Anta Sports May Have Some Near-Term Upside — Market Talk

• China's sports apparel company Anta Sports Products is among firms exploring a potential takeover of German group Puma, and could team up with a private equity firm if it decides to move forward, Bloomberg reports, citing unnamed sources.
• Chinese apparel firm Li Ning has been discussing financing options with banks as it takes an early look at Puma, while the German company could also attract interest of Japan's Asics, Bloomberg reports.
• Li Ning said it will continue to focus on the growth and development of its own brand. Anta, Puma, Asics and Puma's largest shareholder Artemis didn't immediately respond to a request for comment, Bloomberg says.

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Anta Sports Products is likely to face earnings pressure in the near term, HSBC analysts say in a research note. The company's 3Q results were weaker than expected, partially because of a softer-than-expected retail environment, the analysts say. The company's Anta brand is likely see slower revenue growth and a thinner operating profit margin than previously expected in 2025, they note. HSBC lowers its 2025 net profit forecast for Anta by around 8% on a lower revenue forecast. HSBC maintains its buy rating on the stock and lowers the target price to HK$118.30 from HK$126.30. Shares last closed at HK$84.05. (tracy.qu@wsj.com)

Anta Sports Products remains the Chinese sportswear name with the most solid fundamentals, even as the company cut its 2025 sales target for the second time, says Nomura's Jizhou Dong in a note. The lower target likely stems from a high base of comparison and Anta's focus on balancing sales, discount levels and inventory, he says. The company's more realistic target could bode well for long-term brand recognition and market leadership, given sluggish demand in the sector, he adds. Nonetheless, Nomura cuts its estimates for 2025-2027 sales by 1% to 5% due to a more cautious 2H outlook on Anta's core brand sales and its gross margin trend. Nomura trims its target price on the stock to HK$117.00 from HK$121.80 but maintains its buy rating. Shares fall 3.4% to HK$84.85. (megan.cheah@wsj.com)

Revenue rose 14.3% to RMB38.54 billion in 1H 2025, with strong growth in all segments and a record operating profit. The group completed the JACK WOLFSKIN acquisition, expanded e-commerce, and maintained robust cash flow, while investing in innovation and global expansion.

Original document: ANTA Sports Products Ltd. [2020] Interim report — Aug. 27 2025

Revenue grew 14.3% year-over-year to RMB38.54 billion, with adjusted profit up 7.1% and strong cash flow. ANTA, FILA, and other brands all contributed to growth, while the acquisition of JACK WOLFSKIN and new convertible bonds strengthened the global and financial position.

Original document: ANTA Sports Products Ltd. [2020] Earnings Release — Aug. 27 2025

• The Pinault family--which owns a 29% stake in sports brand Puma through its investment company Artemis--is working with advisers to consider options including a potential sale of the German group, Bloomberg reports, citing people familiar with the matter.
• The family has reached out to potential bidders including Anta Sports Products and Li Ning, sportswear firms in the U.S. and sovereign wealth funds in the Middle East, according to Bloomberg.
• When approached for comment by Bloomberg, a spokesperson for Puma declined to comment, while representatives for Artemis, Anta and Li Ning didn't respond.
• Shares closed 16% higher at 21.73 euros.

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Write to Andrea Figueras at andrea.figueras@wsj.com