13 November 2025
Anta announced its 3Q25 operational results, with retail sales for its Anta Core Brand recorded a LSD growth YoY (2Q25: +LSD, 1Q25: +HSD). Adult sales grew by LSD YoY and kids sales grew by MSD YoY. Online sales was up by HSD YoY, compared with 2Q25 LSD growth, while offline sales grew by LSD YoY, same as 2Q25. Retail inventory turnover was at a healthy level of slightly above 5 months (2Q25: 5 months), while offline retail discount was up 2ppt QoQ to 29% and online retail discount increased slightly by 5ppt QoQ to around 50%. We believe that while facing a challenging environment in the short term, the brand’s strategic initiatives and investments such as the development of a product IP matrix, multi-format store layout, and its overseas plan will accumulate momentum for growth, and we are optimistic about its ability to navigate the cycle.