ANTA Sports Products (2020) H2 2025 earnings summary

Executive summary

• Achieved record revenue of RMB80.22 billion, up 13.3% year-over-year, driven by multi-brand strategy and e-commerce growth.

• Profit attributable to equity shareholders (adjusted) rose 13.9% to RMB13.59 billion.

• Maintained high operating efficiency and strong cash generation, with free cash flow up 21.5% to RMB16.11 billion.

• Stable dividend payout ratio at 50.1% of adjusted profit.

Financial highlights

• Gross profit margin stable at 62.0%, down 0.2 ppts year-over-year.

• Operating profit margin improved to 23.8%, up 0.4 ppts.

• Net cash position reached RMB31.7 billion, up 1.0%.

• E-commerce contributed 35.1% of total revenue, up 15.5% year-over-year.

• Basic EPS at RMB4.89.

Outlook and guidance

• Aims to become a leading global multi-brand sportswear group, focusing on product-driven growth and operational efficiency.

• Plans to optimize inventory, enhance channel quality, and expand store network across brands by end of 2026.