There is a simple way to judge whether a company is sufficiently excellent: "strong grass withstands fierce winds." Specifically, under any external survival environment, enterprises that can navigate cycles, resist uncertainty factors, and achieve resilient growth are quality companies. This principle has been reaffirmed by the latest performance and sales data disclosed by China's sporting goods industry leader - ANTA SPORTS (02020).

Financial reports show that ANTA SPORTS achieved revenue of 38.54 billion yuan (RMB) in the first half of 2025, up 14.3% year-on-year, maintaining its leading position in the Chinese market for the fourth consecutive year. Looking at China's sporting goods industry, the first half of 2025 presented a landscape of slowing consumer demand recovery and intensifying differentiation, with leading brands generally facing growth pressure. Against this backdrop, ANTA SPORTS achieved steady growth on an already massive scale, further widening its lead over international giants like Nike and Adidas in the Chinese market.

Based on published mid-year results from various companies, ANTA SPORTS' revenue is approximately equivalent to: 1.6 Nike China, 2.6 Adidas China, 5.7 XTEP International, and 6.8 361 Degrees.

Notably, ANTA SPORTS not only maintains long-term leadership in business scale but has also established a "large and strong" value benchmark in terms of profitability. In the first half, the group's operating profit grew 17% to 10.131 billion yuan, with operating profit margin improving 0.6 percentage points to 26.3%, exceeding market expectations. The operating profit margins were: ANTA brand 23.3%, FILA brand 27.7%, and all other brands 33.2%. Net operating cash inflow reached 10.93 billion yuan, with free cash inflow of 7.55 billion yuan, maintaining stable cash generation capability. As of June 30, 2025, the group held cash and cash equivalents, bank deposits, and pledged deposits totaling 55.58 billion yuan, providing a solid foundation for future investments.

**Multi-Brand Synergy and Retail Efficiency Enhancement**

Driven by its vision to "become a world-leading multi-brand sporting goods group," ANTA SPORTS continuously refines its unique "brand + retail" business model. Through three core capabilities - "multi-brand collaborative management capability," "multi-brand retail operation capability," and "global operation and resource integration capability" - the company creates increasingly larger gaps with competitors, successfully implementing the growth model of "multi-brand assets + excellent operations + global synergy = high-quality growth."

In the first half, ANTA SPORTS' brand portfolio achieved comprehensive revenue growth. ANTA brand recorded revenue of 16.95 billion yuan, up 5.4% year-on-year; FILA brand achieved 14.18 billion yuan, up 8.6%; and all other brands including Kolon and Descente generated revenue of 7.41 billion yuan, surging 61.1%.

The ANTA brand firmly adheres to its core strategy of "mass positioning, professional breakthrough, brand elevation," precisely capturing market share. By mid-2025, the explosive product PG7 running shoes achieved cumulative sales exceeding 4 million pairs, becoming a phenomenal product with high cost-performance ratio and quality comparable to thousand-yuan industry products, demonstrating ANTA's deep insight into mass consumer demand.

The FILA brand maintains its "premium sports fashion" positioning, strengthening brand health by enhancing consumer mindshare in fashion, tennis, and golf premium sports, reinforcing differentiation in the high-end market to consolidate its leading position. In the first half, FILA's core categories including elite running shoes, dad shoes, and polo shirts strengthened the integration of technology and design, achieving significant year-on-year sales growth.

All other brands including Kolon and Descente continued their strong growth cycle, with first-half revenue exceeding full-year 2023 levels. This achievement not only validates ANTA SPORTS' mature multi-brand operation capabilities but also highlights the effectiveness of its "acquisition + strategic transformation" logic.

The group completed the acquisition of renowned German outdoor brand Jack Wolfskin in the first half of 2025, further improving its outdoor segment layout while gaining a highly potential revenue growth point in the mass outdoor track.

ANTA SPORTS has clear multi-brand acquisition logic: first, acquiring brands with strong brand value and DNA, achieving value leaps through strategic transformation; second, investing in high-potential emerging brands, establishing early-stage cooperation to explore mutual growth. Most importantly, it's not just about "buying well" but also "managing well" and "synergizing well" to enhance market competitiveness.

ANTA SPORTS' excellent brand operation capabilities determine that the group's revenue growth doesn't simply rely on increasing brand numbers and store expansion, but stems from deep improvements in retail efficiency. From mid-2020 to mid-2025, the group's total offline stores remained essentially stable (12,427 stores in mid-2020, 12,453 stores excluding Jack Wolfskin in mid-2025), yet revenue achieved 1.6x growth, with single-store operational efficiency dramatically improving.

