# ANTA Sports Products (2020.HK)

Canonical: https://gigainvestors.com/s/2020.HK

Analysis as of: 2026-10-16T07:34:27.711Z. Financial observations: FY2004–FY2025.

Listing currency: HKD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 75.45 per share; close as of 2026-10-15.

Estimated value: low HKD 97.18 per share, central HKD 131.13 per share, high HKD 150.89 per share. Buy at or below the central value HKD 131.13 per share. Valuation as of 2026-10-16T07:34:27.711Z; scenarios are not confidence intervals.

Expected annual return: 16.3% at the stated quote. About 16.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.06×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.24×

- FY2017: 0.24×

- FY2018: 0.24×

- FY2019: 0.26×

- FY2020: 0.26×

- FY2021: 0.22×

- FY2022: 0.21×

- FY2023: 0.25×

- FY2024: 0.23×

- FY2025: 0.24×

### moat: pass

- ROIC, median of available years: 32.9%

- ROIC, second-lowest year: 24.1%

- Typical minus recent gross margin: -2.8 pp

- Typical gross margin (annual median): 59.2%

- Recent gross margin (lower of latest and 3-year median): 62.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.2%

- ROIC including acquisitions, ten-year median: 34.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 73.8%

- FY2017: 43.4%

- FY2018: 59.8%

- FY2019: 31.6%

- FY2020: 33.0%

- FY2021: 39.5%

- FY2022: 31.9%

- FY2023: 32.7%

- FY2024: 23.4%

- FY2025: 24.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.06×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 58B

- Net income, five-year total: CNY 55B

- Return on incremental invested capital: 427.4%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -4.6 pp

- Working capital / revenue, final three-year average: 15.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.10×

- FY2022: 1.18×

- FY2023: 1.23×

- FY2024: 1.04×

- FY2025: 0.88×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 59.8% vs 24.1%

- Per-share earnings: 0.95 to 4.68 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.5%

- Ordinary dilution, 5-year annual growth: 1.4%

- Market cap gain: CNY 150B

- Cumulative retained earnings: CNY 40B

- Diluted shares, 10-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: 1.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 22.0%

- Per-share value change: CNY 3.73

- Per-share value, starting three-year median: CNY 0.95

- Per-share value, ending three-year median: CNY 4.68

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.5%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 4.3B

- Cumulative net income, 10 years: CNY 75B

- ROIC, first three-year median: 59.8%

- ROIC, last three-year median: 24.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.95

- FY2017: CNY 1.15

- FY2018: CNY 1.53

- FY2019: CNY 1.98

- FY2020: CNY 1.91

- FY2021: CNY 2.78

- FY2022: CNY 2.73

- FY2023: CNY 3.57

- FY2024: CNY 5.37

- FY2025: CNY 4.68

### accounting: pass

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.50×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.6%

- FY2017: -0.5%

- FY2018: -1.4%

- FY2019: -5.2%

- FY2020: -4.4%

- FY2021: -6.6%

- FY2022: -6.6%

- FY2023: -10.2%

- FY2024: -1.0%

- FY2025: -5.5%

## Holders

## Price story

Down 39% since Nov 2021 · sales +13.3%

Story as of 2026-10-16T10:00:00.699Z; price observation 2026-10-15.

Price needs cash profits to shrink 2% a year for ten years

### Sales · FY2024–2025

sales +13.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 13B 

- FY2017: CNY 17B 

- FY2018: CNY 24B 

- FY2019: CNY 34B 

- FY2020: CNY 36B 

- FY2021: CNY 49B 

- FY2022: CNY 54B 

- FY2023: CNY 62B 

- FY2024: CNY 71B 

- FY2025: CNY 80B 

### Gross margin · FY2025

gross margin 62%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 48.4% 

- FY2017: 49.4% 

- FY2018: 52.6% 

- FY2019: 55.0% 

- FY2020: 58.2% 

- FY2021: 61.6% 

- FY2022: 60.2% 

- FY2023: 62.6% 

- FY2024: 62.2% 

- FY2025: 62.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in leisure; annual sales are CNY 80.2 billion.

