Anta Still Has a Long Way to Catch Up with Nike | Krypton - Big Consumption
Author | Xie Yunzi
Editor | Huang Yida
Amidst numerous acquisition rumors of international brands, Anta Sports released its latest financial report.
In the first half of 2025, Anta Group achieved a revenue of 38.54 billion yuan, a year - on - year increase of 14.3%. Excluding the gains due to the dilution of equity from the listing of Amer Sports, Anta Group's net profit attributable to shareholders increased by 14.5% year - on - year to 7.031 billion yuan.
Looking at the breakdown by brand, the revenue of Anta's main brand increased by 5.4% year - on - year to 16.95 billion yuan, and FILA increased by 8.6% year - on - year to 14.18 billion yuan. Both major brands reached record highs; the revenue of all other brands also soared by 61.1% year - on - year to 7.41 billion yuan.
However, investors in the secondary market showed concerns about this impressive financial report.
After the financial report was announced at noon on August 27, Anta's previously rising stock price suddenly fell. As of September 1, Anta Sports closed at HK$94.85 per share, with the stock price falling by 8.27% cumulatively in four days.
Some views suggest that the reason for the stock price decline may be the market's concerns about the future growth potential of Anta and FILA, the two core brands. At the same time, the overall slump in the Hong Kong stock consumer sector also intensified the volatility of Anta's stock price.
During the reporting period, Anta Group's overall gross profit margin was 63.4%, a year - on - year decrease of 0.7 percentage points.
Bi Mingwei, Executive Director and Chief Financial Officer of Anta Group, said that the slight decline in the gross profit margin was mainly due to "a slight change in online discounts year - on - year, and an increase in the online proportion, while the offline full - price stores maintained the same discount level as the previous period."
The financial report data also showed that in the first half of 2025, the proportion of Anta Sports' online revenue increased by 2.4 percentage points to 36.2%.
In fact, increasing discount efforts and optimizing operational efficiency have almost become one of the main means for domestic sports brands to cope with the industry downturn in recent years.
The picture is from Anta's financial report
The main brand still needs to catch up with Nike
Comparing the performance of other sports brands horizontally, Anta is not the only one with a declining gross profit margin.
In the first half of 2025, Li Ning Company achieved a revenue of 14.817 billion yuan, a year - on - year increase of 3.3%; the net profit attributable to shareholders was 1.737 billion yuan, and the gross profit margin was 50%, a year - on - year decrease of 0.4 percentage points.
Li Ning Company said that the main reason for the decline in the gross profit margin was the adjustment of the channel structure, the decrease in the proportion of revenue from direct - to - consumer channels, and the intensification of direct - sales promotion competition, which led the group to increase discount efforts.
Meanwhile, Xtep International, which has bet on the running segment and accelerated the opening of Saucony stores, saw its net profit in the first half of the year soar by 21.5% year - on - year to 914 million yuan, reaching a record high for its mid - year results since listing. However, Xtep's gross profit margin in the same period decreased slightly by 0.1 percentage points, also due to the increased discount efforts in the e - commerce channel and intensified market competition.
In contrast, the business strategies of Nike and Adidas in China are still in the adjustment period.
In the 2025 fiscal year from June 2024 to May 2025, Nike's total global revenue (excluding Converse) was 46.3 billion US dollars, a year - on - year decrease of 10%. Among them, the Greater China region became the worst - performing regional market. Looking at it quarterly, Nike's net profit in the Greater China region in the fourth quarter decreased significantly by 86% year - on - year to 211 million US dollars.
Nike said that the sharp decline in net profit in the Greater China region was mainly affected by factors such as a high - promotion environment, a decrease in customer traffic, and a slow product update rhythm.
Since last October, Nike veteran He Yanfeng has returned and launched the Win Now plan of "reshaping brand competitiveness and focusing on core sports fields". In a previous report by 21st Century Business Review, Nike's headquarters has gradually delegated power to the Chinese team and said it will continue to increase investment in the Chinese market. Wall Street generally takes a wait - and - see attitude towards He Yanfeng's series of reforms.
On the other hand, Adidas' performance in the Greater China region still leads the world. In the first half of the year, Adidas' revenue in the Greater China region reached 1.827 billion euros (about 15.235 billion yuan), and its operating profit increased by 6% to 481 million euros, with strong growth in all channels, and a 12% growth in the direct - to - consumer business.
In more public contexts, Anta Sports has always aimed to surpass international giants such as Nike and Adidas.
In March 2023, Anta announced its 2022 results. The annual revenue reached 53.651 billion yuan, surpassing Nike China for the first time, showing the late - comer advantage of a local enterprise. Judging from the continuously disclosed operating data later, Anta Sports has firmly occupied the top position in the Chinese market.
However, the revenue of both Anta's main brand and FILA still lags behind Nike to a certain extent.
Adding up Nike's revenue in the Greater China region in the third and fourth quarters of the 2025 fiscal year (1.733 billion US dollars and 1.476 billion US dollars respectively), the total is about 3.209 billion US dollars (22.882 billion yuan), still higher than the revenue of Anta's main brand or FILA in the first half of the year.
Of course, with the continuous growth of Anta's main brand, the gap with Nike is constantly narrowing.
The financial report data showed that from 2022 to the first half of 2025, the revenue of Anta's main brand was 27.72 billion yuan, 30.306 billion yuan, 33.522 billion yuan, and 16.95 billion yuan respectively.
From the 2023 fiscal year (June 2022 to May 2023) to the 2025 fiscal year, Nike's revenue in the Greater China region was 7.248 billion US dollars (about 51.69 billion yuan), 7.545 billion US dollars (about 53.806 billion yuan), and 6.585 billion US dollars (about 46.96 billion yuan) respectively.
