Anta (安踏) Says Arc'teryx/Salomon/Wilson Holdings Returned 1.2 Billion Yuan — Proof That Global Strategy Is Paying Off

Earnings and the 1.2 billion yuan boost

Anta (安踏) reported that its equity share of Amer Sports — the owner of Arc'teryx (始祖鸟), Salomon (萨洛蒙) and Wilson (威尔逊) — delivered RMB 12.03亿元 (about RMB 1.2 billion) to the group in 2025. That windfall helped China’s largest sporting-goods company push full-year revenue up 13.3% to RMB 802.19亿元 and operating profit 15% to RMB 190.91亿元, lifting operating margin to 23.8%. The management argued the milestone shows Anta’s multi-brand, globalization play is starting to produce tangible profit contribution, not just an international growth story.

Portfolio moves and overseas expansion

Anta has been expanding overseas by mixing minority stakes and acquisitions rather than simply exporting Chinese SKUs. It completed the RMB-equivalent $290m purchase of German outdoor brand Jack Wolfskin (狼爪) in May 2025, grew its own overseas sales about 70% to break RMB 8.5亿元, and reportedly plans a proposed €1.5 billion bid for a 29.06% stake in PUMA that would make Anta the single largest shareholder without seeking a full takeover. At year-end Anta’s stake in Amer had diluted from about 43.3% at IPO to 39.54% while its voting power remained at 41.96%, letting the company share global brand upside without fully consolidating costly global operations.

Margin pressure, brand dynamics and why FILA matters

The report also flags near-term costs. Group gross margin slipped to 62.0%, with Anta-brand and FILA margins down amid bigger R&D and product investments and a higher online mix where discounts are steeper. FILA, however, remains a reliable cash engine: revenue rose nearly 7% and operating margin improved to 26.1% as the label monetizes sport‑fashion in tennis, golf, polo and lifestyle categories. Management says growth from premium outdoor labels (Descente/迪桑特, Jack Wolfskin/可隆) is not driven by heavy discounting, pointing to healthier quality of sales across its multi-brand matrix.

Competition, geopolitics and the integration test ahead

Anta pitched these results against global peers: Adidas posted record revenue and healthy China margins, Nike is still repairing its Greater China performance, and PUMA is weaker — underscoring that international brands can still regain ground in China. But Anta’s next big tests are clear: can it integrate Jack Wolfskin and other recent buys, and if the PUMA investment completes, manage a mature global consumer brand amid tighter cross‑border scrutiny of Chinese outbound deals? The company is betting that a diversified brand portfolio — not a single‑brand duel with Nike or Adidas — is the route to becoming a true global sportswear group.