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

<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

<ul><li>Overall retail sales growth in 2Q25 was slightly weaker than expected, primarily due to the Anta brand, although the beat by other brands has partly offset that.</li><li>But the larger negative impact came from discounts deepening, even though we do have some expectations ahead. Hence, we have turned slightly cautious about 2H25E and trimmed our FY25E-27E net profit forecasts by 3%-5%.</li><li>However, thanks to exceptionally strong outdoor brands growth and competitive advantages over other sportswear peers, we maintain BUY but trim TP to HK$ 111.54, based on 23x FY25E P/E (cut from 24x). The stock is now trading at 18x FY25E P/E.</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.

Overall retail sales growth in 2Q25 was slightly weaker than expected, primarily due to the Anta brand, although the beat by other brands has partly offset that.But the larger negative impact came from discounts deepening, even though we do have some expectations ahead. Hence, we have turned slightly cautious about 2H25E and trimmed our FY25E-27E net profit forecasts by 3%-5%.However, thanks to exceptionally strong outdoor brands growth and competitive advantages over other sportswear peers, we maintain BUY but trim TP to HK$ 111.54, based on 23x FY25E P/E (cut from 24x). The stock is now trading at 18x FY25E P/E.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) - Anta Brand’s Miss Offset by Other Brands’ Beat

<ul><li>1Q25 was slightly better than expected. And despite the weak macro and weather in Apr 2025 MTD, we are still cautiously optimistic about the trend in 2Q25E.</li><li>For the Jack Wolfskin’s deal announced on 10 Apr 2025, we do think the acquisition price is attractive and the potential there (mid-priced outdoor industry and the expansion to Europe) is meaningful.</li><li>Maintain BUY but trim TP to HK$ 119.08, based on 24x FY25E P/E (unchanged). The stock is trading at 17x, still attractive, in our view</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.

1Q25 was slightly better than expected. And despite the weak macro and weather in Apr 2025 MTD, we are still cautiously optimistic about the trend in 2Q25E.For the Jack Wolfskin’s deal announced on 10 Apr 2025, we do think the acquisition price is attractive and the potential there (mid-priced outdoor industry and the expansion to Europe) is meaningful.Maintain BUY but trim TP to HK$ 119.08, based on 24x FY25E P/E (unchanged). The stock is trading at 17x, still attractive, in our viewContent 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) - Acquisition of Jack Wolfskin Finally Announced

<ul><li>FY24 results were inline with BBG est. FY25E guidance is conservative but retail sales trend in Jan-Feb 2025 was encouraging.</li><li>On top of fairly solid outdoor segment growth, positives from Anta and FILA reforms may gradually deliver.</li><li>Performance during Jan-Feb 2025 was inline, if not better than targets.</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.

FY24 results were inline with BBG est. FY25E guidance is conservative but retail sales trend in Jan-Feb 2025 was encouraging.On top of fairly solid outdoor segment growth, positives from Anta and FILA reforms may gradually deliver.Performance during Jan-Feb 2025 was inline, if not better than targets.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) - Prudent Targets but the Trend Is Encouraging

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

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) - Anta Brand’s Miss Offset by Other Brands’ Beat

Overall retail sales growth in 2Q25 was slightly weaker than expected, primarily due to the Anta brand, although the beat by other brands has...

CMB International

Anta Sports (2020 HK) - Acquisition of Jack Wolfskin Finally Announced

Maintain BUY but trim TP to HK$ 119.08, based on 24x FY25E P/E (unchanged). The stock is trading at 17x, still attractive, in our view

CMB International

Anta Sports (2020 HK) - Prudent Targets but the Trend Is Encouraging

FY24 results were inline with BBG est. FY25E guidance is conservative but retail sales trend in Jan-Feb 2025 was encouraging.

CMB International

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