On August 23rd, Anta Sports (2020. HK, collectively referred to as "Anta Group") released its interim results in 2022. In the first half of the year, Anta Group's revenue increased by 65,438+03.8% year-on-year to 25.9 billion yuan, once again hitting a new high in the second half of the year, exceeding market expectations. Before the release of the financial report, Morgan Stanley pointed out in the research report that on the whole, Anta's revenue in the first half of 2022 is expected to increase by 5%; Huatai Securities released a research report saying that in the first half of 2022, Anta's revenue is expected to increase by 7% year-on-year to 24.4 billion yuan. In terms of revenue, it is equivalent to 1. 1 Nike China, 2. 1 Li Ning Company, 2. 13 Adidas China. Last year, the revenue surpassed Adi China to break the monopoly of the two giants, and the half-year revenue surpassed Nike China, achieving a half-way lead in the sports shoes and clothing market in China this year. At the same time, in the general environment, clothing, shoes, hats and knitted textiles were greatly affected by the epidemic, and the sales in the first half of the year decreased by 6.5% year-on-year, which made the collective "dumb fire" of enterprises a reality. Anta Group's double-digit income growth on a large base can also be said to be a challenge beyond the environment, reflecting the development resilience of managing uncertain risks. The multi-level surpassing posture once again confirms the strong internal strength of Anta Group, which may indicate that it still has growth and long-term value in the future. Below, we might as well analyze it further. Efficient multi-brand operation, with both resilience and flexibility, can better "penetrate" the market and realize the development with both resilience and flexibility, which has become an industry knowledge. But multi-brand operation is not difficult, and it will cut and disperse many resources. Undoubtedly, coordinated development needs scientific methodology and a strong resource base to support it. This is the core competitiveness of Anta Group. From the strategic framework, Anta Group has formed a matrix growth model with three growth curves: professional sports (innovation), fashion sports (high quality) and outdoor sports (high potential) through three platforms: multi-brand management collaboration, multi-brand talent delivery and multi-brand innovation value chain, and the efficient operation path is clear. The core focuses on the product side, professional sports enhance the product strength with strong research and development, fashion sports create a unique style, outdoor sports occupy the mind of subdivision scenes, and the system covers consumers comprehensively. The excellent performance in the first half of the year is also the concrete embodiment of Anta Group's efficient multi-brand operation. For example: 1) Anta's brand revenue increased by 26%, and the opportunity of Beijing Winter Olympics was transformed into actual effect. In the first half of the year, the revenue of Anta's main brand increased by 26.3% to133.6 billion yuan, and the revenue scale reached a record high, further consolidating the position of China as the first sports brand. On the whole, Anta brand fully grasped the opportunity of brand upgrading brought by Beijing Winter Olympics, and accelerated the transformation of opportunities into practical results under the strategy of "characteristics and branding". At the Beijing Winter Olympics, Anta brand was "everywhere", which helped China create the best record in history and greatly enhanced the volume of Anta brand. In the competitive sports arena, the corresponding achievements and rankings of brands are often more convincing than commercial advertisements. After a great success in marketing, Anta brand applied the core technologies of Olympic winning equipment and national team competition equipment, namely nitrogen technology, ice skin technology and blazing technology, to the mass market, developed the matrix of Olympic scientific and technological products, and actively reached high-quality customers such as young people. At the same time, on the channel side, Anta brand promotes the new generation of Anta brand retail terminal-"Anta Champion Store" to settle in the core business districts of several first-and second-tier cities, and continuously enhances the professional brand image. 2) Other brands grew by nearly 30%, benefiting from the structural opportunities under the epidemic. At the same time, outdoor sports brand groups represented by Disante and Kelon Sports began to realize high potential, driving the income of other brands to increase by 29.9% year-on-year, reaching 65.438+83 billion yuan. On the one hand, the outdoor sports market segment is less affected by the epidemic this year, and can even be said to be a market segment infected by the epidemic. It has been more than two years since the epidemic. Under the background that indoor sports and long-distance travel are restricted, many delayed or suppressed needs, such as the need to get in touch with nature and live a healthy life, erupt and outdoor sports are stimulated. Disante focuses on skiing, golf and triathlon. Kelon has been deeply involved in outdoor sports scenes such as mountaineering, camping and hiking. These subcategories basically cover outdoor sports that outdoor sports enthusiasts in China often participate in. On the other hand, although the China market was hit by the epidemic in the first half of the year, many international markets liberalized the epidemic control, and the expenditure on outdoor sports increased accordingly. Take the European and American markets as an example. According to statistics, European and American consumers spent as much as 1 trillion dollars on e-commerce platforms this year, of which outdoor sports, clothing accessories and groceries accounted for 40% of the market share. In this context, Amalfin's sports business performance for the international market exceeded expectations. In the first half of the year, its revenue increased by 265,438+0%, and EBITDA increased by 28.2% year-on-year. The business income of Amafen's three main brands (Archaeopteryx, Solomon and Wilson) has reached a new high year-on-year, and is gradually becoming the new growth engine of Anta Group. In addition to dynamic management of quality growth and strengthening the core logic of anti-risk ability and efficient multi-brand operation, Anta Group attaches great importance to maintaining high-quality growth in dynamic management and resisting external uncertainties. In the first half of the year, Anta Group focused on risk management to ensure stable operation, and effectively responded to emergencies by strictly controlling expenses, improving inventory efficiency, establishing DTC management capabilities, and adjusting channel-side strategies. In terms of effectiveness, look at several sets of data: 1, during the period of Anta Group, cash and cash equivalents, bank time deposits and pledged deposits reached 24.93 billion yuan, an increase of 350 million yuan; Net cash increased by 750 million yuan to1265438+600 million yuan. The proportion of DTC business of Anta brand increased, reaching 70% online+offline. 3. The online business income of Anta Group increased by over 20.6% year-on-year, accounting for 28.9%. In terms of private domain, the total number of members of all brands in the group increased by more than 20%, and the contribution rate of members increased steadily; The private domain of several brands has doubled year-on-year. The good financial situation directly shows the strong anti-risk ability of Anta Group. At the same time, the increase in the proportion of brand DTC of Anta and the growth of online business of the Group not only ensured its steady operation in the first half of the year, but also provided support for its continuous strengthening of anti-risk ability. This is because DTC consumers are a personalized new generation. Behind the increase in sales share is the improvement of the insight ability of omni-channel high-quality customer groups, which can optimize the same-store growth and consumption experience and quickly realize the "product-efficiency-sales" growth. In the context of the continuing epidemic, e-commerce plays a more important role, and consumers' enhanced online shopping habits will not be reversed, which will complement the original excellent offline channels of established enterprises such as Anta Group and may create more incremental space. At the end of the capital market, the risk appetite has also changed in the complex market environment, and investors have gradually begun to pay attention to fundamentals and growth ability and pursue certainty. If this is the basis, the value of Anta Group is self-evident.