Core Insights - Anta Sports achieved a revenue of 38.544 billion yuan in the first half of 2025, representing a year-on-year growth of 14.3%, while net profit attributable to shareholders decreased by 8.9% due to non-recurring gains in the previous year [2] - The growth dynamics within Anta's business segments have shifted, with the "Other Brands" segment (including Descente and Kolon) experiencing a significant revenue increase of 61.1% to 7.412 billion yuan, contrasting with slower growth in the main brands [3][4] Revenue Breakdown - Anta's main brand and FILA accounted for 44% and 37% of total revenue, respectively, but both experienced slower growth than the overall company growth rate [2] - Anta's main brand revenue was 16.95 billion yuan, growing by 5.4%, while FILA's revenue was 14.182 billion yuan, growing by 8.6%, marking a decline from previous double-digit growth rates [2][3] E-commerce Performance - E-commerce revenue constituted 34.8% of total revenue, up from 33.8% in the previous year, with online sales increasing by 17.6% year-on-year [3] - However, the expansion of e-commerce has led to a decline in overall gross margin by 0.7%, with both main brands experiencing a drop in gross margin [3][4] Strategic Developments - Anta Sports is advancing its "single focus, multi-brand, globalization" strategy, successfully localizing international brands like Arc'teryx and Descente [4] - The acquisition of Jack Wolfskin for $290 million is aimed at enhancing Anta's international operational capabilities, with the brand positioned between mass and premium markets [4] New Investments - Anta announced a joint investment with Korean fashion group MUSINSA to establish a new company, MUSINSA China, with Anta holding a 40% stake [4][5] - This partnership aims to tap into the trend of merging sports and fashion, targeting younger consumers and expanding Anta's market presence [6][7]