GF Securities: Maintain "Buy" rating for Anta Sports, with a fair value of HKD 108.03 per share

Guangfa Securities released a research report saying that it expects Anta Sports (02020) to have EPS of 5.28/6.05/7.01 yuan per share for 2026–28. Based on comparable companies, and considering the company as an industry leader with strong competitiveness, it gives the company a 26-year PE of 18x, corresponding to a reasonable value of HK$108.03 per share, and maintains a “Buy” rating.

The main views of the Guangfa Securities report are as follows:

The company’s announcement on its 2025 annual performance

In 2025, the company’s revenue was RMB 80.219 billion, up 13.3%. With the gains resulting from the Amerfanc listing matter and the dilution of equity related to the Amerfanc placement matter in 2024 excluded, attributable net profit was RMB 13.588 billion, up 13.9%. The company proposed to distribute HK$1.08 per share; together with the interim dividend of HK$1.37, the total dividend for FY25 is HK$2.45 per share. Based on the closing price as of April 2, the dividend yield is 3.04%.

Anta and FILA revenue shows steady growth, while all other brand revenue grows at high rates

In 2025, Anta brand revenue was RMB 34.754 billion, up 3.7%; FILA revenue was RMB 28.469 billion, up 6.9%; and all other brand revenue was RMB 16.996 billion, up 59.2%. Regarding operating profit margin, Anta was 20.7%, FILA was 26.1%, up 0.8 percentage points year over year, while all other brands were 27.9%, down 0.7 percentage points year over year. By channel: Anta bulk stores 7,203, Anta Kids 2,652, FILA bulk stores 1,273 (+9), FILA Kids 578, FILA fashion brands 189, DiSangte 256, Kelong 209, MAIA 52.

Company profit analysis

In 2025, the company’s gross margin was 62.0%. Of this, Anta brand gross margin was 53.6%, mainly due to increased cost investment in professional products and an increased share of the e-commerce business. FILA gross margin was 66.4%, mainly because enhancing and improving product functions and quality led to higher costs and an increased share of the e-commerce business. The company’s operating expense ratio was 26%, mainly because 2024 was a year with major sports events, leading to a relatively higher share of advertising spending.

Risk warning: regulatory approval risk; the risk that brands such as Anta and Amer overseas business fall below expectations.

(Editor: Guo Jiandong)

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