Chairman's Message

Dear Shareholders,

The first half of 2025 was marked by significant volatility across global markets. In the face of this uncertainty, we navigated challenges, adhered to our corporate value and reinforced long-term strategies. The Group’s revenue once again achieved a record high, with growth surpassing the industry and exceeding market expectations. This widened our lead in the market, marking twelve consecutive years of positive growth, and our fourth straight year as a frontrunner in domestic sportswear industry. As a global enterprise deeply rooted in China, I am pleased to present, on behalf of the Board of Directors, our thoughts on the future.

Navigating Uncertainty and Leading New Wave of Domestic Sports Consumption

In the first half of the year, domestic consumption continued to recover. Sportswear industry maintained steady growth and performed outstandingly among domestic broader retail market for consumer goods. We remain steadfast in our “Single-focus, Multi-brand, Globalization” strategy, focusing on our core business while leveraging a multi-brand portfolio to address diverse consumer needs across a wide spectrum of demographics and usage scenarios. Our global expansion efforts are opening new frontiers for ANTA, as we deepen our penetration into key markets including Southeast Asia, the Middle East, North Africa, North America, and Europe. Our two major brands ANTA and FILA, each built on a massive retail sales base exceeding RMB30 billion, demonstrated resilient growth that surpassed the industry. Meanwhile, other brands such as DESCENTE and KOLON SPORT also recorded strong, high-quality growth.

Dual Growth Engines – Steadfastly Advancing “ANTA Sports’ Unique Development Path”

Since 2009, the Group has embarked on a strategic journey of M&A and brand revitalization. By integrating FILA, DESCENTE, KOLON SPORT, and Amer Sports, we have constructed a differentiated multi-brand portfolio, anchored by a dual-engine structure of two listed entities – ANTA Sports and Amer Sports. We have not only redefined the value of these international brands and unlocked their growth potential but have also leveraged global resources to elevate ANTA onto the world stage. The Group’s distinctive “Brand + Retail” business model, enhanced through its DTC transformation, has significantly elevated both efficiency and experience. Anchored by three core competencies, including multi-brand management, multi-brand retail operations, and global resource deployment, the Group continues to empower sports enthusiasts worldwide.

Why has ANTA Sports succeeded and won in the past? I firmly believe the core reasons are strategic determination and efficient execution. We must not only be a formidable competitor for the market share in the domestic market but also achieve sustainable growth through our multi-brand assets, ANTA Sports’ operational excellence and global synergies, thereby securing a distinctive position in global competition.

Some time ago, the Group held a strategic conference where I once again raised three questions.

1.Why does the world need ANTA Sports?

Our vision is “to become a world-leading multi-brand sportswear group”. As a deeply engaged participant in the global sports industry, we are committed to providing outstanding product value to consumers worldwide. We strive to become a benchmark for the globalization and high-quality development of Chinese brands, which is ANTA Sports’ corporate value. To date, the Group has signed sponsorship agreements with 36 Chinese national teams. ANTA Sports’ social value is to support the development of a strong sporting nation. By actively fulfilling our corporate social responsibilities, we strive to create shared value for all stakeholders. This vision reinforces our resolve never to pursue short-term gains. Since our listing on the Hong Kong Stock Exchange in 2007, ANTA Sports’ share price has risen from HKD5.28 per share to deliver nearly 20 times returns today. We focus on delivering sustained value to all stakeholders.

2.How does our multi-brand strategy enhance differentiation?

We firmly believe that a differentiated and highly complementary multi-brand portfolio is a core engine of the Group’s sustained growth. We remain committed to strengthening our existing brands by unlocking their growth potential while continuing to pursue strategic acquisitions. In the first half of this year, we completed the acquisition of JACK WOLFSKIN, a brand with a profound outdoor heritage and powerful brand equity. Its core values of “authentic outdoor experiences”, “German engineering, technology and quality”, and “sustainability” grant it a unique position in the mass to mid-range outdoor market. A joint management team has been formed, and a three- to five-year revitalization plan will be formulated this year to realign the product and brand framework around its core values. We intend to invest in MUSINSA CHINA, in which ANTA Sports holds a 40% stake. This does not represent a deviation from our core focus but a strategic move to align more closely with emerging youth consumption trends. It reflects our exploration of the convergence between the broader fashion industry and the sports sector, bringing new inspiration to the development of the sportswear category. MUSINSA CHINA will also benefit from ANTA Sports’ back-end operational capabilities and advantages in retail and brand management.

Overall, ANTA Sports’ M&A strategy remains focused on opportunities that align with its strategic development. It prioritizes two key areas- First, acquiring brands with strong brand value and DNA, with the aim of unlocking value through strategic revitalization. Second, investing in high-potential emerging brands by forming early-stage partnerships to explore paths for mutual growth. Success in these efforts depend not only on “making the right acquisitions”, but also on “effective post-acquisition management” and “realizing synergies” to enhance market competitiveness.

3.How can we create value for Shareholders and achieve optimal capital allocation?

To deliver sustained and strong long-term returns for Shareholders, we adhere to a disciplined and strategic capital allocation framework. Our first priority is reinvesting in existing operations – particularly in innovation, digitalization, and retail transformation to continuously enhance profitability. Second, we pursue high-quality M&A opportunities and strategic partnerships to reinforce our multi-brand advantage. Third, we maintain a stable and attractive dividend payout ratio, complemented by share repurchases where appropriate, to optimize our capital structure.

To our valued Shareholders, the world is undergoing profound structural changes, and competition in the sportswear industry now relies more than ever on organizational resilience and long-term capabilities. Over the past 34 years, ANTA Sports has consistently exceeded expectations and delivered sustained success, driven by the deeply rooted “Keep Moving” spirit embedded in our DNA, and by the continuous development of a world-class talent pool. These are the foundations of our internal strength. Looking ahead, we remain confident in the long-term prospects of both China’s and the global sports industry. By combining Chinese management excellence with global insights, we are building the “ANTA Advantage”, empowering every sports enthusiast and striving ANTA into a brand for the world.

Once again, thank you for your enduring trust and unwavering support of ANTA Sports!