Chairman's Message

Dear Shareholders,

2025 marked a year of resilient growth for ANTA Sports. Amid a complex and rapidly shifting macroeconomic landscape and persistent industry competition, the Group held firm to its strategic convictions, resisting short-term pressures while staying focused on enhancing operational quality and building long-term capabilities. In the past year, the Group’s revenue surpassed RMB80 billion for the first time, achieving its 12 consecutive years of positive growth on an already substantial base. According to data from a global authoritative institution, ANTA Sports’ market share in the Chinese sportswear market climbed to 21.8% (2024: 20.8%), reinforcing its position as the industry leader, while maintaining a firm foothold among the top three globally. At the same time, we remained steadfast in our commitment to “winning through products, winning through operations”, continuously optimizing our profit structure and cash flow quality, while upholding a sound balance sheet and robust liquidity, ensuring that the Group is well-equipped to navigate uncertainty with both confidence and composure.

As we look to the future, what have we stayed true to and what have we done right?

Sustaining and expanding the strategic advantages of “Strong Multi-brand Operation” in pursuit of high-quality growth

ANTA Sports remains unwavering in its “Single-focus, Multi-brand, Globalization” strategy. As sports consumption shifts from the mass market toward greater professionalism and scenario-based engagement, the multi-brand strategy is, at its core, a long-term response to the evolution in consumer structure. Through a differentiated multi-brand portfolio, we address the diverse needs of consumers worldwide by deepening each brand’s positioning and building a tailored growth model for each. From our main brand, ANTA, to a portfolio of multiple brands, including FILA, which has scaled into a RMB30 billion retail sales business over more than a decade, DESCENTE, which crossed the RMB10 billion retail sales milestone in nearly ten years, KOLON SPORT, now closing in on RMB10 billion, and Amer Sports, which achieved high-quality, high-growth performance under ANTA Sports’ strategic stewardship ahead of its public listing, we have continuously advanced international partnerships and brand investments. The outcome is a well-structured brand portfolio spanning diverse sports occasions and price segments, equipping the Group with a more resilient growth architecture and stronger cyclical capabilities.

Building a distinctive globalization practice and value system for ANTA Sports

We believe that “great acquisition” sets the starting point, “great management” drives efficiency, and “great synergies” determine long-term value. The Group upholds a brand-centric governance model that grants each brand meaningful autonomy so that its distinctiveness and creative vitality are fully preserved. In parallel, ANTA Sports’ unique “Brand+Retail” business model has been developed into a transferable and replicable global operating management system. From managing a portfolio of global brands to advancing the internationalization of the main brand, ANTA, we continue to build on three core capabilities: multi-brand synergistic management, multi-brand retail operations, as well as global operational and resource deployment. To support healthy growth across our brands, the Group has developed hundreds of lean and highly efficient management models that provide clear guidance across brands, merchandising, retail operations, inventory control, channel, cost discipline and cash flow. This rigorously tested and iteratively refined globalization practice has elevated the Chinese model and Chinese expertise into a globally evolvable and scalable operating framework. Through our shared services platform, we have built meaningful scale advantages and synergy efficiencies across mid- and back-office functions, including supply chain, digitalization, finance, human resources and risk management. This combination of “brand vitality” and “platform efficiency” is precisely what sets ANTA Sports apart from traditional single-brand companies and sits at the heart of our competitive edge.

Creating long-term value for consumers and shareholders, with technology and innovation as the foundation

We firmly believe that growth is the highest expression of corporate culture and that growth is not simply expansion in scale, but the advancement of product strength, organizational capability and operational efficiency, as well as the most direct reflection of a company’s long-term health. At the heart of this growth lies a set of principles we have long held: great products and disciplined operations. Our priority is to ensure that every brand within the Group rallies around building great products, building great brands, running operations with discipline and competing to win. Great products are built on relentlessly innovation around consumer needs, building defensible brand barriers with expertise and genuine value. The most direct expression of innovation is delivering the most professional and advanced sports equipment to the world’s finest athletes. At the recently concluded Milan Winter Olympics, ANTA Sports equipped 13 national teams with cutting-edge technology in their quest for excellence and glory. Where we once looked upon international brands as an unreachable standard, we now stand side by side with them on the world stage and are pressing further into global markets on the strength of technological innovation. Disciplined operations mean maintaining long-term discipline in inventory, channel, cost and cash flow management, so that growth is built on a healthy foundation. In capital allocation, we remain prudent and rational in striking the right balance among organic growth, brand investment, acquisition integration and shareholder returns, to ensure that every commitment is oriented toward the creation of long-term value.

Thirty-Five Years: A Long-Term Vision That Outlasts the Cycle

This year marks the 35th anniversary of the Group’s founding. Having navigated multiple rounds of industry cycles and shifts in the consumer landscapes, we look to the future with even greater confidence, guided by a steadfast strategy and a firm commitment to sustaining resilience, health and vitality. The culture of ANTA Sports is built on a relentless drive to win, a long-term mindset, great products and disciplined operations. We do not sacrifice brand equity for short-term momentum, nor do we allow external volatility to divert us from our long-term direction. Over the past year, we completed the acquisition of the German outdoor brand JACK WOLFSKIN and announced a proposed acquisition of a 29.06% stake in the globally renowned sports brand PUMA, which would make us its largest shareholder. These moves are not driven by a desire for scale expansion but rather represent long-term investments in building our future global capabilities.

Dear shareholders, the international landscape remains unsettled and industry cycles may well continue to fluctuate. Yet through it all, ANTA Sports will stay the course. We will deepen the accumulated strengths of our brand-building as well as our operational management systems and advance the development of a truly global management framework. Every brand will pursue long-term value in depth. We are home to multiple world-class brands and have built a brand portfolio that addresses a wide spectrum of consumer needs, spanning performance sports and athletic fashion to premium outdoor and everyday lifestyle. This is the bedrock of our confidence as we compete on the global stage. Over the next ten, twenty, and thirty years, our ambition is not to chase short-term rankings, but to build ANTA Sports into a world-class enterprise, one defined by genuine global influence and the capacity to create lasting value, delivering enduring prosperity for our shareholders and all stakeholders alike.

Thank you for the trust and support you have placed in ANTA Sports over the years. We look forward to sharing this journey with you and to building a better future together.