ANTA Sports has surpassed the 80 billion yuan revenue milestone, yet new challenges are emerging. On March 25, 2026, ANTA SPORTS released its full-year 2025 financial report, revealing revenue exceeding 80 billion yuan for the first time, reaching 80.219 billion yuan, a 13.3% year-on-year increase. This marks 12 consecutive years of positive growth. The company's market share in China climbed to 21.8%, solidifying its top position in the industry, while its global ranking advanced to the top three. This performance stands out against a backdrop of slowing growth in the global sportswear industry and weak results from international giants.
However, beneath the impressive headline figures, the report is more than just a declaration of victory. It reflects a year of slowing growth for the core ANTA brand, increasing divergence among its multi-brand portfolio, accelerated global expansion, and successive cross-border acquisitions.
Financially, ANTA's core operational fundamentals remained robust in 2025, demonstrating the resilience of an industry leader. Yet, the substance of profit data and weaknesses in growth quality cannot be overlooked. Shareholder profit attributable declined by 12.88% year-on-year, primarily due to a high base effect from one-time gains related to Amer Sports' IPO and share placement in 2024. Excluding this accounting impact, core shareholder profit rose 13.9% to 13.588 billion yuan. Operating profit increased 15% to 19.091 billion yuan, with the operating profit margin improving by 0.4 percentage points to 23.8% despite market headwinds. Full-year free cash flow reached 16.106 billion yuan, up 21.5%, and net cash reserves stood at approximately 31.719 billion yuan, providing strong support for future mergers, acquisitions, and expansion. This robust cash position is a key highlight of the report.
However, the overall gross profit margin slightly decreased by 0.2 percentage points to 62.0%, breaking a previous trend of continuous improvement. Gross margins for the major brands collectively declined, becoming a significant concern. The core ANTA brand's gross margin fell 0.9 points to 53.6%, while FILA's dropped 1.4 points to 66.4%, indicating vulnerabilities even within the premium brand segment.
Following the report's release, ANTA SPORTS' Hong Kong stock price experienced a dip in afternoon trading. By market close, the share price had declined 1.05% to HK$75.75.
The composition of the 80 billion yuan revenue reveals a structural reshaping of ANTA's growth engines, with its three main business segments showing divergent trends. Growth of the core ANTA brand has weakened. As the foundation of the group, the ANTA brand reported 2025 revenue of 34.754 billion yuan, a mere 3.7% increase, significantly lower than the group's overall 13.3% growth and below the domestic sportswear industry's average of 5.2%. Its contribution to total revenue fell from 47.3% in 2024 to 43.3%, dropping below the 45% mark for the first time. The brand's operating profit margin also declined by 0.3 percentage points to 20.7%, with both gross and net margins decreasing, signaling intensified homogenized competition in the mid-market and insufficient brand premium.
In contrast, FILA's refined operational strategy has shown results. The FILA segment generated revenue of 28.469 billion yuan in 2025, a 6.9% increase, doubling its 2024 growth rate. Its operating profit margin rose 0.8 percentage points to 26.1%. After implementing the "ONE FILA" strategy and focusing on premium sports like tennis and golf, FILA has recovered from previous sluggishness and returned to a stable growth path, acting as a profit stabilizer for the group.
The standout performer was the explosive growth of the "Other Brands" segment. Comprising professional and outdoor brands like DESCENTE, KOLON SPORT, and Arc'teryx, this segment saw revenue surge 59.2% to 16.996 billion yuan in 2025, with operating profit increasing 55.3%. It became the primary driver of ANTA's revenue growth past 80 billion. DESCENTE's gross merchandise value surpassed 10 billion yuan, making it the group's third brand to reach this milestone. Combined with the consolidation of the acquired German outdoor brand Jack Wolfskin at year-end, this segment has firmly become ANTA's primary growth engine.
This growth is structurally supported. While quarterly data was not disclosed, the segment's growth rate of 61.1% in the first half of 2025 suggests growth remained above 50% in the second half, indicating sustainability rather than a temporary spike. Furthermore, DESCENTE maintained full-channel retail discounts above 90% alongside its 10 billion yuan GMV, signifying that growth was not achieved solely through price reductions but reflects higher quality.
