Anta Sports Products Ltd. reported revenue in the first half grew 12.9 percent year on year to RMB43.51 billion ($6.39 bn), led by a 44.2 percent surge in its All Other Brands segment (Descente, Kolon Sport, Jack Wolfskin). Sales at its flagship Anta brand grew 4.8 percent while Fila brand sales increased 6.1 percent.
Profit attributable to equity shareholders, excluding a gain arising from equity dilution under the Amer Sports equity offering, also increased 12.9 percent to RMB7,938 million.
After a pre-tax RMB1.54 billion gain from Amer Sports’ sale of 20.6 million shares in a secondary stock offering, Anta’s net profits grew 34.9 percent to RMB9.49 billion. Anta owns approximately 40.2 percent of Amer Sports, making it the company’s largest shareholder. The gain in the half reflects an equity dilution accounting effect, where Amer Sports issued new shares at a price higher than Anta’s carrying value per share.
Anta’s operating profits in the half, which excludes the Amer Sports’ equity dilution gain, climbed 16.1 percent to RMB11,845, with the operating margin increasing 70 basis points to 27.0 percent.
The company’s overall gross profit margin increased 50 basis points to 63.9 percent, mainly attributable to the increased contribution from All Other Brands, which carry a higher gross profit margin.
Anta Brand Segment’s Half Review
Anta brand segment’s revenue increased 4.8 percent in the half to RMB17,771 million. The gains were attributed to continued e-commerce growth and “the success of tiered and differentiated retail strategy.”
The Anta segment’s gross margin increased 0.2 percentage points to 55.1 percent while operating profit margins decreased by 0.8 percentage points to 22.5 percent. The decline in operating margin was attributed to ongoing investments in brand building, product R&D innovation, and further investments in its global expansion.
Anta said in its statement, “Despite intense ongoing competition in the mass sportswear market, Anta demonstrated strong operational resilience and maintained its leading position in the China market, supported by growth in its online and children’s apparel businesses. Looking ahead, the brand will continue to enhance channel image and operational quality, while steadily advancing its globalization strategy and expanding its presence in both emerging and developed overseas markets.”
Fila Brand Segment’s Half Review
Fila delivered revenue growth of 6.1 percent year-on-year in the half to RMB15.05 billion. Anta owns the exclusive design, sales, and operational rights for the Fila brand across China, Hong Kong, and Macao.
The sales gains were attributed to continued e-commerce gains and “the improvement in overall product quality and their market appeal.”
The Fila segment’s gross margin decreased 0.2 percentage points to 67.8 percent due to higher costs tied to the “enhancement of product quality to meet consumer demand and brand positioning” and continued growth in e-commerce, which typically yields lower gross profit margins. Fila’s operating profit margin increased by 1.0 percentage point to 28.7 percent, mainly attributable to the enhancement in operating efficiency, partially offset by the decrease in gross profit margin.
Anta said of Fila, “During the financial period, Fila continued to advance its three strategic priorities of “brand elevation, product innovation, and retail enhancement”. By sharpening its focus on core categories and strengthening its lineup of bestselling products, the brand further improved product quality and market appeal. Driven by growth in apparel and online business, Fila achieved meaningful improvement across a range of operating metrics, further validating the forward-looking nature of the ONE FILA strategy and underscoring the brand’s ability to deliver sustainable growth.”
All Other Brand Segment’s Half Review
Revenues from the All Other Brands segment vaulted 44.2 percent in the half to RMB10.69 billion. The growth was mainly due to gains at Descente and Kolon Sport. Anta said both brands “delivered outstanding performance by capitalizing on the growth of niche and premium markets through precise and differentiated strategies.” Anta added that both brands benefited from “continued growth in demand across niche outdoor segments such as skiing, triathlon, trail running and hiking.”
Anta owns the exclusive rights to operate and distribute the Descente brand in Mainland China while holding a 50 percent ownership stake in Kolon Sport through a joint venture with South Korea’s Kolon Industries that manages and distributes the outdoor brand’s operations in Greater China.
The sales increase also reflects the incremental revenue contribution from Jack Wolfskin following the completion of the acquisition on May 31, 2025.
