Anta Sports Products Ltd. · HKEX:2020
Anta Sports Products — FY2025 Earnings Presentation
27 slides from Anta Sports Products's earnings presentation, March 2026
Slide 1: Annual Results Presentation 2025
Annual Results Presentation 2025 二零二五年全年業績發佈會
Slide 2: Results Highlights – Steadily advancing mid-to-long term strategy
Results Highlights – Steadily advancing mid-to-long term strategy 1 2 3 4 Revenue topped Maintained high Excellent cash Stable dividend RMB80 billion operating efficiency generating capability payout ratio Profit attributable to Revenue Operating Profit Margin Equity Shareholders1 RMB RMB 80.22 bill
Slide 3: Market Review
Market Review
Slide 4: China's economy: Growth on a stable trajectory, while policy building consumer confidence
China’s economy: Growth on a stable trajectory, while policy building consumer confidence January to December 2025: December 2025: Total Retail Sales of 3.7% Consumer Confidence Index 89.5 Consumer Goods % 7 93 6 Consumer Confidence Index 92 (Secondary Axis) 91 5 90 4 89 88 3 87 2 86 85 1 Total Reta
Slide 5: Consumer market and industry characteristics
Consumer market and industry characteristics Market characteristics Core trends Looking for rational upgrades Consumers focus on value- and affordable alternatives at for-money, but still demand the same time good quality Share of service-based Share of service-based consumption increased co
Slide 6: Business Review
Business Review VA
Slide 7: ANTA: Mass market positioning, Breakthroughs in performance sports, Brand transformation and upgrade
Mass market positioning, Breakthroughs in performance sports, Brand transformation and upgrade Revenue growth 3.7% Overseas Revenue growth ~70% Operating Margin 20%+ Areana Store Palace Store Upgraded PG7 annual sales C Family annual Monthly Sales Monthly Sales Lighthouse Stores volume growth sales
Slide 8: FILA: Brand elevation, Product innovation and Retail upgrade
Brand elevation, Product innovation and Retail upgrade Revenue growth ~7% Operating Margin 25%+ Chunky sneaker category annual sales volume ~2million Polo category Consecutive 3-Year sponsor of Official Footwear & Apparel Sponsor of annual sales volume Volvo China Open (Golf) China Open (Tennis) ~2m
Slide 9: High-end, High-quality Professional Sportswear Brand
High-end, High-quality Professional Sportswear Brand Average Store Retail Sales Omni-channel 8 stores with annual ~40% of members Monthly Sales ~2.7 >10 billion discount <10% sales > 100 million under age 35 million
Slide 10: A Coveted Brand for an Outdoor Lifestyle
A Coveted Brand for an Outdoor Lifestyle Average Store Official Partner of Retail Sales Omni-channel Footwear retail sales Monthly Sales ~2.0 China National >6 billion discount <10% growth ~140% million Climbing Team
Slide 11: Retail Channel Management
Retail Channel Management 7,203 2,652 1,273 578 189 (7,135) (2,784) (1,264) (590) (206) 256 209 52 Store number as at 30 December 2025 (226) (191) (47) (Store number as at 31 December 2024)
Slide 12: E-commerce
E-commerce In absolute amount 15.5% yoy Contribution to the Group's overall revenue 35.8% E-commerce 35.1% FY25 FY24
Slide 13: AI and Digitalization: Main AI application goals defined by the AI365 strategy
AI and Digitalization: Main AI application goals defined by the AI365 strategy Cost reduction and efficiency enhancement：Introduced the industry’s first AI large design model, Ling Loong Design Model, which streamlines core design workflows, supporting creative brainstorming and refinement while imp
Slide 14: 2025 ESG Performance
2025 ESG Performance Mutualism with Consumers Our Ratings 38% of products are sustainable (based on order volume) Defining a clear roadmap for substituting high-risk substances to proactively commit to phasing out PFAS 46% of packaging materials are sustainable packaging (based on S&P Global Corpora
