ANTA has finished filling the numbers.

After this wave of consumer stock valuation collapse, in terms of actual delivery, ANTA's performance is actually decent compared to its continuously declining stock price. There was still close to a 14% growth in the first half. FILA's growth was slightly weaker, but the main ANTA brand held up. Additionally, Kolon and Descente continued to show strong growth.

Moreover, the improvement in gross margin was quite good, and the gross-to-sales spread after excluding sales expenses was largely maintained.

In terms of opex, given the tough macro environment, internal cost-cutting and efficiency improvements led to negative growth in administrative expenses.

Key operational metrics show that inventory turnover days are still declining. After the DTC transformation, the company's control over inventory has improved, and currently, ANTA's risk resilience looks solid.