{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b96-db4f3102b08e", "slug": "24a337302d8e", "title": "ANTA Sports Products Limited (2020.HK)", "subtitle": "Carson C. Block · 2019-07", "author": "Carson C. Block", "date": "2019-07-22 00:00:00", "pageCount": 20, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "ANTA Sports Products Limited", "targetTicker": "2020.HK", "document": { "id": "019dd923-622c-750b-8b96-db4f3102b08e", "slug": "24a337302d8e", "title": "ANTA Sports Products Limited (2020.HK)", "rawTitle": "MW ANTA 20190722 PART V", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "authorDisplay": "Carson C. 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Word-processor memo format (Times Roman body, footnotes) rather than a slide deck, but embeds annotated screenshots of Tmall stores, SAIC registrations, HK corporate filings, satellite imagery and a related-party diagram. Key rhetorical moves: (1) ownership diagram on p.3 linking Peng Qingqi to Henan Ruili and Sprandi; (2) margin-gap table on p.4 juxtaposing Henan Ruili's 1-3% net margin against 27-34% at ListCo factories; (3) verbatim quote from Executive Director Jie Zheng claiming in-house self-operated e-commerce, immediately contradicted by Tmall landing-page screenshots showing Fujian Ruidong as operator. No explicit price target or stake disclosure in this part — the implicit ask is to treat ANTA and Fila financials as unreliable. Cover page labels Carson C. Block as Director of Research on the standard Muddy Waters Terms of Use page.", "kpisCited": [ { "detail": "~2% (2.37% in 2017, 2.55% in 2016, 1.07% in 2015) vs ~5% industry average", "metric": "Henan Ruili net margin" }, { "detail": "High-20% to mid-30% range 2015-2017 at Xiamen Anta Sports, Xiamen Anta Industrial, Changting Anta and Henan Anta Sports", "metric": "ListCo factory net margins" }, { "detail": "RMB 434m — roughly matches the ~RMB 400m implied by ANTA's disclosed largest supplier share (3.5% of RMB 11.4bn cost of sales)", "metric": "Henan Ruili 2018 revenue" }, { "detail": "95% via Fujian Ruidong Co. Ltd.", "metric": "Peng Qingqi ownership of Henan Ruili" }, { "detail": "Management projects e-commerce will reach 20-30% of total revenue (2018 1H call)", "metric": "E-commerce mix guidance" }, { "detail": "Operating for 7 years, run by Jinjiang Dingdian (Fujian Ruidong subsidiary)", "metric": "Fila Dingdian Tmall store tenure" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 19:37:52+00", "model": "unknown-legacy", "runId": null, "seconds": 88.20884, "promptVersion": null }, "scqaReward": "Recognizing the cost-shifting and channel lies collapses the 'strong operator' premium embedded in ANTA's valuation, supporting the short thesis laid out across the preceding parts of the report.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "Largest 'third-party' supplier Henan Ruili is 95% owned by ANTA employee Peng Qingqi", "Henan Ruili's ~2% net margin vs. ANTA factories' 27-34% suggests cost-shifting inflates margins", "ANTA and Fila Tmall stores billed as 'self-operated' are run by Peng's private company" ], "scqaSituation": "ANTA Sports is China's largest sportswear group, reporting industry-leading operating margins across its core ANTA brand and its Fila business, with management crediting a self-operated e-commerce channel as the main growth engine.", "thesisSummary": "Part V of Muddy Waters' ANTA series argues that Henan Ruili Sporting Goods, ANTA's largest purported third-party supplier at ~RMB 400m of 2018 purchases, is actually 95% owned by senior ANTA employee Peng Qingqi, the brother of a proxy already exposed in Part I. Credit-report financials show Henan Ruili runs ~2% net margins against 27-34% at ANTA's ListCo-owned manufacturers, consistent with costs being shifted off-book to flatter ANTA's reported profitability. The report further exposes that Fujian Ruidong, Peng's holding company, also operates the ANTA Ruidong, Jinjiang Dingdian and Fila Dingdian Tmall stores that management repeatedly described on earnings calls as 'self-operated' by an in-house team. Muddy Waters concludes the 'left-hand, right-hand' related-party pattern has metastasized across ANTA's operations and that neither ANTA's nor Fila's financials can be relied upon.", "primaryDemands": [ "Investors should discount ANTA's reported operating margins", "Do not rely on ANTA's or Fila's reported financials", "Recognize