Principal Activities

The principal activities of the Group are R&D, design, manufacturing, marketing and sales of professional sports products including footwear, apparel and accessories. The Group is also the largest shareholder of Amer Sports, Inc., a global group of iconic sports and outdoor brands, whose shares are listed on the New York Stock Exchange (NYSE: AS).

Latest Results

The Group's profit attributable to shareholders for the year ended 31-12-2025 amounted to RMB 13.59 billion, a decrease of 12.9% compared with previous corresponding period. Basic earnings per share was RMB 4.887. A dividend of HKD 1.08 per share was declared. Turnover amounted to RMB 80.22 billion, an increase of 13.3% over the same period last year, gross profit margin down 0.2% to 62.0%. (Announcement Date: 25 Mar 2026)

Business Review - For the year ended December 31, 2025

31 ANTA and ANTA KIDS continued to execute their core strategy of“Mass Market Positioning, Breakthroughs in Performance Sports, and Brand Elevation”. Through technology-led innovation and product upgrades, they have built a comprehensive product portfolio spanning mass sports to specialized performance categories, further strengthening their leading position in Chinese sportswear market.

Since 2010, ANTA has served as an official partner of the Winter Sports Management Center of the General Administration of Sport of China for 16 consecutive years. For the 2026 Milan Winter Olympics, ANTA supplied professional training and competition equipment for ten national winter sports teams. Through proprietary R&D and technological integration, ANTA comprehensively upgraded its winter sports equipment to support athletes in achieving stronger performance on the international stage. ANTA expanded its winter sports athlete endorsements to include Sun Long, Liu Shaolin, Liu Shaoang, Yang Wenlong, Zhang Xiaonan and others, while also adding partnerships with national teams in 3x3 basketball, archery, and aquatics during the financial year. The brand now provides professional equipment to 31 Chinese national teams, establishing a comprehensive sports ecosystem spanning national teams, professional competitions, universities and youth sports. As the official athletic gear partner of the 15th National Games, the brand supplied over 600,000 pieces of professional equipment to event personnel. In running, ANTA supported approximately 26,000 runners at the 2025 Guangzhou Marathon, enhancing the brand’s influence within the running community. The brand also continued to serve as an official sports apparel supplier to the International Olympic Committee, demonstrating its ongoing contribution to the global sports ecosystem.
In product innovation, ANTA remained committed to technology-driven product upgrades, launching multiple core technologies and market-leading, high-performing products.

The brand’s core cushioning technology“Nitrogen Technology”was upgraded to three versions, Nitrogen 80, Nitrogen 85, and Nitrogen 90, meeting different sporting scenarios’needs for stable, soft and responsive cushioning. In running footwear, ANTA developed three major product IPs, PG7, MACH and C Family, covering jogging, training, and racing. During the financial year, sales of the PG7 series exceeded 4 million pairs, while the C Family surpassed 1.2 million pairs. ANTA KIDS continued to deepen its brand proposition of“Technology Leads Growth.”In collaboration with Beijing Sport University, the brand launched the“Surging Speed Race”initiative to develop new models for children’s sports assessment. The apparel category also demonstrated strong innovation, with ANTA’s proprietary PFAS-free high-breathability waterproof membrane, the AEROVENT ZERO, provides core material support for high-performance PFAS-free shell jackets, driving the industry toward more sustainable practices and a significant breakthrough for ANTA in functional apparel technology. In addition, the ANTAZERO X KRIS VAN ASSCHE collection successfully launched at Dover Street Market Paris, underscoring ANTA’s continued ability to penetrate the international fashion landscape.

ANTA advanced its offline retail upgrades through tiered and segmented store format innovation. ANTA GUANJUN and ANTA SNEAKERVERSE effectively elevated the brand’s influence in elite outdoor communities and the fashion-forward market. ANTA SUPER STORE, positioned as a onestop retail destination, achieved steady productivity growth during the financial year. Other new store formats including ANTA ARENA, ANTA PALACE, ANTA LINGLOONG, and ANTA CAMPUS also maintained solid performance. In the e-commerce, the brand will continue to strengthen merchandise logistics and middle office integration to enhance merchandise planning capabilities and operational efficiency.

