ANTA Sports Products (2020) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 reached RMB38.54 billion, up 14.3% year-over-year, marking a record high and outperforming the industry.

• Operating profit rose 17.0% to RMB10.13 billion, with profit attributable to equity shareholders (excluding Amer Sports gain) up 14.5% to RMB7.03 billion.

• E-commerce contributed 34.8% of total revenue, with a 17.6% increase year-over-year.

• Achieved double-digit growth in both revenue and profit, driven by a multi-brand strategy and e-commerce expansion.

• Completed the acquisition of JACK WOLFSKIN, strengthening the outdoor segment and global expansion.

Financial highlights

• Gross profit margin declined by 0.7 percentage points to 63.4%, mainly due to higher e-commerce and footwear mix.

• Operating profit margin improved by 0.6 percentage points to 26.3% year-over-year.

• Net cash position stood at RMB31.5 billion as of June 30, 2025.

• Free cash inflow was RMB7.55 billion; net cash inflow from operating activities was RMB10.93 billion.

• Interim dividend declared at HK137 cents per share, up 16% year-on-year, with a payout ratio of 50.2%.

Outlook and guidance

• Will continue "Single-focus, Multi-brand, Globalization" strategy, focusing on innovation, digitalization, and sustainability.

• Targeting 7,000–7,100 ANTA stores and 2,100–2,200 FILA stores by year-end 2025.

• Continued investment in AI, R&D, and green products to drive long-term growth and profitability.

• ANTA and FILA to remain core growth drivers, with product innovation and retail transformation.

• Newly acquired businesses to have revitalization plans within the year.