Henan Ruili as a captive, not independent, supplier" ], "scqaResolution": "Treat Henan Ruili and the Ruidong/Dingdian Tmall stores as undisclosed related parties, discount ANTA's reported margins and e-commerce narrative, and reject Fila's reported numbers as similarly unreliable.", "thesisOneLiner": "ANTA's largest 'third-party' supplier and its 'self-operated' online stores are secretly controlled by an ANTA employee, so reported margins and Fila's numbers cannot be trusted.", "precedentsCited": [ "Muddy Waters ANTA Parts I-IV (Peng brothers, Yundong distributor, Fila channel)" ], "scqaComplication": "ANTA's largest purported third-party supplier is 95% owned by senior ANTA employee Peng Qingqi and runs ~2% net margins versus 27-34% at ListCo factories, while the 'self-operated' Tmall stores are also Peng's private companies.", "narrativeInterest": 4, "notableSlidePages": [ 1, 3, 4, 7, 9, 20 ], "peerCompaniesCited": [ "Xiamen Anta Sports", "Xiamen Anta Industrial", "Changting Anta Sports Products", "Henan Anta Sports Products" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "This is a standard legal disclaimer page for an investment research firm.", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/DMKauacQDeBdJHmShi1EEYL953yFiPwwT-B2w2fcXPI/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yNGEzMzczMDJkOGUvcDAwMS5wbmc", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 10, "componentCount": 3, "textChars": 335, "nDataPoints": 0, "notes": "This is a standard legal disclaimer page for an investment research firm.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:11.663+00", "seconds": 2.377, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-db4f3102b08e/1", "deck": "/decks/019dd923-622c-750b-8b96-db4f3102b08e", "deckAnchor": "/decks/019dd923-622c-750b-8b96-db4f3102b08e#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b96-db4f3102b08e.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.12 }, "kind": "disclaimer", "text": "These Terms of Use govern current reports published by Muddy Waters Research and supersede any prior Terms of Use for older reports of Muddy Waters Research, which you may download from the Muddy Waters Research website.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:11.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1e1ea99-1043-430f-8ee4-69c003daecf2", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "The reports on this website have been prepared by Muddy Waters Capital LLC... 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Peng Qingyun is the Legal Representative and Executive Director of Jinjiang Yundong... 2 http://www.ycs.gov.cn/doc/2011/11/28/64650.shtml 3 ANTA Capital is privately held by the big five founders of Anta...", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The latter of the two, \"Jinjiang Dingdian\", is a 100%-owned subsidiary of Fujian Ruidong. 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The announcement provided the store's Tmall web address and a general description that plainly states the online store is operated by Fujian Ruidong. 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Like its retail operations, its online stores are also supposed to be self-run. In our interviews with former ANTA senior executives, we were informed that Fila is run by a separate team independent of the ANTA brand and channel management teams. 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We believe in the e-commerce, in the future, it's going to be at least about 20%, 30% of the total revenue.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:14.591+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29c49ab5-4481-408b-ac1f-d07a0c17e1a1", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“...And for the overall business planning, we have our own team, in-house team for the e-commerce. 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In Part I we produced the Quanzhou Provident Fund registrations for two “former” ANTA employees who now own Kunming Anzhi...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:15.891+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "769fa3c8-f55d-4664-a62e-04753296c21c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.47 }, "kind": "paragraph", "text": "2. Peng Qingqi is the 95% owner of Fujian Ruidong. The other 5% is held by Zhang Chang (张昌). 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