Anta brand leads high-quality growth, ANTA SPORTS (02020) achieves record-breaking mid-term performance.

The pace of consumption recovery has slowed, signaling the end of the era of universal price increases in the sporting goods industry. The cycle serves as a litmus test, revealing the operational foundation and strategic resilience of leading enterprises. Data from the National Bureau of Statistics indicates that in the first half of 2026, the total retail sales of consumer goods reached 24.87 trillion yuan, with a year-on-year growth rate of only 1.3%. The growth rate for clothing, footwear, headgear, and textile products dropped from 9.3% in the first quarter to 6.7% in the first half; meanwhile, retail sales of sports and entertainment products decreased by 2.2% year-on-year in the second quarter. Industry analysis points out that the domestic sporting goods industry in 2026 faces multiple pressures: a natural decline in consumer demand after the Spring Festival, disruptions in offline foot traffic caused by abnormal weather, and a lackluster overall performance during the 618 shopping festival, resulting in a significant decline in retail sales growth across the industry. Against this relatively weak market environment, ANTA SPORTS has reported a mid-term performance of high-quality growth. The group achieved revenue of 43.51 billion yuan (RMB, the same below) in the first half, a year-on-year increase of 12.9%; overall gross profit margin rose by 0.5 percentage points to 63.9%; and operating profit margin climbed by 0.7 percentage points to 27%, hitting a near seven-year high. Free cash flow surpassed 11.63 billion yuan and net cash reached 39.1 billion yuan, with average inventory turnover days decreasing by six days year-on-year to 130 days. It is noteworthy that ANTA SPORTS has maintained its position as the top brand in the Chinese market for five consecutive years, further widening the gap with both domestic and international rivals. Based on revenue figures calculated from various companies' performances in the first half, ANTA SPORTS revenue scale is roughly 2.2 times that of Nike China and 2.7 times that of Adidas China, equivalent to 2.9 Lining, 6.4 Xtep International, and 7.1 361 Degrees, with the revenue gap widening to over 23 billion yuan compared to Nike Greater China. ANTAs main brand has achieved high-quality growth, and the multi-brand matrix synergistically empowers its performance. With robust growth built on a substantial foundation, ANTA SPORTS' resilience is driven by the vision to "become a world-leading multi-brand sports group." The group continuously refines its unique business model of "brand + retail," building competitive barriers through its three core capabilities: multi-brand collaborative management, multi-brand retail operations, and global operations and resource integration. It has successfully implemented a growth model of "multi-brand assets + excellent operations + global collaboration = high-quality growth." In the first half of the year, the ANTA brand, FILA, and other brand segments all achieved new highs in revenue for the half-year, with the three segments generating revenues of 17.77 billion yuan, 15.05 billion yuan, and 10.69 billion yuan respectively, and year-on-year growth rates of 4.8%, 6.1%, and 44.2%. It is worth mentioning that each segment has exhibited healthy growth, and in the context of a stable number of stores, the performance of all brands stores is improving, with the ANTA main brand maintaining its lead as the top Chinese brand for 15 consecutive years. The ANTA brand has been exploring innovative retail experiences and optimizing retail channel layouts. The brand is continually discovering innovative retail spaces, such as the ANTA Arena store opening in a key business district in Chengdu and the ANTA Market launched in Shanghai and Shenyang, integrating sports experiences with community interactions into offline settings. The online channels have also performed well; during the 618 shopping festival in 2026, the running shoe category, especially high-priced running shoes, saw significant improvements in online rankings. The PG7 cushioning running shoes were awarded "Best Cost-Performance Running Shoes" by the international running media Runners World in 2026, marking recognition for domestic running shoes within international professional evaluation systems. The total sales of the four major running shoe families, including the C family and the Mah series, surpassed 5.6 million pairs in the first half, while sales of popular wearables powered by self-developed fluorine-free ANTA membrane technology exceeded 2 million pieces. Technical product capabilities are enhancing ANTA's brand in terms of value perception. FILA focuses on tennis and golf categories, iterating its product matrix. The dad shoes series, composed of the fern grass shoes and mushroom shoes, sold over 5 million pairs in the first half and demonstrated leading popularity in their respective niche markets. The ladies' sets represented by the new hit Muse collection have become new growth points, with sales exceeding 600,000 pieces; both the polo shirt category and thin-soled shoes have also performed strongly. At the retail level, ICONA and BIELLA themed concept stores underwent upgrades, while refined store operations promoted improved store performance. The revenue scale of the other brand segments, where DESCENTE and KOLON are located, has exceeded the entire revenue level of 2024 in the first half of the year. This segment adheres to a cautious store expansion strategy and does not blindly sink channels, resulting in a year-on-year increase of only 20 and 13 stores respectively, with revenue growth coming from same-store performance and consumer recognition of product quality. DESCENTE focuses on skiing, golf, and triathlon sectors, developing the AERO STREAM dual-panel ski suits based on the national team equipment for the Milan Winter Olympics, and launching the "Breaking Wind PRO" cycling suit for triathlon scenarios; the D-Fluid running shoes maintain the top position in online sales for running shoes priced above 1,000 yuan, with a market share of 14%, surpassing the second place by 3 percentage points. KOLON's advantage categories, such as shell and hiking shoes, have maintained over 50% growth, while the brand is refining its heavy-duty hiking product system. Maiya and Wolf Claw are respectively targeting yoga and all-scenario professional hiking sectors, refining their products and retail operation models to provide more imaginative space for future growth. The operating performance of the multi-brand segment corroborates ANTA