ANTA Sports Products (2020) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 reached a record RMB38.54 billion, up 14.3% year-over-year, with all brands outperforming the market and e-commerce contributing 34.8% of total revenue, up 17.6%.

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

• Maintained high operating efficiency and strong cash flow, with a net cash position of RMB31.5 billion as of June 30, 2025.

• Enhanced shareholder returns with a 16.1% increase in interim dividend per share to HKD 1.37 (HK137 cents), maintaining a payout ratio of 50.2%.

• Completed the acquisition of JACK WOLFSKIN for USD290 million, strengthening the outdoor segment and global expansion.

Financial highlights

• Gross profit margin was 63.4%, down 0.7 percentage points year-on-year due to increased e-commerce and footwear mix.

• Operating profit margin improved to 26.3%, up 0.6 percentage points year-on-year.

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

• Earnings per share (basic) was RMB2.53; diluted EPS was RMB2.48.

• Gearing ratio increased to 20.3% from 15.9% at year-end 2024.

Outlook and guidance

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

• ANTA and FILA will remain core growth drivers, with targeted store expansion and product innovation.

• Other brands like DESCENTE, KOLON SPORT, and MAIA ACTIVE are expected to sustain high growth and expand channels.

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

• Targeting 7,000–7,100 ANTA stores, 2,600–2,700 ANTA Kids stores, and 2,100–2,200 FILA/FILA Kids/FILA Fusion stores by end of 2025.