ANTA Sports Products (2020) H2 2025 earnings summary

Executive summary

• Revenue reached CNY 80.22 billion, up 13.3% year-on-year, marking 12 consecutive years of growth and consolidating a top-three global industry position, driven by a multi-brand strategy and e-commerce expansion.

• Profit attributable to equity shareholders (adjusted) rose 13.9% to CNY 13.59 billion, with operating profit margin improving to 23.8%.

• Free cash flow increased 21.5% to CNY 16.11 billion, and net cash position reached CNY 31.7 billion.

• Market share in China increased by 1 percentage point to 21%, further strengthening the leading position.

• Dividend payout ratio remained stable at 50.1% of adjusted profit.

Financial highlights

• Overall revenue: CNY 80.22 billion, up 13.3% year-on-year; ANTA: CNY 34.75 billion (+3.7%), FILA: CNY 28.47 billion (+6.9%), other brands: CNY 19 billion (+59.2%).

• Group gross margin: 62%, down 0.2 percentage points; ANTA and FILA gross margins declined due to higher e-commerce and product upgrade costs.

• Operating profit margin: 23.8%, up 0.4 percentage points; ANTA at 20.7%, FILA above 25%.

• Net cash flow from operating activities: CNY 21 billion; year-end cash and deposits: CNY 50 billion.

• E-commerce contributed 35.8% of revenue, up 15.5% year-on-year.

Outlook and guidance

• Confident in continued high-quality development and stable growth for 2026, focusing on product innovation, channel optimization, and digitalization.

• Outdoor sports and professional/fashion sports segments expected to maintain high-speed, high-quality growth.

• Inventory management and channel quality will be prioritized to enhance operational efficiency and profitability.