Slide 15: 2025 ESG Performance
2025 ESG Performance Mutualism with Employees (Excluding Jack Wolfskin) 67,700+ employees from 28 different countries and Mutualism with the Environment regions Female executives represented 41.1%, achieved the target of GHG reduction targets were validated by SBTi, aligned with a 1.5°C having over
Slide 16: Financial Review
Financial Review
Slide 17: Revenue
Revenue Breakdown of total revenue (%) Total Revenue 80.22 billion 43.3% 13.3% 2025 35.5% 21.2% 47.3% Increase mainly due to： 2024 37.6% 15.1% • The successful penetration of diverse market segments through clear positioning of each brand and the multi- brand strategy; and ANTA FILA All other brands
Slide 18: Gross Profit Margin
Gross Profit Margin Overall Gross Profit Margin 62.0% 0.2 p.p. Gross Profit (RMB billion) Gross Profit Margin (%) 49.73 44.03 12.20 7.71 72.2% 71.8% -0.4% All other brands 18.05 18.91 67.8% 66.4% -1.4% FILA 18.27 18.62 54.5% -0.9% ANTA 53.6% 2024 2025 2024 2025 ANTA FILA All other brands ANTA FILA A
Slide 19: Operating Expenses Ratio
Operating Expenses Ratio Operating Expenses Ratio (%) 15.1 14.8 15.3 14.9 13.5 Staff 10.3 12.4 8.2 9.0 8.0 A&P 2.6 2.8 2.7 2.3 2.4 R&D 2021 2022 2023 2024 2025 Staff Costs Ratio* A&P Expenses Ratio* R&D Costs Ratio* • 16.7% increase in total staff • A higher proportion of • The Group continues costs
Slide 20: Operating Profit Margin
Operating Profit Margin Overall Operating Profit Margin 23.8% 0.4 p.p. Operating Profit (RMB billion) Operating Profit Margin (%) 19.09 16.60 28.6% 4.74 27.9% -0.7% All other brands 3.05 26.1% +0.8% FILA 6.74 7.42 25.3% 7.04 7.21 21.0% 20.7% -0.3% ANTA 2024 2025 2024 2025 ANTA FILA All other brands
Slide 21: Margin of Profit Attributable to Equity Shareholders
Margin of Profit Attributable to Equity Shareholders Margin of Profit Attributable to Equity Shareholders (%) 16.8 16.9 16.4 15.7 14.1 2021 2022 2023 2024* 2025 *Excluding gain arising from equity dilution under the Amer Sports Listing and Amer Sports Placing in 2024 Margin of Profit Attributable to
Slide 22: Working Capital Management
Working Capital Management Assets/ Liabilities Turnover Days (Days) Average Inventory Turnover Days 138 Inventories 137 137days 14days 127 123 123 Average Trade Receivables Turnover Days 21days Flat Trade Payables 53 50 51 51 Average Trade Payables Turnover Days 47 Trade 51days Receivables 26 21 20
Slide 23: Liquidity and Financial Resources
Liquidity and Financial Resources Operating cash flow and net cash position remain healthy 2025 2024 Changes (RMB million) (RMB million) (%) Operating cash inflow 20,996 16,741 25.4 Twelve months Capital expenditures (2,716) (3,460) 21.5 ended 31 (2,170) (38) 5,610.5 Acquisition of subsidiaries Dece
Slide 24: Dynamic Management Model - High Quality Growth
Dynamic Management Model - High Quality Growth • Double digit growth in both revenue and profit from Profitability operations • Margin of profit attributable to equity shareholders (excluding one-off gain from Amer) was 16.9%, 0.1 p.p. increase year over year Stable Healthy Profitability Operational
Slide 25: Prospects
Prospects
Slide 26: Prospects
Prospects To become a leading multi-brand sportswear group in the world Single-focus, Multi-brand, Globalization Key Management Focuses in 2026 Winning through Products Winning through Operations Strengthen Realize Optimize Enhance Product-driven Build sustained Operation category benefit from inven
Slide 27: Appendix 1: Financial Highlights
Appendix 1: Financial Highlights FY2025 FY2024 Changes Revenue (RMB million) 80,219 70,826 13.3% Gross profit (RMB million) 49,734 44,032 12.9% Profit from operations (RMB million) 19,091 16,595 15.0% Profit for the year (RMB million) 15,662 16,989 7.8% Profit attributable to equity shareholders (RM