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ANTA Sports Products
(2020)
Select Model
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Rating:75Outperform
Price Target:
HK$89.00
▲(13.02% Upside)
Action:Reiterated
Date:08/27/26
The score is driven primarily by strong financial performance—high underlying profitability and consistently positive, growing free cash flow—partly offset by slower revenue growth and a margin reset in 2025. Technicals are supportive with the stock trading above major moving averages, but slightly negative MACD tempers the momentum signal. Valuation is reasonable, helped by a ~3.1% dividend yield and a ~13.9 P/E.
Positive Factors
Strong profitability and gross margins
Sustained high gross margins indicate brand strength, pricing power and scale benefits. This provides a durable earnings buffer and supports continued investment in product development, marketing and distribution.
Negative Factors
Material margin compression
The sharp margin reset indicates pressure from product mix, pricing or costs. If persistent, it could reduce operating leverage and constrain the earnings benefit of ANTA’s otherwise strong brand portfolio.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and gross margins
Sustained high gross margins indicate brand strength, pricing power and scale benefits. This provides a durable earnings buffer and supports continued investment in product development, marketing and distribution.
Read all positive factors
ANTA Sports Products (2020) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$211.25B
Dividend Yield3.41%
Average Volume (3M)7.42M
Price to Earnings (P/E)11.5
Beta (1Y)0.99
Revenue Growth16.64%
EPS Growth12.58%
CountryHK
Employees67,400
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)5.69
Shares Outstanding2,796,653,300
10 Day Avg. Volume9,321,691
30 Day Avg. Volume7,415,774
Financial Highlights & Ratios
PEG Ratio-1.24
Price to Book (P/B)3.19
Price to Sales (P/S)2.55
P/FCF Ratio11.45
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$104.10Price Target Upside32.19% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering24
EPS Forecast (FY)5.43
Revenue Forecast (FY)HK$88.20B
ANTA Sports Products Business Overview & Revenue Model
Company Description
ANTA Sports Products Limited is a global enterprise specializing in the design, development, production, and marketing of athletic footwear, apparel, and accessories. Its diverse product portfolio encompasses sportswear for various disciplines, in...
How the Company Makes Money
ANTA primarily makes money by selling sportswear products (footwear, apparel, and accessories) across its brand portfolio through a combination of wholesale/distribution and direct-to-consumer (DTC) retail and e-commerce. (1) Brand-based product s...
ANTA Sports Products Earnings Call Summary
Earnings Call Date:Mar 26, 2024
(Q4-2023)
| % Change Since: |
Next Earnings Date:Mar 24, 2027
Earnings Call Sentiment Positive
ANTA Sports achieved record-breaking revenues and significant growth in operating efficiency and cash flow, demonstrating strong overall performance. However, challenges such as low consumer confidence and market share shifts were noted.Positive Updates
Record-Breaking Revenue and Growth
In 2023, ANTA Sports achieved the best results in its history with a revenue of CNY 62.3 billion, up 16% year-on-year. ANTA brand revenue exceeded CNY 30 billion for the first time, up 9%, while FILA's revenue was CNY 25.1 billion, up 16.6%, and other brands saw a 57.7% increase to CNY 6.9 billion.
Negative Updates
Consumer Confidence Challenges
Consumer confidence remained low, especially in the second half of the year, with the confidence index dropping to 87.6%.
Read all updates
Q4-2023 Updates
Positive
Negative
Record-Breaking Revenue and Growth
In 2023, ANTA Sports achieved the best results in its history with a revenue of CNY 62.3 billion, up 16% year-on-year. ANTA brand revenue exceeded CNY 30 billion for the first time, up 9%, while FILA's revenue was CNY 25.1 billion, up 16.6%, and other brands saw a 57.7% increase to CNY 6.9 billion.
