Divergence among China's local sportswear brands reached a new inflection point in the first half of 2026. Public industry data shows that the growth rates and profit structures of Anta, Li-Ning, Xtep, and 361° have diverged significantly. Anta maintains a commanding lead with an estimated revenue of 410-430 billion yuan, while 361° emerges as the biggest surprise with broad-based growth.
Revenue Tiers Solidify, but Growth Gaps Widen
By scale, Anta remains the undisputed leader. Its H1 2025 revenue was 38.544 billion yuan, and with mid-single-digit growth from the Anta and FILA brands and 35%-40% high growth from new outdoor brands Descente and Kolon, its H1 2026 revenue is estimated to rise to 410-430 billion yuan. Li-Ning holds second place with an estimated 14.5-14.8 billion yuan, but its core brand saw low single-digit decline in Q2, relying on kids' wear to stay flat. Xtep and 361° are close in scale, with estimated revenues of 6.7-6.9 billion and 6.1-6.3 billion yuan respectively, but their growth quality differs sharply.
Outdoor Segment: Anta's Moat and Xtep's Single Bridge
Anta's multi-brand portfolio shows the strongest resilience. Descente and Kolon saw 35%-40% retail growth in H1, with Kolon's single-quarter growth exceeding 40% in Q2. This indicates that when mass-market sportswear growth peaks, the outdoor segment not only takes on the growth burden but also raises the group's profit ceiling. Xtep, in contrast, relies heavily on Saucony, its professional running brand, which achieved low double-digit growth in H1. While this validates the niche running market, it also reveals a higher concentration risk compared to Anta's diversified portfolio.
Kids' Wear and Channels: 361°'s Surge vs. Li-Ning's Contraction
361° is the only brand maintaining across-the-board high growth. Its core brand and kids' wear both saw mid-to-high single-digit offline growth, with e-commerce posting high single-digit gains, all on top of a high base from H1 2025. Its superstore expansion accelerated, reaching 187 stores by end-June, a net addition of 45 in a single quarter. The appointment of a former Nike Greater China executive signals further brand upgrades and globalization. Li-Ning, meanwhile, is in active contraction. Its core brand closed 28 stores net in H1, with offline channels weakening. However, its kids' wear Li-Ning YOUNG expanded by 52 stores, acting as a stabilizer. This strategy reflects refined channel operations: pruning inefficient stores and allocating resources to high-growth niches.
Industry Shift: From Scale to Quality
The H1 2026 data reveals two core trends. First, the ceiling for single mass-market sportswear brands is evident, with high-end outdoor, professional running, and kids' wear becoming growth engines. Anta's outdoor brands, Xtep's Saucony, Li-Ning YOUNG, and 361°'s kids' wear all validate this logic. Second, the era of crude store expansion is over. The industry has entered a phase of channel refinement: Li-Ning is closing inefficient stores, Xtep is accelerating DTC transformation, 361° is building superstores, and Anta is strictly controlling inventory and discounts. Brands no longer chase store count but focus on inventory turnover, discount discipline, and per-store profitability.