Company Coverage
Anta Sports (2020 HK): 1H26 Retails Sales Ahead Of Full-Year Guidance; Conservative Outlook For 2H26; 3Q26 Tailwinds But Weather Could Be A Swing Factor
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$74.15
HK$107.90
+45.5%
HK$99.70
Analyst
Analyst
Highlights
- In 2Q26, both the Anta brand and Fila experienced decelerated retail sales momentum vs 1Q26, with pressure persisting particularly in the offline channel and growth driven mainly by the online channel. For 1H26, the Anta brand’s performance was ahead of the full-year guidance, while Fila tracked in line, and all other brands remained strong, exceeding guidance.
- Looking ahead to 2H26, management maintains a conservative outlook. Although tailwinds exist for 3Q26, including a low base and the Mid-Autumn Festival falling within the quarter, tepid consumer demand and adverse weather are likely to be the swing factors, with a potential warm winter posing risks to 4Q26 winter product sales. Management remains confident in achieving its full-year retail sales guidance.
- Maintain BUY and raise target price by 8% to HK$107.90.
Analysis
- The Anta brand's 2Q26 retail sales in line; 1H26 performance ahead of the full-year guidance. In 2Q26, the Anta brand recorded low single-digit retail sales growth (vs high single-digit growth in 1Q26). By channel, both Anta Core and Anta Kids experienced offline declines, while a strong 618 performance drove a low-teens online growth, reflecting the initial results of online business adjustments. For 1H26, the Anta brand recorded mid-single-digit growth, ahead of its full-year guidance of low single-digit growth, with both Anta Core and Anta Kids posting low single-digit growth offline and the online business expanding at low-teens.
- Fila's 1H26 performance in line with the full-year guidance. In 2Q26, Fila recorded low single-digit retail sales growth (vs low-teens growth in 1Q26). For the offline channel, Fila Core and Fila Kids declined, while Fila Fusion posted mid-single-digit growth, supported by a higher outdoor product mix amid adverse weather in April-May. For the online channel, a strong 618 saw Fila again rank first in its category on both Tmall and Douyin, achieving low-teens growth with slightly improved discount levels. For 1H26, Fila delivered mid-single-digit growth, tracking in line with its full-year guidance.
Highlights
- In 2Q26, both the Anta brand and Fila experienced decelerated retail sales momentum vs 1Q26, with pressure persisting particularly in the offline channel and growth driven mainly by the online channel. For 1H26, the Anta brand’s performance was ahead of the full-year guidance, while Fila tracked in line, and all other brands remained strong, exceeding guidance.
- Looking ahead to 2H26, management maintains a conservative outlook. Although tailwinds exist for 3Q26, including a low base and the Mid-Autumn Festival falling within the quarter, tepid consumer demand and adverse weather are likely to be the swing factors, with a potential warm winter posing risks to 4Q26 winter product sales. Management remains confident in achieving its full-year retail sales guidance.
- Maintain BUY and raise target price by 8% to HK$107.90.
Analysis
- The Anta brand's 2Q26 retail sales in line; 1H26 performance ahead of the full-year guidance. In 2Q26, the Anta brand recorded low single-digit retail sales growth (vs high single-digit growth in 1Q26). By channel, both Anta Core and Anta Kids experienced offline declines, while a strong 618 performance drove a low-teens online growth, reflecting the initial results of online business adjustments. For 1H26, the Anta brand recorded mid-single-digit growth, ahead of its full-year guidance of low single-digit growth, with both Anta Core and Anta Kids posting low single-digit growth offline and the online business expanding at low-teens.
- Fila's 1H26 performance in line with the full-year guidance. In 2Q26, Fila recorded low single-digit retail sales growth (vs low-teens growth in 1Q26). For the offline channel, Fila Core and Fila Kids declined, while Fila Fusion posted mid-single-digit growth, supported by a higher outdoor product mix amid adverse weather in April-May. For the online channel, a strong 618 saw Fila again rank first in its category on both Tmall and Douyin, achieving low-teens growth with slightly improved discount levels. For 1H26, Fila delivered mid-single-digit growth, tracking in line with its full-year guidance.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$74.15
HK$107.90
+45.5%
HK$99.70
Analyst
Analyst
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