ANTA SPORTS' revenue in the first half of the year increased by 14% year-on-year, while net profit decreased by nearly 9% year-on-year | Financial Report Insights

ANTA SPORTS' revenue in the first half of the year increased by 14% year-on-year, exceeding market expectations, but net profit fell by nearly 9% year-on-year.

On Wednesday, August 27, ANTA SPORTS released its financial performance for the first half of the year, specifically:

• Revenue in the first half reached 38.5 billion RMB, a year-on-year increase of 14%, higher than the market expectation of 38.1 billion RMB.
• Net profit in the first half was 7.03 billion RMB, a year-on-year decrease of 8.9%, higher than the estimated 6.93 billion RMB.
• Operating profit margin in the first half increased by 0.6% year-on-year to 26.3%.

Core business progress:

• ANTA brand revenue grew by 5.4% to 16.95 billion RMB, with operating profit margin rising by 1.5 percentage points to 23.3%.
• FILA brand revenue increased by 8.6% to 14.18 billion RMB, with operating profit margin decreasing by 0.9 percentage points to 27.7%.
• Other brands (DESCENTE, KOLON SPORT, etc.) saw revenue increase by 61.1% year-on-year to 7.41 billion RMB, with operating profit margin rising by 3.3 percentage points to 33.2%.

After the financial report was released, ANTA SPORTS' stock price in Hong Kong once rose over 2.6%, but then turned to decline, ultimately closing down 2.22%.

Partnering with South Korea's Musinsa, ANTA aims to capture the "trendy" youth market

ANTA's Q2 revenue increased by 14.3% year-on-year to 38.54 billion RMB. Due to the increased contribution from the relatively low-margin e-commerce business and footwear products, the overall gross margin fell by 0.7 percentage points year-on-year to 63.4%. Nevertheless, ANTA achieved an overall operating profit margin increase of 0.6% year-on-year to 26.3% through effective cost control and operational efficiency optimization.

The e-commerce business of all ANTA brands accounted for 34.8% of the group's total revenue, compared to 33.8% in the first half of 2024, representing a 17.6% increase in absolute terms compared to the same period in 2024.

ANTA announced the establishment of a joint venture with South Korean fashion e-commerce platform Musinsa, where ANTA will operate Musinsa's trendy business in mainland China, Hong Kong, and Macau. According to the announcement on the Hong Kong Stock Exchange, ANTA holds a 40% stake, while Musinsa holds a 60% stake, but specific financial details were not disclosed.

Musinsa is a trendy e-commerce platform popular among young people in South Korea, focusing on street style and designer brands, with a market overlap with Nike and Adidas in urban culture. This collaboration is a key step for ANTA to further target Generation Z and trendy consumers, allowing ANTA to directly access the young customer base through Musinsa's trendy resources In addition to joint ventures, ANTA SPORTS is also accelerating global brand acquisitions. In May 2025, ANTA acquired the German high-end outdoor brand Jack Wolfskin from the US-listed company Topgolf Callaway, strengthening its outdoor sports segment. ANTA has also formed a joint management team and developed a 3-5 year "brand rejuvenation" plan to promote the long-term development of the brand.

After the pandemic, a nationwide fitness and outdoor sports craze has emerged in China, and ANTA is riding the wave. ANTA aims to create a "multi-brand matrix," featuring both affordable mass-market products and high-end professional outdoor brands, covering the entire spectrum from the general market to high-end consumers. ANTA's high-end niche brands, such as Descente and Kolon Sport, despite their higher prices, continue to show strong growth.

Bloomberg analyst Catherine Lim stated that ANTA hopes to narrow the revenue gap with Nike and Adidas by 2030 and become one of the world's leading sports brands. Therefore, ANTA will continue to launch innovative products and has strategic intentions to acquire more brands to drive growth