ANTA Sports Products (2020) H2 2024 earnings summary

Executive summary

• Achieved record revenue of RMB 70.83 billion in 2024, up 13.6% year-on-year, with high-quality growth and expanded market share, becoming number one in China by market share.

• Profit attributable to equity shareholders (excluding Amer Sports gains) rose 16.5% to RMB 11.93 billion.

• Maintained high operating efficiency, strong cash generation, and enhanced shareholder returns.

• E-commerce contributed 35.1% of total revenue, up 21.8% year-on-year.

• Operating profit margin declined by 1.2 percentage points to 23.4% due to increased investment in branding, channels, and R&D.

Financial highlights

• Gross profit rose 12.8% to RMB 44.03 billion; gross profit margin was 62.2%, down 0.4 percentage points.

• Operating profit increased 8.0% to RMB 16.60 billion.

• Net profit margin improved to 24.0%, driven by one-off gains from Amer Sports equity dilution.

• Basic EPS rose 50.4% to RMB 5.55.

• Net cash position at year-end was RMB 31.4 billion.

Outlook and guidance

• Expects continued steady growth in the global sports industry and sportswear sector, with a focus on high-quality growth, innovation, and global expansion, especially in Southeast Asia, the Middle East, and developed markets.

• Plans to focus on brand breakthroughs for ANTA and high-quality development for FILA in 2025.

• Targeted store numbers by end-2025: ANTA 6,900–7,000; ANTA KIDS 2,600–2,700; FILA/FILA KIDS/FUSION 2,100–2,200; DESCENTE 260–270; KOLON SPORT 190–200.

• Will continue to invest in digitalization, sustainability, and supply chain innovation.