BOCI Securities: ANTA SPORTS (02020) shows resilience in mid-term performance, maintains "buy" rating.

Bank of China International released a research report stating that under weak offline traffic, adverse weather conditions, and fierce industry competition, ANTA SPORTS' second quarter retail sales still showed resilience. Both the ANTA brand and FILA recorded low single-digit year-on-year growth, while other brands grew by 25% to 30%, outperforming the industry. The bank believes that this reflects ANTA's healthy inventory, stable retail discounts, and continued market share gains in high-end brands. The bank also pointed out that Xu Yang, CEO of the ANTA brand, resigned due to personal and family reasons, and was replaced by the Group's Co-CEO, Lai Shixian. The management stated that this was a normal organizational adjustment. Referring to the acceleration of growth after FILA changed its CEO in 2025, Bank of China International expects the leadership change to have a limited impact on the business and maintains a "buy" rating on ANTA SPORTS with a target price of HK$89.2.