In the first half of 2026, China's four major sportswear brands delivered a performance report card marked by unprecedented divergence. Anta Group's revenue is estimated at 41-43 billion yuan, firmly in the lead, while Li-Ning, Xtep, and 361 degrees are positioned at 14.5-14.8 billion, 6.7-6.9 billion, and 6.1-6.3 billion yuan respectively. Notably, all brands experienced a sequential slowdown in Q2, reflecting industry-wide headwinds from weak consumer confidence, extreme weather, and intensified price competition, rather than individual missteps.
Outdoor and Kids' Wear: Two Keys to Breaking Growth Ceilings
Anta Group's performance is the most compelling. Its core brand and FILA maintained mid-single-digit growth in H1, but the real engine was the premium outdoor portfolio of Descente and Kolon, which saw retail scale surge 35-40% year-on-year, maintaining 25-30% growth in Q2, with Kolon exceeding 40% in a single quarter. This data clearly shows that when the mass sportswear market hits a ceiling, the outdoor segment, with higher price points and stronger consumer loyalty, successfully captures upgraded demand.
361 degrees took a different path to victory. As the only brand among the four to maintain high momentum across the board, its core brand and kids' wear achieved mid-to-high single-digit offline growth, with e-commerce growing by high single digits—all on top of a high base in 2025. The stable contribution from kids' wear, coupled with rapid expansion of super stores (187 outlets by June, a net addition of 45 in Q2), made it the biggest dark horse of the half.
Core Brand Pressure: Li-Ning and Xtep's Painful Channel Transformation
Li-Ning and Xtep are navigating adjustments in their core brands. Li-Ning's core brand saw low-single-digit decline in Q2 across all platforms, with offline direct and wholesale channels both weak; only e-commerce achieved mid-single-digit growth. By end-June, net store closures reached 28, bringing the total to 6,063, while kids' wear stores added 52. This contraction signals a strategic shift toward store quality over quantity.
Xtep's situation is more severe. Its core brand saw a slight decline in H1 retail sales, with the drop widening in Q2. The company is accelerating DTC reform, recovering over 200 stores in H1 and planning to recover another 400 in H2. The only bright spot is Saucony, the professional running brand, which posted low-double-digit growth in H1, with Q1 growth exceeding 20%; overseas cross-border e-commerce doubled, opening new growth avenues.
Industry Inflection: From Scale Expansion to Fine Operations
Two clear trends emerge from the four companies' performance. First, the ceiling for single mass-market sportswear brands is apparent, with high-growth niche segments like premium outdoor, professional running, and kids' wear becoming growth engines. Anta's outdoor portfolio, Xtep's Saucony, Li-Ning YOUNG, and 361 degrees' kids' wear all validate this dividend. Second, the era of aggressive store expansion is over; the industry has entered a phase of fine channel operations. Li-Ning is closing inefficient stores, Xtep is accelerating DTC, 361 degrees is building super stores, and Anta is strictly controlling inventory and discounts—all focusing on inventory turnover, terminal discounts, and per-store profitability rather than store count.
For buyers and factories, this means structural changes in supply chain demand. Procurement growth for basic mass-market products will slow, while demand for functional fabrics and high-performance materials will rise. Additionally, channel reforms require suppliers to have faster response times and more flexible order fulfillment.