In the first half of 2026, China's domestic sportswear market witnessed a clear divergence among top players. Anta Group is projected to achieve revenue of RMB 41-43 billion, maintaining its industry lead. Li-Ning is estimated at RMB 14.5-14.8 billion, ranking second. Xtep and 361° are expected to report around RMB 6.7-6.9 billion and RMB 6.1-6.3 billion, respectively. More notably, growth rates varied sharply: Anta and 361° sustained growth, while Li-Ning's core brand saw low-single-digit declines, and Xtep's main brand dipped slightly. The era of universal growth has ended.
Anta: Premium Outdoor Drives Growth
Anta Group's revenue growth in H1 was primarily fueled by its premium outdoor brands Descente and Kolon, whose retail sales surged 35%-40% year-on-year, maintaining 25%-30% growth in Q2, with Kolon exceeding 40% in a single quarter. Anta's core brand and FILA maintained mid-single-digit growth in H1, slowing to low single digits in Q2 due to macro headwinds. FILA's inventory control remains outstanding, with inventory-to-sales ratio consistently below 5 months and offline discounts kept at 7.3%, leading the industry in operational quality. The multi-brand strategy effectively hedged against cyclical fluctuations.
Li-Ning: Offline Pressure, Channel Optimization
Li-Ning's core brand recorded low-single-digit decline in Q2 2026 across all platforms, with offline direct and wholesale channels both weak. Only e-commerce achieved mid-single-digit growth. The Li-Ning YOUNG children's wear brand was the sole growth driver, keeping overall group sales flat. As of June-end, core brand stores totaled 6,063, a net closure of 28 year-to-date, while children's stores added 52. The company is focusing on eliminating underperforming outlets and optimizing channel quality rather than expanding scale.
Xtep: Core Brand Dips, Saucony Supports
Xtep's core brand saw a slight decline in H1 retail sales, with the drop widening in Q2. The brand is accelerating DTC transformation, reclaiming over 200 stores in H1 and planning to reclaim another 400 in H2, which should improve long-term margins. The professional running brand Saucony was the only growth engine, with H1 sales up low double digits and Q1 growth exceeding 20%. Cross-border e-commerce doubled, opening new growth avenues.
361°: Full-Line Growth, H1's Dark Horse
361° was the only brand among the top four to maintain high growth across all segments. Core brand and children's wear offline retail grew mid-to-high single digits, with e-commerce up high single digits, all on top of a high base in 2025. The brand expanded its super stores to 187 by June-end, adding 45 in a single quarter. A former Nike Greater China executive joined management, likely upgrading brand operations and global expansion.
Industry Trends: Niche Segments and Channel Efficiency
Two key trends emerge from H1 data. The growth ceiling for mass sportswear brands is apparent, while high-growth niches like premium outdoor, professional running, and children's wear are driving expansion. Anta's outdoor, Xtep's Saucony, Li-Ning YOUNG, and 361°'s children's wear all validate this. The era of extensive store expansion is over, replaced by refined channel management. Li-Ning is closing inefficient stores, Xtep is pushing DTC, 361° is building super stores, and Anta is strictly controlling inventory and discounts. The focus has shifted from store count to inventory turnover, discount discipline, and per-store profitability.