China’s sportswear market remains firmly led by Anta, while its stake in Puma underscores growing global ambitions. For 2026, management signals continued growth supported by innovation and a strong balance sheet.
China’s major players in the sporting goods market further cemented their positions in 2025: Anta Sports Products remains the clear market leader and expanded its market share to approximately 21.8 percent. The group increased revenue by 13.3 percent to RMB 80.22 billion (€10.28bn, FY2025 avg FX), reaching a new record high, while operating profit grew disproportionately by 15 percent to RMB 19.09 billion (€2.45bn), indicating robust operating leverage.
| Anta Sports Products - Income | |||
|---|---|---|---|
| FY, ended Dec. 31 (RMB million) | |||
| 2025 | 2024 | Change | |
| Revenue | 80,219 | 70,826 | 13.3% |
| Gross profit | 49,734 | 44,032 | 12.9% |
| Profit from operations | 19,091 | 16,595 | 15.0% |
| Profit for the year | 15,662 | 16,989 | -7.8% |
| Basic EPS | 4.89 | 5.55 | -11.9% |
| Free cash inflow | 16,106 | 13,254 | 21.5% |
| Gross profit margin | 62.0% | 62.2% | -0.2 pp |
| Operating profit margin | 23.8% | 23.4% | +0.4 pp |
| Net profit margin | 19.5% | 24.0% | -4.5 pp |
| Source: Anta Sports Products | |||
China’s sporting goods market remains segmented
The massive scale advantage remains particularly striking: Anta is thus roughly three times the size of Li Ning, which, with revenue of approximately RMB 29.60 billion (€3.79bn), remains in second place and is more dependent on brand momentum and consumption cycles. Xtep International follows behind with approximately RMB 14 billion (€1.79bn) in revenue as the clear number three, focused on the running segment. Overall, the figures underscore the market leader’s structural superiority in breadth, portfolio, and scale, while competitors remain significantly smaller and have a narrower strategic focus.
Anta brand underpins growth
The core Anta brand remains the backbone of the group’s growth, particularly in the mass market segment. In 2025, the brand generated revenue of RMB 34.75 billion (€4.46bn), up 3.7 percent year on year, supported by continued expansion in e-commerce and retail efficiency improvements. While growth is more moderate compared to premium and emerging brands, the Anta label continues to provide scale. It remains central to the group’s distribution strength and multi-brand strategy.
Fila China drives profitability
The premium brand also remains a key growth driver within the group, with its structure playing a decisive role: Anta Sports Products exclusively operates Fila’s business in China (including design, distribution, and retail) after the brand was acquired for the Chinese market in 2009. Globally, however, Fila belongs to the South Korean group Fila Holdings, which controls the rights outside of China. Against this backdrop, Fila China’s revenue rose by 6.9 percent in 2025 to RMB 28.47 billion (€3.65bn), while operating profit grew disproportionately by 10.1 percent to RMB 7.42 billion (€950m), indicating improved profitability in the premium segment.
Smaller brands are catching up
At the same time, the other brands also saw significant growth: Revenue from the smaller brands – including Descente and Kolon Sport – rose by 59.2 percent to RMB 17 billion (€2.18bn), with operating profit increasing by 55.3 percent to RMB 4.74bn (€610m). Despite its already substantial size, the business continues to outperform the overall market and is consolidating its leading position in the high-end sports fashion sector.
Fewer details, more brand focus
It is striking, however, that Anta’s reporting remains relatively aggregated compared to global competitors. While companies like Nike or Adidas break down their revenue in detail by region, distribution channel, and product category, the focus is clearly on brand clusters. This makes it difficult to assess the underlying growth drivers, but at the same time underscores the central role of the multi-brand strategy, which Ding Shizhong, Executive Director and Board Chairman, describes as: “Single-focus, Multi-brand, Globalization.”
A look at the group’s structure reveals why this aggregation makes sense: Behind these figures lies a clearly segmented portfolio that constitutes the group’s true strength. ”At its core, the multi‑brand strategy reflects a long‑term commitment to understanding evolving consumer needs. ‘Great acquisition, great management and great operation’ underpins the sharpening of brand positioning and the development of sustainable growth models,” says Shizhong.
How Anta’s brand strategy works
While the core Anta brand targets the volume-driven mass market, Fila focuses exclusively on the Chinese market, where it has successfully positioned itself in the high-margin premium sports fashion segment. This setup is complemented by specialized performance and outdoor brands such as Descente and Kolon Sport, which also operate primarily in China. They specifically target tech-savvy and affluent consumer groups. With Jack Wolfskin, Anta also has a more internationally oriented outdoor platform with a focus on Europe. In contrast, the stake in Amer Sports secures global access to brands such as Arc’teryx (high-end outdoor) and Salomon (technically oriented performance brand). The portfolio thus follows a clear logic: local scaling in China combined with selective internationalization and access to global premium segments.
Puma as a bridge to the west
Complementing this, the stake in Puma also fits strategically into this multi-layered portfolio – albeit with a different logic than the other brands. The long-established German brand operates globally in the sports and sportswear sector, bridging the gap between performance and lifestyle, and thus addresses a segment that has so far been only partially covered internationally in the Group’s portfolio. While Anta covers virtually all price points and consumer needs in its home market of China through its brands, the company has a much more selective international presence. Puma opens up access to established Western markets as well as global brand awareness and a scalable wholesale and DTC model outside of China.
Positive outlook: Expansion without haste
Against this backdrop, it becomes clear that the sports company, founded in 1991, does not need to conquer Europe to grow. Rather, the investment serves as a strategic lever for brand enhancement, know-how, and geographic diversification. Puma is thus less operationally integrated than, say, Fila China or Descente, but rather primarily a capital-light investment that complements internationalization and secures the portfolio-driven expansion model beyond the domestic market. Accordingly, Shizhong looks positively toward 2026: „This year marks the 35th anniversary of Anta Sports. Having navigated multiple industry fluctuations and consumption cycles, we are confident that, with a steadfast strategy, we will continue building resilience, health and vitality by driving technological innovation, staying anchored in the China market, and expanding globally to compete on the world stage.”
Cash reserves well-stocked for the next step
In addition to its operational performance, Anta Sports Products continues to invest in structural growth drivers. Research and development spending rose to approximately RMB 2.2 billion (€280m) in 2025, accompanied by the launch of the AI365 strategy to further integrate AI across the value chain. At the same time, the group expanded its workforce to more than 69,100 employees and made progress in brand strength and ESG: Anta ranks among the top 10 apparel brands worldwide and was included in the Hang Seng ESG 50 Index for the first time, with an improved MSCI ESG rating of “AA.” This underscores that the Chinese group defines growth not only through scaling but increasingly through innovation and brand strength. And who knows – perhaps the shopping list isn’t quite finished yet, and the Chinese industry leader will surprise us again in 2026. In any case, with net liquidity of around RMB 31.7 billion (€4.06bn), the coffers would certainly be well-stocked.