- Source: https://eodhd.com/api/fundamentals/2020.HK.json#2025-12-31 (filed 2026-10-16T07:34:27.711Z); FY2025: revenue 80219000000; grossProfit 49734000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2020.HK: ANTA Sports Products Limited engages in the research, design, development, manufacture, market, and sale of professional sports footwear, apparel, and accessories in China and internationally. The company's products portfolio includes running, cross-training, basketball, professional competition, training, physical education classes, outdoor sports, triathlon, golf, skiing, camping, hiking, urban outdoor, tennis, and other sports under the FILA, FILA KIDS, FILA FUSION, AMER, KOLON SPORT, JACK WOLFSKIN, ANTA, DESCENTE, and ANTA KIDS brands, as well as sports fabrics under MAIA ACTIVE brand name. It also provides logistics, property management, information technology, trademark holding, management, product design, and sports training services, as well as manufacture shoe soles. In addition, the company is involved in trading and retailing of sporting goods. It offers its products through stores and online. ANTA Sports Products Limited was founded in 1991 and is headquartered in Jinjiang, the People's Republic of China.

### Why customers stay

Margins ranged from 62% to 62.6% during 2023–25; it earns 32.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/2020.HK.json#2023-12-31 (filed 2026-10-16T07:34:27.711Z); FY2023: grossProfit / revenue = 62.6%.

- Source: https://eodhd.com/api/fundamentals/2020.HK.json#2024-12-31 (filed 2026-10-16T07:34:27.711Z); FY2024: grossProfit / revenue = 62.2%.

- Source: https://eodhd.com/api/fundamentals/2020.HK.json#2025-12-31 (filed 2026-10-16T07:34:27.711Z); FY2025: grossProfit / revenue = 62%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.711Z); 10-year return on capital observations [[2016,0.738136922689805],[2017,0.43376162626684217],[2018,0.5978470698449535],[2019,0.3155473942447084],[2020,0.3304578152985364],[2021,0.39497944517991607],[2022,0.3185995162684506],[2023,0.3269833330892976],[2024,0.2336084780792324],[2025,0.24095618368135402]]; median 0.328720574193917. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 30.3% of cash earnings; earns over 100% on new investment.

- Source: https://eodhd.com/api/fundamentals/2020.HK.json#2016-12-31 (filed 2026-10-16T07:34:27.711Z); FY2016: growth capex 253945889.0104726; upkeep 373666110.9895274; owner earnings 2237885889.010473. Growth capex / owner earnings = 0.11347579885887747.

- Source: https://eodhd.com/api/fundamentals/2020.HK.json#2017-12-31 (filed 2026-10-16T07:34:27.711Z); FY2017: growth capex 334752000; upkeep 250277000; owner earnings 3087843000. Growth capex / owner earnings = 0.10840965683812293.

- Source: https://eodhd.com/api/fundamentals/2020.HK.json#2018-12-31 (filed 2026-10-16T07:34:27.711Z); FY2018: growth capex 466031000; upkeep 342209000; owner earnings 4102855000. Growth capex / owner earnings = 0.11358700222162373.

- Source: https://eodhd.com/api/fundamentals/2020.HK.json#2019-12-31 (filed 2026-10-16T07:34:27.711Z); FY2019: growth capex 0; upkeep 1087162000; owner earnings 5352935200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/2020.HK.json#2020-12-31 (filed 2026-10-16T07:34:27.711Z); FY2020: growth capex 0; upkeep 851000000; owner earnings 5886200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/2020.HK.json#2021-12-31 (filed 2026-10-16T07:34:27.711Z); FY2021: growth capex 0; upkeep 1493000000; owner earnings 8464000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/2020.HK.json#2022-12-31 (filed 2026-10-16T07:34:27.711Z); FY2022: growth capex 0; upkeep 1736000000; cash acquisitions 0; owner earnings 8957000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/2020.HK.json#2023-12-31 (filed 2026-10-16T07:34:27.711Z); FY2023: growth capex 0; upkeep 1321000000; cash acquisitions 481000000; owner earnings 12597000000. Growth capex plus acquisitions / owner earnings = 0.038183694530443756.

