25 Mar 2025
Anta’s FY24 revenue was up by 13.6% YoY to Rmb70.83bn driven by the YoY rise in Anta brand/ FILA/ Other brands by 10.6%/ 6.1%/ 53.7% to Rmb33.5bn/Rmb26.6bn/ Rmb10.7bn respectively driven by the recovery in the retail market. Overall GPM was down by 0.4ppt YoY to 62.2% on the back of i) higher sales mix of lower-margin footwear products and online sales for Anta Brand; ii) higher sales mix of lower-margin footwear for FILA. On the cost side, S&D cost ratio increased from 34.8% in FY23 to 36.2% in FY24, mainly due to a 0.8ppt increase in A&P expenses as i) more A&P campaigns and increased investment in brand mgmt; and ii) continual store openings and upgrades in FY24, while admin cost ratio of the company was flat at 5.9% in FY24. Excluding one-off gains from equity dilution of Amer Sports’ IPO and placement, FY24 NP surged by 16.5% YoY to Rmb11.9bn, with NPM up 0.4ppt YoY to 16.8%. Final-DPS was at HK$118 cents, representing a payout ratio of 51.4% (FY23: 50.7%)