External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<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><p><em>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.</em></p>

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

Anta Sports Products

Anta Sports (2020 HK) - Anta Brand’s Miss Offset by Other Brands’ Beat