- Source: https://eodhd.com/api/fundamentals/2020.HK.json#2024-12-31 (filed 2026-10-16T07:34:27.711Z); FY2024: growth capex 0; upkeep 3460000000; cash acquisitions 38000000; owner earnings 16146200000. Growth capex plus acquisitions / owner earnings = 0.002353494939985879.

- Source: https://eodhd.com/api/fundamentals/2020.HK.json#2025-12-31 (filed 2026-10-16T07:34:27.711Z); FY2025: growth capex 1061460000; upkeep 1443000000; cash acquisitions 2537000000; owner earnings 11895600000. Growth capex plus acquisitions / owner earnings = 0.3025034466525438.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.711Z); Incremental return on capital 4.274140714155899, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.711Z); Dividend observations: [[2016,1540914000],[2017,1936764000],[2018,2425058000],[2019,1416617000],[2020,1404000000],[2021,2411000000],[2022,3752000000],[2023,4022000000],[2024,6072000000],[2025,6414573000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/2020.HK.json#2025-12-31 (filed 2026-10-16T07:34:27.711Z); FY2025: cash repurchases 1901480000 CNY.

### Are managers owners

Insiders own 53.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2020.HK SharesStats.PercentInsiders = 53.091 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2% yearly over ten years; actual growth was 17.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.711Z); Ten-year compound average after fade. Initial solved rate -0.04110281599227833. Price 75.45; FX 1.1727222788982186; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.801800074371314 → FY2025 4.096286634003628. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 22.40 per share

