22 Jan 2026
Anta announced its 4Q25 operational results, with retail sales for its Anta Core Brand recorded a LSD decline YoY (3Q25: +LSD, 2Q25: +LSD). The main reasons for 4Q YoY sales decline was due to i) warmer weather; ii) a later CNY in 2026; and iii) dragged down by the kids segment. Online sales was up by LSD YoY, compared with 3Q25 HSD growth, while offline sales saw negative YoY growth, compared with LSD growth in 3Q25. Retail inventory turnover was at a healthy level of slightly above 5 months (3Q25: slightly above 5 months), while offline retail discount was flat QoQ at 29% and online retail discount was also flat QoQ at 50%. Full year core brand retail sales recorded a LSD growth, inline with management expectations. New retail formats have shown outstanding performance. As of end-FY25, Anta Champion store count reached 150, with retail sales (GMV) exceeding Rmb1bn. Additionally, nearly 300 stores were upgraded to “Lighthouse” stores, achieving 60% higher efficiency than standard locations. Overseas business continues to advance, with accelerated expansion in markets such as the US & SE Asia, providing a foundation for mid-to-long-term growth.
