Sports Brands Diverge: Anta Holds Steady, 361 Degrees Surges Against the Trend

In the first half of 2026, revenue gaps among China's four major sportswear brands widened further. Anta Group is projected to post revenue of 410-430 billion yuan, firmly in the top tier; Li Ning around 145-148 billion yuan; Xtep and 361 Degrees approximately 67-69 billion yuan and 61-63 billion yuan, respectively, forming a second tier. However, growth rates generally slowed in Q2, marking the end of an era of broad-based industry gains.

Multi-Brand Strategy Hedges Cycle Risks Anta Group proved the most resilient player. Its core Anta brand and FILA maintained mid-single-digit growth in H1, with FILA's inventory-to-sales ratio staying below 5 months and offline discounts stable at 7.3% off, leading the industry in operational quality. The group's biggest growth driver came from its high-end outdoor portfolio—Descente and Kolon Sport saw retail scale surge 35%-40% year-on-year in H1, maintaining 25%-30% growth in Q2, with Kolon's single-quarter growth exceeding 40%. As mass-market sportswear growth peaks, the outdoor niche segment has successfully shouldered growth, validating the long-term value of a multi-brand strategy.

Core Brands Under Pressure, Channel Optimization Takes Center Stage Li Ning's core brand recorded low single-digit decline in Q2 omnichannel revenue, with offline direct and wholesale channels both weak; only e-commerce achieved mid-single-digit positive growth. The group's overall revenue stayed flat, relying on stable growth from its Li Ning YOUNG children's wear line. The company continued to prune its store network, with core-brand stores totaling 6,063 as of end-June, a net closure of 28 year-to-date; children's wear stores expanded counter-cyclically, adding 52 in the quarter. The current focus is on eliminating underperforming stores and improving channel quality.

Xtep's core brand saw retail sales decline slightly in H1, with the drop widening in Q2 due to weather and market conditions. The brand accelerated its DTC channel reform, reclaiming over 200 stores in H1 and planning to reclaim another 400 in H2, which should improve terminal profitability in the long run. Its professional running brand Saucony was the only growth driver, with H1 revenue up low double digits and Q1 growth exceeding 20%; overseas cross-border e-commerce achieved doubled growth, opening new growth avenues for the group.

361 Degrees Surges Across the Board, Biggest Dark Horse of H1 361 Degrees was the only brand among the four majors to maintain high prosperity across all lines. Its core brand and children's wear saw mid-to-high single-digit offline retail growth, with e-commerce revenue up high single digits, all built on a high base from the same period in 2025. The company accelerated its superstore expansion, reaching 187 stores by end-June, a net addition of 45 in the quarter. A major management reshuffle, including the hiring of a former Nike Greater China executive, is expected to further upgrade brand operations and global expansion.

Industry Shifts to Fine-Tuned Operations Two clear industry trends emerge from H1 2026 data. First, the growth ceiling for single mass-market sportswear brands is apparent, with high-end outdoor, professional running, and children's wear becoming growth engines. Anta's outdoor lines, Xtep's Saucony, Li Ning YOUNG, and 361 Degrees' children's wear all validate the dividends of niche segments. Second, the era of indiscriminate store expansion is over; the industry has fully entered a phase of channel fine-tuning. Li Ning is closing underperforming stores, Xtep accelerating DTC conversion, 361 Degrees building superstores, and Anta strictly controlling inventory and discounts—no brand is simply chasing store count; instead, they focus on inventory turnover, terminal discounts, and per-store profitability.

Practical Recommendations ### For Buyers - Monitor 361 Degrees' superstore expansion for supply chain demand; its net addition of 45 stores in a single quarter suggests sustained orders for fabrics and accessories. - Anta's outdoor lines (Descente, Kolon) show strong growth, increasing demand for high-performance fabrics (waterproof, breathable, lightweight); consider early engagement with relevant suppliers.

For Foreign Trade Enterprises - Xtep's overseas cross-border e-commerce business has doubled, offering new channels for fabric and garment exports; consider connecting with its overseas warehouses and cross-border platform needs. - The former Nike executive joining 361 Degrees may drive its global expansion; foreign trade firms can monitor its overseas ODM/OEM order opportunities.