ANTA continued to deepen its development in Southeast Asia while systematically expanding into the U.S., Middle East, and North Africa, as well as European markets. Through the launch of the“PG7 Global Cushion Evolution”, ANTA engaged directly with runners in major cities including Boston, San Francisco, Chicago, New York and Los Angeles, embedding itself within local running communities and accelerating global brand recognition. The PG7 and C Family made their international debut at The Running Event, the world’s leading exhibitions for the running industry, showcasing ANTA’s capabilities in performance running. The brand’s global product ANTA KAI 2 was launched simultaneously across 16 countries, while Irving’s HELA series debuted at New York Fashion Week, further enhancing the brand’s influence in global markets.

2025 was a pivotal year for FILA, marked by strategic restructuring and brand value uplift. FILA swiftly streamlined and integrated its internal resources, organization and culture, establishing its“ONE FILA”strategy. With a sharpened focus on high-end athletic fashion and the mission to“Make Performance Beautiful”, FILA concentrated resources on three strategic pillars–brand elevation, product innovation and retail upgrade.

It targeted middle class elites and high value consumers, while broaden its reach across all customer segments through FILA KIDS, FILA FUSION, and FILA GOLF.

FILA further sharpened its strategic focus on tennis and golf, two high-growth professional sports with strong community influence. It built a multidimensional ecosystem that extends well beyond individual product lines or event sponsorships.

In the second half of 2025, the brand introduced a new tennis strategy designed to create a full-spectrum ecosystem spanning events, athletes, R&D and community engagement.

Initiatives included becoming the exclusive official footwear and apparel sponsor of the China Open; partnering with universities programs to advance industry-academia-research collaboration and strengthen product R&D expertise; appointing China’s top men’s singles player, Bu Yunchaokete, as brand ambassador and launching the“Most Beautiful Courts Initiative”across over 30 cities nationwide to build landmark courts and engage local communities, bringing tennis beyond competitive arenas into everyday life. Iconic products such as the BB1 Polo and the Suzanne tennis skirt were revitalized tailored to modern performance needs. Since the rollout of the tennis strategy, both tennis-related sales and visibility have risen markedly. In golf, FILA boosted its professional standing within golf circle through three consecutive years of sponsorship of the Volvo China Open, hosting the FILA GOLF Women’s Elite and the China Junior Golf Elite Tournament and signing Yin Ruoning, LPGA champion, as ambassador. With 50 years of expertise in winter sports, FILA has built a partnership with China’s national freestyle skiing aerials team that has lasted over a decade. For the 2026 Milan Winter Olympics, FILA provided full-scale equipment support to 12 teams representing 6 countries and regions, including Italy, the Netherlands, Norway, Canada, as well as Hong Kong, China, across multiple disciplines including speed skating, short track speed skating, figure skating, curling and ice hockey.

In product, FILA pursued“hero products”by deeply focusing on categories such as polo shirts, down jackets, running shoes and dad sneakers, developing highly distinctive and competitive items to drive category breakthroughs through hit IPs. For example, the FILA Vetta, designed by international designer Robbie Fuller, established a distinctive“V toe”sneaker silhouette that achieved strong market traction and drove the dad sneaker portfolio reach nearly ten million pairs in annual sales. Additionally, through sustained technological innovation, iterative product development and expanded usage scenarios, FILA further built a more precise and powerful product offerings.

The reimagined MUSE tracksuit, together with the SPEED 5 TURBO children’s performance running shoe, co-developed by FILA KIDS and the China Institute of Sport Science, won the Platinum Award, the highest honor at the 2025 Muse Design Awards, underscoring the success of product optimization over the past year.

