Multi-brand matrix becomes the key to breaking the deadlock, Anta Sports (02020) leads Q4 2025 revenue against the trend

On January 20, 2026, Anta Sports (02020) $ANTA SPORTS (02020.HK)$ disclosed its retail data for Q4 2025 and the full year, providing a clear footnote to the differentiation landscape in the sporting goods industry. Amidst slowing macro consumption momentum, the warmest winter since 1961, and the later timing of the Chinese New Year, leading domestic and international brands faced widespread pressure. However, according to industry information, Anta Group delivered a robust performance with high single-digit growth in Q4 revenue and low double-digit growth for the full year, driven by its 'Single Focus, Multi-Brand, Globalization' strategy. The risk-resistance capability and synergy advantages of its multi-brand matrix formed a distinct competitive barrier during the industry's 'cold winter.'

In Q4 2025, under the compounded impact of multiple unfavorable external factors, demand for core winter apparel categories weakened, and the industry generally fell into the dilemma of a 'peak season not performing well.' The divergence among leading brands further intensified. According to Li Ning’s Q4 2025 operating report, Li Ning brand (excluding Li Ning YOUNG) saw a low single-digit decline in all-channel revenue for Q4. In the Chinese market, Li Ning’s sales outlets (excluding Li Ning YOUNG) decreased by a net of 41 stores compared to the previous quarter. Nike's Greater China revenue for the second quarter of fiscal 2026 (corresponding to September-November 2025) dropped approximately 17% year-on-year, due to reduced store foot traffic and lower sell-through rates, resulting in inventory accumulation that dragged down performance and gross margin.

Against this backdrop, Anta Group’s steady growth stands out even more. Not only did the group achieve steady revenue growth, but core indicators such as retail discounts and inventory health remained within a benign range, demonstrating strong product power, brand strength, and strategic determination not to sacrifice long-term value for short-term revenue. Additionally, during the e-commerce peak season in Q4 2025, the group performed strongly in major platform events like 'Singles' Day' and 'Double Twelve,' with its multi-brand lineup ranking at the top of various sales charts, effectively offsetting some offline traffic pressure and proving its omni-channel operational capabilities.

Anta Group's counter-trend growth stems from the synergistic success of its 'mass-market, high-end, professional' multi-brand matrix. The three segments each play their roles and complement each other to enhance efficiency, forming a risk-resistant structure.

Specifically, in 2025, Anta brand achieved low single-digit positive retail sales growth for the full year. Despite the impact of an overall consumption environment and an unusually warm winter on winter clothing sales in the fourth quarter, core professional sports categories such as running, basketball, training, and high-end technology product lines acted as 'stabilizers,' with sales performance continuing to lead the industry.

The Anta brand firmly adheres to its core strategy of 'mass-market positioning, professional breakthrough, and brand elevation,' continuously ramping up product innovation. Taking running shoes as an example, Anta continues to enrich its professional running shoe portfolio: the PG7 series achieved a breakthrough in cushioning technology, while the C202 marathon running shoes built a solid reputation in professional competition scenarios, precisely meeting the market's demand for upgraded professional sports equipment. These innovative products effectively drove continuous growth in high-performance product sales, helping the brand withstand market volatility risks.

Under the guidance of the new 'ONE FILA' strategy, the FILA brand demonstrated strong market resilience, achieving mid-single-digit positive growth for both the full year and the fourth quarter of 2025. Although the premium sports market where FILA operates was impacted by the consumption environment, the brand maintained stable operations through product innovation and channel optimization. FILA strengthened its focus on tennis, officially releasing its tennis strategy and product roadmap, clearly outlining its commitment to co-create China's tennis ecosystem. Tennis-focused products like the Victory Jacket, Suzanne Skirt, and BB1 POLO showed outstanding sell-through rates. FILA also introduced the 'Breathable Shell'冲锋衣 (outdoor jacket), featuring its proprietary OPTIMA-SHELL tech membrane that blends professional outdoor technology with comfortable daily wear, showcasing dual success in product innovation and market responsiveness.

In 2025, all other brands under Anta Group achieved retail sales growth of 45-50% for the full year and robust growth of 35-40% in the fourth quarter. According to market information, Descente’s revenue may have exceeded 10 billion yuan, becoming another brand after FILA and Anta Kids to surpass 10 billion yuan in revenue, maintaining impressive growth even with an expanded revenue base.

Other brands have become the third growth engine for Anta Group, marking that the group's layout in premium outdoor and professional sports segments has entered a harvest phase, fully validating the foresight and effectiveness of its multi-brand strategy. This structure—steady growth from core brands and explosive growth from niche brands—is especially valuable in today's competitive environment.

According to Zhitong Finance, the success of Anta Group’s multi-brand matrix lies in the deep logic of 'resource sharing, complementary positioning, and risk hedging.' In terms of brand positioning, a gradient layout covering price points from hundreds to thousands of yuan has been established, comprehensively meeting diverse consumer demands, while main competitors either lack strength in high-end positioning or have insufficient penetration in the mass market.

Operationally, shared supply chains, channels, and digital capabilities allow R&D technologies to empower brands horizontally, reducing marginal costs, contrasting sharply with peers’ multi-brands operating independently. Based on disclosed data, the group’s profitability is expected to remain stable, supporting ongoing multi-brand expansion.

Looking ahead to 2026, the industry still faces challenges such as uncertain consumer recovery and intensifying competition, but Anta Group's multi-brand advantage will further expand. In the short term, delayed demand due to the warm winter is expected to be released in Q1; in the long run, technological iteration of the main brand, FILA’s market share increase, rapid growth of emerging brands, and globalization efforts will form key drivers. As an important step in its global strategy, Anta Group is advancing overseas expansion, gradually implementing its 'Three-Year Thousand Stores Plan' in Southeast Asia, creating a growth synergy between domestic and international multi-brand matrices. The steady progress of this plan will lay a solid foundation for the group to achieve long-term overseas revenue targets for its main brand.

During this critical period when the industry is transitioning from 'scale expansion' to 'quality improvement,' Anta’s counter-trend growth provides a valuable case study. Its multi-brand matrix acts as both a risk-resilient 'buffer' and a growth 'engine.' In the future, with the release of synergies, increased R&D investment, and deeper globalization, Anta Group is poised to continue leading the industry, consolidating its global leadership position, and writing a new chapter in the high-quality development of Chinese sports brands.

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