In the first half of 2026, the revenue growth rates of China's four major sportswear brands—Anta, Li-Ning, Xtep, and 361 Degrees—diverged significantly, marking the end of the industry's era of universal growth. Anta Group, with its multi-brand matrix, achieved an estimated revenue of 41-43 billion yuan, firmly securing the top spot. In contrast, 361 Degrees emerged as the biggest dark horse, maintaining high growth across all segments.
Performance Divergence: Anta Leads, 361 Degrees Rises
In terms of revenue scale, Anta Group benefited from mid-single-digit growth in its core Anta brand and FILA, along with a 35%-40% surge in high-end outdoor brands Descente and Kolon. Li-Ning's core brand saw a low single-digit decline in Q2, with overall brand growth flat, resulting in an estimated revenue of 14.5-14.8 billion yuan, ranking second. Xtep and 361 Degrees had similar scales, with estimated revenues of 6.7-6.9 billion yuan and 6.1-6.3 billion yuan, respectively, forming the second tier.
A common feature across all four brands was a sequential slowdown in Q2 growth. Weak macro consumer confidence, extreme weather impacting offline traffic, and intensified price competition were shared pressures. Each brand navigated these challenges with distinct brand structures and channel strategies.
Growth Engine Shift: Outdoor and Niche Segments Take the Lead
Anta Group's biggest growth highlight came from its high-end outdoor portfolio. Descente and Kolon saw retail sales surge 35%-40% year-on-year in the first half, maintaining a 25%-30% growth rate in Q2, with Kolon's single-quarter growth exceeding 40%. As mass-market sportswear growth plateaus, the outdoor niche segment has successfully taken on the growth mantle, validating the long-term value of Anta's multi-brand strategy.
361 Degrees was the only brand among the four to maintain high sentiment across all lines. Its core brand and children's wear saw mid-to-high single-digit growth in offline retail, while e-commerce revenue grew by 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 the end of June, a net increase of 45 in a single quarter. A key management reshuffle, including the addition of a former Nike Greater China executive, is expected to further upgrade brand operations and global expansion.
Xtep's core brand saw a slight year-on-year decline in retail sales in the first half, with the decline widening in Q2 due to weather and market conditions. The professional running brand Saucony became the sole growth driver, with low double-digit revenue growth in the first half. Meanwhile, the company's cross-border e-commerce business doubled, opening up new growth space.
Channel Transformation: From Scale Expansion to Precision Operations
The channel landscape is undergoing profound changes. Li-Ning's core brand closed a net 28 stores year-to-date, while its children's wear stores expanded counter-cyclically, adding 52 stores in the quarter. The company's current focus is on eliminating underperforming stores and optimizing channel quality. Xtep is accelerating its DTC channel reform, recovering over 200 stores in the first half and planning to recover another 400 in the second half, which is expected to improve terminal profit margins in the long run.
Anta's FILA brand has outstanding inventory management, with an inventory-to-sales ratio consistently below five months and a uniform 27% discount rate offline, leading the industry in terminal operations. 361 Degrees is improving single-store efficiency through superstore expansion. Brands are no longer solely pursuing store count; instead, they are prioritizing inventory turnover, terminal discounts, and single-store profitability.
Industry Insights: Niche Segments and Channel Precision as Key Breakthroughs
Two major industry trends are clear from the first-half 2026 data. The growth ceiling for single mass-market sportswear brands is apparent, with high-growth niche segments like high-end outdoor, professional running, and children's wear becoming growth engines. Anta's outdoor segment, Xtep's Saucony, Li-Ning's YOUNG, and 361 Degrees' children's wear all validate the dividends of niche segments.
The era of extensive store expansion is over, with the industry fully transitioning into a phase of channel precision. The domestic sportswear industry has officially shifted from a scale expansion phase to a new stage of high-quality, precision operations.