Anta's growth trajectory is undergoing a notable transformation. On August 26, Anta Sports released its interim results for fiscal 2026, reporting first-half revenue of 43.507 billion yuan, a 12.9% year-on-year increase. Operating profit climbed 16.1% to 11.76 billion yuan, with both overall gross margin and operating margin improving. On the surface, this remains a solid half-year report. However, a closer look at the brand breakdown reveals that Anta's two largest labels are clearly lagging the group's overall growth pace.

During the first half, Anta's flagship brand saw revenue grow just 4.8% year-on-year, while FILA expanded by 6.1%. Both core brands have now decelerated to single-digit growth. The real driver pushing the group's overall growth to 12.9% came from other labels, including Descente, Kolon Sport, MAIA ACTIVE, and Jack Wolfskin. Based on the financial data, Anta Group's first-half revenue increased by approximately 4.96 billion yuan year-on-year, with other brands contributing about 3.28 billion yuan of that gain. In other words, roughly two-thirds of Anta Group's new revenue no longer originates from the flagship Anta brand or FILA.

Anta and FILA slip to single-digit growth, with the flagship brand's slowdown a recurring theme

In the first half of this year, the flagship Anta brand generated revenue of 17.771 billion yuan, up 4.8% year-on-year, still the group's largest revenue source. Operating profit rose just 1.2% to 3.992 billion yuan, with the operating margin dipping from 23.3% to 22.5%. FILA performed comparatively better, posting first-half revenue of 15.045 billion yuan, up 6.1%. Its operating profit grew 9.7% to 4.315 billion yuan, with the operating margin improving from 27.7% to 28.7%. Together, Anta and FILA still contribute more than 75% of the group's revenue, yet both brands' growth rates remain notably below the group average. Moreover, the flagship brand's deceleration did not emerge suddenly in the first half of this year. In 2025, the Anta brand's revenue growth had already fallen to 3.7%, while other brands surged 59.2%. That year, of the group's nearly 10 billion yuan in new revenue, other brands contributed 6.32 billion yuan, with the flagship Anta brand adding just 1.23 billion yuan. From full-year 2025 through the first half of 2026, other brands shouldering the primary growth burden increasingly resembles a persistent structural shift.

Of course, a slowing flagship brand is not unique to Anta. Looking across the industry in the first half, Li Ning posted revenue of 15.235 billion yuan, up 2.8% year-on-year, with net profit rising 4.5%. 361 Degrees recorded revenue of 6.16 billion yuan, an 8.0% increase. Xtep Group reported revenue of 6.795 billion yuan, up 0.6%, though its flagship Xtep brand actually saw revenue decline 2.2% year-on-year. In comparison, Anta Group's 12.9% revenue growth stands out as significantly higher. Yet this lead does not primarily originate from the flagship Anta brand, but rather from Descente, Kolon, and other labels.

Other brands surge 44%, contributing roughly two-thirds of new group revenue

Unlike the two major labels, Anta's other brands continue to expand at a rapid clip. In the first half of this year, other brands, including Descente, Kolon Sport, MAIA ACTIVE, and Jack Wolfskin, generated revenue of 10.691 billion yuan, up 44.2% year-on-year. This marks the first time half-year revenue has surpassed the 10 billion yuan threshold, with their share of group revenue reaching 24.6%. Operating profit hit 3.538 billion yuan, up 43.9%, with an operating margin of 33.1%, surpassing FILA's 28.7% and the flagship brand's 22.5%. Among these, Kolon Sport's first-half retail sell-through grew over 45% year-on-year, while Descente expanded more than 25%. In a research note following Anta's earnings, Sinolink Securities highlighted that Descente's average monthly store efficiency exceeded 3 million yuan in the first half, while Kolon's improved from 2.25 million yuan to above 2.8 million yuan. Descente's full-channel retail discount rate remained above 10% off. Sinolink believes Descente and Kolon's current growth is primarily driven by same-store sales.

