Shares of Puma climbed 6.1% following the publication of annual results from ANTA Sports Products Limited (SEHK:2020). The Chinese sportswear group posted across-the-board gains for the year ended December 31, 2025, underscoring continued momentum in the company’s brand portfolio.
On a consolidated basis ANTA recorded revenue of RMB80.22 billion, a 13.3% increase year-on-year, while operating profit rose 15.0% to RMB19.09 billion. The company reported that its market share in China’s sportswear market reached approximately 21.8%, maintaining its position as the industry leader.
Breaking results down by segment, the ANTA brand produced revenue of RMB34.75 billion, up 3.7% from the prior year, with operating profit climbing 2.5% to RMB7.21 billion. The FILA segment generated revenue of RMB28.47 billion, representing a 6.9% year-on-year increase, and recorded operating profit of RMB7.42 billion, up 10.1%.
The company’s other brands segment delivered a pronounced acceleration, with revenue rising 59.2% to RMB17.00 billion and operating profit increasing 55.3% to RMB4.74 billion. Within that broader category, DESCENTE’s retail sales surpassed RMB10 billion for the first time in 2025, making it the Group’s third brand to top that level.
ANTA Sports also recorded an expansion in operating profit margin, which widened by 0.4 percentage points year-on-year to 23.8%. The firm generated free cash flow of RMB16.11 billion and reported a net cash position of approximately RMB31.72 billion at the end of 2025.
Adjusting for one-off items, the company noted that excluding gains from equity dilution related to the Amer Sports listing and placing in 2024, profit attributable to shareholders increased 13.9% to RMB13.59 billion.
Key takeaways
- Group revenue rose to RMB80.22 billion, a 13.3% year-on-year increase, with operating profit of RMB19.09 billion - showing healthy top-line and operating leverage.
- Brand performance was mixed but positive: ANTA and FILA saw modest growth while the other brands category expanded rapidly, including DESCENTE surpassing RMB10 billion in retail sales.
- Balance sheet strength and cash generation remained robust, with free cash flow of RMB16.11 billion and net cash of about RMB31.72 billion at year-end 2025.
Impacted sectors: Consumer discretionary, retail and apparel manufacturing, with potential market attention on sportswear equities and related supply-chain partners.
Risks and uncertainties
- Profit figures include an adjustment to exclude gains from equity dilution tied to the Amer Sports listing and placing in 2024; comparability of reported profits may be affected.
- While the other brands segment grew rapidly, the ANTA brand showed only modest revenue and operating profit gains, indicating variation in performance across the company’s portfolio.
- The company reported an approximate market share figure of 21.8% in China’s sportswear market as of year-end 2025; the statement reflects the company’s reported position rather than independent verification.
These results present a detailed snapshot of ANTA Sports’ 2025 financial year, including segment-level performance, margin movement and cash metrics. Market participants responded positively in related equities, with Puma shares recording a 6.1% increase on the news.