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In 2025, Anta Sports recorded revenue of over 80 billion yuan for the first time, equivalent to more than 10 billion euros. This confirms the company’s ambitions to break into the global elite of sports retail, following in the footsteps of Nike and Adidas. However, behind that record revenue lies a less obvious story.
Record revenue, but lower net profit
Anta Sports’ revenue rose by 13.3% in 2025 to over 80 billion yuan. Net profit, however, went in the opposite direction: it fell by 7.8% to 15.66 billion yuan, or approximately 1.95 billion euros.
At first glance, this seems contradictory, but the explanation is less dramatic than the decline suggests. In 2024, Anta still benefited from exceptional gains linked to the further expansion of its stake in Amer Sports. Moreover, profitability came under slight pressure: the gross margin fell by 0.2 percentage points to 62%.
For a group known for its efficiency and profitability, that remains an impressive level. But the message is clear: international expansion and portfolio growth come at a cost.
Investing rather than maximizing
Anta is not opting for short-term gains, but for scale and positioning. The acquisition of Jack Wolfskin pushed personnel costs up by 16.7% in 2025 to 12.24 billion yuan. Research and development expenses also rose by 10% to nearly 2.2 billion yuan.
These investments are part of a broader strategy. Anta not only wants to bring more brands under its wing but also to strengthen its capabilities in innovation, product development, and international brand building. This model has already proven successful at Amer Sports, with brands like Wilson and Salomon, and is now expected to yield results elsewhere as well.
Fewer stores, greater focus
It is striking that Anta is simultaneously streamlining its retail network. After the group opened 260 stores in 2024, it closed a net total of 32 locations in 2025. By the end of 2026, another 160 stores are expected to be added, primarily under the Anta and Fila brands.
This may look like a contraction, but in reality it is a classic optimization exercise: less focus on volume, more emphasis on productivity and brand experience. In recent years, the major sports brands have all learned that more retail locations do not automatically equate to better results. Especially in a market where consumers switch more quickly between physical retail, marketplaces, and direct-to-consumer channels, the quality of the network is what counts most.
The real growth potential lies outside China
The strongest growth came from international operations, where revenue rose by 70%. Anta still generates the majority of its revenue in China, but that is precisely why the greatest opportunity lies outside its home market.
The group made significant strides there in 2025. For instance, Anta acquired a 29% stake in Puma early this year, representing an investment of roughly 1.5 billion euros. This is strategically more important than merely financial: with Puma, Anta not only brings a global sports brand closer, but also gains a catalyst for its international ambitions.
The comparison is striking: Anta is already larger than Puma in terms of revenue, but its presence outside China remains relatively limited. Puma can give Anta access to distribution, brand visibility, and international credibility. Conversely, Puma can learn from the Chinese group’s operational discipline and product efficiency.
From Chinese champion to global player
Anta has long since ceased to be a local challenger. The group first built its success with its own Anta brand, which still accounts for 43% of revenue. In addition, Fila China also proved to be a masterstroke: the brand now represents about 35% of group revenue.
With Jack Wolfskin, Amer Sports, and now Puma in its sphere of influence, it is becoming increasingly clear where Anta is headed: building a broad sports and lifestyle empire with global relevance. No longer just as a manufacturer or distributor, but as a brand group with international clout.
The opening of its first U.S. flagship store in Beverly Hills fits perfectly into that picture. The store is meant to be more than just a retail outlet: Anta also wants to build a community there, with running clubs and events. It is a symbolic yet important step in a market where visibility and credibility are crucial.
AI should help make the difference
Anta is investing not only in brands and markets, but also in new sales and development models. In Asia, the group is heavily investing in artificial intelligence. AI-generated avatars now run 24/7 live commerce sessions and are reported to have already generated over 300 million yuan in transactions.
AI is also playing a greater role in product development. Products developed using the “Ling Loong Design Model” are said to have collectively generated 9 billion yuan in revenue. This demonstrates how technology is not just an efficiency tool for Anta, but increasingly a commercial lever.
The real test is coming
The question is no longer whether Anta can become a major player. It already is. The real question is whether the group can also become a sustainable top-three player outside of China. To do so, the company must accomplish three things simultaneously: strengthen its brands internationally, ensure acquisitions yield returns, and maintain profitability.
That will be no easy balancing act. But Anta seems willing to sacrifice some margin in the short term to achieve this. While Nike and Adidas are still recovering from strategic missteps in recent years, Anta today possesses something rare in this sector: scale, cash flow, patience, and ambition.
So the Chinese group is no longer just knocking on the door of the global elite; Anta already has one foot inside. That’s why we’re organizing Wingzz China. Do you want to just watch what’s changing, or do you want to understand how and why it’s changing?
This is neither a traditional study tour nor a casual inspirational trip. We’ll visit cities like Shanghai, Hangzhou, and Shenzhen: a focused, in-depth immersion in a retail environment that is structurally different from what we know here.
