Revenue 2.7 times, Net Profit 4 times — How Did Anta (安踏) Pull Away From Li Ning (李宁)?

Snapshot

Anta (安踏) has pulled decisively ahead of Li Ning (李宁). In 2025 Anta reported revenue of RMB 802.19 billion yuan (802.19 亿元, about RMB 80.2 billion) and shareholders’ profit of RMB 135.88 亿元 (≈RMB 13.6 billion), roughly 2.7x and more than 4x Li Ning’s revenue and net profit respectively — Li Ning posted RMB 295.98 亿元 (≈RMB 29.6 billion) revenue and RMB 29.36 亿元 (≈RMB 2.9 billion) net profit. How did that gap open up so quickly? The answer lies in contrasting strategic choices, different growth engines, and amplified scale effects as the post‑2021 “support domestic brands” surge matures.

Two divergent plays

Li Ning has doubled down on a single‑brand, product‑led approach: heavy R&D (over RMB 7.02 亿元 in 2025, and more than RMB 40 亿元 over the past decade), a renewed Olympic partnership and a push into running as its flagship category. That focus has sharpened brand identity and product credibility, but it also concentrates risk — single‑brand reach limits exposure to fast‑growing niche segments such as outdoor or high‑end lifestyle, and higher marketing and sponsorship costs have squeezed margins (advertising and promotion exceeded RMB 30 亿元 in 2025).

Anta’s playbook is multi‑brand expansion and aggressive channel control. The group’s “single focus, multi‑brand, global” strategy combines in‑house growth with acquisitions (FILA, DESCENTE, KOLON SPORT, JACK WOLFSKIN) and reported moves into PUMA equity, while scaling direct‑to‑consumer channels and AI‑enabled design and marketing. That matrix lets Anta capture multiple price points and categories at once; it also creates complexity — rising inventories, longer turnover days and integration risks are now the company’s chief operational headaches.

Outlook and geopolitics

Which route wins over the next cycle? Li Ning must convert Olympic investment and product credibility into higher margin growth and new category entries, while Anta needs to manage inventory, integrate acquired brands and preserve brand equity across markets. It has been reported that Anta’s recent overseas deals — including a disclosed stake in PUMA — occur against a backdrop of heightened cross‑border M&A scrutiny as Sino‑Western economic and regulatory tensions persist, a factor that could complicate global expansion. Ultimately, when the wave of “domestic substitution” levels off, execution and portfolio balance — not patriotism‑driven demand alone — will decide who keeps the edge.