H1 2026: ANTA’s flagship brand stalls as the rest of the portfolio takes over

ANTA Sports Products delivered record first-half revenue and profit, but the performance gap between its brands continues to widen.

Revenue rose 12.9 percent to RMB43.51 billion (€5.54 billion) in the six months ended June 30, while operating profit increased 16.1 percent to RMB11.76 billion (€1.50 billion). Adjusted profit attributable to shareholders, excluding the gain linked to Amer Sports’ March share placement, climbed 12.9 percent to RMB7.94 billion (€1.01 billion).

Yet once again, most of the growth came from outside the company’s namesake brand.

The core ANTA brand increased revenue by just 4.8 percent, extending a slowdown that has become the group’s most pressing strategic challenge. By contrast, FILA accelerated to 6.1 percent growth and improved profitability, while the group’s collection of smaller brands expanded by 44.2 percent, accounting for most of the incremental revenue generated during the period.

Group operating margin improved 0.7 percentage points to 27.0 percent, but the divergence was equally visible at the segment level. ANTA’s operating margin fell 0.8 percentage points to 22.5 percent as the company continued investing in product development, brand building and international expansion. FILA’s margin rose to 28.7 percent, while the “All Other Brands” segment remained the group’s most profitable business with a 33.1 percent operating margin.

ANTA still searching for momentum

The latest figures reinforce concerns that emerged before the July departure of ANTA brand CEO Xu Yang. As SGIE previously reported, Xu resigned after the flagship brand repeatedly fell short of the 10-15 percent growth trajectory he had outlined through 2026. Co-CEO Lai Shixian now oversees the business on an interim basis.

The interim results offered little evidence of a decisive turnaround. Most of the growth is primarily to attribute to e-commerce and children’s products: management however acknowledged continued competitive pressure in China’s mass-market sportswear segment. E-commerce now accounts for 39.1 percent of ANTA brand revenue and grew 13.3 percent during the period.

Rather than pursuing aggressive store expansion, the brand continued refining its retail architecture. ANTA opened its ANTA ARENA flagship in Chengdu, launched the new ANTA MARKET format in Shanghai and Shenyang and continued rolling out its Beacon Store initiative in lower-tier Chinese cities.

Internationally, ANTA expanded further into overseas markets through retail partnerships with Foot Locker and Dick’s Sporting Goods in North America and Brandman Retail in India. Those moves build on the company’s first U.S. flagship store, opened in Beverly Hills earlier this year.

Monobrand stores outside China across ANTA’s portfolio reached roughly 500 locations.

FILA continues to lead on execution

If ANTA is still seeking acceleration, FILA continues to deliver the group’s most consistent performance.

Revenue rose 6.1 percent to RMB15.05 billion, while operating profit increased 9.7 percent and operating margin improved by one percentage point to 28.7 percent. Apparel and e-commerce remained the primary growth drivers.

FILA also continued strengthening its position at the intersection of sport and fashion.

This year, the brand outfitted 16 national teams at the Milano Cortina Winter Olympics. It also used Milan Fashion Week to unveil its MILANO premium collection, later distributed through the landmark retailer 10 Corso Como. 

On the product side, FILA said its dad sneaker franchise surpassed 5 million pairs sold during the first half. The Nuvole franchise advanced to its fourth generation while expanding beyond lifestyle positioning into running, commuting and light outdoor use.

Smaller brands do the heavy lifting

The group’s “All Other Brands” segment, which includes DESCENTE, KOLON SPORT, JACK WOLFSKIN and MAIA ACTIVE, grew revenue 44.2 percent to RMB10.69 billion. Operating profit rose 43.9 percent to RMB3.54 billion.

DESCENTE and KOLON SPORT remained the main growth engines, supported by continued momentum in premium outdoor and specialist sports categories. JACK WOLFSKIN also added revenue following its acquisition in May 2025, and management said it is set to roll out new store concepts and product lines in the second half as part of a broader revitalization plan.

The segment now represents 24.6 percent of group revenue, up from 19.2 percent a year earlier, underscoring how important the specialist portfolio has become to ANTA’s overall growth. For more details on the outdoor-specific brands, refer to our sister publication oicompass.

PUMA remains the strategic wildcard

Beyond operational performance, the market’s focus remains fixed on ANTA’s proposed acquisition of a 29.06 percent stake in PUMA from Artémis for approximately €1.5 billion.

The transaction remained pending as of June 30 and subject to regulatory and closing conditions, but ANTA reiterated its expectation that the deal will be completed before year-end. Once closed, ANTA would become PUMA’s largest shareholder and further strengthen its globalization strategy.

The deal follows ANTA’s broader pattern of combining domestic scale with international brands, a strategy SGIE examined earlier this year in its analysis of the group’s global multi-brand model.

What’s next?

Management maintained a confident outlook for the second half, saying long-term demand for sports participation, health and specialist outdoor categories remains intact despite broader economic uncertainty.

The company reiterated that it does not manage its brands against uniform growth targets. It said it prioritizes operational quality, category positioning and long-term brand building over short-term expansion.

For investors, the key question is no longer whether ANTA Sports can keep growing, but where that growth will come from. The first-half results again showed a group increasingly powered by FILA and its specialist brands, while the flagship ANTA label continues to lag.

As the company expands internationally and prepares to become PUMA’s largest shareholder, restoring momentum at its core brand may be management’s most important task over the next 12 months.