That said, the 44.2% growth rate does not fully equate to organic expansion for Descente and Kolon. Anta completed its acquisition of Jack Wolfskin at the end of May 2025, consolidating only about one month of its results in the comparable period last year, versus a full six months this year, adding some incremental revenue. In response to the continued brand expansion strategy, Anta founder and CEO Ding Shizhong stated during the interim results release that "the multi-brand strategy is by no means capital operation." In Anta's view, different brands are tasked with operating in distinct market segments.

Net profit up 34.9%, but only 12.9% excluding one-off gains

Beyond the brand mix, this report contains another figure worth unpacking: net profit. In the first half, Anta's profit attributable to shareholders reached 9.487 billion yuan, up 34.9% year-on-year, with the attributable margin rising from 18.2% to 21.8% in the same period last year. However, this profit increase includes a substantial non-recurring gain. Due to the placement of shares in Amer Sports diluting Anta's equity stake, the company recognized a one-off gain of 1.549 billion yuan. Excluding that one-time gain, Anta's attributable profit stood at 7.938 billion yuan, up 12.9% year-on-year, with an attributable margin of 18.2%, flat versus the prior year. On a further adjusted basis, excluding the share of results from associates and one-off gains or losses related to associate investments, Anta's adjusted attributable profit for the first half was 7.23 billion yuan, up 9.6% year-on-year.

Still, there are several encouraging signs in operational quality. In the first half, Anta's free cash flow reached 11.63 billion yuan, up 54.2% year-on-year. The group held net cash of approximately 39.1 billion yuan, while overall gross margin improved to 63.9% and operating margin rose to 27%. Even as revenue continues to grow and brands proliferate, cash flow and profitability have not deteriorated materially.

Puma revenue down 13%: can it become Anta's next growth driver?

Looking ahead, the key question is whether the other brands currently driving the majority of growth can sustain their rapid pace. In fact, Anta's multi-brand landscape today has largely been built through continuous acquisitions and investments. After acquiring FILA's China operations in 2009, FILA has grown into the group's second-largest revenue source. Anta subsequently led the acquisition of Amer Sports and added MAIA ACTIVE and Jack Wolfskin to its portfolio. This year, Anta has set its sights on the larger Puma. In January, Anta announced a 1.5 billion euro deal to acquire a 29.06% stake in PUMA SE, which would make it Puma's largest shareholder upon completion. Anta aims to bring its expertise in multi-brand operations, retail, and the Chinese market to Puma, helping unlock growth potential, including in China.

However, unlike Descente and Kolon, which are still growing rapidly, Puma itself is in a clear adjustment phase. In 2025, its sales fell from 8.398 billion euros to 7.296 billion euros, a 13.1% decline on a reported basis year-on-year. Full-year reported EBIT was a loss of 357 million euros. Puma is currently undergoing channel adjustments, inventory clearance, and brand revitalization. As such, whether Anta can replicate its playbook with FILA and turn Puma into a genuine new growth engine remains an open question. The transaction itself has not yet closed. The interim report reiterated that the plan to acquire a 29.06% stake in Puma is expected to complete by year-end. So far, Indian authorities have approved the deal, but no formal announcement of approval from Chinese mainland regulators has been seen in public information. Anta maintains its expectation for completion within the year, and at least for now, there are no clear signs of significant regulatory hurdles.

As for Anta's future growth, China Merchants Securities holds a relatively measured outlook. In a recent research report following Anta's interim results, the brokerage projects group revenue of approximately 88.53 billion yuan, 95.69 billion yuan, and 103.28 billion yuan for 2026 through 2028, representing year-on-year growth of around 10%, 8%, and 8%, respectively. This implies that as the group's scale expands, revenue growth momentum may gradually level off in the coming years. Still, China Merchants Securities maintains a "Strong Buy" rating on Anta Sports, arguing that despite persistently weak end-market demand, the company's performance in multi-brand operations, channel optimization, and operational efficiency has exceeded expectations. As of the Hong Kong market close on August 28, Anta Sports shares traded at HK$77.40, down 0.51%, with a total market capitalization of approximately HK$216.5 billion.