安踏體育：全力迎接2025

FILA 24Q4表現亮眼

公司發佈24Q4經營數據，安踏品牌Q4和全年流水同比均錄得高單位數增長; 

FILA品牌Q4流水同比錄得高單位數增長，全年流水同比錄得中單位數增長，FILA 24Q4 增速顯著回暖;

其他品牌Q4流水同比增長50-55%，全年流水同比增長40-45%。

電商平臺持續領跑，雙11總成交額再奪行業第一

公司順應市場趨勢，推廣熱門產品提升品牌聲譽，推動電商業務保持較快增長。 雙11全週期，安踏集團總成交額超111億元。 在天貓平台，安踏、斐樂、迪桑特三大品牌全部進入運動鞋服類目TOP10，可隆則進入戶外鞋服類目TOP5; 抖音平台，安踏、斐樂均進入運動鞋服類目TOP5。

“超級安踏”成效顯著，預計25年將實現較大突破

2024年「超級安踏」已經開出45家店，並計劃於2025年開160家。 “超級安踏”試跑門店調整后的店效已經達到普通門店的3倍。 DTC對於「超級安踏」的推動起重要作用，截至2024H1，中國超80%的安踏及安踏兒童門店已採用DTC模式。

公司採用混合運營模式靈活應對市場變化，充分發揮不同品牌的優勢和定位。 批發模式及安踏DTC模式下的加盟業務，利用分銷商和加盟商通過授權零售店銷售; 安踏DTC模式下的自營業務及FILA和其他品牌下的直營零售模式，通過直營零售店銷售，能夠提升對消費者需求變化的敏感度。

全球化戰略穩步推進

公司已在多個海外核心商圈成功開展直營零售業務，並加快東南亞零售市場佈局及渠道擴張。 未來公司將戰略性布局東南亞、北美、歐洲、中東及非洲等全球重要市場。

公司的全球化戰略建立在深入的市場洞察基礎上，針對不同消費市場的獨特消費習慣和偏好開展佈局，深化本土化運營。

As FILA’s quarterly sales growth trend rebounded in 24Q4, Anta Sports Products’ global buildout advanced with product launches in key business districts in Southeast Asia, a strategic core market alongside North America, Europe, the Middle East and Africa. We maintain our BUY call.

The gist: BUY

· 2024 and 24Q4 update: FILA rebounded in Q4 in yoy sales growth terms

· Double-11: ecommerce platforms outperformed in transaction volume terms

· Global expansion advances with launches in SE Asian business districts

2024 and 24Q4 business update: FILA’s Q4 yoy sales growth rebounded vs Q3

Anta Sports Products released 24Q4 operating data on 8 Jan 2025:

· ANTA: sales at the main brand grew by high-single digits yoy in both Q4 and 2024.

· FILA sales growth rebounded at a high-single digit yoy in Q4 (vs a dip in Q3), while it registered a mid-single digit in 2024.

· Other brands (excluding those that joined after 1 Jan 2023): Q4 sales increased 50-55% yoy and full-year sales rose 40-45%.

Double-11: ecommerce platforms outperformed in transaction volume terms

Anta raised its brand profile by riding market trends to promote its best-selling products, which helped the ecommerce business maintain fast growth. Total transaction volume shot past RMB11.1bn at the Double-11 shopping promotions in November:

· On the Tmall platform: Anta brands ANTA, FILA and Descente were among the top ten brands in footwear and apparel listings, while Kolon was placed among the top five in outdoor shoes and apparel listings.

· Douyin (TikTok in China): ANTA and FILA were listed among the top five brands in the platform’s sports shoes and apparel categories.

Direct-to-consumer business model drives up efficiency at ANTA Superstores

ANTA Superstores: the company opened 45 ANTA Superstores in 2024 and plans for 160 by 2025E. Compared with standard ANTA stores, Anta says the pilot ANTA Superstores have 3x better adjusted store efficiency, where its direct-to-consumer (DTC) business model plays a key role. Hence, more than 80% of ANTA and ANTA Kid stores in China operate under a DTC model as of 24H1.

Hybrid model: to manage its different brands, Anta uses a hybrid business model, which enables flexible responses to market changes and allows better play of each brand’s strengths and positioning.

Direct-to-consumer model:

· The wholesale and franchised businesses operate under the DTC model, where distributors and franchisees sell through authorized retail stores.

· Anta’s directly-run business also uses the DTC model as mentioned above, as do FILA and the other brands. One key reason is that direct retail stores enhance the company’s responsiveness to changes in consumer demand.

Global expansion drive advances with launches in SE Asian business districts

Anta accelerated its global direct retail business buildout and expanded its channels with a series of launches in a number of key foreign business districts in Southeast Asia, one of the core markets in its global expansion strategy, along with North America, Europe, the Middle East and Africa. Using in-depth market insights, development of the global strategy is based on each market’s unique consumer behavior and preferences, as the company establishes localized operations.