Descente China Meeting: Rmb20bn Ambition; Premium Margins Sustainable

研报英文原文证据摘录

Descente China Meeting: Rmb20bn Ambition; Premium Margins Sustainable

Update

July 19, 2026 08:37 PM GMT

Morgan Stanley Asia Limited+MANTA | Asia Pacific Dustin Wei

Equity Analyst

Descente China Meeting: Dustin.Wei@morganstanley.comJenny Yu +852 2239-7823

Research Associate

Jenny.Yu1@morganstanley.com +852 3963-1925

Rmb20bn Ambition; Premium Lillian Lou

Lillian.Lou@morganstanley.com +852 2848-6502

Margins Sustainable

Key Takeaways

Descente China targets Rmb20bn in long-term retail sales and remains

committed to its positioning as a premium, professional sports brand. ANTA Sports Products (2020.HK, 2020 HK)

The company believes premium consumption continues to be robust in China, China/Hong Kong Consumer | China

Stock Rating ++

even as the mass market has been under bigger pressure.

Industry View In-Line

Shr price, close (Jul 17, 2026) HK$74.15

The brand serves three core customer groups: 1) high-income sports enthusiasts;

Price target ++

2) professional athletes; and 3) consumers pursuing a premium lifestyle. Up/downside to price target (%) -

52-Week Range HK$106.30-66.85

The share of younger and female members is increasing. Sales of core women’s Sh out, dil, curr (mn) 2,921

Mkt cap, curr (mn) US$27,632

products rose 35% y/y, accounting for 1/3 of the brand’s retail sales. EV, curr (mn) US$27,544

Avg daily trading value (mn) US$100

Descente China has expanded into SEA markets. ANTA remain open minded

about partnering with Descente JP to explore other overseas markets.

Channels: Online will remain primarily an engagement channel rather than a growth

driver, with the company maintaining a disciplined online sales mix to protect its

premium positioning. New products are priced the same across online and offline

channels.