ANTA Sports Products Ltd. (HK:2020)
:2020
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ANTA Sports Products
(2020)
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Rating:68Neutral
Price Target:
HK$82.00
▲(8.47% Upside)
Action:ReiteratedDate:03/27/26
The score is primarily supported by strong underlying financial performance, especially profitability and consistent free-cash-flow generation. This is partially offset by weak technical signals (price below major moving averages and negative momentum). Valuation is moderately supportive with a reasonable P/E and a solid dividend yield.
Positive Factors
Consistent Free Cash Flow
Consistent, growing free cash flow (2025 FCF +~16% and FCF roughly 0.79–0.93x net income) underpins durable financial flexibility. It supports capex, dividends, brand investment and debt servicing, reducing reliance on external finance and strengthening resilience over the next 2–6 months.
Negative Factors
Margin Step-down in 2025
A noticeable margin decline from ~22% to ~17% in 2025 signals structural pressure on profitability, possibly from mix shifts, pricing or cost inflation. If persistent, lower margins reduce free cash flow and ROE, constraining reinvestment, dividends and strategic flexibility over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Free Cash Flow
Consistent, growing free cash flow (2025 FCF +~16% and FCF roughly 0.79–0.93x net income) underpins durable financial flexibility. It supports capex, dividends, brand investment and debt servicing, reducing reliance on external finance and strengthening resilience over the next 2–6 months.
Read all positive factors
ANTA Sports Products (2020) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$209.86B
Dividend Yield3.1%
Average Volume (3M)7.19M
Price to Earnings (P/E)15.2
Beta (1Y)1.01
Revenue Growth13.55%
EPS Growth13.30%
CountryHK
Employees65,900
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)2.67
Shares Outstanding2,796,653,300
10 Day Avg. Volume6,950,175
30 Day Avg. Volume7,188,133
Financial Highlights & Ratios
PEG Ratio-1.07
Price to Book (P/B)3.14
Price to Sales (P/S)2.57
P/FCF Ratio11.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$104.23Price Target Upside37.87% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering22
EPS Forecast (FY)5.1
Revenue Forecast (FY)HK$87.11B
ANTA Sports Products Business Overview & Revenue Model
Company Description
ANTA Sports Products Limited, together with its subsidiaries, designs, develops, manufactures, and markets sporting footwear, apparel, and accessories worldwide. The company offers sportswear, including running, cross-training, basketball, soccer,...
How the Company Makes Money
ANTA makes money primarily by selling sports footwear, apparel, and accessories under multiple brands, with revenue recognized from product sales to customers through a mix of distribution models. Key revenue streams include: (1) Brand product sal...
ANTA Sports Products Earnings Call Summary
Earnings Call Date:Mar 26, 2024
(Q4-2023)
| % Change Since: |
Next Earnings Date:Sep 01, 2026
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 | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 78.14B | 70.83B | 62.36B | 53.65B | 49.33B |
| Gross Profit | 48.27B | 44.03B | 39.03B | 32.32B | 30.40B |
| EBITDA | 21.85B | 27.98B | 21.15B | 16.33B | 14.95B |
| Net Income | 13.24B | 15.60B | 10.24B | 7.59B | 7.72B |
Balance Sheet | |||||
| Total Assets | 124.35B | 112.61B | 92.23B | 69.19B | 62.67B |
| Cash, Cash Equivalents and Short-Term Investments | 39.05B | 34.30B | 38.64B | 28.30B | 26.90B |
| Total Debt | 33.44B | 28.12B | 21.47B | 19.50B | 18.32B |
| Total Liabilities | 53.57B | 45.88B | 36.22B | 31.36B | 31.00B |
| Stockholders Equity | 64.15B | 61.73B | 51.46B | 34.40B | 28.92B |
Cash Flow | |||||
| Free Cash Flow | 17.88B | 13.28B | 18.31B | 10.41B | 10.37B |
