ANTA Sports Products (2020) H1 2026 earnings summary

Executive summary

• Revenue for the first half of 2026 rose 12.9% year-over-year to RMB43.51 billion, driven by strong e-commerce and multi-brand strategy.

• Profit attributable to equity shareholders (excluding Amer Sports one-off) increased 12.9% to RMB7.94 billion, while reported profit rose 34.9% to RMB9.49 billion.

• Operating profit margin improved by 0.7 percentage points to 27.0%, the highest since H1 2019; gross profit margin rose to 63.9%.

• E-commerce contributed 35.7% of total revenue, up 15.7% year-over-year.

• The Group advanced its globalization strategy, including the pending acquisition of a 29.06% stake in PUMA SE and completion of Amer Sports Placing 2026.

Financial highlights

• Group revenue: RMB43,507 million (+12.9% YoY); ANTA: RMB17,771 million (+4.8%), FILA: RMB15,045 million (+6.1%), Other brands: RMB10,691 million (+44.2%).

• Gross profit margin: 63.9% (+0.5ppt YoY); operating profit: RMB11,760 million (+16.1% YoY); net profit margin: 25.1%.

• Basic EPS increased 34.7% to RMB3.42; diluted EPS up 34.7% to RMB3.34.

• Interim dividend per share: HKD 0.151 (+10.2% YoY); payout ratio 50.3% of adjusted profit.

• Net cash position: RMB39.1 billion (+23.3% YoY); free cash inflow: RMB11,630 million (+54.2% YoY).

Outlook and guidance

• Management expects steady industry performance in H2 2026, with niche and professional outdoor segments maintaining strong growth.

• Continued investment in AI, digitalization, and international expansion, including the pending PUMA SE acquisition.

• Focus on healthy, sustainable growth for each brand, not uniform growth targets.

• New products and store formats for MAIA ACTIVE and JACK WOLFSKIN to contribute in H2.