SPORTS' management philosophy of "never sacrificing the future of the brand for short-term benefits." The group does not demand that each brand pursue the fastest growth at every stage, but rather respects the developmental laws of each brand, continuing to invest and manage patiently to allow each brand the space for healthy growth. Only with each brand maintaining healthy growth can the group achieve long-term, high-quality, and sustainable development. Technological innovation and digitalization fortify the operational foundation. From the perspective of brand operational results, ANTA SPORTS' differentiated development of each brand has proven effective, establishing a solid and diverse competitive advantage in the market and strengthening its market voice across different segments. This reflects ANTA SPORTS high emphasis on research and development, positioning "heavy emphasis on R&D" as the first principle in continuously creating "good products" for sustainable development. In the first half of the year, ANTA SPORTS invested approximately 1.11 billion yuan in R&D, accounting for 2.5% of revenue, a scale that is industry-leading. Over the past ten years, the group's cumulative investment in innovation has reached 20 billion yuan, with plans to invest another 20 billion yuan in the next five years for independent innovative research and development. The group has set up multiple R&D design centers across China, the U.S., Japan, South Korea, and Europe, linking over 70 universities and research institutions, more than 250 industry experts, and over 800 suppliers to advance various technological projects. In 2024, ANTA SPORTS will lead the establishment of the industrys first innovation consortium, and it has also become the worlds first enterprise within the industry to receive international innovation ISO certification. The consortium adopts a "challenge-based" mechanism, aiming to achieve 3-5 key technological breakthroughs each year. In 2026, the group launched two technological platforms: working with Oxford University and Jilin University to create a biomimetic platform, which introduced ANTA FOLD origami technology; collaborating with the Institute of Metal Research under the Chinese Academy of Sciences to develop a titanium alloy technology platform based on the steel-frame sled shoe technology used in the Beijing Winter Olympics, aimed at delivering technological capabilities for various types of sports equipment. Aside from rigorous technology iteration, ANTA SPORTS employs its "AI365" strategy to bridge efficiency gaps across the entire industrial chain. By leveraging its R&D and data accumulation, the group has established a digitally closed loop that spans R&D, supply chain, marketing, and retail. Its independently developed "Linglong" AI model has significantly compressed product design cycles; AI trend forecasting combined with a small-order rapid response model has improved inventory levels; the outfit model "Lingxi" enables virtual fitting among other consumer-facing functionalities, with AI tools covering customer service and terminal scenarios. The synergy of R&D and digitalization drives efficient conversion of technical achievements into high-quality products, creating a competitive moat that is hard to replicate. Globalization is steadily advancing, exporting a replicable business system. As ANTA SPORTS brands and products increasingly gain favor among global consumers, the group's "globalization" strategy has once again achieved breakthroughs. By the first half of 2026, the group has expanded into various regions, including Southeast Asia, the Middle East, Africa, North America, and Europe, having established and launched business entities in several countries across Europe and Africa while restructuring its organization to accommodate overseas business expansion needs. The group's overseas business adheres to "global thinking, localized operation," formulating differentiated strategies for distinct regions while reaching local consumers through various channels such as directly operated stores, partnerships, consignment, and brand official websites. As of June 30, 2026, ANTA SPORTS has about 500 overseas single-brand stores. Southeast Asia is a key area for expansion, employing a combination of store expansion and e-commerce development; in the Middle East and African markets, stores have been established in the UAE, Saudi Arabia, Qatar, Egypt, and Kenya; in the mature markets of North America and Europe, partnerships have been formed with mainstream channels such as Foot Locker, DSG, and Amazon; in India, a strategic cooperation has been established with local retail company Brandman Retail to gradually lay out a network of stores in key cities. The group is concurrently iterating its global supply chain and logistics systems, relying on five major supporting projects in the middle and back office to ensure smooth operations of its overseas business. Unlike simple product exports or capital acquisition-style expansion, ANTA SPORTS globalization aims to export not only products but also a comprehensive management operation and brand empowerment system refined through practices in the Chinese market. Relying on a management model of "strong planning, strong management, strong delegation, and strong empowerment," the group adapts to local markets to steadily expand its overseas operations, tapping into the growth potential brought by globalization. This practice also embodies the transformation of Chinas sports industry, with ANTA gradually participating in reshaping the global industry landscape. Conclusion From the perspective of the fluctuations in industry cycles, the core value of ANTA SPORTS mid-term performance extends beyond merely achieving record high revenue. In a consumption environment filled with uncertainties, the group proactively discards the rough expansion model, focusing on store efficiency, product strength, and profit quality, which is indeed the core management philosophy for navigating industry cycles and achieving high-quality growth. Looking ahead, as the "14th Five-Year Plan for Building a Strong Sports Nation" is fully implemented, the public service system for national fitness is expected to accelerate improvements, leading to increased participation rates in sports among residents. With its mature operational layout built from years of deep engagement in sports scenarios, ANTA SPORTS has established a first-mover competitive advantage to capture policy dividends. As the group continues to deepen its multi-brand collaborative growth strategy and leverage its advantages from group operations, it is likely to continue leading industry growth.