Anta (安踏) made money, but was slow

Results: solid cash, soft edges

Anta (安踏) reported 2025 revenue of RMB 80.219 billion, up 13.3% year‑on‑year and the first time the group cleared the RMB 80 billion mark. The company said Chinese market share reached 21.8%, keeping Anta top of the domestic industry, and global ranking had moved into the top three. Yet the headline numbers mask a mixed picture: shareholders’ profit fell 12.88% on a high 2024 one‑off from the Amer Sports listing, while core shareholder profit (adjusted) rose 13.9% to RMB 13.588 billion and operating profit improved 15% to RMB 19.091 billion. Free cash flow was healthy at RMB 16.106 billion and net cash about RMB 31.719 billion — the balance sheet gives Anta room to spend on M&A and overseas expansion.

Where growth came from — and where it didn’t

Growth was structurally uneven. Anta’s eponymous main brand grew just 3.7% to RMB 34.754 billion, slowing sharply from double‑digit prior years and dropping to 43.3% of group revenue. FILA (斐乐) rebounded under a “ONE FILA” premium strategy, with revenue up 6.9% to RMB 28.469 billion and higher operating margin. The real engine was the specialist/outdoor portfolio — Descente (迪桑特), Kolon (可隆) and Arc’teryx (始祖鸟) — which surged 59.2% to RMB 16.996 billion, with Descente crossing the RMB 10 billion mark. Importantly, that growth appears to be at quality: channel discounts stayed above 90% full price and outdoor store productivity rose, suggesting demand rather than pure price clearing.

Risks, strategy and the global test

But problems persist. Gross margin dipped 0.2 percentage points to 62.0%; Anta brand margin fell 0.9 points to 53.6% and FILA’s margin eased to 66.4%. Inventory days climbed from 123 to 137 and stock value rose to RMB 12.15 billion, raising the specter of margin‑eroding promotions and a “low‑price → low‑premium → inventory” cycle. Overseas traction remains limited: over 460 foreign stores, but international sales still under 10% of revenue and concentrated in Southeast Asia. Can Anta translate scale at home into a world‑class brand in Europe and North America amid geopolitical headwinds and tougher scrutiny? It has been reported that the group is pursuing further cross‑border deals — including a planned partial stake in PUMA, reportedly under consideration — but Western market breakthrough remains the critical, and uncertain, next step.