Anta, Whose Annual Salary Is Only 1 Million 680 Thousand, Has Over 33 Billion 900 Million Revenue Last Year, And Its FILA Store Efficiency Is Over 800 Thousand.

Anta Sports Products Limited (hereinafter referred to as "Anta sports") issued its annual report in March 24th. During the reporting period, the company achieved operating income of 33 billion 930 million yuan, an increase of 40.8% over the previous year, maintaining double-digit growth for 6 consecutive years, operating profit of 8 billion 690 million yuan, an increase of 52.5% over the same period last year, and net profit of 5 billion 340 million yuan in the eastern part of the stock market, up 30.3% from the same period last year, while Maori run up 18 billion 670 million yuan, an increase of 47 over the same period last year. .1%, gross margin reached 55%.

In the reporting period, Anta's business revenue increased 21.8% to 17 billion 450 million yuan over the same period last year, and gross profit increased 19.6% to 7 billion 200 million yuan over the same period, operating profit increased 26.2% to 4 billion 680 million yuan over the same period last year. FILA business income increased 73.9% to 14 billion 770 million yuan compared with the same period last year, and gross profit increased 75.4% to 10 billion 400 million yuan compared with the previous year. Billion yuan.

As of the end of the reporting period, the number of Anta sports headquarters was 12943, of which 10516 were Anta stores in mainland China (including Anta's children's independent stores), and 1951 FILA stores in mainland China, Hongkong, China, Macao and Singapore, including FILAKIDS and FILAFUSION independent stores, and 136 outlets in the mainland of China.

Cheng Weixiong, general manager of textile and clothing brand management and Shanghai Liang Qi Brand Management Co., Ltd., said that although Anta's performance is perfect, it still needs to see that since the merger of amarfin in 2019, the development of Anta's existing brands has begun to decline. From the point of view of sub brands, Anta accounted for only 51.4% of the revenue in 2019, far from 8% in 2018 compared with 59.4%. It can be seen that the Anta (including children) more than 10000 stores' performance is declining, while the operating efficiency is decreasing, so we have to worry about the future development of the main brand. As far as Anta is concerned, we can not simply make the scale of performance through merger and acquisition, but we need to think about the internal factors of the slow development of the main brand, and truly reflect the potential of retail development, rather than over diversification.

Cheng Weixiong pointed out that from the brand driven business model, Anta sports such a focus on sporting goods Brand Company's R & D costs accounted for only 2.3% of the attention is still worthy of attention, according to five years of data comparison, the highest R & D costs did not exceed 3%, but in the advertising investment five years of data comparison has reached more than 10%, it is inevitable that people feel that Anta is still partial brand marketing orientation. For the core product development of internal operation capability, we still pay little attention to the development of the core products. The increase in inventory turnover days illustrates this point. Therefore, the future development of Anta sports still needs to be built up with a brand foundation.

According to public information, Anta sports was founded in 1991. After 29 years of intensive cultivation in the Chinese market, it has grown into the largest retail brand of sports shoes and clothing in China. Anta group's main brands include Anta, FILA, DESCENTE, SPRANDI, KINGKOW and KOLONSPORT. According to Ou Rui International Statistics, in 2018, Anta group had a market share of 14.9% in China's sports footwear market. In 2019, the company successfully acquired AmerSports, a sporting goods group in Finland. The acquisition is a key move for the company to enrich its brand matrix and lay the international market.

Financial reports show that since the listing, Anta sports revenue scale and profitability continued to improve steadily. In the 2013-2018 year, Anta sports revenue CAGR reached 27%. In the first half of 2019, the company's revenue grew 40.34% to 14 billion 811 million yuan, and the net profit increased 28.96% to 2 billion 581 million yuan. The gross profit margin, net interest rate and operating profit margin of the group increased 1.8, 1.8 and 3.2 PCT respectively compared with the same period in 2018.

Lv Ming, a researcher with open source securities, said that the driving force of Anta sports core is mainly reflected in several aspects: first, long-term focus on sports shoes and clothing high prosperity track, the leading position is stable, and the track has natural scale barriers; the two is differentiated positioning of multi brand operation; the three is efficient, strong control of the full channel coverage.

Analysis shows that since its founding, the main brand Anta has been positioned in the "mass brand of high performance price ratio". It has ploughed two or three line cities, selectively avoided the positive competition between Nike and Adidas in the industry's "double strong" brand, while providing quality products, at the same time, it won a lot of consumers in low and medium end market at relatively low price. FILA's brand take-off also benefits from Anta's precise strategic positioning and differentiated competitive route. In 2009, after the acquisition of FILA, Anta revisited its brand positioning and chose a relatively high-end high-end sports fashion track. The FILA brand gained the first mover advantage and maintained high speed growth in recent years, thus becoming a powerful new growth engine for Anta group.

Lv Ming believes that the nirvana of FILA can not be separated from the excellent brand management and operation capability of Anta group. After the acquisition of FILA, Anta carried out a series of reforms, including re planning brand positioning, continuously improving product design, adjusting sales channels, and so on, which comprehensively enhanced the competitiveness of FILA brand and helped FILA achieve disruptive growth. By virtue of Anta group's outstanding direct store management capabilities, FILA store efficiency maintained a low double-digit growth under high base. As of June 30, 2019, the FILA adult store efficiency was as high as 800 thousand, an increase of about 20% compared with the beginning of the year, and the FILAFUSION store efficiency of about 35-40.

Financial reports show that in the first three quarters of 2019, FILA's performance was brilliant. FILA products achieved an increase of about 40% and maintained the growth rate of 50%-55%. According to the group's expectation, FILA's revenue will exceed Anta's main brand for the first time in 2020 and become the group's largest growth engine.

But Cheng Weixiong thinks, compared with Anta 41.3% gross profit, FILA is still golden bull now, but the other four brands have 476 stores in the proportion of revenue is only 5.1%, little contribution to the whole market.

Compared with Nike and Adidas, the number of FILA stores in the second tier cities is small, and the channel sink space is larger. However, the blind and too fast channel expansion may lead to overdraft of brand vitality. It is expected that FILA will adjust inefficient stores and consolidate the original stores to further enhance the efficiency of channel operation.

Lv Ming predicts that at present, some 35-40% stores in FILA stores are below 500 thousand, and some old stores are more partial and smaller in size. Although the overall level of FILA store effectiveness is relatively high, with the improvement of the channel operation efficiency in the future, the progress of inefficient shop adjustment is advancing, and FILA store efficiency is expected to continue to substantially improve. With the continuous upgrading of FILA brand store efficiency, the expansion of FILAKIDS, FILAFUSION and other sub licensing scale, and the growth of sports fashion demand, FILA is expected to maintain relatively high growth rate in the next two to three years.