Archaeopteryx Salomon, distributed 1.2 billion to Anta last year

Ask AI · How does Amer Sports’ profit surge empower Anta’s globalization strategy?

Original | Yongliu Business Author | Lin Geng

On March 25, Anta delivered an annual report that showcases continued expansion, but the structural changes are more noteworthy than the scale itself.

In 2025, this largest sports goods company in China achieved a revenue increase of 13.3% year-on-year to 80.219 billion yuan, crossing the 80 billion yuan mark for the first time; operating profit grew by 15% to 19.091 billion yuan, and the operating profit margin rose to 23.8%.

If we only look at these figures, the overall performance appears relatively stable. However, the real theme for Anta in 2025 is not merely about selling more footwear and apparel, but rather how the multi-brand and globalization methodology is starting to more clearly translate into profit.

On the 25th, management disclosed during the earnings call that Amer Sports returned around 200 million yuan in profits to Anta in 2024, increasing to 1.2 billion yuan in 2025. In other words, Amer, home to brands like Arc’teryx, Salomon, and Wilson, is no longer just a front for Anta’s internationalization narrative; it is beginning to become a more tangible source of profit on the balance sheet.

Anta lists Amer as an associate company, and in the 2025 consolidated profit statement, this segment accounted for 1.203 billion yuan, compared to 198 million yuan in 2024. This amount makes Anta’s diversification strategy appear more complete than before.

In 2025, the revenue from Anta’s main brand was 34.754 billion yuan, a year-on-year increase of 3.7%; FILA’s revenue was 28.469 billion yuan, up 6.9%; and revenue from all other brands reached 16.996 billion yuan, an increase of 59.2%.

Descente’s annual revenue surpassed 10 billion yuan, becoming the third brand in the group to reach the billion mark; KOLON’s revenue surpassed 6 billion yuan, with a growth rate close to 70%. These increases were not solely achieved through price wars. Management emphasized that Descente and KOLON maintained retail discounts above 10%, indicating that the quality of this growth is not lacking.

More critically, Anta’s overseas strategy has evolved beyond merely bringing foreign brands to sell in China. Anta is not only the largest shareholder of Amer Sports but is also continuing to expand its overseas brand portfolio. On May 31, 2025, Anta completed the acquisition of the German outdoor brand Jack Wolfskin for $290 million; in January 2026, it announced plans to acquire a 29.06% stake in PUMA for 1.5 billion euros, which would make it the largest single shareholder without seeking a full acquisition.

Anta’s own overseas business grew by 70% year-on-year in 2025, surpassing 850 million yuan, and it has opened its first flagship store in North America.

The change in Anta’s stake in Amer is also worth discussing. By the end of 2025, its equity stake in Amer Sports was 39.54%, with a voting power ratio of 41.96%. When Amer went public in February 2024, Anta’s stake was approximately 43.33%. This means that as the capital operations have progressed since Amer’s IPO, Anta’s equity has been somewhat diluted compared to the initial public listing, but it still maintains its status as the largest shareholder and preserves influence through a higher voting power ratio.

Anta does not need to fully consolidate Amer nor directly bear global operating costs, but it can share in the growth of brands such as Arc’teryx, Salomon, and Wilson through equity and business synergy. This allows Anta’s globalization to no longer be a simple narrative of a Chinese company going abroad, but rather a network woven together by capital, brands, and channels.

However, the 2025 annual report from Anta also reveals unavoidable costs. The group’s gross profit margin decreased by 0.2 percentage points to 62.0%. Among these, the gross profit margin for the Anta brand fell by 0.9 percentage points to 53.6%, and FILA’s gross profit margin dropped by 1.4 percentage points to 66.4%.

During the earnings call, management explained that the decline in the main brand’s gross profit margin was partly due to increased investments in specialized products and technological research and development for running and basketball, and partly because of a higher proportion of online revenue, which typically has larger discounts; the decrease in FILA’s gross profit margin was attributed to the company’s re-evaluation of its brand DNA, leading to increased investments in fabrics, designs, and functional products.

As for the decline in gross profit margins for other brands, it was primarily affected by the consolidation of Jack Wolfskin, which mainly operates in wholesale and inherently has lower margins; excluding the impact of Jack Wolfskin, the gross profit margin for other brands actually increased by about 1 percentage point.

FILA deserves separate discussion in this financial report. It is no longer just Anta’s second growth curve on the balance sheet; it has become a cash flow machine catering to casual fashion sports needs. In 2025, FILA’s revenue grew by nearly 7%, and its operating profit margin rose to 26.1%. Management repeatedly mentioned tennis, golf, polo shirts, down jackets, and dad shoes during the earnings call, indicating that FILA is not merely relying on brand premium but is further refining sports fashion into more specific lifestyle scenarios.

In the current consumer environment in China, this type of leisure fashion sports that balances functionality and aesthetics remains a large and relatively stable market segment.

When comparing Anta to its competitors, the weight of this financial report becomes clearer. Adidas achieved global revenue of 24.811 billion euros in 2025, a historical high, with operating profit rising to 2.056 billion euros; sales in the Greater China region reached 3.623 billion euros, with operating profit of 802 million euros and an operating profit margin of 22.1%, indicating a significant recovery in the Chinese market.

Nike is still in a period of adjustment, with fiscal year 2025 revenue declining by 10% to $46.3 billion, and the annual gross profit margin under pressure; the annual report shows that revenue in the Greater China region decreased by 12% at constant exchange rates. For the second fiscal quarter ending November 2025, Nike’s revenue in the Greater China region still declined year-on-year by 17% to $1.423 billion.

PUMA’s situation is weaker, with revenue declining by 8.1% to 7.296 billion euros in 2025, and sales in the Asia-Pacific region dropping by 7.4%. The company anticipates that it may still record an operating loss in 2026.

This comparison highlights important issues. Adidas proves that international brands have not lost the ability for further growth in China; Nike’s weakness indicates that once a giant gets out of balance in product rhythm, channel inventory, and pricing systems, recovery will be very lengthy.

Anta’s current advantage lies in its diversification strategy. The main brand focuses on mass sports, FILA targets casual fashion sports, Descente and KOLON grab mid to high-end outdoor segments, Amer complements its global high-end brand assets, and Jack Wolfskin and PUMA continue to reach out to the European and broader international mass markets. Anta is not waging a single-brand war against Nike or Adidas but is attempting to use a brand matrix to address different price segments, scenarios, and geographic consumer demands.

Of course, the challenges along this path are also rising simultaneously. Anta has already proven its capability with FILA, Descente, and KOLON; Amer has begun to deliver profits. However, Jack Wolfskin is still in the integration phase, and if the PUMA deal is completed, it will introduce a higher level of complexity. The former requires repair, while the latter is a mature brand covering the global mass market, with governance, culture, and channel systems much more complex than the authorized brands in China.

To transition from being the largest sports goods company in China to a truly global sports brand group, Anta will be tested not only on its retail capabilities but also on its ability to manage assets across regions.

The most intriguing aspect of the 2025 annual report is not merely that revenue finally surpassed 80 billion yuan or that Arc’teryx, Salomon, and Wilson contributed 1.2 billion yuan in profits to Anta. Anta is simultaneously relying on the Chinese market to maintain scale and cash flow while expanding overseas assets through acquisitions, shareholdings, and brand operations.

The short-term pressure on profit margins is related to increased product investments, the integration of new brands, and upfront investments for overseas expansion; external observers are concerned about whether these investments can sustainably translate into more stable growth in the future. The next bigger highlights will be whether Jack Wolfskin can integrate smoothly and how much synergy the PUMA investment will bring to Anta if completed.