Anta Sports Products (2020.HK): 2Q26 retail sales preview; expect unchanged 26E full-year guidance

研报英文原文证据摘录

Anta Sports Products (2020.HK): 2Q26 retail sales preview; expect unchanged 26E full-year guidance

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01 Jul 2026 11:36:14 ET │ 12 pages

Anta Sports Products (2020.HK)

2Q26 retail sales preview; expect unchanged 26E full-year guidance

CITI’S TAKE

Anta is scheduled to report 2Q26 retail sales in mid-July. Our 2Q26 retail

Buy sales growth expectations across its businesses: Fila: +LSD YoY; Anta:

Price (30 Jun 26 16:10) HK$71.05 +LSD YoY; other brands: +20–30% YoY. Despite industry-wide retail sales

moderation in 2Q vs 1Q, we expect the company’s diversified brand Target price HK$108.80

portfolio (via its multi-brand strategy) to provide resilience in a challenging Expected share price return 53.1%

retail environment. Given Anta’s strong beat of 1Q26 sales and a low comp Expected dividend yield 4.8%

base in 2H26E, we expect mgmt to maintain its 26E full-year guidance Expected total return 57.9%

(i.e., Fila: +MSD YoY; Anta: +LSD YoY; other brands: +20% YoY). We also Market Cap HK$198,702M

see neutral to positive implications from Nike’s 4QFY26 narratives on

US$25,342M Anta (see Citi’s Jul 1 note: China Sportswear – Nike’s 4QFY26 narratives:

Positive for Topsports, neutral to positive for Anta and Li Ning ). Anta

remains as Citi’s Top Buy in both the China sportswear sector and China

consumer discretionary space. Xiaopo Wei, CFAAC

+852-2501-2472

2Q26 operating color — Despite decelerated quarterly retail sales growth in 2Q vs 1Q, xiaopo.wei@citi.com

YoY momentum of Anta’s monthly retail sales likely improved in May-Jun vs Apr Vincent Young

(when monthly sales suffered the most from the period shift in consumption from 2Q

+852-2501-2738

to the CNY period in 1Q). We expect YoY flat retail discount in Fila, which explains

vincent.young@citi.com