From China's first to the world's top three, ANTA enters the era of 100 billion.
A tenfold growth in a decade, revenue breaking through 100 billion yuan, and entering the global top three—any one of these achievements would cause a market stir if achieved by a single company. Today, all three are concentrated in one record-breaking enterprise.
On March 19, Anta released its 2024 performance report. The data shows that the combined revenue of Anta Group and Amer Sports exceeded 100 billion yuan for the first time, marking a historic milestone. Following Nike and Adidas, Anta has become the third sports goods group globally to achieve annual revenue of 100 billion yuan.
Calculated based on its 2015 total revenue of 11.1 billion yuan, Anta's revenue has nearly increased tenfold over the past decade, demonstrating astonishing growth. Compared to the growth trajectories of Adidas and Nike, Anta's progress is particularly remarkable.
Previously, Anta aimed to become the market leader in China by 2025. According to global authoritative statistics, Anta Group's market share in China's sportswear and footwear market has risen to 23%, ranking first in the industry. With both revenue and market share as "dual firsts," Anta's competitiveness has reached new heights.
In the global market, Anta has always been a unique company. It possesses leadership qualities, with its multi-brand matrix and massive scale effect showcasing its ability to dominate and operate the market. At the same time, Anta is also a highly innovative enterprise. Whether it's applying Olympic-level technology to everyday products or frequently sparking "Anta phenomenon" buying frenzies in global markets, Anta's insights into products, stores, and consumers are sharp and profound.
Therefore, as Anta solidifies its position as a global top-three player with 100 billion yuan in revenue, its actions have become a textbook for corporate success. From one era to another, Anta's new story deserves the attention of the entire market.
100 Billion in Revenue: Growth for Self-Transcendence
Anta achieved its first major milestone in 2022, surpassing Nike China with over 50 billion yuan in revenue to become the champion of China's sportswear and footwear market—a historic leap for a domestic company. Over the next three years, Anta consistently maintained its top position in China's market, significantly widening its lead.
Anta itself has experienced rapid growth. Anta Group's annual revenue exceeded 70 billion yuan for the first time, reaching 70.826 billion yuan, now surpassing Nike China's annual revenue by 18.667 billion yuan—a gap larger than the entire revenue of Xtep. In aggregate, Anta Group's revenue is equivalent to 1.36 times that of Nike China, 2.65 times Adidas China, 5.2 times Xtep International, and 7 times 361 Degrees, highlighting its overwhelming lead.
Additionally, Amer Sports went public on the New York Stock Exchange in early 2024, with total revenue increasing 17.8% year-over-year to $5.183 billion (approximately 37.752 billion yuan at applicable exchange rates). This synergy propelled Anta to refresh its historical performance as a group, entering the 100-billion-yuan club and securing its place among the world's top three.
Behind these repeated market surprises, from a business perspective, it's clear that Anta is still advancing toward its 2030 goal of becoming the world's leading multi-brand sports goods group. Many of its achievements and actions stem from operational discipline and self-improvement. While reshaping the global industry landscape, Anta has placed special emphasis on shaping its "self."
First, managing and operating multiple brands in synergy is no easy task—it severely tests a company's efficiency and quality management capabilities, significantly impacting financial performance. Yet Anta maintains an exceptionally high safety margin while continuously optimizing its performance quality.
In terms of performance quality, the group's operating profit margin reached 23.4%, with Anta brand at 21.0%, FILA at 25.3%, and all other brands at 28.6%. Net operating cash inflow was 16.741 billion yuan, and free cash inflow was 13.254 billion yuan. As of the end of 2024, the group held cash and cash equivalents, fixed deposits, and pledged deposits totaling 52.211 billion yuan, demonstrating outstanding financial resilience.
Second, over the decade of its ascent, Anta has attracted more external investors. Its performance has delighted them. Data shows that Anta's attributable profit hit a record high, increasing 16.5% year-over-year to 11.927 billion yuan. Over the past decade (2015-2024), Anta Group's annualized total shareholder return exceeded 20%, reflecting excellent returns. Last year's announced buyback program has now cumulatively repurchased 1.97 billion HKD.
Most importantly, Anta has steadfastly invested in the future. It invested 4 billion yuan to build logistics centers in Jinjiang and Suzhou. The Jinjiang integrated industrial park is currently the largest and most automated smart logistics center in the global footwear and apparel industry. Its existence not only enhances Anta's operational efficiency but also reflects its commitment to "all-in full industry chain." Anta's investment in infrastructure underscores its confidence in the industry's prospects and future development.
Through upgrades in operational efficiency, profitability, and investment intensity, Anta has surpassed its competitors and continues to surpass itself.
Three Core Capabilities Strengthen Competitive Barriers
Growth often accompanies the renewal of stories. For the sportswear and footwear market, the emergence and evolution of scenarios, categories, and consumer interests are the sources of new stories. However, building new stories isn't about following others step-by-step. Anta's comprehensive growth stems from closely tracking the evolution of consumer cycles. In products, innovation, R&D, and operations, Anta keeps pace with the times.
Performance stems from products. A strong product strategy has won consumers' hearts. The Anta main brand is a core case of product-driven growth. In 2024, the Anta PG7 running shoes, with their high cost-performance ratio and quality comparable to industry products priced at thousands of yuan, sold over a million pairs in a short time, with a 2025 target of 4 million pairs. The Anta Champion series, featuring the same technology used by national teams, also achieved high growth.
Notably, the foundation of strong products lies in innovation and differentiation, which upgrade product value. Thus, this is a proposition that can extend outward. Anta Group Chairman Ding Shizhong pointed out the core at the 2024 annual summary meeting in January: "In today's fierce competition, many brands—like Arc'teryx, Salomon, KOLON SPORT, DESCENTE, Anta, and FILA—won battles in 2024, all thanks to 'strong products.'"