In retail upgrades, FILA transformed from traditional points of sale into immersive brand experience spaces and refined its store network upgrades to meet varied consumer demand.
Under its“one store, one theme”strategy, the brand debuted the flagship FILA TOPIA Store as its top-tier benchmark. The FILA TOPIA at Xi’an SAGA Mall, inspired by the“Dual Cities”design concept, blends the athletic heritage of the Roman Colosseum with the cultural legacy of Tang-dynasty Chang’an, creating a retail space where cultural storytelling merges shopping experiences to serve needs of all demographics. FILA KIDS launched WONNIE FRIENDS theme park store at Beijing Universal Studios and Shanghai Disney Resort–its first store model to attract adult customers through kid’s store. Meanwhile, FILA GOLF debuted its“Master Club”store format, centered on lifestyle of elite consumers to strengthen its premium, professional standing in vertical communities.

Supported by refined operations and hit products across categories, FILA’s e commerce business continued to post healthy growth. For the first time, the brand ranked first in the sports apparel category on both Tmall and Douyin during Double 11, with multiple sub categories topping the charts. It also successfully increased penetration among high value female and younger demographics, optimizing the customer mix.

DESCENTE upholds its brand philosophy of“DESIGN THAT MOVES”, integrating innovative technology with precision craftsmanship to solidify its position as a premium performance sports brand. During the financial year, the brand celebrated its 90th anniversary, focusing on strengthening brand equity and product excellence, achieving growth that outpaced the broader industry. During the financial year, DESCENTE’s retail sales successfully surpassed RMB10 billion, becoming the Group’s third brand to reach this milestone.

In brand building, DESCENTE celebrated its 90th anniversary with a landmark exhibition in Shanghai titled“Engineering as Art”. The exhibition traced the brand’s heritage across its three core sports disciplines–skiing, triathlon, and golf–since its establishment in 1935, and presented 12 signature innovations through immersive experiential installations. Staying true to its founding DNA of“All Starts with Skiing”, DESCENTE continued to anchor its annual brand campaigns around winter sports.

During the financial year, the brand hosted its annual showcase at its“City of the Future”global flagship store at Beijing’s China Central Place. The show featured a ceremonial handover of the official Milan Winter Olympics uniforms to the Chinese National Alpine Ski Team, enabling athletes to compete in DESCENTE’s professional gear and push their limits to achieve outstanding results. The competition suits designed for both the Chinese National Alpine Ski Team and the Chinese National Snowboard Halfpipe Team were also prominently showcased on the runway. Through these authentic and scenario-based demonstrations of professional gear, the brand further reinforced its technical leadership and credibility in the professional winter sports sector. Beyond flagship events, the brand also deepened its engagement with golf, skiing and urban sports communities through initiatives such as the D-Tour event series, member-exclusive events and experiential camps, strengthening community connections and attracting consumers who aspire to professional sports performance and a premium lifestyle. In professional sports partnerships, DESCENTE sponsored the LPGA Championship resources for the third consecutive year, expanded its roster of elite golfers across domestic and international markets and continued its longstanding collaboration with the Chinese National Triathlon Team, providing cutting-edge equipment support for the national team and elite athletes.DESCENTE In product innovation, DESCENTE continued to strengthen its investment in professional equipment technology, further reinforcing its“specialist and refined”market positioning. In skiing, the brand launched its 2025 alpine ski apparel collection, featuring the SKY series with enhanced protective performance and the WOMEN’S SKY series, designed specifically for Asian female body profiles and equipped with an integrated smart temperature-control system. In triathlon, addressing the demands of multi-stage competition and swift transitions, the brand introduced the DELTA PRO EXP V2 performance footwear, the AWAKEN PRO professional cycling series and the ultra-light running shell jacket. In golf, the brand applied its proprietary 4PRO design system to optimize equipment across four dimensions including fabric, fit, design and craftsmanship, achieving a seamless fusion of professional performance and premium quality. Additionally, the brand continued to expand its children’s segment, extending its core expertise in skiing and golf while enhancing equipment performance and broadening its product offering to address the developmental needs and sporting demands of younger consumers.

