Anta Sports Products (2020.HK): Step-down of Anta brand CEO; Expect unchanged strategy & 26E guidance

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Anta Sports Products (2020.HK): Step-down of Anta brand CEO; Expect unchanged strategy & 26E guidance

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14 Jul 2026 23:58:05 ET │ 11 pages

Anta Sports Products (2020.HK)

Step-down of Anta brand CEO; Expect unchanged strategy & 26E

guidance

CITI'S TAKE Buy

Price (14 Jul 26 16:10) HK$73.90 Per local media of 36Kr today, Mr XU Yang will step down as the CEO of

Target price HK$108.80 Anta brand, due to family reasons. Mr LAI Shixian (Anta Company's Co-

CEO) will become the acting CEO of Anta brand with immediate effect. We Expected share price 47.2%

expect no changes in the strategy of Anta brand and its 26E mgmt return

guidance. Anta is scheduled to report 2Q26 retail sales on July 17 -- Citi’s Expected dividend yield 4.6%

expectation of its 2Q26 retail sales growth across different biz lines: Fila: Expected total return 51.8%

+LSD YoY; Anta: +LSD YoY; other brands: +20–30% YoY (See details in Market Cap HK$206,673M

Citi’s preview note on July 1: Anta - 2Q26 retail sales preview; expect US$26,351M

unchanged 26E full-year guidance). Given Anta's strong beat of 1Q26

sales, we expect mgmt to maintain its 26E full-year guidance (i.e., Fila:

+MSD YoY; Anta: +LSD YoY; other brands: +20% YoY). Anta remains as

Citi's Top Buy in both the China sportswear sector and China consumer Xiaopo Wei, CFAAC

discretionary space. +852-2501-2472

xiaopo.wei@citi.com

Maintain Buy on Anta — Despite industry-wide retail sales moderation in 2Q vs 1Q, Vincent Young

we expect the company's diversified brand portfolio (via its multi-brand strategy) to +852-2501-2738

provide resilience in a challenging retail environment. Furthermore, we expect vincent.young@citi.com

incrementally positive sentiments on China sportswear stocks (whose share prices