-year, and net profit attributable to shareholders of 94.9 billion RMB, up 34.9% year-on-year. Excluding a one-time gain from the Amer Sports placement, adjusted net profit was 79.4 billion RMB, up 13% and slightly above market expectations. Operating cash flow rose 20% year-on-year, free cash flow increased 54%, and inventory turnover days improved by six days. The report highlighted solid performance from the Anta and FILA core brands, with FILA's store efficiency rising 11% despite a 4% reduction in store count. Outdoor brands Descente and Kolon maintained high retail discounts and monthly store efficiency above 300 million and 280 million RMB respectively. Huayuan also noted the accelerating contribution from Amer Sports and Anta's acquisition of a 29% stake in Puma SE. The brokerage forecasts net profit of 144, 158, and 180 billion RMB for 2026-2028, with PE ratios of 12, 11, and 10 times respectively. Risks include weaker-than-expected terminal demand, lower-than-expected FILA profit, and underperformance of the Puma equity acquisition.
Source report
Huayuan Securities has released a research report on Anta Sports (02020.HK), following the company's 2026 first-half earnings announcement.
Key Financial Highlights
- Revenue: RMB 43.51 billion, up +12.9% year-on-year
- Net Profit Attributable to Shareholders: RMB 9.49 billion, up +34.9% YoY
- Adjusted Net Profit (excluding one-off gain from Amer Sports placement): RMB 7.94 billion, up +13% YoY, slightly exceeding market expectations
Operational Improvements
- Operating cash flow: +20% YoY
- Free cash flow: +54% YoY
- Inventory turnover days: -6 days YoY
The report notes that operating profit, cash flow, and inventory quality all improved concurrently, further validating the group's multi-brand, high-quality growth strategy.
Core Brand Performance
Anta Main Brand
- 2026H1 revenue: +5% YoY
- Operating profit margin (OPM): -0.8 ppts YoY, mainly due to increased spending on Olympic marketing, R&D, and global expansion
- Strategy: Maintains "mass-market positioning, professional breakthroughs," reinforcing expertise in running and basketball
- Channel: New store formats such as "Lighthouse Stores" support the brand-upgrading strategy
FILA
- 2026H1 revenue: +6% YoY
- OPM: +1 ppt YoY
- Store count: -4% YoY, yet average store efficiency improved +11% YoY, driven by closure of underperforming stores and better merchandise efficiency
- Strategy: Focuses on "brand elevation, product innovation, retail upgrade," incubating specialized categories like golf and tennis, and launching new concept stores such as ICONA and BIELLA
Outdoor Brands Maintain Strong Momentum
- Descente: Retail discount >90%, average monthly store efficiency >RMB 3 million
- KOLON: Retail discount >90%, average monthly store efficiency >RMB 2.8 million
- High store efficiency continues to release operating leverage
- JACK WOLFSKIN: Positioned as an all-scenario professional hiking brand, completing Anta's outdoor brand matrix from high-end to mass-market, and from China to global markets
Amer Sports and Strategic Expansion
- Amer Sports' dividends are accelerating: Core brands like Arc'teryx and Salomon maintain strong global momentum with significantly improved profitability, expected to further boost group earnings
- In 2026, Anta announced the acquisition of a 29% stake in Puma SE, becoming the largest shareholder, which is expected to further complete its global footprint
Earnings Forecast and Rating
| Year | Net Profit (RMB bn) | YoY Growth | P/E Ratio | |------|---------------------|------------|-----------| | 2026 | 14.4 | +6% | 12x | | 2027 | 15.8 | +10% | 11x | | 2028 | 18.0 | +14% | 10x |
Huayuan Securities maintains a "Buy" rating.
Risk Factors
- End-market demand weaker than expected
- FILA profit below expectations
- Puma equity acquisition underperforming expectations
Source
金吾资讯Regional
Part of this Story
Anta Sports Reports 2026 H1 Revenue Up 12.9%, Net Profit Surges 34.9%