Operating profit margin in the All Other Brands segment reached 33.1 percent, slightly down from 33.2 percent a year ago. Gross margins in the All Other Brands segment reached 73.9 percent, down 80 basis points.
Anta said of the All Other Brands segment, “The two premium professional sports brands, Descente and Kolon Sport, continued to achieve rapid growth on an already solid operating base, resulting from their sustained investment in their respective specialist segments, the steady strengthening of consumer recognition and competitive positioning within the industry. During the financial period, both brands continued to reinforce their professional credentials through long-term partnerships with professional sports resources and deeper engagement with their member communities, further deepening consumer affinity and consolidating their market-leading positions within their respective vertical segments.”
Anta said its “newly incubated brands remain at an early stage in terms of overall scale. Nonetheless, each has carved out a clear positioning around specific consumer segments and sports scenarios, offering strong long-term growth potential and providing new momentum for the group’s future growth.”
Among other newer brands in the All Other Brands segment, Maia Active, focusing on yoga, also performed well in the half. Anta said, “During the period, the operational efficiency of Maia Active’s flagship stores continued to improve, driving higher overall store productivity, while sales contribution from core hit products continued to rise.”
Jack Wolfskin, sold by Topgolf Callaway Brands for $290 million, complements and provides differentiation within Anta’s portfolio. Anta said of Jack Wolfskin, “The brand is steadily advancing its comprehensive revitalization plan, with new-image stores and products set to roll out progressively in the second half of the year, poised to unlock further growth opportunities. We believe that this structured, multi-tiered brand portfolio will not only help guard effectively against market volatility, but will also become a core pillar supporting the Group in navigating economic cycles and achieving sustained, high-quality growth.”
E-Commerce Review
The e-commerce business contributed 35.7 percent of overall revenue in the half, up from 34.8 percent in the 2025 half, increasing 15.7 percent year over year. Anta said the gains reflect ongoing efforts to enhance professional sports content output; strengthen its omni-channel operating capabilities; and deepen member ecosystem development.
Category Performance Review
By category, footwear sales grew 4.7 percent to RMD17,158 million, apparel sales jumped 19.0 percent to RMD24,861 million, and sales of accessories climbed 17.4 percent to RMD1,488 million. The apparel category had the highest gross margin, at 67.3 percent, up 10 basis points; followed by footwear, 59.2 percent, up 60 basis points; and accessories, 52.0 percent, down 10 basis points.
Balance Sheet
Net cash outflow from investing activities amounted to RMB3,787 million, mainly including (i) capital expenditures of RMB1,453 million; and (ii) net placements of fixed deposits held at banks with maturity over three months of RMB3,885 million. The above cash outflow was partially offset by cash inflow of (iii) net proceeds of other investing activities amounting to RMB1,551 million.
Net cash outflow from financing activities amounted to RMB4,434 million, mainly including (i) payment of 2025 final dividend amounting to RMB2,624 million; (ii) net repayments of bills payables amounting to RMB1,948 million; and (iii) net payments of other financing activities amounting to RMB2,378 million, mainly including payments of lease liabilities. The above cash outflow was partially offset by cash inflow of net proceeds from bank loans amounting to RMB2,516 million.
As at June 30, total assets of the Group amounted to RMB128,946 million, of which current assets were RMB61,880 million. Total liabilities and non-controlling interests were RMB57,273 million and total equity attributable to equity shareholders of the Company amounted to RMB71,673 million.
The Group’s gearing ratio was 18.2 percent as at 30 June 2026 (as at December 31, 2025: 18.7 percent), being a ratio of total borrowings to total assets. Bank loans including both fixed rate and variable rates were mainly denominated in RMB and measured at amortized cost. Of these loans, 100 percent were repayable within 1 year. Bills payable (financing in nature) were bills of exchange denominated in RMB, measured at amortized cost and repayable within 1 year. 2029 Convertible bonds were denominated in EUR, measured at amortized cost and repayable in 4 years (subject to early redemption provision under the terms and conditions).
The average inventory turnover days decreased by 6 days, which was mainly attributable to the group’s effective inventory control and management during the financial period. The average trade receivables turnover days decreased by 2 days and the average trade payables turnover days decreased by 8 days, the latter of which was mainly attributable to timing differences in payments. The turnover ratios mentioned above were at healthy levels.
