Citi has released a research report stating that ANTA SPORTS's (02020) retail sales performance for 2025 aligns with market expectations. In the fourth quarter, the growth of the Fila brand and other brands slightly exceeded expectations. Citi reaffirmed its "Buy" rating on ANTA and set a target price of HK$112.7, believing the company's current valuation is attractive.
The report indicated that Fila's retail sales for the fourth quarter of 2025 recorded a mid-single-digit percentage increase year-on-year, with full-year growth meeting market expectations. Fila's Classic business grew by a high-single-digit percentage in the fourth quarter, while its Kids and Fusion segments recorded low-single-digit growth, respectively.
For other brands, fourth-quarter retail sales surged 35% to 40% year-on-year, with full-year growth reaching 45% to 50%, exceeding the guidance of over 40%. Overall, the performance of Fila and the other brands surpassed expectations, while sales for the core ANTA brand slowed, affected by the warm winter.
Citi pointed out that ANTA's management has adopted a cautious and pragmatic attitude towards the outlook for 2026, with a focus on healthy inventory management and controlling retail discounts.
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