Investment Summary
1H21 revenue recorded CNY 22.81 billion, a Yoy increase of 55.5%. Net profit attributable to
the parent was CNY 3.84 billion, a Yoy increase of 131.6%. Excluding the share of the joint
venture’s net loss, net profit was CNY 4.19 billion, a Yoy increase of 76.1%. The overall
performance is better than the profit alert data. The company’s GPM increased, with a Yoy
increase of 6.4 ppts to 63.2%, which was higher than our expectation (expected: 61%), mainly
due to the transformation of the main brand DTC and the recovery of retail discounts of
various brands to a better level.
The company’s revenue in 1H recorded CNY 22.81 billion, an increase of 55.5% Yoy. In terms
of brand breakdown, Anta’s main brand revenue was CNY 10.58 billion, a Yoy increase of
56.1%, while FILA’s revenue was CNY 10.83 billion, a Yoy increase of 51.4%. Revenue from
other brands was CNY 1.41 billion, a Yoy increase of 90.1%. From the perspective of revenue
structure, the revenue from Anta/FILA/other brands accounted for 46.4%/47.5%/6.1%,
respectively, with a Yoy change of +0.2/-1.3/+1.1 ppts.