The core logic is ANTA SPORTS' direct-to-consumer (DTC) strategy, directly reaching users through directly-operated stores and e-commerce platforms, rapidly obtaining demand and feedback, and adjusting R&D, production, and marketing based on vertical integration models to achieve efficient "demand-delivery" closed loops.

For example, ANTA brand continuously upgrades and iterates new store formats like "Arena stores," "Palace stores," ANTA Champion, ANTA Collections SV, and Super ANTA, precisely matching scenarios and customer groups with significantly increased sales. In May 2025, FILA opened its first trendy flagship store in Shenzhen and first art gallery store for FILA KIDS in Suzhou, with plans to launch FILA FUSION trend park stores in the second half, reaching premium customer groups through scenario-based experiences.

Descente improved single-store capabilities through its "flagship store upgrade plan," with stores generating over 50 million yuan in annual sales continuing to increase, even creating multiple "hundred-million yuan stores." Kolon opened its first Kolon Kraft flagship store in Chengdu Taikoo Li, strengthening its premium image through "professional outdoor + lifestyle" experiences.

This retail innovation of "precision reach + scenario-based experience" has become an important component of revenue growth.

**Innovation R&D Creates "Good Products," Globalization Accelerates**

From brand operation results, ANTA SPORTS' differentiated development of its brand portfolio has achieved remarkable success, establishing solid and diverse competitive advantages in the market and strengthening its market voice in different segments. Behind this lies ANTA SPORTS' high emphasis on R&D, making "heavy R&D investment" the primary principle for continuously creating "good products" and achieving sustainable business development.

In the first half of 2025, ANTA SPORTS invested nearly 1 billion yuan in R&D. Over the past decade, the group's cumulative innovation-related investment (including R&D) reached 20 billion yuan, with plans to invest another 20 billion yuan in independent innovation R&D over the next five years.

From an R&D system perspective, ANTA SPORTS has established seven global design and R&D centers across seven countries including China, the United States, and Japan, gathering the latest sporting goods technology globally, conducting cutting-edge technology R&D projects, providing strong technical support for product innovation, and delivering superior "good products" to global consumers.

In 2024, ANTA SPORTS led the establishment of the industry's first innovation consortium, integrating resources from approximately 60 universities, 10 academies of sciences, over 3,000 upstream suppliers, and hundreds of global experts, becoming the industry's first company globally to obtain international innovation ISO certification.

In terms of technology commercialization, self-developed technologies like ANTA Film, Soft Core Yarn, and Forefoot King achieved success in both orders and reputation.

ANTA SPORTS' investment in innovation R&D not only creates "good products" for consumers but also provides strong support for the group to formulate strategies aligned with market trends. From industry demand changes, sportswear consumption shows "four transformation" trends: consumer segmentation, scenario subdivision, functional specialization, and personalized expression. New scenarios and tracks are emerging, with outdoor, children's, and women's markets growing rapidly. Against this backdrop, only brands with distinct differentiated positioning can outperform the market and become strong forces reshaping competitive landscapes.

For ANTA SPORTS to win the future, it needs to focus on current trends, building multi-brand leadership positions in multiple segments, ensuring business models fully adapt to current market demand development trends, covering all scenarios, demographics, and tracks, enabling the group to have cycle-resistant risk resilience and construct the underlying logic for medium-to-long-term growth.

As ANTA SPORTS' brands and products increasingly gain favor from global consumers, the group's "globalization" strategy has achieved new breakthroughs. Amer Sports, controlled by ANTA SPORTS, achieved revenue growth of 23.5% year-on-year to $2.709 billion in the first half; Greater China revenue grew 42.4% year-on-year to $856 million.

ANTA brand's overseas expansion layout took initial shape in 2025, with steady progress in North America, Southeast Asia, and the Middle East according to respective market characteristics. For the high-growth potential Southeast Asian market, ANTA brand adopts an aggressive development strategy, opening new growth curves through local physical stores and e-commerce platform expansion.

In the Middle East and Africa, ANTA brand's retail network successfully landed in UAE, Saudi Arabia, Qatar, Egypt, and Kenya markets, bringing new growth points for the brand. In more competitive mature markets like North America, ANTA adopts more flexible penetration strategies, achieving efficient coverage through strategic cooperation with leading distributors and deepening relationships with local consumers through connections with local runners and sports communities.

ANTA SPORTS' long-term development trajectory is very clear, with the company closely following market and consumer demand changes, strengthening core capability building, and laying a solid foundation for the group's global strategic layout. While consolidating its leading market position, ANTA SPORTS continues to lead the future development of the entire sporting goods market. ANTA SPORTS' path of "new transformation" in the global market is already underway.