On the afternoon of August 27, Chinese sportswear giant Anta Group (02020.HK) released its 2025 interim financial report. In a global market environment full of uncertainty, the company once again delivered results that exceeded market expectations. With a strong performance, Anta further solidified its leading position in the sportswear industry both in the Chinese Mainland and globally.
According to the financial report, Anta Group’s revenue rose 14.3% year-on-year to RMB 38.54 billion [USD 5.29 billion] (including the three main segments: Anta, FILA, and other brands, excluding the outdoor brand group Amer Sports), setting a new record high. Profitability was equally robust: operating profit increased 17.0% year-on-year to RMB 10.13 billion [USD 1.39 billion], with the operating margin improving by 0.6 percentage points to 26.3%. Net profit attributable to shareholders rose 14.5% year-on-year to RMB 7.031 billion [USD 965 million] (excluding gains from the dilution of equity due to Amer Sports’ IPO).
Luxe.CO believes that Anta Group’s high-quality growth amid today’s complex market environment is driven by increasingly refined performance in three key areas: multi-brand synergy, retail operations, and globalization.
Three Key Dimensions Underpin Anta’s “Brand + Retail” Model
— Significant “growth flywheel” effect from multi-brand synergy:
Anta Group has built a high-quality brand matrix that spans different market cycles and consumer segments. This combination of a “core brand as ballast” and “high-growth engines” demonstrates the Group’s outstanding capabilities in multi-brand management and retail operations, making its growth remarkably resilient.
Anta Brand
Under the strategy of “mass market positioning, professional breakthroughs, and brand elevation,” the brand achieved steady growth, with revenue reaching RMB 16.95 billion [USD 2.33 billion] (+5.4%).
In the first half of the year, the PG7 running shoes set new sales records thanks to their superior cushioning performance. The C202 Marathon series also saw significant growth due to its professional-grade features. In apparel, the brand continued to strengthen its core product offerings, including the “Storm Armor” jacket series made from high-performance waterproof and breathable materials, and the “Anta Quick-Drying King” sports T-shirt series that meets top international moisture-wicking and fast-drying standards. Anta Kids deepened its “Technology Empowers Growth” philosophy by establishing the “Children’s Arch Health Research Center” in collaboration with the National Orthopedic Medical Center at Shanghai Sixth People’s Hospital, and launched the Arch PRO running shoes designed based on children’s foot structure.
FILA
Building on a substantial base of over RMB 30 billion in annual gross merchandise value, FILA exceeded expectations with an 8.6% year-on-year increase in revenue, reaching RMB 14.18 billion [USD 1.95 billion].
FILA is centered around its “premium sports fashion” positioning and is driving a comprehensive upgrade in brand image, products, and retail through its “ONE FILA” strategy. The brand has focused on the two elite sports of golf and tennis, boosting its presence in professional sports through initiatives such as sponsoring the Volvo China Open and signing Grand Slam champion Ruoning Yin.
FILA has shifted from a strategy of rapid product releases to one of in-depth brand development, producing hero products across categories such as polo shirts, chunky sneakers, and running shoes. In tennis, iconic products like the BB1 Polo and the Susan Dress have received positive market feedback. FILA KIDS continues to carry the brand’s professional sports DNA, targeting the mid- to high-end children’s apparel market. Its premium line BIELLA, as well as its children’s footwear and tennis series, have performed exceptionally well.
Other Brands
Revenue surged 61.1% year-on-year to RMB 7.41 billion [USD 1.02 billion], making this the strongest growth driver within the Group.
DESCENTE: Staying true to its brand philosophy of “design that moves,” DESCENTE saw satisfactory growth across both online and offline channels in the first half of the year. With skiing as its core, the brand also expanded into golf and triathlon, building three key sports scenarios. Golf, footwear, and women’s collections saw rapid growth, becoming new engines of momentum. Hero products such as the TOUGH series, featuring proprietary high-performance fabrics, and the DELTA PRO EXP V2 triathlon racing shoes delivered standout results.
KOLON SPORT: The brand is focused on hiking and camping, catering to high-end consumers in Tier-1 and Tier-2 cities. In footwear, the MOVE ALPHA hiking shoe series, designed for professional outdoor use, has become a signature product. In apparel, the new avant-garde sub-line K: Series was launched, targeting premium lifestyle segments.
“Brand + Retail” Model Deepens, Driving Operational Efficiency
Anta Group noted that its DTC (direct-to-consumer) business now accounts for nearly 90% of its operations. This model enables the company to respond swiftly to shifts in consumer demand.