- 2016-11: HKD 22.75 per share

- 2016-12: HKD 23.15 per share

- 2017-01: HKD 24.80 per share

- 2017-02: HKD 23.50 per share

- 2017-03: HKD 21.50 per share

- 2017-04: HKD 21.85 per share

- 2017-05: HKD 23.05 per share

- 2017-06: HKD 25.80 per share

- 2017-07: HKD 26.80 per share

- 2017-08: HKD 30.80 per share

- 2017-09: HKD 32.85 per share

- 2017-10: HKD 34.90 per share

- 2017-11: HKD 35.00 per share

- 2017-12: HKD 35.45 per share

- 2018-01: HKD 37.70 per share

- 2018-02: HKD 38.80 per share

- 2018-03: HKD 39.60 per share

- 2018-04: HKD 45.15 per share

- 2018-05: HKD 45.20 per share

- 2018-06: HKD 41.55 per share

- 2018-07: HKD 40.00 per share

- 2018-08: HKD 42.75 per share

- 2018-09: HKD 37.55 per share

- 2018-10: HKD 32.20 per share

- 2018-11: HKD 35.55 per share

- 2018-12: HKD 37.55 per share

- 2019-01: HKD 40.55 per share

- 2019-02: HKD 46.00 per share

- 2019-03: HKD 53.40 per share

- 2019-04: HKD 55.30 per share

- 2019-05: HKD 48.00 per share

- 2019-06: HKD 53.65 per share

- 2019-07: HKD 58.80 per share

- 2019-08: HKD 65.00 per share

- 2019-09: HKD 64.85 per share

- 2019-10: HKD 76.80 per share

- 2019-11: HKD 73.60 per share

- 2019-12: HKD 69.75 per share

- 2020-01: HKD 68.15 per share

- 2020-02: HKD 62.65 per share

- 2020-03: HKD 56.95 per share

- 2020-04: HKD 65.45 per share

- 2020-05: HKD 69.10 per share

- 2020-06: HKD 68.40 per share

- 2020-07: HKD 73.50 per share

- 2020-08: HKD 76.55 per share

- 2020-09: HKD 80.10 per share

- 2020-10: HKD 85.30 per share

- 2020-11: HKD 105.40 per share

- 2020-12: HKD 122.90 per share

- 2021-01: HKD 128.30 per share

- 2021-02: HKD 119.00 per share

- 2021-03: HKD 126.80 per share

- 2021-04: HKD 139.50 per share

- 2021-05: HKD 158.40 per share

- 2021-06: HKD 182.80 per share

- 2021-07: HKD 169.30 per share

- 2021-08: HKD 160.00 per share

- 2021-09: HKD 146.80 per share

- 2021-10: HKD 121.60 per share

- 2021-11: HKD 124.20 per share

- 2021-12: HKD 116.90 per share

- 2022-01: HKD 116.50 per share

- 2022-02: HKD 118.90 per share

- 2022-03: HKD 98.40 per share

- 2022-04: HKD 91.85 per share

- 2022-05: HKD 89.50 per share

- 2022-06: HKD 96.40 per share

- 2022-07: HKD 86.35 per share

- 2022-08: HKD 94.90 per share

- 2022-09: HKD 83.20 per share

- 2022-10: HKD 69.00 per share

- 2022-11: HKD 90.90 per share

- 2022-12: HKD 102.30 per share

- 2023-01: HKD 118.40 per share

- 2023-02: HKD 103.40 per share

- 2023-03: HKD 114.00 per share

- 2023-04: HKD 96.80 per share

- 2023-05: HKD 79.95 per share

- 2023-06: HKD 80.05 per share

- 2023-07: HKD 91.30 per share

- 2023-08: HKD 88.35 per share

- 2023-09: HKD 88.15 per share

- 2023-10: HKD 88.35 per share

- 2023-11: HKD 81.45 per share

- 2023-12: HKD 75.75 per share

- 2024-01: HKD 65.65 per share

- 2024-02: HKD 76.75 per share

- 2024-03: HKD 83.20 per share

- 2024-04: HKD 89.70 per share

- 2024-05: HKD 83.25 per share

- 2024-06: HKD 75.00 per share

- 2024-07: HKD 70.10 per share

- 2024-08: HKD 76.80 per share

- 2024-09: HKD 94.45 per share

- 2024-10: HKD 82.95 per share

- 2024-11: HKD 76.90 per share

- 2024-12: HKD 77.85 per share

- 2025-01: HKD 82.55 per share

- 2025-02: HKD 87.30 per share

- 2025-03: HKD 85.40 per share

- 2025-04: HKD 91.95 per share

- 2025-05: HKD 95.45 per share

- 2025-06: HKD 94.50 per share

- 2025-07: HKD 90.00 per share

- 2025-08: HKD 96.00 per share

- 2025-09: HKD 93.50 per share

- 2025-10: HKD 81.00 per share

- 2025-11: HKD 84.85 per share

- 2025-12: HKD 80.55 per share

- 2026-01: HKD 78.25 per share

- 2026-02: HKD 85.05 per share

- 2026-03: HKD 75.70 per share

- 2026-04: HKD 81.15 per share

- 2026-05: HKD 75.80 per share

- 2026-06: HKD 71.05 per share

- 2026-07: HKD 78.95 per share

- 2026-08: HKD 77.70 per share

- 2026-09: HKD 73.75 per share

- 2026-10: HKD 75.45 per share

## Annual estimated value (HKD per share)

- FY2016: low HKD 19.03 per share, central HKD 26.24 per share, high HKD 30.27 per share

- FY2017: low HKD 21.81 per share, central HKD 29.46 per share, high HKD 33.92 per share

- FY2018: low HKD 30.02 per share, central HKD 41.08 per share, high HKD 47.52 per share

- FY2019: low HKD 39.26 per share, central HKD 53.86 per share, high HKD 62.37 per share

- FY2020: low HKD 46.15 per share, central HKD 63.35 per share, high HKD 72.95 per share

- FY2021: low HKD 59.12 per share, central HKD 79.77 per share, high HKD 91.80 per share

- FY2022: low HKD 66.33 per share, central HKD 91.49 per share, high HKD 105.52 per share

- FY2023: low HKD 61.84 per share, central HKD 68.25 per share, high HKD 76.80 per share

- FY2024: low HKD 66.87 per share, central HKD 74.26 per share, high HKD 84.10 per share

- FY2025: low HKD 90.69 per share, central HKD 123.07 per share, high HKD 141.93 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:14.500Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.