As the pace of consumption recovery moderates, the sporting goods industry has moved past its era of broad-based gains. Industry cycles act as a touchstone, revealing the operational fundamentals and strategic resolve of leading enterprises. According to the National Bureau of Statistics, total retail sales of consumer goods reached RMB 24.87 trillion in the first half of 2026, an increase of just 1.3% year-on-year. Growth in the apparel, footwear, hats, and textiles category slowed from 9.3% in Q1 to 6.7% in H1, while retail sales of sporting and entertainment goods fell 2.2% year-on-year in Q2.

Industry analysis indicates that domestic sporting goods companies faced multiple pressures in 2026: a natural cooling of consumer demand after the Spring Festival, unusual weather disrupting offline foot traffic, and a lackluster overall performance during the 618 shopping festival all contributed to a notable slowdown in retail growth. Despite this weak market environment, ANTA Sports has delivered interim results characterized by high-quality growth. The group generated revenue of RMB 43.51 billion in H1, up 12.9% year-on-year; overall gross margin improved by 0.5 percentage points to 63.9%; and operating margin rose 0.7 percentage points to 27%, a seven-year high. During the period, free cash inflow exceeded RMB 11.63 billion, net cash stood at RMB 39.1 billion, and average inventory turnover days fell 6 days year-on-year to 130 days.

Notably, ANTA Sports has maintained its position as the industry leader in the Chinese market for the fifth consecutive year, widening the gap with both domestic and international peers. Based on H1 results across the industry, ANTA Sports' revenue is roughly 2.2 times that of Nike China and 2.7 times that of Adidas China, equivalent to 2.9 times Li Ning, 6.4 times Xtep International, and 7.1 times 361 Degrees. The revenue gap with Nike Greater China has further widened to over RMB 23 billion.

Where the growth is coming from

The core ANTA brand is achieving high-quality growth while the multi-brand matrix works in concert. Achieving steady growth from an already massive base, ANTA Sports' resilience stems from its vision of becoming a world-leading multi-brand sporting goods group. The company continues to refine its unique "brand + retail" business model, building competitive barriers through three core capabilities: multi-brand collaborative management, multi-brand retail operations, and global operations with resource integration. This has enabled the successful execution of its growth formula: multi-brand assets + operational excellence + global synergy = high-quality growth.

In H1, the ANTA brand, FILA, and the other brands segment all achieved record half-year revenue, generating RMB 17.77 billion, RMB 15.05 billion, and RMB 10.69 billion respectively, with year-on-year growth of 4.8%, 6.1%, and 44.2%. Notably, each segment delivered healthy, high-quality growth. With store counts essentially unchanged, all brands saw improved store efficiency, and the ANTA brand has maintained its leading position as China's number one brand for 15 consecutive years.

The ANTA brand has been exploring innovative retail experiences and optimizing its retail channel layout. The brand continues to pioneer new retail spaces, including the ANTA Arena store in Chengdu's prime commercial district and "ANTA Market" concept stores in Shanghai and Shenyang, integrating sports experiences and community engagement into offline settings. Online channels have also performed well, with running shoe categories — especially premium-priced models — significantly improving their online rankings during the 618 promotion. The PG7 cushioned running shoe was named "Best Value Running Shoe" for 2026 by international running media outlet Runner's World, marking recognition of domestic running shoes by international professional evaluation systems. The four major running shoe families, including the C Series and Mach series, sold over 5.6 million pairs in H1, while apparel bestsellers like the Storm Armor jacket, featuring the self-developed fluorine-free ANTA membrane technology, exceeded 2 million units. Technological product strength is cementing the ANTA brand's value-for-money positioning.

FILA is focusing on tennis and golf, iterating its product matrix. The chunky dad-shoe series, including the Fern Grass and Mushroom shoes, sold over 5 million pairs in H1, maintaining strong momentum in its niche. The Muse collection, a new hit in womenswear, has become a new growth driver with over 600,000 units sold. Polo shirts and thin-sole shoes have also performed strongly. At the retail level, ICONA and BIELLA concept stores have completed upgrades, with refined store operations driving improved store efficiency.

The other brands segment, home to Descente and Kolon Sport, has already surpassed its full-year 2024 revenue in H1 alone. This segment adheres to a strategy of prudent store expansion without indiscriminate channel deepening — store counts increased by just 20 and 13 respectively year-on-year, meaning growth came from improved same-store sales and consumer recognition driven by product strength. Descente continues to deepen its focus on skiing, golf, and triathlon, developing the AERO STREAM twin-ski suit based on national team equipment for the Milan Winter Olympics, and launching the "Windbreaker PRO" cycling suit for triathlon scenarios. The D-Fluid running shoe maintains the top position on online platforms for shoes priced above RMB 1,000, capturing a 14% share of that segment, 3 percentage points higher than the second-place competitor. Kolon Sport's advantage categories, including shells and hiking shoes, continue to grow at over 50%, while the brand rounds out its heavy-load hiking product system. Maia Active and Jack Wolfskin are respectively building out yoga and all-scenario professional hiking segments, refining product and retail operating models to create further growth potential.