In channel development, the brand adhered to its“robust and refined”store expansion strategy, opening dedicated locations at ski resorts and golf courses to strengthen its professional positioning and experiential offering. DESCENTE also continued to advance the expansion of its kids’store, establishing dedicated experiential spaces to deepen engagement with younger consumers. By maintaining a selective yet high- performing store portfolio, the brand successfully elevated both brand image and operational performance, establishing a“high store-efficiency”retail model. The brand officially unveiled its 1,600-square-metre global flagship,“City of the Future”, at Beijing’s China Central Place. Designed as a landmark destination, the flagship seamlessly integrates professional product showcases, immersive experiential zones, and forward- looking sports concepts. The store features four themed zones including skiing, golf, triathlon, and children’s to systematically present the brand’s technical heritage across multiple disciplines. Through seamless spatial flow and scenario-based storytelling, the flagship redefines retail expression, evolving from traditional product display to a holistic, sport-centred experiential journey. Looking ahead, DESCENTE will continue to align its channel strategy with its brand positioning, prioritising flagship locations in prime urban landmarks to further elevate brand visibility and reinforce its high-end market presence.

Founded in Korea, KOLON SPORT is a professional outdoor brand with over 50 years of heritage, dedicated to enabling a high?quality lifestyle. Upholding its philosophy of“YOUR BEST WAY TO NATURE”, the brand aspires to be a beacon in the journey of nature exploration. The brand continues to expand its presence across diverse outdoor scenarios, including hiking, mountaineering, camping and fishing, transforming the spirit of exploration into professional?grade products and immersive experiences, thereby establishing itself as a benchmark in the professional outdoor sector. Reflecting its growing influence, KOLON SPORT was the fastest?growing brand within the Group during the financial year.

During the financial year, KOLON SPORT continued to strengthen its strategic allocation of professional resources.

The brand officially partnered with the China National Climbing Team and unveiled the team’s new uniform. These new uniforms, leveraging the brand’s advanced technologies and ergonomic 3D tailoring, provide professional?grade equipment designed to support athletes in competitions. Furthermore, the brand further expanded its KOLON ROAD LAB community initiative, launched in 2020 to bring together like?minded outdoor enthusiasts through diverse experiential activities and convey the brand’s distinctive outdoor aesthetic and professional expertise.

KOLON SPORT firmly believes that professional performance is the cornerstone of its brand development, and has, over the years, remained committed to expert craftsmanship and a consumer?oriented approach to R&D. During the financial year, the brand continued to enhance its comprehensive product portfolio across apparel, footwear, and equipment. While consolidating its leading position in the apparel market, it also strategically increased the sales contribution of its footwear category. In footwear products, the MOVE ALPHA Hiking Shoes series, engineered to meet the demands of professional hiking scenarios, has become one of the brand’s signature collections.

The launch of the upgraded MOVE ALPHA 2.0 Hiking Shoes and its derivative series further reinforced the brand’s year?KOLON SPORT round outdoor footwear offering. In apparel products, the brand continued to broaden its diversified portfolio by introducing a range of innovative technical fabrics and developing several core products, for instance, the OBLI?K Camping Waterproof Jacket, which combines functionality with aesthetic appeal.

Additionally, the brand launched a new pioneering design line, the K: Series which explores a refined, quiet?luxury outdoor style, drawing inspiration from subtle moments in nature to construct a unique design language.

Regarding channel strategy, the brand is accelerating the nationwide expansion of its store network. Building on its strong foothold in the Northeastern, Northern and Eastern China markets, it is placing greater emphasis on refined operations while further extending into the Southern and Western China markets. At the same time, the brand has opened several high?spec flagship stores in key first?tier and emerging first? tier cities, including Beijing, Shenzhen, and Chengdu, to deepen market penetration and elevate the consumer experience in strategically important locations. Supported by prime commercial districts and innovative retail environments, the KOLON KRAFT flagship stores in MixC Luohu, Shenzhen, and Taikoo Li, Chengdu, have further strengthened the brand’s position within the premium consumer segment.

Business Outlook - For the year ended December 31, 2025

Looking ahead, KOLON SPORT will remain committed to pursuing healthy growth, with a continued focus on enhancing store efficiency. The brand will prioritize core commercial districts that align with its brand positioning and target consumer base and will further develop high?spec flagship stores to deepen consumer experience and reinforce brand affinity, thereby strengthening the position in the premium outdoor market.

Source: ANTA Sports (02020) Annual Results Announcement