| Operating Cash Flow | 20.39B | 16.74B | 19.63B | 12.15B | 11.86B |
| Investing Cash Flow | -6.55B | -14.86B | -25.79B | -4.77B | -4.67B |
| Financing Cash Flow | -13.02B | -5.76B | 3.47B | -7.84B | -4.95B |
ANTA Sports Products Technical Analysis
Negative
75.60
Price Trends
80.19
Negative
81.08
Negative
86.30
Negative
Market Momentum
-1.57
Positive
37.52
Neutral
14.77
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2020, the sentiment is Negative. The current price of 75.6 is below the 20-day moving average (MA) of 78.39, below the 50-day MA of 80.19, and below the 200-day MA of 86.30, indicating a bearish trend. The MACD of -1.57 indicates Positive momentum. The RSI at 37.52 is Neutral, neither overbought nor oversold. The STOCH value of 14.77 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | HK$55.99B | 15.11 | 10.51% | 3.83% | 4.12% | -7.17% | |
69 Neutral | HK$5.21B | 5.38 | 19.99% | 7.41% | 11.18% | -1.06% | |
68 Neutral | HK$209.86B | 15.20 | 23.75% | 3.10% | 13.55% | 13.30% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | HK$1.09B | 8.51 | 18.91% | ― | ― | ― | |
41 Neutral | HK$112.64M | -2.81 | -26.02% | ― | 157.17% | 39.38% | |
41 Neutral | HK$409.59M | -4.63 | -7.45% | ― | -5.36% | -63.16% |
* Consumer Cyclical Sector Average
HK:2020
ANTA Sports Products
75.60
-7.52
-9.04%
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21.68
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ANTA Sports Products Corporate Events
ANTA Sports Delivers Double-Digit Profit and Revenue Growth in 2025
Mar 25, 2026
ANTA Sports reported audited 2025 results showing revenue rose 13.3% year on year to RMB80.2 billion, with overall operating profit margin improving 0.4 percentage points to 23.8% as it stepped up investment in branding, channels, product RD and i...
ANTA Sports Proposes HKD 1.08 Final Dividend for 2025
Mar 25, 2026
ANTA Sports Products Limited has recommended a final ordinary cash dividend of HKD 1.08 per share for the financial year ended 31 December 2025. The proposal underscores the company’s continued commitment to returning cash to shareholders, r...
ANTA Wins HKEX Waiver to Delay Circular on Puma Stake Acquisition
Mar 4, 2026
ANTA Sports Products has obtained a waiver from the Hong Kong Stock Exchange that extends the deadline to send a shareholder circular regarding its planned acquisition of a 29.06% equity interest in Puma SE. The company now has until 24 April 2026...
ANTA Secures Majority Shareholder Approval for 29.06% Puma Stake Acquisition
Feb 13, 2026
ANTA Sports Products has confirmed that written shareholder approvals have been secured for its previously announced acquisition of a 29.06% equity interest in Puma SE, allowing the deal to proceed as a major transaction without convening a genera...
ANTA Sports to Acquire 29% Stake in Puma for EUR1.5 Billion
Jan 27, 2026
ANTA Sports has agreed to acquire a 29.06% equity stake in PUMA SE for about EUR1.51 billion in cash, funded from internal resources, becoming PUMA’s largest shareholder in a deal classified as a major transaction under Hong Kong listing rul...
ANTA Sports Posts Strong Growth in Smaller Brands as Core ANTA Sales Stay Soft in Q4 2025
Jan 20, 2026
ANTA Sports reported a mixed operational update for the fourth quarter of 2025, with ANTA-branded retail sales posting low single-digit negative growth year-on-year, while FILA delivered mid single-digit growth and the group’s other brands a...
ANTA Sports Sets March 2026 Board Meeting to Approve 2025 Results and Mull Dividend
Jan 16, 2026
ANTA Sports Products Limited has scheduled a board meeting for 25 March 2026 to review and approve the group’s annual results for the financial year ended 31 December 2025. At the same meeting, the board will also consider recommending a div...
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.