ANTA SPORTS (02020): Leading the industry in third quarter revenue, multiple brand matrix forming a strong force.

On October 27, ANTA SPORTS (02020) disclosed the performance announcement for the third quarter of 2025. The retail sales of ANTA brand and FILA brand both achieved single-digit year-on-year growth in retail amount (calculated by retail value). The retail sales of all other brands (excluding brands newly added to the group after January 1, 2024) saw a year-on-year increase of up to 45%-50%. It is noted that in the third quarter, the sports apparel industry showed a trend of differentiation in volume and price, with intensified competition. Many international and domestic sports brands were under pressure, with performance remaining flat or declining. However, ANTA SPORTS, with a clear brand matrix and precise category strategy, demonstrated growth resilience far exceeding the industry average, further solidifying its leading position in the domestic sports market. Looking at the industry as a whole, the growth rate of total retail sales of consumer goods in the third quarter of 2025 slowed down compared to the second quarter, with the apparel and textile category only achieving single-digit growth, reflecting the general pressure faced by the market. Additionally, the unusually high temperatures in the third quarter delayed the sales rhythm of autumn and winter clothing, collectively leading to a short-term market weakness. According to a Guosen research report, third-party e-commerce data showed further differentiation in China's sports sub-category market in the third quarter. Performance in sportswear was better than in sports shoes, with running shoes remaining one of the few categories maintaining a high level of prosperity, while basketball shoes, board shoes, and other categories continued to be under pressure. In comparing sales data of leading sports brands domestically and internationally, a clearer trend of differentiation is observed. International brands are still in a period of adjustment, as evidenced by NIKE, Inc. Class B (NIKE.US) reporting a 10% revenue decline to $1.5 billion in Greater China for the first quarter of the 2026 fiscal year. On October 24, LI NING (02331) disclosed a mid-single-digit year-on-year decrease in retail sales revenue on its platforms for the third quarter ending on September 30, 2025. ANTA SPORTS has maintained a stable fundamental position in a relatively weak consumer environment due to the group's vision of becoming a world-leading multi-brand sports equipment group. ANTA SPORTS constantly refines its unique business model of "brand + retail" through its core competencies in "multi-brand synergy management," "multi-brand retail operations," and "global operations and resource integration," establishing a significant lead over competitors and implementing a growth model of "multi-brand assets + outstanding operations + global synergy = high-quality growth." In the third quarter, ANTA SPORTS successfully maintained the offline discount rates for ANTA and FILA brands at a stable level, and the overall inventory-to-sales ratio also stayed within a healthy range. This demonstrates ANTA SPORTS' strategic focus on brand value, profitability, and inventory health, rather than blindly pursuing scale. Since 2025, the ANTA brand has adhered to the core strategy of "mass positioning, professional breakthrough, and brand enhancement," accurately gaining market share. The ANTA brand has continued to enrich its professional running shoe matrix, with the PG7 series achieving record sales due to its cushioning technology breakthrough, and the C202 marathon running shoe establishing a good reputation in professional event scenes, meeting the market's demand for upgraded professional sports equipment. The third quarter saw the launch of several key new products and technology platforms, such as the PG7 series "Travel 2.5," the new nitrogen technology C family, and fluorine-free Storm Armor, which effectively drove continuous growth in sales of high-performance products. Compared to some domestic brands that have reduced their focus on categories like basketball shoes, ANTA's category-focused strategy effectively mitigated market volatility risks. The FILA brand has shown strong market resilience in the high-end sports fashion segment. Despite being affected by the consumer environment in the high-end sports market where FILA operates, the brand has maintained steady operations through product innovation and channel optimization. FILA has strengthened its tennis expertise, officially launching a tennis strategy and product strategy, clearly outlining its layout for co-creating the Chinese tennis ecosystem. Tennis-oriented products such as Victory Jacket, Susan Skirt, and BB1 POLO all had significantly higher sell-out rates in the third quarter than the market average. FILA introduced the "Breathable Shell" windbreaker, independently developing the OPTIMA-SHELL technology film, blending professional outdoor technology with comfortable daily wear experience. The release of this series in collaboration with actor Huang Jingyu was a success, with the first-available products selling out on Tmall Super Brand Day, showcasing the brand's success in product innovation and market response. The growth of all other brand segments has become a key engine driving ANTA SPORTS' growth, indicating that the group's layout in select high-end outdoor and professional sports sub-categories has entered a harvesting period, fully validating the foresight and effectiveness of ANTA SPORTS' multi-brand strategy. This model of stable growth for core brands and explosive growth for sub-brands is particularly valuable in the current competitive environment. Looking ahead to the fourth quarter, ANTA SPORTS' growth logic remains sustainable. Industry trends show a continued increase in the penetration rate of sports and outdoor categories, with clear high-growth trends in sub-categories such as running shoes and outdoor gear, where ANTA SPORTS has already established a multi-brand, full-price range layout. With the deepening integration of international brands and ongoing innovation of local brands, the group's strategic positioning as a "global multi-brand group" will be further solidified. According to third-party e-commerce platform data on the "Double 11" sales event (as of October 25), ANTA SPORTS' brands have demonstrated strong competitiveness in sub-categories. In the sports footwear and apparel category, the FILA brand ranked top on both Tmall and Douyin platforms, with the Douyin channel maintaining growth at a rate of over 30% even without major influencer live streams. The ANTA brand also performed well on both platforms. The Diadora brand ranked in the top 10 on Tmall and achieved double-digit growth. In the mother and baby apparel category, the combined sales of ANTA and FILA brands ranked second and third respectively on both platforms, with FILA's GMV scale on Tmall approaching the top spot. In the outdoor footwear and apparel category, Keen ranked fourth on Tmall and entered the top 10 on Douyin, with the growth rate on the Douyin platform doubling. In this critical period of transition from "expansion in scale" to "improvement in quality" in the sports apparel industry, ANTA SPORTS has proven with solid sales performance that a multi-brand matrix and a strategy focused on professional category alignment is an effective path to withstand market fluctuations and achieve sustained growth. Compared to the adjustment pains of international brands and the growth pressures faced by local peers, ANTA has built a unique competitive advantage. Its deep layout in sub-categories and global operational capabilities are expected to continue unlocking growth potential, leading Chinese sports brands towards a higher quality development stage.