In the first half of 2026, the growth stories of domestic sportswear brands diverged sharply. Anta Group's estimated revenue reached 41-43 billion RMB, maintaining a clear lead, while 361° emerged as the biggest dark horse with across-the-board growth. Li-Ning and Xtep faced growing pains in their core brands. A consensus is forming: the era of extensive growth is over, and refined operations and niche segment positioning are the future differentiators.
Brand Tiers Widen, Q2 Growth Slows Across the Board
In terms of revenue, the four major brands formed clear tiers. Anta, driven by mid-single-digit growth from its core brand and FILA, and 35%-40% high growth from high-end outdoor brands like Descente and Kolon, secured the top spot. Li-Ning is estimated to generate 14.5-14.8 billion RMB, ranking second, but its core brand's offline channels are under pressure. Xtep and 361° are close in size, with estimated revenues of 6.7-6.9 billion and 6.1-6.3 billion RMB respectively, forming the second tier.
Notably, all brands experienced a common slowdown in Q2. Weak consumer confidence, extreme weather impacting offline traffic, and intensified price competition are industry-wide pressures. However, each brand has carved out a distinct growth trajectory based on its brand structure and channel strategy.
Anta: Multi-Brand Matrix Hedges Cycles, Outdoor Segment Becomes Trump Card
Anta is the most resilient leader among the four. Its core advantage lies in a multi-brand layout that effectively diversifies single-market risk. While Anta's core brand and FILA slowed to low single-digit growth in Q2, its high-end outdoor matrix, Descente and Kolon, shouldered the growth burden, with retail scale surging 35%-40% in H1. Kolon's single-quarter growth even exceeded 40%.
This suggests that as mass-market sportswear growth peaks, the high-end outdoor niche has successfully taken over as the group's new growth engine. Anta's refined terminal operations, such as FILA's inventory control (inventory-to-sales ratio below 5 months) and stable 27% discount rate, ensure healthy cash flow and brand premium.
361°: All-Line Growth, Children's Wear and Superstore Strategy Pay Off
361° was the biggest surprise of H1. Its core brand and children's wear achieved mid-to-high single-digit growth offline, and e-commerce also saw high single-digit increases, all on top of a high base from 2025. On the channel front, 361° accelerated its superstore expansion, reaching 187 stores by end of June, a net addition of 45 in a single quarter.
More notably, 361° made a key management appointment, bringing in a former Nike Greater China executive. This move signals a potential upgrade in operational efficiency and global layout. 361°'s reversal shows that even in a seemingly saturated market, growth can be unlocked through precise children's wear positioning and efficient channel expansion.
Li-Ning and Xtep: Core Brands Under Pressure, Seeking Breakthroughs in Niches
Li-Ning and Xtep face a similar challenge: sluggish core brand growth. Li-Ning's core brand saw low single-digit decline in Q2 across all platforms, with offline direct sales and wholesale both weak, while e-commerce achieved mid-single-digit growth. Li-Ning is shrinking its store network to optimize channel structure, closing a net 28 core brand stores by end of June, while its children's brand Li-Ning YOUNG expanded, adding 52 new stores in the quarter.
Xtep's core brand saw a slight decline in H1, with the drop widening in Q2. The brand is accelerating its DTC channel reform, having reclaimed over 200 stores in H1. Its professional running brand Saucony became the only growth pillar, with low double-digit growth in H1. For these two companies, short-term pain is inevitable, but focusing on niche segments and channel efficiency is the necessary path to navigate the cycle.
Industry Trend: From Scale Expansion to High-Quality Operations
H1 2026 data clearly reveals two core trends. First, the growth ceiling for single mass-market sportswear brands is apparent, while high-growth niches like high-end outdoor, professional running, and children's wear have become growth engines. Anta's outdoor segment, Xtep's Saucony, Li-Ning YOUNG, and 361°'s children's wear all validate this dividend.
Second, the era of extensive store expansion is over, and the industry has fully entered a phase of refined channel management. 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 simply pursue store count, but focus on inventory turnover, terminal discounts, and per-store profitability.
For buyers and brand owners, this means higher barriers to future cooperation. Only companies with advantages in product strength, channel efficiency, and brand positioning can stand out in the stock competition.