In the first half of 2026, the Chinese sportswear market did not continue the broad growth seen in previous years. Based on retail data from the four major domestic players—Anta, Li Ning, Xtep, and 361 Degrees—industry divergence has moved from appearance to substance. Anta's revenue is projected to exceed 41 billion yuan, while 361 Degrees, with growth across all segments, has emerged as the most surprising variable of the first half.
Revenue Tiers Solidify, but Growth Paths Diverge
In terms of scale, Anta's leading position remains unshakable. Based on its H1 2025 revenue of 38.544 billion yuan, coupled with mid-single-digit growth from its Anta main brand and FILA, and explosive 35%-40% growth from Descente and Kolon, the group's H1 2026 revenue is expected to be between 41 and 43 billion yuan. Li Ning ranks second with an estimated 14.5-14.8 billion yuan, but its main brand saw low single-digit decline in Q2, barely offset by growth from Li Ning YOUNG kids' wear. Xtep and 361 Degrees are close in scale, with projected revenues of 6.7-6.9 billion and 6.1-6.3 billion yuan respectively, but with starkly different growth quality—Xtep's main brand retail saw a slight decline, while 361 Degrees maintained mid-to-high single-digit growth across all segments.
Notably, all four brands experienced a sequential slowdown in Q2 growth. Weak consumer confidence, extreme weather impacting offline traffic, and intensified price competition are common pressures. However, each brand has charted a different course through its brand structure and channel strategy.
Anta: Outdoor Portfolio as an Anti-Cyclical Trump Card
Anta's anti-cyclical ability is the most prominent in the industry. The main brand and FILA maintained mid-single-digit growth in H1, slowing to low single digits in Q2. FILA's inventory control is impressive, with a sell-through ratio consistently below 5 months and a unified discount of 27% off retail, leading the industry in terminal operations.
The real growth engine is the high-end outdoor portfolio. Descente and Kolon saw retail scale surge 35%-40% year-on-year in H1, maintaining 25%-30% high growth in Q2, with Kolon's single-quarter growth exceeding 40%. Against the backdrop of peaking mass-market sportswear growth, the outdoor niche has successfully taken on the growth mantle, validating Anta's multi-brand strategy. For buyers, this means demand for high-performance functional fabrics and outdoor-specific yarns will continue to rise.
361 Degrees: The Logic Behind Across-the-Board Growth
361 Degrees is the only one among the four to maintain high prosperity across all segments. Its main brand and kids' wear saw mid-to-high single-digit growth offline, with e-commerce growing at a high single-digit rate, all built on a high base from H1 2025. The brand is accelerating its superstore expansion, with 187 stores as of end-June, adding 45 net new stores in a single quarter.
More notably, management changes—the addition of a former Nike Greater China executive—could further upgrade brand operations and global expansion. For upstream fabric suppliers, 361 Degrees' growth means steady orders for kids' wear functional fabrics and sportswear fabrics, especially amid superstore expansion, with higher demands on quality and delivery.
Niche Segments and Channel Refinement as the Dividing Line
Two clear trends emerge from the H1 data. First, the growth ceiling for single mass-market sportswear brands is evident, with high-growth niches like premium outdoor, professional running, and kids' wear becoming growth drivers. Anta's outdoor segment, Xtep's Saucony, Li Ning YOUNG, and 361 Degrees' kids' wear all validate the dividends of niche segments.
Second, the era of extensive store expansion is over, replaced by a comprehensive phase of refined channel operations. Li Ning is closing underperforming stores, Xtep is accelerating DTC transformation, 361 Degrees is building superstores, and Anta is strictly controlling inventory and discounts. Brands no longer pursue store count alone but focus on inventory turnover, terminal discounts, and per-store profitability.
This means the domestic sportswear industry has formally shifted from a scale-expansion phase to a high-quality, refined operations phase. For supply chain companies, this is both a challenge and an opportunity—only those that excel in functional fabric development, fast response, and cost control will survive this reshuffle.