Chairman’s Message
Ding Shizhong, chairman, said, “In the more than thirty years since I founded Anta, one belief has remained constant: brand is the most important asset Anta Sports holds.
“Building a brand takes time and patience. The truly great brands are the ones that never waver from their positioning, that keep pushing to innovate, and that keep creating value for consumers. Consumer recognition, in turn, becomes the engine of brand growth, and brand growth, sustained over time, becomes lasting value.
“Consumers today are more discerning than ever, with more choices than ever before. Every day, they vote with their choices for the brands they trust. That’s why we stay consumer-centric, protecting what makes each brand distinctive, focusing on differentiated product value and refusing to trade away a brand’s future for short-term gain.
“Our job at the Group isn’t to push every brand to grow as fast as possible at every stage. It’s to respect each brand’s own pace of development, invest consistently, manage with patience and give every brand the room it needs to grow in a healthy way. It’s only when every brand is growing healthily that the Group as a whole can grow in a way that’s sustainable, high-quality and built to last.
“A sports brand draws its energy from the field of play. That’s where the best ideas for innovation come from and it’s where products are truly put to the test. We take inspiration from sport, prove it out in competition and turn what we learn into better products and better experiences, bringing the results of professional sports to everyday consumers and earning their trust over the long run.
“This is why we keep investing in brand building, product innovation and technology R&D, while strengthening our operational capabilities and building out our multi-brand, global presence. We believe that if we keep creating value for consumers, brand value naturally follows. By continuing to build brand value, and lasting value follows in turn.
“I’m convinced that if we stay true to consumers, build strong brands and manufacture great products, and let every brand grow in its own healthy way, Anta Sports will create lasting value – growing together with our consumers, our partners and our Shareholders.”
Outlook
Anta said, “Looking ahead to the second half of 2026, external macro uncertainties persist, yet the long-term trend in sports consumption remains unchanged. As demand for health, professionalism and personalization continues to rise, sports consumption demand will remain wellsupported over the long term. We believe the sportswear industry will maintain steady overall performance, characterized by a “large and stable overall market alongside faster growth in niche segments”, with the professional outdoor segment sustaining strong momentum.
“The Group will continue to uphold its long-term “Single-focus, Multibrand, Globalization” strategy, taking a longtermism approach to navigate industry cycles. As each brand sits at a different stage of development cycle, we do not apply uniform growth targets or standards across all brands. A brand’s success lies not in its pace of growth, but in the health of its operations, its clarity of self-positioning and its ability to identify its core target consumers and consistently create irreplaceable value for them.
“Anta, as the Group’s cornerstone brand, will continue to deepen its core positioning amid intense competition in the mass market, refining its products and consumer experience around the genuine needs of its target consumers while enhancing operational quality. We believe Anta is well-positioned to deliver steady, sustainable growth. FILA, benefiting from a favorable competitive landscape in the premium sports fashion segment, will continue to strengthen its hold on consumer mindshare in pursuit of high-quality, steady growth. Descente and Kolon Sport, as the Group’s growth brands, will remain focused on the premium professional outdoor segment, reinforcing their strengths in sports resources, professional events and community engagement to unlock further potential rooted in their brand positioning.
The Group will also continue to nurture incubation-stage brands such as Maia Active, patiently supporting them as they refine their positioning and build a loyal customer base. In the second half of the year, Jack Wolfskin’s brand revitalization plan will officially roll out across retail touchpoints; guided by the brand’s core values, we will unlock its potential steadily, without pursuing short-term aggressive expansion. In parallel, the proposed acquisition of a 29.06 percent stake in Puma SE is expected to complete within the year, further enriching the Group’s global business portfolio.
“Over the medium to long term, the Group will continue increasing its investment in AI technology, fully unlocking the value digitalization brings across the entire business chain. In international markets, the Group will actively expand into overseas markets with strong longterm growth potential, seizing the opportunities presented by the ongoing reshaping of the global sports consumption landscape. We will prudently apply the product, channel and operational capabilities honed in the China market, adapting them to local conditions and advancing steadily to ensure our globalization journey remains sound and sustainable.”
