12 Sep 2025
Anta’s 1H25 revenue was up by 14.3% YoY to Rmb38.54bn, mainly driven by i) 5.4% YoY growth from core brand sales to Rmb16.95bn as a result of online growth, product enhancement and better store positioning; ii) 8.6% YoY growth from FILA to Rmb14.2bn thanks to growth in e-commerce and higher contribution in functional and footwear products; and iii) 61.1% YoY growth from all other brands to Rmb7.4bn, mainly driven by the better than expected strong performance in Descente and Kolon Sport. Overall GPM was down by 0.7ppt YoY to 63.4% on the back of i) higher sales contribution from lower margin online sales for core Anta brand, and ii) higher costs on increased product functionality and quality from FILA. On the cost side, staff costs ratio increased slightly by 0.2ppt to 15.7%, while A&P ratio was down by 0.9ppt YoY to 6.6% with higher sales and stable A&P expenses. R&D costs was down 0.1ppt YoY to 2.6% in 1H25. Taking out one-off items such as the Rmb1.58bn gain from equity dilution under Amer Sports listing in 1H24 and nil recorded in 1H25, NP surged by 14.5% YoY to Rmb7.03bn, with NPM remained stable at 18.2%. Interim-DPS was at HK$1.37, representing a payout ratio of 50.2% (1H24: 50.1%).