Anta Sports’ 2025 results showed that most of its growth came from Fila (China) and smaller brands rather than from the core Anta label, underscoring the company’s increasing reliance on its broader portfolio.
Group revenue rose 13.3% year-on-year to RMB 80.22 billion (USD 11.6 billion). Operating profit increased 15% to RMB 19.09 billion (USD 2.8 billion), and operating margin widened 0.4 percentage points to 23.8%. But revenue at the Anta brand grew just 3.7% to RMB 34.75 billion (USD 5 billion), compared with a 6.9% increase at Fila to RMB 28.47 billion (USD 4.1 billion) and a 59.2% rise at all other brands to RMB 17 billion (USD 2.5 billion).
The results were broadly consistent with Anta’s January warning that fourth-quarter retail conditions had softened. At the time, the company cited weaker consumer sentiment, unusually warm weather, heavy Singles’ Day promotions, and steeper discounting across the sector. It also said the mass market segment was more exposed, while the premium segment was relatively more resilient.
That divide was reflected in the segment figures. Fila’s operating profit rose 10.1% to RMB 7.42 billion (USD 1.1 billion), while operating profit from all other brands climbed 55.3% to RMB 4.74 billion (USD 686.4 million). Descente, one of the smaller labels in that group, exceeded RMB 10 billion (USD 1.4 billion) in retail sales for the first time. Based on company figures, all other brands accounted for about 21% of group revenue in 2025, up from roughly 15% in 2024.
The full-year figures also point to weaker momentum later in the year. Anta’s operating margin was 26.3% in the first half of 2025, compared with 23.8% for the full year, suggesting a softer second half as retail conditions cooled. The core Anta label also underperformed the group average. Its operating profit rose 2.5% to RMB 7.21 billion (USD 1 billion), slower than its revenue growth and well behind the gains posted by higher-end and newer brands.
Anta’s balance sheet remains a source of flexibility. Free cash flow rose to RMB 16.11 billion (USD 2.3 billion) from RMB 13.25 billion (USD 1.9 billion) a year earlier, and the company ended 2025 with a net cash position of about RMB 31.72 billion (USD 4.6 billion).
In February, Anta agreed to buy a 29.06% stake in Puma for EUR 1.5 billion (USD 1.7 billion), a transaction that would make it the German sportswear group’s largest shareholder.
The 2025 results suggest Anta’s multi-brand model is doing more than adding scale. It is helping offset slower growth at the core brand, while giving the company more room to keep investing in newer labels and overseas expansion.
Note: EUR, RMB figures are converted to USD at rates of EUR 0.86 = USD 1 and RMB 6.91 = USD 1 based on estimates as of March 26, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.