In the first half of 2026, the revenue growth rates of the four major local sportswear brands showed a stark contrast. Anta Group is projected to generate revenue of RMB 41-43 billion, firmly holding the top spot; 361° achieved across-the-board growth, becoming the biggest variable of the period. Meanwhile, Li-Ning and Xtep's core brands saw declining sales, signaling the end of the era of universal growth.
Multi-brand and Premiumization: Anta's Moat Anta Group's resilience was tested in Q2. Despite weak macro consumption and extreme weather impacting offline traffic, Anta's main brand and FILA maintained mid-single-digit growth in H1. FILA's inventory management was outstanding, with an inventory-to-sales ratio consistently below 5 months and terminal discounts stable at 7.3%.
The real growth engine came from high-end outdoor brands Descente and Kolon, whose retail scale surged 35%-40% year-on-year in H1, maintaining a 25%-30% high growth rate in Q2, with Kolon's single-quarter growth exceeding 40%. As mass-market sportswear growth peaks, the outdoor niche segment has taken on the growth mantle, validating the long-term value of a multi-brand strategy.
Core Brand Pressure: Li-Ning and Xtep's Channel Transformation Li-Ning saw its main brand's full-channel revenue decline by a low single digit in Q2 2026, with both offline direct and wholesale channels weakening, only e-commerce achieving mid-single-digit growth. The group chose to proactively close inefficient stores, ending June with 6,063 main brand stores, a net closure of 28 year-to-date; its childrenswear brand Li-Ning YOUNG expanded counter-cyclically, adding 52 stores quarterly, acting as a stabilizer.
Xtep's situation is more severe, with its main brand's H1 retail sales declining slightly year-on-year, with the decline widening in Q2. The group is accelerating its DTC reform, reclaiming over 200 stores in H1 and planning to reclaim another 400 in H2. The professional running brand Saucony became the only growth driver, with H1 revenue rising by a low double digit, while its cross-border e-commerce business doubled.
361°'s Upset: The Logic Behind Across-the-Board Growth 361° was the only brand among the four to achieve across-the-board prosperity. Its main brand and childrenswear saw mid-to-high single-digit growth in offline retail, with e-commerce revenue rising by a high single digit, all built on a high base from H1 2025. It accelerated its superstore expansion, ending June with 187 stores, a net increase of 45 in a single quarter.
The management team saw a major shakeup with the addition of a former Nike Greater China executive, which is expected to further upgrade brand operations and global expansion. These moves indicate 361° is transforming from a follower into a challenger in niche segments.
Industry Trends: From Scale to Efficiency The H1 data clearly shows two major trends. First, the growth ceiling for single mass-market sportswear brands is evident, with high-end outdoor, professional running, and childrenswear becoming growth engines. Second, the era of extensive store expansion is over, and the industry has fully entered a phase of refined channel management.
Companies are no longer simply chasing store counts but are focusing on inventory turnover, terminal discounts, and store-level profitability. Anta's strict inventory control, Li-Ning's store closures, Xtep's DTC transformation, and 361°'s superstore strategy all point in the same direction: the domestic sportswear industry is officially transitioning from a scale expansion phase to a new stage of high-quality, refined operations.