Anta (2020 HK, HK$76.75, HK$215bn) – Solid 2Q26 growth across diversified brand portfolio

ANTA Sports reported its operational data for 2Q26 and 1H26. Despite a challenging retail environment including adverse weather and soft "618" shopping festival performance, the company delivered resilient growth across all brands, with overall performance notably outperforming its peers and reinforcing the strength of its multi-brand strategy.

Core brand ANTA driven by online momentum – The core ANTA brand, which accounted for 43% of total revenue as of end-FY25, recorded LSD YoY retail sales growth in 2Q and MSD in 1H. While offline channels were stagnant amid intensifying competition, online channels delivered LDD growth in 2Q, supported by precise marketing campaigns and the successful launch of "Origami Tech" running shoes in June.

FILA remain resilient in the premium segment – FILA, contributing 36% of total revenue as of end-FY25, posted LSD growth in 2Q and MSD growth in 1H, broadly in line with the core brand. Its online channel also recorded LSD growth, and FILA ranked first on Tmall within the sports and outdoor category during the "618" event, underscoring its brand strength. However, after achieving low-teens growth in 1Q, which was boosted by the Chinese New Year spending, the growth rate decelerated sharply in 2Q, as heightened competition during the "618" event weighed on performance.

Outdoor brands remain a high-growth driver – In contrast, the "all other brands" segment, encompassing DESCENTE, KOLON SPORT, and Maia Active combined for a 25%–30% retail sales growth in 2Q and a robust 35%–40% surge in 1H, effectively capturing the premium outdoor lifestyle trend. It is becoming an increasingly significant contributor to overall revenue and profit (21% of total revenue as of end-FY25).

Our view:

Looking ahead, while the broader sportswear industry faced a significant slowdown in 2Q, ANTA's diversified portfolio demonstrated clear resilience. In particular, the core ANTA brand delivered MSD growth in 1H, beating its previous guidance of LSD. If the 2Q momentum is sustained into the remainder of the year, we expect full-year growth to reach low-to-mid single digits. Meanwhile, 1H sales growth for FILA and the "all other brands" segment were both in line with guidance of MSD and over 20%, respectively. The stock currently trades at 10x FY26E P/E. (Amelia Deng)