Anta (安踏) Growth Narrative Enters a 'Vacuum Period' as Old Engines Slow and New Ones Remain in Build Mode

Reported results and the stalled momentum

It has been reported by Huxiu that Anta (安踏) closed 2025 with revenue of 802.19 billion yuan, up 13.3%, retaining its lead in China’s sportswear market. But beneath the headline number the momentum is uneven. Anta’s core “main” brand grew just 3.7%, while FILA — at an almost 300‑billion‑yuan scale in local terms — expanded only 6.9%, unable to act as the group’s high‑gear growth engine anymore. The real growth driver in 2025 was the “other brands” portfolio — led by Descente (迪桑特) and KeLong (可隆) — which surged 59.2% to 169.96 billion yuan, with Descente’s turnover reportedly topping the 100‑billion‑yuan mark.

Margins, stores and the changing profit mix

Profitability has held up, aided by cost optimisation, but pressure points are clear. FILA’s gross margin fell 1.4 percentage points to 66.4%, and the main brand’s margin was dragged by a higher e‑commerce share; operating margin for the main brand slipped to 18.3% from a long‑held ~20% band. Store expansion is decelerating: Anta’s main brand added only 68 net stores to 7,203 in 2025, and the 2026 guidance points to a net decline (7,000–7,100). At the same time, Descent and other high‑end labels are being grown more cautiously — Descent’s net‑store guidance for 2026 was cut sharply from last year’s 30 to 4–14 — even as KeLong became the group’s fastest growing scale brand.

Strategy, global push and the big question

Anta’s recent growth story was built on multi‑brand M&A, DTC transformation and focused brand incubation: think Arc’teryx (始祖鸟) capitalisation and the boom of Descent. But Huxiu reports that the near term picture is one of “old engines slowing, star engines restrained, and new engines still in the workshop.” Where will the next wave of growth come from? Management is doubling down on R&D (about 2.5 billion yuan in 2025 and a higher R&D spend rate planned for 2026), carbon‑neutral materials and smart wearables, while overseas revenue — still small at about 8.5 billion yuan but growing fast — is being piloted in Southeast Asia via joint ventures and regional distributors. Reportedly, the PUMA deal gives Anta operational and distribution rights in China rather than full ownership, a move market observers see as a defensive play into international sports‑fashion, particularly in a global environment where cross‑border deals face greater strategic scrutiny.