November 28th, Geelonghui | CICC released a report stating that Anta plans to repurchase 1 billion euros of zero-coupon guaranteed convertible bonds due in 2025; and issue 1.5 billion euros of zero-coupon guaranteed convertible bonds due in 2029, for bond repurchases, share repurchases, and general corporate purposes. In addition, during the singles' day sales period, Anta Group's total transaction volume exceeded 11.1 billion yuan, retaining its top position in the industry. Management indicated that although the industry's online return rate has increased, the company continues to achieve healthy growth under good discount control, with inventory remaining within manageable levels. The company will continue with dynamic expense management, coupled with an improvement in Amer Sports' profit contribution. Management stated that they will strive for good annual profit growth. CICC maintains its 'outperform industry' rating on Anta, with a target price of HK$104.02.