March 25 at midday, Chinese sportswear giant Anta Group (02020.HK) released its full-year results for 2025: the Group’s revenue increased by 13.3% year-on-year to RMB 80.219 billion (USD 11.2 billion), while profit attributable to shareholders rose by 13.9% year-on-year to RMB 13.588 billion (USD 1.9 billion), excluding accounting impacts related to Amer Sports’ IPO and share placement in 2024.
Notably, DESCENTE recorded retail sales exceeding RMB 10 billion (USD 1.4 billion) for the first time this year, becoming the third RMB 10 billion (USD 1.4 billion) brand under Anta Group.
Ding Shizhong, Chairman of Anta Group, stated in the Chairman’s Statement: The first half of 2025 was marked by significant volatility across global markets. In the face of this uncertainty, we navigated challenges, adhered to our corporate value and reinforced long-term strategies. Guided by our ‘Single Focus, Multi-Brand, Globalisation’ strategy, Anta Group has built competitive advantages of ‘winning through products and winning through operations.’ Each brand has demonstrated distinctive positioning and achieved resilient growth. Our multi-brand strategy focuses on long-term deployment. ‘Buying well, managing well, and strong operations’ form the foundation for consolidating brand positioning and enhancing operational quality and brand value.”
I. Multi-Brand Portfolio: All Segments Achieve Growth; DESCENTE Becomes the Third RMB 10 Billion Brand; KOLON SPORT Records the Fastest Growth
During the reporting period, all three major business segments of Anta Group achieved positive growth:
— ANTA:
Revenue increased by 3.7% year-on-year to RMB 34.754 billion (USD 4.9 billion). The brand continued to adhere to its core strategy of “mass positioning, professional breakthrough, and brand premiumisation.”
In product innovation, Anta’s proprietary “Nitrogen Technology” was upgraded to three versions. Within the running shoe portfolio, annual sales of the PG7 exceeded 4 million pairs, while the C-family professional running shoes surpassed 1.2 million pairs in annual sales. On the channel front, Anta continued to optimise differentiated retail formats and store portfolios. Innovative store formats, including ARENA Anta Arena, Palace Anta Palace, Anta Lighthouse stores, and “Super Anta,” achieved breakthroughs in store productivity.
— FILA:
Revenue increased by 6.9% year-on-year to RMB 28.469 billion (USD 4.0 billion), outperforming the industry despite its large scale, with operating margin improving to 26.1%.
In 2025, FILA established the “ONE FILA” core strategy, focusing on tennis and golf while reinforcing its fashion leadership. The brand launched its “Tennis 360” strategy and was upgraded to the exclusive official sportswear sponsor of the China Open. Additionally, the newly launched tech-driven chunky sneaker VETTA drove annual sales of nearly 10 million pairs across the entire chunky sneaker family. In retail, the brand introduced flagship benchmark stores such as the new “FILA TOPIA No.1 Store.”
— All Other Brands:
Revenue surged by 59.2% year-on-year to RMB 16.996 billion (USD 2.4 billion).
Among them, DESCENTE’s retail sales exceeded RMB 10 billion (USD 1.4 billion) for the first time, becoming the Group’s third RMB 10 billion brand after ANTA and FILA. DESCENTE focuses on elite professional sports scenarios including skiing, golf, and triathlon, and opened its “Future City” global flagship store in Beijing’s China World Trade Center.
KOLON SPORT was the fastest-growing brand within the Group, signing the Chinese National Climbing Team and opening flagship experiential stores such as KOLON ATLAS.
MAIA ACTIVE, focused on women’s yoga, is in an accelerated incubation phase, concentrating on building brand value and product R&D.
II. M&A and Globalisation: Full Acquisition of JACK WOLFSKIN and Announcement to Become PUMA’s Largest Single Shareholder
Over the past year, Anta Group has been highly active in mergers and acquisitions and global expansion, continuing to advance its global management model of “multi-brand, strong operations”:
— Investment and Acquisition Updates:
In May 2025, the Group completed the full acquisition of the internationally leading outdoor brand JACK WOLFSKIN for a cash base consideration of USD 290 million. Management has formulated a five-year global brand revitalisation plan, positioning it as a professional all-scenario hiking brand in both product and channel development.