As of the end of June 2025, Anta Group (excluding the recently acquired brand Jack Wolfskin) operated a total of 12,453 stores. This includes 9,909 Anta stores, 2,054 FILA stores, 241 DESCENTE stores, 199 KOLON SPORT stores, and 50 Maia Active stores. Compared to the 12,427 stores in June 2020, the overall number has remained stable over the past five years, during which time the Group’s total revenue has increased by 1.6 times—demonstrating a substantial improvement in retail efficiency. Behind this growth lies continuous innovation in the retail capabilities of each brand:
- The Anta brand’s new retail formats—such as “Anta Arena,” “Anta Hall of Fame,” “Anta Portfolio,” and “Anta Champion”—have performed well. “Anta Portfolio” enhances brand elevation by creating art-inspired spaces and offering limited-edition collaborations, and within one year has expanded to approximately 60 top-tier shopping districts across the country. Meanwhile, in lower-tier cities and county-level markets, Anta has implemented its “Lighthouse Store Program,” opening larger, more immersive stores to elevate brand perception.
- FILA has redefined retail standards for different store types, advancing its new channel image and launching new store formats. Stores featuring the updated look now account for about 30% of total FILA locations, significantly boosting sales per store. In May, the first FILA KIDS Art Gallery store opened. In August, the new FILA GOLF 3.5-format store, “Master Club,” officially launched.
- DESCENTE follows a “refined and powerful” store expansion strategy, focusing on high-end shopping districts in Tier-1 and Tier-2 cities. Through a large-format store upgrade program, DESCENTE has successfully built a high-efficiency retail model, with the number of stores generating over RMB 50 million [USD 6.87 million] in annual sales continuing to rise.
- KOLON SPORT is actively transitioning from a regional to a national footprint, opening flagship stores in key cities aligned with its brand positioning rather than blindly expanding store count. In the first half of the year, the first Kolon Kraft flagship store opened in Chengdu Taikoo Li, with an average monthly sales per store exceeding RMB 2 million [USD 275,000].
Global Expansion Evolves from “Point-Based” to “Systematic” Deep Development
If Anta’s past globalization efforts were about “sowing seeds,” then 2025 marks the phase of “deep cultivation.” The Group’s global strategy has become more structured and strategic:
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In Southeast Asia, a market with tremendous potential, Anta has launched a new growth curve by opening physical stores and expanding on local e-commerce platforms.
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In the Middle East and Africa, its retail network has successfully established a presence in the UAE, Saudi Arabia, Qatar, Egypt, and Kenya.
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In the highly competitive and mature markets of North America and Europe, Anta has achieved efficient market coverage through strategic partnerships with top distributors such as Foot Locker and Dick’s Sporting Goods (DSG), and is currently preparing to open its first North American flagship store in Beverly Hills, Los Angeles.
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In the first half of the year, the Group completed the acquisition of German outdoor brand JACK WOLFSKIN, a key move to strengthen its presence in Europe and expand its capabilities in the outdoor segment.
Meanwhile, Amer Sports, majority-owned by Anta Group and a cornerstone of its globalization strategy, delivered strong results in the first half of the year. Revenue increased 23.5% year-on-year to USD 2.709 billion, with revenue from the Greater China region surging 42.4% to USD 856 million. These results reflect the notable success of Anta’s dual-engine growth model.
As of August 27, Anta Group’s stock closed at HKD 101.6 per share, down 1.74% from the previous day. Year-to-date, the stock has risen 30%, with a current market capitalization of approximately HKD 285.2 billion.
Ding Shizhong Raises Three Key Questions in the “Chairman’s Report”
In the “Chairman’s Report” section of this financial disclosure, Chairman of the Board Ding Shizhong went beyond analyzing the Group’s performance. He posed three profound questions that touch on Anta’s long-term development—questions that are crucial to understanding the future direction of Anta’s strategy.
Why Does the World Need Anta Sports?
Ding defines Anta’s corporate value as “providing the best product value to consumers around the world and striving to become a benchmark for the globalization and high-quality development of Chinese brands.” Its social value, he says, lies in “contributing to the development of a leading sports nation and creating symbiotic value for all stakeholders.” This positioning reflects a long-term perspective—not chasing short-term gains, but delivering lasting benefit for all stakeholders involved.
How Can the Multi-Brand Strategy Further Deepen Differentiation?
Ding elaborated on Anta’s acquisition logic: First, acquire brands with strong brand value and identity, and elevate them through strategic transformation. Second, invest in emerging brands with high growth potential, establishing partnerships early to explore shared growth. The completion of the JACK WOLFSKIN acquisition and the announcement of a joint venture with Korean fashion platform MUSINSA in the first half of the year exemplify this approach.
Ding stressed that it is not just about “buying well,” but also about “managing well” and “collaborating well.” This reflects his deep confidence in the Group’s multi-brand management capabilities.
How Can Value Be Created for Shareholders Through Optimal Capital Allocation?
Anta’s capital allocation priorities are clear and rational: First, reinvest in existing operations, especially in innovation, digitalization, and retail transformation; Second, seek high-quality mergers, acquisitions, and partnerships; Third, maintain a stable and high dividend payout ratio, and repurchase shares when the timing is right.
| Source: Official Financial Report
| Image Credit: Group and brand official websites; brand-provided materials
| Editor: LeZhi
