China International Capital Corporation published a report indicating that Anta (02020.HK) plans to repurchase 1 billion euros of zero-coupon secured convertible bonds maturing in 2025; and issue 1.5 billion euros of zero-coupon secured convertible bonds maturing in 2029 for bond repurchase, share repurchase, and general company purposes.

In addition, the bank noted that during the Double Eleven period, Anta Group's total transaction volume exceeded 11.1 billion yuan, continuing to rank first in the industry. Management stated that although the online return rate in the industry has increased, the company continues to achieve healthy growth under good discount control, with inventory remaining within manageable limits. Despite fluctuations in the retail environment in the fourth quarter, the company will continue dynamic expense management, and with the improvement in Amer Sports' profit contribution, management expressed that it will strive for good profit growth for the entire year.

Considering the volatility in the retail environment at the end of the year, the bank has revised down Anta's earnings per share forecast for this and next year by 5% and 3% to 4.54 and 4.79 yuan respectively, with the current stock price corresponding to a pe of 16 and 15 times for this and next year, maintaining an 'outperform the industry' rating. Due to a decline in industry valuations, its target price has been revised down by 14% to 104.02 yuan.