These brands target distinct consumer scenarios. FILA focuses on "elite sports scenarios" like tennis and golf, which combine athletic activity with lifestyle, attracting a loyal, high-spending customer base through sponsorships of premier events. DESCENTE anchors itself in "professional elite sports scenarios" such as skiing, golf, and triathlon, precisely targeting high-net-worth individuals, with average store sales exceeding 2.7 million yuan in 2025. KOLON SPORT champions a "high-quality outdoor lifestyle scene" centered on hiking, camping, and trail running, achieving nearly 70% GMV growth in 2025, making it the group's fastest-growing brand, with sales of specialized categories like hiking and trail running shoes surging over 140%. These three brands cover high-growth arenas: urban elite sports, professional extreme sports, and outdoor lifestyle, forming a differentiated and complementary brand matrix.
Growth in the outdoor lifestyle segment is the most rapid, with KOLON's near-70% growth and DESCENTE's 35% GMV increase far outpacing FILA's 6.9%. This reflects a clear consumer trend: Chinese consumers are advancing from "sportswear fashion" towards "professional outdoor" activities, with pursuits like hiking, trail running, and skiing moving from niche circles to the mainstream. ANTA's acquisition of Jack Wolfskin in 2025 and its reported interest in acquiring a stake in PUMA in early 2026 indicate a strategic bet on the outdoor and professional sports sectors.
Consequently, ANTA's future potential may lie less in a short-term rebound of the main brand and more in whether the outdoor segment can evolve from a "growth engine" into a second core business pillar. Currently, the "Other Brands" segment contributes only 21.2% of revenue, a size still insufficient to fully offset the slowdown in the core brand. However, with DESCENTE surpassing 10 billion yuan, KOLON SPORT exceeding 6 billion yuan, and the integration of Jack Wolfskin underway, this segment is poised to contribute significantly more over the next two to three years. Management has indicated that Jack Wolfskin has a five-year plan through 2030, with noticeable changes expected from late 2026 into 2027. For investors, the focus may need to shift from "when will the ANTA brand recover?" to "can the outdoor brand matrix sustain high growth?" This will be a critical variable determining whether ANTA can continue its upward trajectory beyond 80 billion yuan.
ANTA stands at a strategic crossroads in 2026, a major year for sports and the group's 35th anniversary, where its future direction will significantly influence the global landscape for Chinese sportswear brands. Short-term opportunities exist with major events like the FIFA World Cup and Winter Olympics potentially boosting global sportswear demand, allowing ANTA to leverage event marketing and its professional product lineup to further increase domestic market share. The ongoing domestic outdoor consumption boom also provides growth space for premium brands like DESCENTE and Jack Wolfskin, suggesting the group can maintain double-digit revenue growth in the near term, closing the gap with international giants.
Long-term challenges, however, are significant. A "inventory crisis" is evident in the financials. ANTA's average inventory turnover days increased from 123 to 137 days in 2025, with the value of inventory rising 13% to 12.15 billion yuan. High inventory levels tie up working capital, increase financial costs, and force clearance through discounting, with promotional offers like "two pairs for 199 yuan" for the main brand becoming common, potentially eroding brand value and creating a vicious cycle of discounting, low brand premium, and inventory buildup. Analysts suggest that while ANTA attributes inventory growth to expansion, new product stocking, and brand consolidation, the root cause is a disconnect between product development and market demand, coupled with insufficient channel control, highlighting the tension between rapid scaling and精细化运营 (refined operations).
Furthermore, globalization efforts have so far yielded more talk than substantial results. Despite numerous initiatives and over 460 overseas stores covering Southeast Asia, Europe, America, and the Middle East, overseas revenue remains below 10% of the total, concentrated mainly in Southeast Asian emerging markets, with low penetration in Europe and North America. Breaking through in brand recognition in these mature markets and increasing the overseas revenue share is crucial for ANTA's transition from a "Chinese champion" to a "world-class brand."
Currently, ANTA has achieved the first step of "scale leadership," but the journey to becoming a truly global brand remains long. The 80 billion yuan revenue milestone represents a阶段性胜利 (phase victory) but also the starting point of a critical transformation. For the broader Chinese sportswear industry, ANTA's 2025 report is a microcosm: domestic brands have achieved leadership in the home market, but a fundamental gap remains compared to international giants in terms of brand premium, core technology, and global operations. ANTA's path forward is not just about its own transformation but serves as a test case for Chinese sportswear brands aiming for global prominence. Ultimate success will be measured not by short-term revenue figures but by long-term brand value and core competitiveness.
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