安踏体育速览：第一季度业绩超预期，全年指引维持不变，利润率压力仍存

Anta Quick Take: Q1 Beat, Guidance Unchanged, Margin PressureRemains Anta Sports delivered strong topline growth in 1Q26.FILA grew at LDD vs. MSD full-year guidance, ANTA brand achieved HSD growth reversing Q4 declines and exceedingLSD guidance, and premium brands Descente and Kolon grew 30-50% against guidanceof above 20%. Despite this across-the-board outperformance, management made thedeliberate choice to maintain unchanged full-year guidance, citing Chinese New Year (CNY)timing effects that pulled demand forward into January-February, observing moderationin March-April where results came in at only 95% of budget, and continued externaluncertainties around geopolitics and input cost inflation that could impact 2H. The conservative guidance makes sense.Management's decision to hold guidanceunchanged despite the Q1 beat reflects prudent considerations. The late CNY timingmechanically extended the holiday spending window into January-February, creatingfavourable Q1 comps that will likely reverse in Q2 as the pull-forward effect normalises, andthe immediate moderation in March-April results were only "OK but not great" performance,suggesting the sustainable run-rate sits below Q1's reported pace. ANTA's Q1 success camepartly at the expense of weaker competitors and partly from timing, but total market isn'tgrowing fast enough, meaning ANTA's share gains will face incrementally more resistance ascompetitors respond. The company specifically cited geopolitical tensions around the Straitof Hormuz that could drive energy and raw material price volatility, potentially pressuringmargins if input costs spike, while consumer price sensitivity prevents pass-through pricing.Management's comment that "history shows strong Q1 can be followed by weaker quartersdue to shocks". Maintaining conservative guidance creates optionality to beat-and-raise atAugust interim results if H1 strength persists. Growth investments will pressure margins.Despite Q1's strong results, ANTA's growthinvestments will create near-term margin pressure. FILA's "Back to Milan" strategy requiressustained brand investment in fashion week presence and Italian boutiques that won'timmediately translate to margin expansion.Continue next page... The ANTA brand has 300 Lighthouse store renovations planned for 2026, and whilethese eventually generate efficiency gains, near-term impacts include construction costs,temporary closures, and higher occupancy expenses. Descente and Kolon are growing30-50% through event sponsorships and flagship openings that require marketing andcapital expenditure. Management explicitly stated they will "reinvest in brand/sports/retail"if revenue outperforms, signalling intent to plow incremental profits back into growth ratherthan dropping them to the bottom line. Our view: balanced risk-reward, limited upside.The Q1 results validate Anta’s executionadvantage, and management's transparency about March-April moderation shows credibility.However, for a business facing challenging market conditions, planning margin-dilutivegrowth investments, and with management unwilling to raise guidance despite Q1's beat,the stock appears fairly valued with modest 5-10% upside plus dividend yield. We believeinvestors are better served waiting for clearer evidence of sustained momentum beyond Q1'stiming-influenced results or a more attractive entry point when Q2 shows the normalisationthat management's unchanged guidance implies. We acknowledge Q1's execution, butmaintain Market Perform given balanced risk-reward and our conviction that 2026 willremain challenging for sportswear with margin pressure preventing the earnings leverage. ANTA SPORTS PRODUCTS LIMITED — 2025 POST-RESULTS CONFERENCE CALL SUMMARY Focus: Q1 2026 Performance & FILA Brand Strategy EXECUTIVE SUMMARY EXHIBIT 1:Performance summary and guidance by brands Key Operating Metrics (Q1 2026) •FILA: •Core offline discount: 7.4x (customers pay ~74% of list price)•Online discount: 6.0x (pay ~60% of list price)•Inventory-to-sales: <5 months (~0.5 month improvement YoY) •ANTA: •Offline discount: 7.2x (pay ~72%)•Online discount: ~5.0x (pay ~50%)•Inventory-to-sales: <5 months (flat YoY; improved vs. Q4) •Descente & Kolon: Management stance •Management maintained full-year guidance despite strong Q1, citing: 1. Chinese New Year timing shift (holiday demand pulled forward),1. moderation in March/April, and1. external uncertainties.•Guidance may be revisited if H1 trends remain strong.•Emphasis on execution certainty to manage external uncertainty. MACRO & CONSUMER ENVIRONMENT Q1 2026 Consumption Trends •Jan–Feb 2026 retail sales of consumer goods: +2.8% YoY, a modest rebound vs. late 2025.•Drivers: late Chinese New Year (extended spending window) and warm weather (earlier spring product demand).•Consumption moderated materially in March (post-holiday normalization).•Online apparel sales: +18% YoY (strong recovery from 2025), but platform competition remains intense. Exter