In 2024, FILA's footwear and professional sportswear series achieved double-digit growth. DESCENTE's ultra-light down and running series achieved breakthrough innovations in professional technology, securing the top spot in brand power for the first time in high-end skiing and golf. KOLON SPORT made breakthroughs in footwear and waterproof jackets. These and many other cases stem from different brands focusing on differentiated scenarios to create strong products.
In 2024, Anta brand revenue grew 10.6% year-over-year to 33.522 billion yuan, with operating profit up 4.5% to 7.035 billion yuan. FILA brand revenue increased 6.1% to 26.626 billion yuan, leading the industry average with its large scale. All other brands saw revenue rise 53.7% to 10.678 billion yuan, surpassing 361 Degrees' annual revenue. Over five years, this segment has nearly quintupled, successfully entering the "10-billion-yuan club" and contributing new growth points, with operating profit up 61.7% to 3.05 billion yuan.
As Ding Shizhong said, strong products ultimately earn consumer recognition. Thus, product power, when reflected in brands, becomes the source of brand vitality.
Strong products require "sources." The popularity of the Anta PG7 is closely tied to its self-developed "Anta Membrane" technology platform and midsole cushioning technology. The R&D power behind these technical terms supports product strength and bridges the innovation channel from lab to product. Self-developed technologies like Anta Membrane, Soft Yarn, and Forefoot King have achieved both order and reputation success.
R&D is first an investment issue. In 2024, Anta continued to far outpace the industry in R&D investment. Over the past decade, the group's cumulative innovation-related investment reached 20 billion yuan, with another 20 billion yuan planned for the next five years. Anta's R&D expenses have exceeded the combined total of Li Ning, Xtep, and 361 Degrees for many consecutive years.
But in the long run, sustained R&D results depend on mechanisms. Anta's mechanism involves establishing six design and R&D centers in China, the U.S., Japan, South Korea, Italy, and the Netherlands, collaborating with over 70 universities and research institutions, 250+ experts, and 800+ suppliers to develop cutting-edge technology projects.
In 2024, Anta Group led the establishment of the industry's first innovation consortium and became the first global company in the industry to receive ISO certification for innovation. The mechanism will continue to upgrade.
Finally, diversified products return to multi-brands, and multi-brands are vertically rooted in global markets. This ultimately poses a severe test for operational capability and efficiency.
Domestically, Anta's high-efficiency DTC strategy and digital transformation have improved operational efficiency. On one hand, retail models are constantly innovating. Anta and FILA have launched several store types targeting different consumer scenarios, with Anta achieving double-digit growth in sales at 300 top-tier core malls in China. Concepts and images of stores like KOLON KRAFT and DESCENTE TOMORROW WORLD continue to optimize, precisely reaching target customers.
On the other hand, Anta continues to upgrade its supply chain, including actively applying AI and improving efficiency at smart logistics centers. The aforementioned Jinjiang integrated industrial park ships over 1 million items daily, with warehouse efficiency 200% higher than traditional warehouses, significantly boosting operational efficiency.
Globally, Amer Sports' revenue growth and Anta Group's expansion into nearly 20 countries in Southeast and South Asia, covering 2 billion people, both leverage Anta's successful experience while innovating locally, further upgrading Anta's global footprint. The three core capabilities—multi-brand synergy management, multi-brand retail operations, and global operations and resource integration—are also demonstrated in Anta's strategic execution.
Breaking Boundaries: 100 Billion Is Just the Beginning
At the end of 2021, Anta updated its long-term vision: to become the world's leading multi-brand sports goods group by 2030. Today, entering the global top three is a major milestone. The closer it gets to its goal, the more Anta's corporate vision expands.
Ding Shizhong said Anta must continue its transition from "China's Anta" to "the world's Anta." In 2024, Anta ranked 9th on Kantar BrandZ's global apparel list, the only Chinese sports brand in the top 10.
Value creation goes beyond brand growth. On the path to sustainable development, Anta continues to break new ground.
Internally, Anta consistently creates jobs and strengthens its organization. The group employs over 65,900 people, newly absorbing more than 25,000 graduates and young talents, and has built a global high-end professional talent pool of nearly 2,000 people. Annual employee training and welfare investments exceed 400 million yuan, with employee engagement ranking high among Chinese and foreign companies. Meanwhile, as a steadfast supporter and builder of Chinese sports, Anta will continue to provide sports equipment for 25 Chinese national teams and plans to support more Chinese athletes at the 2026 Milan Winter Olympics and 2028 Los Angeles Olympics.
Externally, Anta is committed to ESG. Anta Group + He Min Foundation's annual philanthropic contributions exceeded 700 million yuan, with cumulative donations nearing 2.7 billion yuan. The "Anta Growth Public Welfare Plan" plans to donate another 700 million yuan to promote rural revitalization through sports and education integration. Additionally, Anta's MSCI ESG rating rose to "A," and it was included in the Dow Jones Emerging Markets Index for the first time—the only Chinese footwear and apparel company on the list.
Anta's tenfold growth in a decade and its global leadership validate the success of its development methodology. Product innovation, brand development, and corporate strategy upgrades have progressed in tandem with revenue growth. The 100-billion-yuan milestone signifies that Anta has gained a voice on the global stage of sports goods. The operation of Anta's "single focus, multi-brand, globalization" strategy also subtly influences market dynamics.
The world awaits Anta's next move—the brand's next milestone.
$ANTA SPORTS(02020.HK)
Source: Hong Kong Stock Research Society
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