It is worth noting that since April 2023, Anta brand has entered the Southeast Asian market. The financial report data has never separately disclosed the revenue of the Greater China region and overseas markets.
In the view of independent fashion analyst Tang Xiaotang, in the mass market, it is a general trend that the market share of international brands in China is gradually being eroded by local brands.
"In the entire retail industry, consumers' pursuit of ultimate cost - performance is always unchanged. This also means that international brands represented by Nike and Adidas need to continuously prove to Chinese consumers that their brands and products can support higher prices." Tang Xiaotang told 36Kr.
However, for Anta's main brand at this moment, its 5.4% revenue growth in the first half of the year did not reach the full - year guidance of high - single - digit growth at the beginning of the year.
Regarding this, Lai Shixian, Executive Director and Co - CEO of Anta Group, said in a conference call that the main reasons were the poor performance of brand franchisees targeting the existing market and the "lack of explosive power" online during the 618 promotion period.
36Kr made the chart based on the financial report
FILA recovers, and Anta weighs its "multi - brand" strategy
Judging from the current development of Anta's main brand, the current narrative still revolves around the diversification of "retail terminals".
In 2024, Anta brand divided its store system into five levels to cover different consumer groups. On this basis, Anta also specially opened a comprehensive brand collection store called "Super Anta". It is reported that Super Anta is like a "sports version of Uniqlo", focusing on cost - performance and providing products for all categories, seasons, and age groups to a wide range of consumers.
While exploring new store formats, Anta's main brand is also gradually phasing out inefficient stores.
In the first half of the year, the main brand closed 10 stores net, and the total number of stores was 9,909. By the end of 2025, the total number of Anta brand stores is expected to remain between 9,600 and 9,800. This means that the main brand still has an adjustment margin of about 100 to 300 stores in the second half of the year.
And at this moment, Anta's main brand seems to have once again stepped into the dividend period of the times.
In the view of Zhang Qing, the founder of Key Road Consulting, with the popularity of phenomenon - level events such as the "Jiangsu Super League" and "Zhejiang BA", 2025 can be regarded as the first year of mass sports events. "From this perspective, whether it is an international brand or a local brand, the narrative style should be closer to the masses. On the product side, it is also necessary to launch mass - market products with ultimate cost - performance."
Another example that reflects the trend of mass sports is the performance of 361 Degrees, which has always been based in the sinking market.
In the first half of this year, 361 Degrees concentrated on opening "super - product large stores" focusing on cost - performance and continuously optimized its e - commerce channels, achieving a relatively high revenue growth rate and a slight increase in gross profit margin. A research report by Changjiang Securities predicts that by the end of 2025, the annual efficiency of a single 361 Degrees super - product store is expected to reach nearly ten million yuan.
In addition, it is worth noting the market performance of FILA. The financial report for the first half of 2025 is also the first financial report after the "handover of power between the old and new management" of FILA.
As a result, FILA's revenue and net profit both achieved high - single - digit growth, showing a recovery trend. However, during the reporting period, FILA's gross profit margin also decreased by 2.2 percentage points year - on - year.
Bi Mingwei explained that the decline in the gross profit margin was because FILA strategically improved the product function and quality, resulting in an increase in costs. At the same time, FILA's online discounts decreased year - on - year, and the proportion of online revenue increased.
Recently, Jiang Yan, the new CEO of FILA, proposed the strategy of "ONE FILA", targeting customers from individuals to families and even communities, and focusing on expanding the two high - end sports segments of tennis and golf. Ideally, FILA's focus on the middle class will further release the brand's potential.
However, some views believe that as a mid - to - high - end brand starting from fashion sports, it is difficult for FILA to achieve a higher growth rate based on the existing market base. Whether it can further strengthen the professionalism of a sports brand in the future remains to be seen.
In addition, the "all other brands" represented by Descente and Kolon saw their gross profit margin increase by 1.2 percentage points due to good discount performance; the operating profit margin was 33.2%, an increase of 3.3 percentage points.
However, the upfront investment in product innovation and channel expansion may bring uncertainties to the financial report performance.
For example, due to the acquisition of the German outdoor brand Jack Wolfskin in the first half of the year, Anta Sports' inventory turnover days increased to 136 days, 22 days more than the same period last year. It is reported that Anta Sports has established a joint management team and will formulate a 3 - 5 - year revival plan for Jack Wolfskin within the year.
36Kr took a screenshot from the financial report
Shortly after the release of the financial report, Ding Shizhong, the chairman of the board of directors, further elaborated on Anta Group's logic of adhering to a multi - brand strategy in a letter to shareholders:
One is to acquire brands with strong brand value and genes and achieve value leap through strategic reshaping; the other is to invest in high - potential emerging brands, establish cooperation at an early stage, and explore common growth.
This undoubtedly reminds people of Anta's cooperation with the South Korean fashion group MUSINSA. MUSINSA started as an online community for sneaker enthusiasts in 2001 and has now developed into the largest fashion platform in South Korea.
In the letter to shareholders, Ding Shizhong added an explanation for this "investment", "This is not a deviation from the main track, but a better way to get closer to the young consumption trend and explore the integration boundary between the big - fashion industry and the sports industry. MUSINSA China will also benefit from Anta's advantages in mid - back - end empowerment, retail, and brand management."
However, Zhang Qing also emphasized to 36Kr that "there is no turning back for sports brands." In his view, sports brands must be based on professionalism, and brand power and high premium can only be established on the basis of professionalism.
This seems to return to the old topic of how to balance "fashion and sports" and "mass and professional".
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This article is from the WeChat official account "36Kr Finance", author: Xie Yunzi, Huang Yida.