Read all positive updates
Company Guidance
During the Q4 2023 earnings call for ANTA Sports Products Limited, the company reported robust financial performance with a revenue of CNY 62.3 billion, marking a 16% year-on-year increase. The ANTA brand achieved a revenue exceeding CNY 30 billion for the first time, up by 9%, while FILA's revenue rose by 16.6% to CNY 25.1 billion. The other brands saw a significant revenue increase of 57.7%, reaching CNY 6.9 billion. Operating profit margin improved by 3.7 percentage points to 24.6%, with ANTA at 22% and FILA at 27.6%. Profit attributable to shareholders, excluding Amer Sports, rose by 44.9% to CNY 10.9 billion. The company also reported a strong operating cash flow of CNY 19.6 billion, a 60% year-on-year increase. Inventory turnover days reduced by 15 days to 123 days, reflecting improved inventory management. ANTA highlighted its strategic focus on single-focus, multi-brand, and globalization strategies to sustain high-quality growth, with plans to continue expanding in international markets.ANTA Sports Products Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 84.58B | 80.22B | 70.83B | 62.36B | 53.65B | 49.33B |
| Gross Profit | 52.61B | 49.73B | 44.03B | 39.03B | 32.32B | 30.40B |
| EBITDA | 22.92B | 20.51B | 27.98B | 21.15B | 16.33B | 14.95B |
| Net Income | 15.91B | 13.59B | 15.60B | 10.24B | 7.59B | 7.72B |
Balance Sheet | ||||||
| Total Assets | 128.92B | 124.35B | 112.61B | 92.23B | 69.19B | 62.67B |
| Cash, Cash Equivalents and Short-Term Investments | 44.06B | 39.05B | 34.30B | 38.64B | 28.30B | 26.90B |
| Total Debt | 32.99B | 33.44B | 28.12B | 21.47B | 19.50B | 18.32B |
| Total Liabilities | 51.15B | 53.57B | 45.88B | 36.22B | 31.36B | 31.00B |
| Stockholders Equity | 70.00B | 64.15B | 61.73B | 51.46B | 34.40B | 28.92B |
Cash Flow | ||||||
| Free Cash Flow | 20.17B | 17.88B | 13.28B | 18.31B | 10.41B | 10.37B |
| Operating Cash Flow | 22.95B | 20.39B | 16.74B | 19.63B | 12.15B | 11.86B |
| Investing Cash Flow | -2.69B | -6.55B | -14.86B | -25.79B | -4.77B | -4.67B |
| Financing Cash Flow | -13.07B | -13.02B | -5.76B | 3.47B | -7.84B | -4.95B |
ANTA Sports Products Technical Analysis
Positive
78.75
Price Trends
74.77
Positive
75.86
Positive
77.86
Negative
Market Momentum
0.57
Negative
52.31
Neutral
50.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2020, the sentiment is Positive. The current price of 78.75 is above the 20-day moving average (MA) of 74.84, above the 50-day MA of 74.77, and above the 200-day MA of 77.86, indicating a neutral trend. The MACD of 0.57 indicates Negative momentum. The RSI at 52.31 is Neutral, neither overbought nor oversold. The STOCH value of 50.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2020.
ANTA Sports Products Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | HK$4.38B | 7.43 | 14.04% | 9.23% | 9.74% | -22.94% | |
75 Outperform | HK$211.25B | 11.45 | 23.72% | 3.44% | 16.64% | 12.58% | |
68 Neutral | HK$34.94B | 10.07 | 10.62% | 4.91% | 6.64% | 11.99% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | HK$7.97B | 1,029.97 | 1.95% | ― | 13.06% | -80.34% | |
43 Neutral | HK$128.41M | -8.32 | -13.08% | 65.07% | 6.16% | 52.99% | |
43 Neutral | HK$228.20M | -20.53 | -2.60% | ― | 11.94% | 54.84% |
* Consumer Cyclical Sector Average
HK:2020
ANTA Sports Products
75.85
-16.82
-18.15%
HK:2331
Li Ning Company
13.75
-4.27
-23.68%
HK:1803
Beijing Sports and Entertainment Industry Group
0.76
-0.26
-25.49%
HK:1126
Dream International
6.54
-5.54
-45.87%
HK:0361
Sino Golf Holdings Limited
0.04
<0.01
18.18%
HK:0805
New Gonow Recreational Vehicles, Inc.
8.07
6.84
556.10%
ANTA Sports Products Corporate Events
ANTA Sports Lowers Convertible Bond Conversion Price After Interim Dividend
Aug 26, 2026
ANTA Sports Products has adjusted the conversion price of its EUR1.5 billion zero-coupon guaranteed convertible bonds due 2029, following the declaration of an interim dividend of HK151 cents per share for the first half of 2026. In line with the ...
ANTA Sports Declares Interim Dividend of HKD 1.51 Per Share for First Half 2026
Aug 26, 2026
ANTA Sports Products Limited has declared an interim ordinary cash dividend of HKD 1.51 per share for the six months ended 30 June 2026, for the financial year ending 31 December 2026. The dividend reflects the company’s continued commitment...
ANTA Sports Delivers Double-Digit Profit Growth and Higher Margins in 2026 Interim Results
Aug 26, 2026
ANTA Sports Products reported unaudited interim results for the six months to 30 June 2026 showing solid top- and bottom-line growth, highlighting its position as one of the faster‑growing players in the sportswear industry. Group revenue ro...
ANTA Schedules Board Meeting to Approve Interim Results and Consider Dividend
Jul 20, 2026
ANTA Sports Products Limited has scheduled a board meeting for 26 August 2026 to review and approve the Group’s interim results for the six months ended 30 June 2026. The board will also consider the declaration of a dividend, a decision tha...
ANTA Sports Posts Steady Core Growth and Strong Gains at Smaller Brands in First Half of 2026
Jul 17, 2026
ANTA Sports reported that in the second quarter of 2026, retail sales for its core ANTA and FILA brands grew by a low-single digit percentage year-on-year, signaling modest but continued expansion in its mainstream sportswear lines. In the same pe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.