安踏集团上半年业绩再创新高，三大核心能力构筑增长韧性

Core Viewpoint - Anta Group demonstrated strong resilience in its performance, achieving over 14% growth in the first half of the year, contrasting with a relatively weak sports goods market in 2025, which is termed a "small sports year" [1] Group Performance - Anta Group's revenue reached 38.54 billion yuan, a year-on-year increase of 14.3%, with a significant gap of over 15 billion yuan compared to Nike China's half-year revenue [1] - The group's operating profit was 10.131 billion yuan, up 17%, with an operating profit margin of 26.3%, exceeding market expectations [1] Brand Performance - Revenue by brand: Anta brand generated 16.95 billion yuan (up 5.4%), Fila brand reached 14.18 billion yuan (up 8.6%), and other brands including Kolon and Descente totaled 7.41 billion yuan (up 61.1%), all achieving record highs [3] - Amer Sports, controlled by Anta Group, reported a revenue increase of 23.5% to 2.709 billion USD, with Greater China revenue up 42.4% to 856 million USD [3] Multi-Brand Strategy - Anta Group's multi-brand strategy has been validated, with all brands showing strong performance and high growth rates, indicating the effectiveness of its multi-brand management capabilities [3][6] - The company is deepening its multi-brand operational precision, providing new growth momentum [3] Retail and Channel Development - Anta Group enhanced retail capabilities through new store formats, such as "Anta Arena" and "Anta Palace," which significantly increased sales and became key growth drivers [4] - Fila opened its first Fila Fusion and Fila Kids stores, while Kolon launched its flagship store in Chengdu, and Descente upgraded its stores to improve operational efficiency [4] Product Innovation - Anta Group integrated its advantages and research resources to offer superior products, with popular items like the PG7 running shoes and "Anta Membrane" driving consumer growth [5] - Fila's innovative products, such as dad shoes and elite running shoes, also saw significant sales increases [5] Core Competencies - Anta Group has developed a unique business model combining "brand + retail," leveraging three core competencies: multi-brand collaborative management, multi-brand retail operation, and global operation and resource integration [7] - This model supports the company's ability to meet diverse consumer needs and expand into new markets [7] Expansion and Acquisition - Anta Group's acquisition of the German outdoor brand Jack Wolfskin and the establishment of a joint venture with South Korean fashion group Musinsa are expected to broaden its consumer base and enhance its market presence [8] - The company is implementing a global strategy to penetrate mature markets like North America and expand aggressively in high-growth regions such as Southeast Asia [8][9]