1、Asia Pacific Equity Research25 September 2025 Anta Sports(2020)Overweight2020.HK,2020 HK Fila China Tennis Ecosystem Launch Event and multi-brand updates-maintain OW Price(24 Sep 25):HK$94.05Price Target(Dec-25):HK$142.00 ChinaConsumerQian Yao AC(86-21)6106 SAC Registration Number:S1730521050001J.P.

2、Morgan Securities(China)Company LimitedKevin Yin(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedCarson Fan(86-21)6106-SAC Registration Number:S1730522070002J.P.Morgan Securities(China)Company Limited Style ExposureSources for:Style Exposure J.P.Morgan Global

3、Markets Strategy;all other tables are company data and J.P.Morgan estimates.See page 7 for analyst certification and important disclosures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be awar

4、e that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.We attended Filas Tennis Ecosystem Launch Event in Beijing,and talked to management,store managers,and in

5、dustry experts during 22-23 Sep.We are more confident about Fila gaining mindshare in the fast-growing tennis market,on the back of its ecosystem build up including enhanced product offerings,strategic partnerships,sponsorships and tennis community operations.This should help further elevate Filas b

6、rand equity and drive solid growth.We also witnessed solid traffic and healthy retail metrics at Fila,Descente,Anta Sneaker Verse and Maia Active in Sanlitun,Beijing.While the recent Arcteryx incident could pose short-term headwinds for Antas stock price,we think the impact on Antas major brand port