机构：中银国际 研究员：Tony LI/Penny PENG A more pressing concern is rather sector-wide. In essence, we do notexpect Anta would lose market share to its peers after the incident, but weexpect there may be higher marketing cost, albeit manageable, after the incident. We view that the more pressing concern for Anta would be the sector-wide weakconsumer sentiment, as suggested in July-Aug 2025 national retail sales figures. We believe the market landscape in 4Q25 would remain competitive, which couldweigh on sales and ma ...

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