In addition, in January 2026, the Group announced that it had agreed to acquire a 29.06% stake in PUMA SE, the parent company of the globally iconic sports brand PUMA, for a total consideration of approximately EUR 1.505 billion. Upon completion, Anta will become PUMA’s largest single shareholder.
— Global Expansion:
Southeast Asia has initially taken shape as the Group’s “bridgehead” for globalisation, with plans to open 1,000 ANTA-branded retail outlets in the region by 2028. In South Asia, the Group has partnered with international retailer Brandman Retail to develop distribution and physical stores in India. In North America, Anta opened its first flagship store in the region in Beverly Hills, Los Angeles. As of the end of 2025, Anta Group operated more than 460 mono-brand stores outside the Chinese Mainland.
— Amer Sports:
In March 2026, Amer Sports completed a new share placement, diluting Anta Group’s shareholding from 39.37% to approximately 37.77%. The placement is expected to generate a non-cash accounting gain of approximately RMB 1.6 billion (USD 220 million) for the Group in the 2026 financial year.
III. Technological Innovation and ESG: Launch of the “AI365 Strategy” for Comprehensive Empowerment
In 2025, the Group invested approximately RMB 2.2 billion (USD 310 million) in R&D, representing more than a fivefold increase over the past decade. During the year, the Group launched the “AI365 Strategy” and introduced the “Linglong Design Model,” the first proprietary AI design large model in China’s sporting goods industry. Products assisted by AI design generated order value exceeding RMB 9 billion (USD 1.3 billion). Additionally, the Group incubated proprietary innovations with international competitiveness, including the “Fluorine-Free Anta Membrane” and “Six-Degree Core Thermal Technology,” and fully supported professional equipment for the 2026 Milan Winter Olympics.
In terms of sustainability, Anta Group was included in the Hang Seng ESG 50 Index for the first time and achieved an AA rating in the MSCI ESG Ratings by the internationally authoritative index provider. The Group also received the highest A rating for climate change performance from the Carbon Disclosure Project (CDP).
More Financial Data
- The Group’s overall gross profit margin was 62.0%. Although it declined slightly by 0.2 percentage points due to a higher proportion of lower-margin e-commerce business and increased investment in professional products, strict cost control drove the operating profit margin up to 23.8%, demonstrating strong operational resilience.
- Operating profit increased by 15.0% year-on-year to RMB 19.091 billion (USD 2.7 billion).
- E-commerce continued to expand, growing by 15.5% year-on-year in absolute terms and accounting for 35.8% of total Group revenue.
- Free cash inflow reached RMB 16.106 billion (USD 2.3 billion). As of the end of 2025, the Group maintained a solid net cash position of approximately RMB 31.719 billion (USD 4.4 billion), demonstrating strong cash generation capability.
As of the close on March 25, Anta Group’s share price fell by 1.05% to HKD 75.75 per share, with a total market capitalisation of HKD 211.8 billion. Over the past year, the share price declined by 14%.
About Anta Group
Founded in 1991, Anta Sports Products Limited (Stock Codes: 2020.HK/82020.HK) was listed on the Main Board of the Hong Kong Stock Exchange in 2007 and is a renowned global sportswear company. Through a diversified brand portfolio, including ANTA, FILA, DESCENTE, KOLON SPORT, JACK WOLFSKIN, and MAIA ACTIVE, Anta aims to unlock the potential of both the mass and premium sportswear markets. Anta Sports is also the largest shareholder of Amer Sports, Inc. (NYSE: AS), the globally iconic sports and outdoor brand group.
丨Source: Official Financial Report
丨Image Credit: Brand Official Releases, Luxe.CO Onsite Photography
丨Editor: Luxeplace
