ANTA SPORTS (02020) achieves record high performance again: The synergy of multiple brands empowers global expansion and accelerates opening up incremental space.

Acquisition of Wolf Claw, strategic investment in MUSINSA China, sponsorship of 13 Chinese national teams to participate in the Milan Winter Olympics, announcement of the ANTA brand's Southeast Asia Thousand Stores Plan, and the establishment of flagship stores in North America-ANT SPORTS (2020), are setting up a bigger chess game than just selling products. What supports these strategic moves by ANTA SPORTS is the hardcore strength of the group's multi-brand strategy of "buying well, managing well, and strong operations." This Chinese sports equipment giant has proven through its performance that it is not simply pursuing the linear accumulation of brands, but rather building an ecological map leading to the pinnacle of the global industry pyramid and strategic future. On March 25, ANTA SPORTS released its performance announcement for 2025. The financial report shows that the group achieved a revenue of 80.219 billion yuan (RMB) in 2025, an increase of 13.3% compared to the previous year. The revenue in 2025 compared to 2024 is equivalent to the growth of a company with a billion-level size in just one year. In the Chinese market, the revenue scale of ANTA Group has reached the sum of Nike China and Adidas China, and the leading gap with international brands continues to widen. The group has steadily maintained its position as the industry leader in the Chinese market for four consecutive years, and also ranks in the top three globally. According to international authoritative statistics, ANTA SPORTS holds a market share of approximately 21.8% in the Chinese sports shoe and apparel market (excluding YAMAMAY Group). In terms of global capital market performance, ANTA SPORTS and YAMAMAY Sports have consistently ranked in the top five global sports brands. With the latest stock price, ANTA SPORTS' market value has surpassed Adidas to rank second globally, while YAMAMAY Sports has surpassed Lululemon to rank fourth globally. It is worth noting that in addition to leading in scale, ANTA SPORTS has set a benchmark for "big and strong" profit margins. In 2025, the group's operating profit increased by 15% to 19.091 billion yuan, and the operating profit margin increased by 0.4 percentage point to 23.8% compared to the previous year; ANTA brand, FILA brand, and other brands all achieved synchronized profit growth. The group's free cash flow reached 16.106 billion yuan, demonstrating healthy cash flow performance; by the end of 2025, the group held a stable net cash position of approximately 31.719 billion yuan, maintaining a healthy level of inventory management to provide strong support for research and development, channel upgrades, and global expansion. Multi-brand synergy advances, differentiation layout yields remarkable results ANTA SPORTS adheres to the "single focus, multi-brand, globalization" strategy, with multi-brand buying well, managing well, and strong operations as the core, creating a brand matrix that is clear, hierarchical, and covers all scenarios. By empowering the backend of the group and independent brand operations, various brands cooperate to increase efficiency and release value. The ANTA brand adheres to the core strategy of "mass positioning, professional breakthrough, brand uplift," with revenues increasing by 3.7% to 34.754 billion yuan, making steady progress and outperforming similar enterprises. Leveraging its independent technology to create a popular product matrix, PG7 running shoes sold over 4 million pairs annually, and the C family professional running shoes exceeded 1.2 million pairs; ANTA children's products have maintained the leading position in the children's sports market. Channels such as Arena, Palace, and lighthouse stores have enhanced single-store performance, focusing on efficiency rather than expansion. FILA has continued to outperform the industry on a large scale, with revenues increasing by 6.9% to 28.469 billion yuan. The brand focuses on tennis and golf as its core areas, launching the "Tennis 360" strategy to expand its popular product matrix through IP-based operations; the new technology dad shoes VETTA led to the sale of nearly 10 million pairs of dad shoes and the boundaryless POLO drove the sale of 2 million pieces in the whole category for the whole year. Terminal upgrades were carried out through Yihaodian and immersive experience spaces to consolidate the brand's advantage in high-end sports fashion. In addition to the steady progress of the two core brands, other brand clusters composed of DSANTE, COOLONG, etc., have become the strongest growth sectors of the group, with revenues growing rapidly by 59.2% to 16.996 billion yuan. DSANTE focuses on elite professional scenes such as skiing and golf, achieving over 10 billion yuan in annual turnover for the first time and entering the group's billion-dollar brand array; COOLONG has become the fastest-growing brand within the group, with impressive performance in store efficiency and same-store sales growth; Wolf Claw initiated a five-year global brand revitalization plan; MAIAACTIVE accelerated incubation in the female yoga track. The core of this sector's growth comes from store efficiency improvements and operational optimizations, highlighting its growth potential. Based on a shared supply chain, digital middle platform, and DTC direct connection system, the group empowers differentiation for each brand, maintaining independent positioning while benefiting from shared backend costs and technological advantages. This approach truly enables the group to "acquire, revitalize, and strengthen" each brand, paving the way for sustainable growth in quality for multiple brands. Accelerating globalization, moving from channel expansion to ecosystem expansion overseas While maintaining a solid domestic base, ANTA SPORTS accelerated its globalization in 2025 and established an international business unit earlier this year to coordinate overseas operations. From product and channel expansion to a comprehensive brand, capital, and ecosystem co ntinued in next comment...