In the first half of 2026, China's four leading sportswear brands delivered sharply divergent results. Anta Group maintained its dominant position with estimated revenue of 41-43 billion yuan, while Li Ning's overall revenue was flat as its core brand struggled offline. 361° emerged as the biggest dark horse with high growth across all segments. The era of industry-wide growth has ended, with multi-brand strategy, niche segment cultivation, and refined channel operations becoming the key differentiators.
Revenue Tiers Solidified, Q2 Growth Slows Across the Board
Anta Group maintained absolute leadership. Based on its H1 2025 revenue of 38.544 billion yuan, combined with mid-single-digit growth for the Anta and FILA brands and 35%-40% growth for high-end outdoor brands Descente and Kolon, the group's H1 2026 revenue is estimated at 41-43 billion yuan. Li Ning ranked second with estimated revenue of 14.5-14.8 billion yuan. Xtep and 361° formed the second tier with estimated revenues of 6.7-6.9 billion yuan and 6.1-6.3 billion yuan, respectively.
All four brands experienced a common slowdown in Q2 growth. Weak consumer confidence, extreme weather impacting offline traffic, and intensified price competition were shared challenges. However, each brand's distinct portfolio and channel strategy produced very different outcomes.
Anta: High-End Outdoor Takes the Lead
Anta Group proved the most resilient. The Anta core brand and FILA maintained mid-single-digit growth in H1, with FILA's inventory-to-sales ratio staying below 5 months and offline discounts consistently at 7.3% off, demonstrating industry-leading operational quality.
The biggest growth driver was the high-end outdoor segment. Descente and Kolon saw retail sales 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 plateaus, the outdoor niche has successfully taken over as the growth engine, validating Anta's multi-brand strategy for navigating cyclical downturns.
Li Ning: Core Brand Struggles Offline, Channel Optimization Underway
Li Ning's core brand recorded low-single-digit decline in total channel sales in Q2 2026, with both offline direct and wholesale channels weak. Only e-commerce achieved mid-single-digit positive growth. The group's overall sales were flat, supported solely by stable growth from the Li Ning YOUNG kids' brand.
On the channel front, Li Ning is aggressively pruning underperforming stores. As of June, the core brand had 6,063 stores, a net closure of 28 year-to-date. In contrast, kids' stores expanded, adding 52 stores in the quarter. The company's focus has shifted from store count expansion to eliminating low-efficiency locations and improving per-store profitability.
Xtep: Saucony Carries Growth, DTC Reform Accelerates
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 is accelerating its DTC channel reform, having reclaimed over 200 stores in H1, with plans to reclaim another 400 in H2. This is expected to improve terminal profit margins in the long run.
The professional running brand Saucony was Xtep's only growth driver, with H1 sales up low-double-digits and Q1 growth exceeding 20%. Overseas cross-border e-commerce business also doubled, opening up a new growth space for the group.
361°: High Growth Across All Segments, H1's Biggest Dark Horse
361° was the only one of the four to maintain high prosperity across all segments. The core brand and kids' brand both achieved mid-to-high single-digit growth in offline retail, with e-commerce sales up high-single-digits. This growth was built on a high base from the same period in 2025.
In channel expansion, 361° accelerated its superstore rollout, reaching 187 stores by June, a net addition of 45 in the quarter. Management also saw a major change, with a former Nike Greater China executive joining, which is expected to further upgrade brand operations and globalization.
Niche Segments and Refined Operations Are Key to Breakthrough
Two major industry trends are clear from the H1 2026 data. First, the growth ceiling for single mass-market sportswear brands has been reached. High-growth niche segments like high-end outdoor, professional running, and kids' wear have become the new growth engines. Anta's outdoor brands, Xtep's Saucony, Li Ning YOUNG, and 361° Kids all validate the dividends of these segments.
Second, the era of extensive store expansion is over. The industry has fully entered a phase of refined channel operations. Li Ning is closing inefficient stores, Xtep is accelerating DTC transformation, 361° is building superstores, and Anta is strictly controlling inventory and discounts. Brands are no longer pursuing store count but are focusing on inventory turnover, terminal discounts, and per-store profitability.
China's domestic sportswear industry has officially shifted from a phase of scale expansion to a new stage of high-quality, refined operations.