The four major domestic sportswear brands have released their first-half 2025 performance results, revealing a divergent landscape. ANTA SPORTS achieved revenue of 38.544 billion yuan and net profit attributable to parent company of 7.031 billion yuan, maintaining its industry-leading position. However, net profit declined 8.9% year-over-year, while inventory turnover days rose to 136 days, indicating mounting inventory pressure. Although LI NING maintains leading efficiency with 61-day inventory turnover, its net profit has declined for three consecutive years, falling 11.0% year-over-year to 1.737 billion yuan in the first half of this year. Benefiting from its running shoe specialization strategy, Xtep's net profit attributable to parent company grew 21.5%, leading the four companies in growth rate. 361 Degrees recorded revenue of 5.705 billion yuan, up 11.0% year-over-year, but inventory turnover days increased by 24 days to 109 days, intensifying inventory pressure. Overall, the four major brands each have different focuses regarding scale expansion and profitability, but all face channel and inventory adjustment pressures. Store counts have generally contracted, and improving operational efficiency while pursuing high-quality development has become an industry consensus.