ANTA SPORTS Products Ltd. (HKG: 2020) released its operational data for the second quarter and first half of 2026 on July 17, 2026. Despite a challenging external environment where overall consumer market pressure increased and industry retail growth slowed significantly compared to Q1, the group demonstrated resilient and stable operations that met market expectations, leveraging the strengths of its differentiated multi-brand strategy. The performance of the group and its individual brands significantly outperformed the industry average, showcasing leading risk resilience and growth robustness.
Industry-Wide Pressure with Divergent Brand Performances
Industry analysis indicates that the Chinese sporting goods sector faced multiple headwinds in Q2 2026. These included a natural demand pullback following the Spring Festival consumption peak, disruptions from unfavorable weather, and a subdued "618" shopping festival performance, collectively leading to a notable deceleration in industry retail growth. Against this backdrop, performance diverged significantly among sportswear brands, with some international brands experiencing continued revenue contraction in Greater China. Analysts note that while the sector's long-term fundamentals remain positive, short-term volatility tests a brand's comprehensive operational capabilities.
Taking Nike as an example, its Q4 FY2026 (March-May 2026) results showed Greater China revenue declined 12.0% year-over-year to $1.297 billion (approximately RMB 8.812 billion), or a 17% decline excluding currency impacts; operating profit fell 20% to $243 million (approximately RMB 1.651 billion). Among domestic brands, Li Ning's offline channels recorded a low-single-digit percentage year-over-year decline in Q2 2026, with direct-operated stores down by a low-single-digit percentage and wholesale channels down by a mid-single-digit percentage. The main brand of Xtep saw a mid-single-digit percentage year-over-year decline. In contrast, the ANTA brand achieved low-single-digit positive growth, maintaining its position as a leader among mass-market brands in China.
Synergistic Multi-Brand Portfolio Drives Growth
ANTA SPORTS continues to deepen its "Single Focus, Multi-Brand, Global Reach" strategy, with each brand having a clear positioning and defined growth path. On a base of annual revenue exceeding RMB 80 billion, the group's Q2 retail sales value maintained steady growth, outperforming the industry overall, reaffirming the anti-cyclical resilience of its multi-brand approach. Over the past 35 years, the ANTA brand has demonstrated strong operational resilience in complex market conditions, achieving steady growth on a high base of over RMB 30 billion in annual revenue and maintaining its position as China's top brand for 15 consecutive years. For Q2 and the first half of this year, the brand's retail sales value achieved low-single-digit and mid-single-digit positive growth, respectively, with healthy inventory levels and stable retail discounts, continuing to outpace the broader industry. Despite macroeconomic uncertainties, the brand maintained good growth momentum in professional categories like running and outdoor. The ANTA brand's globalization strategy is also progressing steadily, with Southeast Asian operations exceeding expectations under a "localized operations" strategy, bringing the brand's "Thousand Stores Plan" for the region within reach.
The FILA brand exhibited strong resilience, with Q2 and first-half retail sales value achieving low-single-digit and mid-single-digit positive growth, respectively, continuing to lead the development of the high-end sport-fashion segment. The brand is strengthening its professional positioning in tennis and golf, with steady progress in product system upgrades and retail store format enhancements. During this year's "618" shopping festival, FILA's performance remained outstanding, consistently ranking first across major e-commerce platform category leaderboards.
The "Other Brands" segment, represented by DESCENTE and KOLON SPORT, performed particularly strongly. Retail sales value for Q2 and the first half grew by 25%–30% and 35%–40% year-over-year, respectively, also standing out among vertical specialty brands. These two brands have precisely positioned themselves in the high-end outdoor and professional sports niche markets, fully benefiting from the structural opportunities arising from the rise of outdoor lifestyles. According to brokerage research reports, the Other Brands segment is evolving from a small-scale, high-growth unit into a significant engine driving both revenue and profit growth for the group.
Long-Term Focus to Capitalize on National Fitness Policy
From a macro perspective, the Chinese consumer market is undergoing structural transformation. Data from the National Bureau of Statistics shows that service consumption related to sports events and outdoor activities is becoming a key force in driving domestic demand. On June 29 of this year, the State Council approved the "15th Five-Year Plan for Building a Leading Sports Nation," explicitly calling for improving the public service system for national fitness and promoting the qualitative expansion and upgrading of the sports industry. The inclusion of national fitness as a dedicated national plan within the 15th Five-Year Plan for the first time opens a long-term policy-driven growth window for the sportswear industry.
ANTA SPORTS's sustained, deep involvement in grassroots events, youth sports, and community sports in recent years aligns precisely with the national fitness policy of the 15th Five-Year Plan, creating a solid foundation to capture the associated policy benefits.
The group consistently adheres to a long-term philosophy, refusing to sacrifice future competitiveness for short-term gains. The company continues to increase investment in core capabilities such as brand building, product innovation, retail upgrades, and international expansion to drive high-quality, sustainable development. In technological innovation, the group continues to ramp up R&D investment, strengthening its technological leadership in professional categories like running, training, and outdoor. Regarding internationalization, the ANTA brand's global expansion is progressing steadily, with the Southeast Asian "Thousand Stores Plan" being implemented in an orderly manner, and market presence in North America and Europe also expanding. Brokerage reports note that ANTA's global expansion remains in its early stages, offering vast potential for future growth.
Looking ahead to the second half of the year, with the full implementation of the "15th Five-Year Plan for Building a Leading Sports Nation," the public service system for national fitness is expected to accelerate its improvement, likely boosting public sports participation further. ANTA SPORTS, through its years of systematic investment in mass-participation events, youth sports, and community sports, has established a first-mover advantage to capture the benefits of these policies. As the group continues to deepen its synergistic multi-brand growth strategy and fully leverages its advantages as a group operator, it is expected to continue leading industry growth this year.