What happened
Anta reported H1 revenue of 43.51 billion yuan, its first half-year revenue above 40 billion yuan. Net profit rose 34.9% year-over-year, including a one-time 1.549 billion yuan gain from an Amer Sports placement; excluding that, net profit grew 12.9%.
A closer look at segments shows diverging growth: the Anta main brand's revenue grew 4.8% to 17.77 billion yuan, but operating profit rose only 1.2%. FILA grew 6.1% to 15.05 billion yuan with operating profit up 9.7%, while Descente, Kolon and other brands surged 44.2% to 10.69 billion yuan with operating profit up 43.9%.
The core brand recently went through a management change, with CEO Xu Yang resigning in July after a three-year experiment. His successor, co-CEO Lai Shixian, is merging operations and stopping expansion of the Super Anta format.
Why it matters
The figures indicate Anta Group's growth engine is shifting from its founding brand to acquired outdoor and premium labels. The main brand's 'mass positioning, brand upward' strategy, which included Super Anta and SV sneaker stores, failed to sustain profit growth, underscoring a clash between mass-market efficiency and premium-brand logic.
Anta's reliance on acquisitions is deepening — it struck a deal to buy 29.06% of Puma for about 12.278 billion yuan earlier this year. While such moves have worked before, they make group growth dependent on buying well rather than operating well, adding risk if deals stumble.
Market valuations reflect this: Anta trades at about 12 times forward earnings, well below Asics at 24 times and Amer Sports at 22 times, despite similar growth. Daiwa and CLSA raised target prices to HK$108 and HK$110, but the valuation gap suggests investors are pricing in core-brand uncertainty.
Key facts
Anta's H1 revenue reached 43.51 billion yuan, a first for a half-year period.
Net profit rose 34.9% overall, but only 12.9% excluding the 1.549 billion yuan one-time gain from the Amer Sports placement.
The core Anta brand saw operating profit grow just 1.2% while revenue grew 4.8%, the only segment with profit trailing revenue.
Xu Yang resigned as head of the core brand in July; stores net decreased by 173 during the period.
Anta agreed to acquire 29.06% of Puma for roughly 12.278 billion yuan earlier this year.
Daiwa and CLSA raised their target prices to HK$108 and HK$110 respectively.
What to watch next
Will the core Anta brand, under CEO Lai Shixian, find a path to rebuilding competitiveness through efficiency and cost-effectiveness rather than premium storytelling? The 2026 target of 600 billion yuan for the brand appears far off, leaving room for strategy adjustments.
Watch for the Puma acquisition's completion and how it affects Anta's balance sheet and growth model. If M&A closes, Anta's portfolio will lean even more toward acquired brands, potentially reinforcing its shift toward an asset-management style.
The market's valuation discount may narrow or widen depending on whether the core brand can improve profit margins while maintaining mass-market reach. Any progress in the second half could shift sentiment.