ANTA Sports (02020) released its audited 2025 results.
Financial Performance • Revenue rose 13.3% year-on-year to RMB 80.22 billion. • Gross profit grew 12.9% to RMB 49.73 billion, with a gross margin of 62.0% (-0.2 ppt). • Operating profit increased 15.0% to RMB 19.09 billion; operating margin 23.8% (+0.4 ppt). • Net profit attributable to equity shareholders, excluding the one-off Amer Sports dilution gain booked in 2024, advanced 13.9% to RMB 13.59 billion; reported net profit was RMB 13.59 billion (-12.9% YoY due to the 2024 one-off). • Basic EPS stood at RMB 4.89 (-11.9% YoY).
Segment Breakdown • ANTA brand revenue RMB 34.75 billion (+3.7%); operating margin 20.7% (-0.3 ppt). • FILA brand revenue RMB 28.47 billion (+6.9%); operating margin 26.1% (+0.8 ppt). • Other brands (DESCENTE, KOLON SPORT, JACK WOLFSKIN, etc.) revenue RMB 17.00 billion (+59.2%); operating margin 27.9% (-0.7 ppt).
Cash Flow & Balance Sheet • Net operating cash inflow RMB 20.99 billion; free cash inflow RMB 16.11 billion. • Net cash position at year-end RMB 31.72 billion (2024: RMB 31.40 billion). • R&D expenditure reached approximately RMB 2.20 billion, representing 2.7% of revenue.
Dividends • Final dividend proposed: HK108 cents per share. • Together with the interim dividend of HK137 cents, total ordinary dividend for 2025 is HK245 cents per share, representing a 50.1% payout of adjusted profit.
Operational Highlights • Total monobrand store network about 13,000 worldwide; c.7,200 ANTA stores, 1,900-2,000 FILA stores targeted by end-2026. • E-commerce contributed 35.8% of group revenue, up 15.5% in absolute terms. • Overseas expansion accelerated: over 460 monobrand stores outside China, with focus on Southeast Asia, Middle East, Europe and North America. • Completed acquisition of German outdoor brand JACK WOLFSKIN in May 2025; subsequently diluted 20% stake to external investors. • Continued investment in Amer Sports, Inc.; year-end stake 39.37%.
Strategic & ESG Developments • Launched AI365 strategy to embed AI across design, supply chain, retail and marketing. • Introduced proprietary materials AEROVENT ZERO (PFAS-free waterproof membrane) and Six-Degree Core Insulation Technology. • R&D spending has increased fivefold since 2016; annual growth rate about 23%. • Achieved inclusion in Hang Seng ESG 50 Index; maintained Moody’s A3 rating.
Outlook Management reiterated the “Single-focus, Multi-brand, Globalization” strategy, targeting stable growth for ANTA and FILA, rapid expansion for DESCENTE and KOLON SPORT, and accelerated incubation of MAIA ACTIVE and JACK WOLFSKIN. The group plans 1,000 ANTA points of sale in Southeast Asia by 2028 and expects continued investment in product innovation, digitalisation and overseas channels to drive long-term growth.
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