四大国产运动品牌上半年“成绩单”出炉！

Core Viewpoint - The Hong Kong stock market has been recovering since 2025, leading to a resurgence of domestic sports brands, with notable stock price increases for companies like Anta, Xtep, 361 Degrees, and Li Ning. However, analysts caution that achieving significant growth remains challenging due to consumer pressure and intensified competition in the industry [1]. Group 1: Company Performance - Anta continues to dominate the market, with a revenue of 38.5 billion RMB in the first half of the year, which is approximately 1.4 times the combined revenue of Li Ning, Xtep, and 361 Degrees. Its net profit reached 7 billion RMB, more than double that of its competitors [3][4]. - Among the four brands, Anta recorded the highest revenue growth rate at 14.26%, although its net profit saw a nearly 9% decline. Excluding certain factors, Anta's profit attributable to shareholders increased by 14.5% to 7.03 billion RMB [4][5]. - Xtep was the only company to report a revenue decline of about 5%, but its net profit growth was the highest among the four, at 21.47%, attributed to the exclusion of losses from divested businesses and strong performance in its main brand [6][7]. - Li Ning lagged behind with a revenue growth of only 3.29% and a significant net profit decline of over 10%. The company cited a drop in retail channel performance and increased tax rates as contributing factors [6][7]. - 361 Degrees showed balanced performance with a revenue growth of 10% and a net profit growth exceeding 8%, making it the second fastest-growing company after Anta [7]. Group 2: Stock Performance - The stock price increases for the four companies varied significantly, with 361 Degrees leading at nearly 50%, followed by Anta with over 20%, while Xtep and Li Ning had increases of 16% and 14%, respectively [8][9]. Group 3: Strategic Directions - Anta plans to continue its strategic acquisitions to enhance its multi-brand matrix, believing that a differentiated and complementary brand portfolio is key to sustained growth. The company completed the acquisition of Jack Wolfskin in the first half of the year [17]. - Li Ning aims to maintain a cautious approach, focusing on solidifying its business foundation while seizing structural opportunities in the market [18]. - 361 Degrees is encouraging the opening of larger stores and upgrading to the latest store formats, emphasizing a product ecosystem based on sports science and material innovation [19]. - Xtep is strategically focusing on the running segment to solidify its position as a leading brand in this category, enhancing its brand influence and market share through innovation and collaboration among its core brands [21].