ANTA’s China leadership, expanding high-margin outdoor brands and strong cash generation support a compelling long-term growth case at 13.3x earnings, despite macro, fashion-cycle and international-investment risks.
Overview
ANTA Sports is a Greater China multi-brand sportswear leader and the third-largest sporting goods manufacturer globally by revenue. Its portfolio spans mass-market ANTA, premium FILA and higher-growth outdoor labels, with strategic equity holdings in Amer Sports and Puma. The company combines more than 10,000 retail locations, a domestic supply chain and direct e-commerce that represented 35.7% of 1H 2026 revenue. **The latest interim results showed both growth and operating leverage:** revenue rose 12.9% year over year to RMB 43.51 billion, operating profit increased 16.1% to RMB 11.76 billion, and operating margin expanded 70 basis points to 27.0%. Free cash flow climbed 54.2% to RMB 11.63 billion. All Other Brands revenue grew 44.2%, while FILA’s margin reached 28.7%. Management reaffirmed full-year double-digit revenue growth and stable operating margins. At approximately 13.3x TTM earnings, the shares trade below the cited five-year average of 24.5x despite ROE above 23% and a double-digit growth outlook. **Near-term catalysts** include Q3 retail-sales data, continued outdoor-brand growth and international portfolio progress; risks include China demand and Puma execution.