Anta Sports Products (2020.HK): Global Consumer and Retail Conference 2026 — Key Takeaways

Goldman Sachs hosted Wei Lin, Vice President, and Kenny Cheung, Investor Relations Director, from Anta Sports at the 33rd Annual Global Retailing Conference. Management observes a K-shaped consumption environment with premium outperforming while mass market consumers are more cautious and very selective. July trading was soft but there has been improvement from mid August into Sep. Mid-Autumn Festival falls in late Sep and consumers tend to concentrate spending in holidays and shopping festivals, which could support 4Q. Overall management guidance was more confident versus earlier in the year. In the mid-to-long term, management still sees a solid backdrop for China's sports market at MSD to HSD growth p.a. driven by demographic tailwinds and health/wellness demand. On Nike's online channel strategy reform, some distributors may clear inventory before termination of online distribution rights, potentially leading to a more promotional 4Q;