In the first half of 2026, the performance landscape of local sportswear brands showed rare divergence. Anta's revenue is estimated to reach RMB 41-43 billion, firmly holding the top spot, while 361° emerged as the biggest dark horse with across-the-board growth—achieving mid-to-high single-digit increases in offline retail for both its main brand and children's wear, even on a high base from 2025. The era of universal growth has ended, and multi-brand strategies combined with deep cultivation of niche segments have become the core differentiator.
Performance Divergence: Anta Leads by a Wide Margin, 361° Breaks Through
In terms of revenue tiers, Anta leveraged mid-single-digit growth from its main brand and FILA, along with a 35%-40% surge from high-end outdoor brands like Descente and Kolon, to achieve an estimated H1 revenue of RMB 41-43 billion. Li-Ning ranked second with RMB 14.5-14.8 billion, but its main brand saw low single-digit declines in Q2, relying only on Li-Ning YOUNG children's wear for overall stability. Xtep and 361° are close in size, with estimated revenues of RMB 6.7-6.9 billion and RMB 6.1-6.3 billion respectively, but their growth drivers differ sharply: Xtep's main brand retail fell slightly, while 361° maintained high momentum across all lines, with e-commerce revenue growing at high single digits and its superstore channel adding 45 net new stores in a single quarter.
Niche Segments as Growth Engines: Outdoor, Children's Wear, Professional Running
Common industry pressures—weak consumer confidence, extreme weather impacting foot traffic, and intensified price competition—persist, but brands have charted different paths through niche segment strategies. Anta's high-end outdoor portfolio became its biggest growth ace, with Descente and Kolon retail sales surging 35%-40% year-on-year in H1. 361°'s children's wear and superstore expansion drove dual momentum, and the addition of a former Nike Greater China executive signals its intent to globalize. Xtep, despite main brand weakness, saw Saucony achieve low double-digit growth and cross-border e-commerce double, opening new growth avenues. Li-Ning focused on optimizing its channel structure, closing 28 net main brand stores while adding 52 children's stores.
Channel Refinement: From Quantity to Quality
The era of extensive store expansion is over, and the industry has entered a phase of channel refinement. Anta strictly controls FILA inventory, with a stock-to-sales ratio consistently below 5 months and offline discounts maintained at 7.3% off. Xtep accelerated its DTC reform, reclaiming over 200 stores in H1 and planning to reclaim 400 more in H2. 361° increased its superstore count to 187 in six months, with a net addition of 45 in Q2 alone. Brands no longer pursue store count alone but focus on inventory turnover, terminal discounts, and per-store profitability. This signals that future competition will hinge more on operational efficiency and in-store experience than on sheer scale.