31 Mar 2026
Anta’s FY25 revenue was up by 13.3% YoY to Rmb80.22bn driven by the YoY rise in Anta brand/ FILA/ Other brands by 3.7%/ 6.9%/ 59.2% to Rmb34.8bn/Rmb28.5bn/ Rmb17.0bn respectively driven by better brand positioning and growing e-commerce. Overall GPM was down by 0.2ppt YoY to 62.0%, as i) Anta brand’s GPM down 0.9ppt to 53.6% due to higher sales from lower margin online biz; and ii) Fila brand’s GPM down 1.4ppt to 66.4% due to increasing costs on improving quality and functionality, and also higher sales in lower margin online biz. On the cost side, S&D cost ratio declined from 36.2% in FY24 to 35.5% in FY25, mainly due to a 1.0ppt decline in A&P expenses as more A&P campaigns in FY24 as it was a major sports year, while admin cost ratio up by 0.6ppt YoY to 6.5% on increased staff costs. After adjusted for one off items such as gains from equity dilution under Amer Sports listing and placing in FY24, FY25 NP surged by 13.9% YoY to Rmb13.6bn, with NPM up 0.1ppt YoY to 16.9%. Final-DPS was at HK$108 cents, representing a full year payout ratio of 50.1% (FY24: 51.4%).