External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>3Q25 retail sales growth was all inline, in our view, but that was partially due to CMBI and investors’ low expectation (as industry and macro conditions got worse lately).</li><li>While management highlighted that Oct 2025 sales trend is under pressure with guidance cut for Anta brand, we are also concerned about retail discounts for FILA brand, as its inventories continue to climb, esp. under such a weak macro backdrop.</li><li>We still maintain BUY with a long-run positive view, but we are more cautious in the short run (inline with our decision to downgrade sportswear sector’s rating to MARKET-PERFORM in early Oct 2025).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3Q25 retail sales growth was all inline, in our view, but that was partially due to CMBI and investors’ low expectation (as industry and macro conditions got worse lately).While management highlighted that Oct 2025 sales trend is under pressure with guidance cut for Anta brand, we are also concerned about retail discounts for FILA brand, as its inventories continue to climb, esp. under such a weak macro backdrop.We still maintain BUY with a long-run positive view, but we are more cautious in the short run (inline with our decision to downgrade sportswear sector’s rating to MARKET-PERFORM in early Oct 2025).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Anta Sports (2020 HK) - Staying Cautious Even After Guidance Cut

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Tanboer has rapidly expanded through a model of "affordable products + online marketing-driven", but it lacks core technological barriers and is highly dependent on marketing and channels.</li>
<li>Under the heavy marketing strategy, Tanboer’s inventory backlog problem has become prominent, with inventory turnover days significantly higher than peers. So, Tanboer’s marketing strategy is not as effective as expected.</li>
<li>The large dividend payout on the eve of IPO has sparked controversy. Due to lower market share/profit margin, weakness in high-end market, valuation of Tanboer would be lower than peers.</li>
</ul>


Tanboer has rapidly expanded through a model of "affordable products + online marketing-driven", but it lacks core technological barriers and is highly dependent on marketing and channels.
Under the heavy marketing strategy, Tanboer’s inventory backlog problem has become prominent, with inventory turnover days significantly higher than peers. So, Tanboer’s marketing strategy is not as effective as expected.
The large dividend payout on the eve of IPO has sparked controversy. Due to lower market share/profit margin, weakness in high-end market, valuation of Tanboer would be lower than peers.


Pre-IPO Tanboer Group - Low Profit Margin Is a Pain Poin

<ul><li>1H25 results were inline. And even the cut in Anta guidance and raise in other brands’ guidance were all largely inline with our expectations.</li><li>The main surprises to us would be the better-than-expected OP margin (esp. of the other brands).</li><li>Outlook in 2H25E may still be challenging, but we tend to think the industry turnaround is around the corner and Anta is in a decent position to benefit from that. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1H25 results were inline. And even the cut in Anta guidance and raise in other brands’ guidance were all largely inline with our expectations.The main surprises to us would be the better-than-expected OP margin (esp. of the other brands).Outlook in 2H25E may still be challenging, but we tend to think the industry turnaround is around the corner and Anta is in a decent position to benefit from that. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Anta Sports (2020 HK) - Softer Anta and Stronger Others, as Expected

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Anta Sports acquired Jack Wolfskin in April 2025 so that “other brands” revenues surged by 61% YoY in 1H25.</li>
<li>The margin pressure came from e-commerce promotion and product function development.</li>
<li>We conclude an upside of 18% and a price target of HK$120. Buy.</li>
</ul>


Anta Sports acquired Jack Wolfskin in April 2025 so that “other brands” revenues surged by 61% YoY in 1H25.
The margin pressure came from e-commerce promotion and product function development.
We conclude an upside of 18% and a price target of HK$120. Buy.


Anta Sports (2020 HK): 1H25, Revenue Up by 14% with “Other Brands” Up by 61%

<ul>
<li>Anta expects “other brands” revenue will increase by “60-65%” YoY in 1H25.</li>
<li>We believe Anta finished the consolidation of Jack Wolfskin within June.</li>
<li>We conclude the stock will have an upside of 28% for the next twelve months.</li>
</ul>


Anta expects “other brands” revenue will increase by “60-65%” YoY in 1H25.
We believe Anta finished the consolidation of Jack Wolfskin within June.
We conclude the stock will have an upside of 28% for the next twelve months.


Anta (2020 HK): Company Estimates Higher Growth Due to Acquisition

China

ANTA Sports Products Limited designs, develops, manufactures, and markets sportswear, including sports footwear and apparel for professionals and the general public.

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Anta Sports Products (2020 HK)

Anta Sports (2020 HK) - Staying Cautious Even After Guidance Cut

3Q25 retail sales growth was all inline, in our view, but that was partially due to CMBI and investors’ low expectation (as industry and macro...

CMB International

Pre-IPO Tanboer Group - Low Profit Margin Is a Pain Poin

Tanboer's expansion through affordable products+online marketing is hindered by low margin/inventory backlog,leading to lower valuation than...

Xinyao (Criss) Wang

Anta Sports (2020 HK) - Softer Anta and Stronger Others, as Expected

1H25 results were inline. And even the cut in Anta guidance and raise in other brands’ guidance were all largely inline with our expectations.

CMB International

Anta Sports (2020 HK): 1H25, Revenue Up by 14% with “Other Brands” Up by 61%

Anta Sports acquired Jack Wolfskin in April 2025 so that “other brands” revenues surged by 61% YoY in 1H25. The margin pressure came from e...

Ming Lu

Anta (2020 HK): Company Estimates Higher Growth Due to Acquisition

Anta expects “other brands” revenue will increase by “60-65%” YoY in 1H25. We believe Anta finished the consolidation of Jack Wolfskin.

Ming Lu

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52-week Range

Market Cap (USDm)

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Anta Sports (2020 HK) - Staying Cautious Even After Guidance Cut

3Q25 retail sales growth was all inline, in our view, but that was partially due to CMBI and investors’ low expectation (as industry and macro...

CMB International

Pre-IPO Tanboer Group - Low Profit Margin Is a Pain Poin

​Tanboer's expansion through affordable products+online marketing is hindered by low margin/inventory backlog,leading to lower valuation than...

Xinyao (Criss) Wang

Anta Sports (2020 HK) - Softer Anta and Stronger Others, as Expected

1H25 results were inline. And even the cut in Anta guidance and raise in other brands’ guidance were all largely inline with our expectations.

CMB International

Anta Sports (2020 HK): 1H25, Revenue Up by 14% with “Other Brands” Up by 61%

Anta Sports acquired Jack Wolfskin in April 2025 so that “other brands” revenues surged by 61% YoY in 1H25. The margin pressure came from e...

Ming Lu

Anta (2020 HK): Company Estimates Higher Growth Due to Acquisition

Anta expects “other brands” revenue will increase by “60-65%” YoY in 1H25. We believe Anta finished the consolidation of Jack Wolfskin.

Ming Lu

Tanboer's expansion through affordable products+online marketing is hindered by low margin/inventory backlog,leading to lower valuation than...