On October 27, ANTA SPORTS (02020) disclosed its operational performance for Q3 2025. Both the ANTA brand and FILA brand achieved low single-digit year-on-year growth in retail sales (by retail value, same below), while all other brands (excluding those acquired after January 1, 2024) surged 45%-50% YoY. Notably, the sportswear industry in Q3 faced intensified competition and diverging volume-price trends, with many international and domestic brands under pressure—reporting flat or declining performance. ANTA SPORTS, however, demonstrated resilience well above the industry average, leveraging its well-structured brand portfolio and precise category strategy to further solidify its leadership in China’s sportswear market.

From a broader industry perspective, Q3 2025 saw a slowdown in China’s total retail sales of consumer goods compared to Q2, with apparel, footwear, and textiles growing only at a low single-digit rate, reflecting widespread market pressure. Additionally, prolonged high temperatures delayed autumn-winter sales, contributing to short-term softness. According to a Guosen Securities report, third-party e-commerce data revealed further divergence in China’s sportswear subcategories: activewear outperformed athletic footwear, with running shoes remaining a bright spot while basketball and casual shoes faced sustained pressure.

A cross-comparison of leading global and domestic brands highlights this divergence. International brands remain in adjustment mode—Nike (NKE.US) reported a 10% decline in Greater China revenue ($1.5B) for Q1 FY2026 on October 1. On October 24, Li Ning (02331) disclosed mid-single-digit YoY declines in Q3 2025 retail sales.

ANTA SPORTS’ ability to maintain robust fundamentals amid weak consumption stems from its unique "brand + retail" model, driven by its vision to become a "world-leading multi-brand sports group." The company’s three core competencies—multi-brand synergy management, retail operations, and global resource integration—have set it apart from peers, validating its growth formula: "multi-brand assets + operational excellence + global synergy = high-quality growth."

In Q3, ANTA SPORTS stabilized offline discount rates for both ANTA and FILA brands while maintaining healthy inventory levels, underscoring its disciplined focus on brand value, profitability, and inventory health over sheer scale.

Breaking it down: - **ANTA Brand**: Executing its "mass positioning, professional breakthrough, brand elevation" strategy, ANTA expanded its professional running shoe lineup. The PG7 series hit record sales with upgraded cushioning tech, while the C202 marathon shoe gained traction in competitive events, aligning with demand for high-performance gear. Key Q3 launches included the PG7 "Lübu 2.5," nitrogen-tech C-family, and fluoride-free storm jackets, driving premium product growth. Unlike peers retrenching in basketball shoes, ANTA’s category focus mitigated market volatility. - **FILA Brand**: The premium sportswear label demonstrated resilience through product innovation and channel optimization. FILA strengthened its tennis focus, launching a dedicated strategy and products like the Victory Jacket, Susan Skirt, and BB1 Polo—all with sell-through rates well above average. Its self-developed OPTIMA-SHELL "Breathable Shell" tech merged outdoor functionality with comfort, with a celebrity-collab release selling out during Tmall’s Super Brand Day. - **Other Brands**: This segment’s sustained high growth (45%-50% YoY) emerged as a key engine, validating ANTA’s early bets on premium outdoor and professional sports niches.

Looking ahead, ANTA’s growth trajectory remains sustainable. Sportswear and outdoor penetration continues to rise, with running and outdoor subcategories poised for strong growth—areas where ANTA has full price-band coverage. Deepening global integration and local innovation will further cement its "global multi-brand" positioning.

Early "Double 11" data (as of October 25) highlights ANTA’s competitive edge: - **Activewear**: FILA leads on Tmall and Douyin (latter growing >30% without influencer livestreams); ANTA ranks top-tier; DESCENTE cracks Tmall’s TOP10 with double-digit growth. - **Kids’ Footwear**: ANTA and FILA hold No. 2 and 3 across platforms, with FILA nearing Tmall’s top spot. - **Outdoor**: KOLON ranks No. 4 on Tmall and enters Douyin’s TOP10, doubling YoY.

As the industry shifts from "scale expansion" to "quality growth," ANTA SPORTS proves that a multi-brand matrix and category focus can weather volatility and sustain growth. With deeper subcategory moats and global capabilities, ANTA is uniquely positioned to lead China’s sportswear evolution into a higher-quality era.