An improving investment-grade rating is a working asset for a Chinese group buying European brand equity in euros.
Moody’s Ratings has affirmed ANTA Sports at A3 and moved its outlook to positive from stable, leaving China’s largest sportswear group one notch below Nike on the agency’s scale and pointing upward.
The note, published Sept. 23 in Hong Kong, reflects the agency’s assessment that the group’s balance sheet strength has outpaced its current rating. Vice President Ying Wang described ANTA’s credit metrics as “strong for the current rating level.” Moody’s said it could upgrade the company if it continues to strengthen its market position and diversification while sustaining growth, very low leverage and strong free cash flow.
The scale case is settled. ANTA overtook Nike as China’s largest sportswear company by retail sales value in 2024 and held 21.8 percent of the domestic market in 2025, on Euromonitor figures cited by the agency.
The supporting numbers come from the group’s latest reporting.
Revenue rose 12.9 percent to RMB43.51 billion (€5.48 billion) in the six months to June 30, and the Moody’s-adjusted EBITDA margin reached 36 percent for the 12 months to the same date. Over five years, the group has compounded revenue at 18 percent while keeping the adjusted margin above 30 percent. Leverage, measured as adjusted debt to EBITDA, improved to 0.7x. Net cash stood at nearly RMB40 billion (about €5.04 billion) at the end of June.
The PUMA transaction has been received positively.
China’s State Administration for Market Regulation cleared the deal unconditionally, publishing its decision on Sept. 11. Completion is still expected before year-end, subject to the remaining customary closing conditions. Moody’s expects the holding to broaden ANTA’s brand, product and geographic mix without weakening its credit quality and sees PUMA’s international distribution as a longer-term growth lever. ANTA has ruled out a full takeover and plans to seek board representation.
Outlook
Over the next 12 to 18 months, the agency projects high-single-digit revenue growth, led by DESCENTE and KOLON SPORT, with the ANTA and FILA lines contributing steady performance. Margin is expected to hold at 34 to 35 percent as a richer product mix offsets rising raw material and labor costs.
The constraints are clear: ongoing investment needs, intense competition across core segments, and slower economic growth with subdued consumer spending at home. Chairman Ding Shizhong and his family held 53.4 percent of the company as of June.