The performance of the multi-brand segment validates ANTA Sports' philosophy of never compromising brand equity for short-term gains. The group does not demand that every brand pursue the fastest growth at every stage; instead, it respects each brand's development trajectory, investing consistently and managing patiently to allow every brand room to grow healthily. Only when each brand grows healthily can the group achieve long-term, high-quality, sustainable development.

Technology and digitalization underpin the business

Looking at the results across its brands, ANTA Sports' differentiated development strategy has proven highly effective, establishing a solid and diverse competitive advantage in the market and strengthening its voice across various segments. Behind this lies the group's strong emphasis on R&D, treating "heavy R&D investment" as the first priority for continuously creating quality products and achieving sustainable development. In H1, ANTA Sports invested approximately RMB 1.11 billion in R&D, representing 2.5% of revenue, a leading level in the industry. Over the past decade, the group has invested a cumulative RMB 20 billion in innovation, with plans to invest another RMB 20 billion in independent innovation and R&D over the next five years.

The group has established multiple R&D and design centers across China, the US, Japan, South Korea, and Europe, collaborating with over 70 universities and research institutions, more than 250 industry experts, and over 800 suppliers on various technical projects. In 2024, ANTA Sports led the creation of the industry's first innovation consortium and became the first company globally in its sector to receive international ISO innovation certification. The consortium operates on an open-competition mechanism, targeting 3-5 key technological breakthroughs annually. In 2026, it launched two major technology platforms: a bionics platform developed with Oxford University and Jilin University, introducing the ANTA FOLD origami technology; and a titanium alloy technology platform developed with the Chinese Academy of Sciences' Institute of Metal Research, derived from skeleton sled shoe technology used at the Beijing Winter Olympics, capable of delivering technological capabilities across multiple sports equipment categories.

Beyond hard technology iteration, ANTA Sports is using its "AI 365" strategy to break through efficiency barriers across the entire industrial chain. Leveraging its own R&D and data assets, the company has built a fully integrated digital loop covering R&D, supply chain, marketing, and retail. Its proprietary "Linglong" AI large model has dramatically compressed product design cycles; AI trend forecasting combined with small-batch, fast-response models has improved inventory levels; and the "Lingxi" outfit-matching large model enables consumer-facing features like virtual try-ons, with supporting AI tools covering customer service and store operations. This dual engine of R&D and digitalization efficiently converts technological achievements into quality products, building a hard-to-replicate operational moat.

Globalization advances steadily

As ANTA Sports' brands and products gain increasing favor with global consumers, the group's globalization strategy has achieved another breakthrough. In H1 2026, the group had established a presence across Southeast Asia, the Middle East, Africa, North America, and Europe, completing the setup of business entities in multiple European and African countries with organizational structures adapted to support overseas expansion. The group's overseas operations follow a principle of "global thinking, local execution," implementing differentiated strategies for different regions and reaching local consumers through diverse channels including directly-operated stores, joint ventures, consignment arrangements, and brand official websites. As of June 30, 2026, ANTA Sports operated approximately 500 overseas single-brand stores in total.

Southeast Asia, a key expansion region, is being developed through a combination of store openings and e-commerce growth. In the Middle East and Africa, the group has established a presence in the UAE, Saudi Arabia, Qatar, Egypt, and Kenya. In mature markets like North America and Europe, the group has partnered with mainstream channels including Foot Locker, DSG, and Amazon. In India, the group has entered a strategic partnership with local retailer Brandman Retail, gradually building a store network in key cities. The group is simultaneously upgrading its global supply chain and logistics systems, supported by five back-office safeguard projects to ensure smooth overseas operations.

Unlike simple product exports or capital-driven M&A approaches to going global, ANTA Sports' globalization exports not just products but the entire management, operations, and brand empowerment system honed through years of Chinese market practice. Through a management model of "strong planning, strong management, strong empowerment, and strong enablement," the group adapts to each local market, steadily expanding overseas operations and unlocking the growth potential of globalization. This practice also bears witness to the transformation of China's sports industry, with ANTA gradually participating in reshaping the global industry landscape.

Looking ahead

At this inflection point in the industry cycle, the core value of ANTA Sports' interim results extends beyond record revenue. Amid an uncertain consumption environment, the group has proactively abandoned crude scale expansion in favor of deepening store efficiency, product strength, and profitability quality — the fundamental operating philosophy for navigating industry cycles and achieving high-quality growth. Looking forward, as the "15th Five-Year Plan for Building a Sporting Power" is fully implemented, the public fitness service system will accelerate its improvement, and resident participation in sports is expected to rise further. With its mature operational layout built through years of deep engagement in sports scenarios, ANTA Sports has established a first-mover advantage ready to capture policy dividends. As the group continues to deepen its multi-brand synergy strategy and leverage its group-wide operational advantages, it is well-positioned to continue leading industry growth.