Anta Sports Products Ltd. · HKEX:2020
Anta Sports Products — H1 2026 Earnings Presentation
26 slides from Anta Sports Products's earnings presentation, 2026
Slide 1: ANTA Sports Products Limited 2026 Interim Results
安踏體育用品有限公司 ANTA Sports Products Limited HKEx Stock Code: 2020 (HKD counter) 及 82020 (RMB counter) 港交所股份代號 : 2020 (港幣櫃台) 及 82020 (人民幣櫃台) 二 零 二六 年 中期 业 绩发 布 会
Slide 2: Results Highlights: Invest for the Long Term, Manage with Discipline
Results Highlights: Invest for the Long Term, Manage with Discipline 1 2 3 4 Revenue Growth Sustained High Strong Cash Stable Ahead of Operating Flow Dividend Expectations Efficiency Generation Payout ratio Profit attributable to Revenue Operating Profit Margin Equity Shareholders 1 RMB RMB 43.51 bi
Slide 3: Market Review
Market Review
Slide 4: China Economy: Steady Growth, Greater Focus on Quality
China Economy: Steady Growth, Greater Focus on Quality January to June 2026: December 2025: Total Retail Sales of 1.3% Consumer Confidence Index 89.4 Consumer Goods % 7 Consumer Confidence Index 93 6 (Secondary Axis) 92 91 5 90 4 89 3 88 2 87 86 1 85 0 Total Retail Sales of Consumer Goods (Primary A
Slide 5: Business Review
Business Review
Slide 6: Broad Consumer Appeal, Performance Innovation, Brand Elevation
Broad Consumer Appeal, Performance Innovation, Brand Elevation Revenue +4.8% Online Revenue +13.3% Operating Margin 22.5% Over 5.6 Million Pairs ANTA Core Stores: ANTA Kids Stores: 500+ Lighthouse Stores: ANTA Kids Sold Across Core RMB310K Monthly RMB170k Monthly RMB440K Monthly Top-8 footwear IP sa
Slide 7: Brand Elevation, Product innovation, Retail Transformation
Brand Elevation, Product innovation, Retail Transformation Revenue +6.1% Operating Margin +1 p.p to 28.7% Chunky Sneakers Franchise Delivered High-Single-Digit Growth Monthly Store Productivity: Successful Apparel Tracksuits ◼ FILA CORE 1.02 mil Tennis & Golf Categories Revamp, Delivering High- Deli
Slide 8: A Premium, Sophisticated Performance Sportswear Brand
A Premium, Sophisticated Performance Sportswear Brand Annual Active Members >2 mil Hero Apparel Omnichannel Retail Average Monthly 53 Stores with Hero Footwear Products Delivered Discount Store Productivity Annual Sales Products Delivered 50%+ Growth Maintained Above Exceeded RMB3 Above RMB50 40%+ G
Slide 9: An Aspirational Outdoor Lifestyle Brand
An Aspirational Outdoor Lifestyle Brand Omnichannel Retail Average Monthly Deepening Brand Footwear Retail Shell Apparel Retail Discount Store Productivity Presence in Hiking Sales Grew 80%+ Sales Grew 70%+ Maintained Above Exceeded RMB2.8 and Trail Running 90% of Full Price Million
Slide 10: Retail Network Overview
Retail Network Overview 7,122 2,560 1,230 548 176 (7,203) (2,652) (1,273) (578) (189) 261 212 53 Store number as at 30 June 2026 (256) (209) (52) (Store number as at 31 December 2025)
Slide 11: E-commerce
E-commerce In absolute terms 15.7% yoy Contribution to the Group’s Total Revenue During the Period 35.7% 34.8% E-commerce 1H26 1H25
Slide 12: AI & Digitalization: Advancing Our AI 365 Strategy
AI & Digitalization: Advancing Our “AI 365” Strategy and Scaling AI Applications Enhancing Quality & Efficiency: Our proprietary “Linglong” AI design model can transform initial sketches into design renderings in as little as 15 seconds, significantly shortening the traditional product design cycle.
Slide 13: ESG 2026 First-Half Highlights
ESG 2026 First-Half Highlights Fila FILA ANTA KOLON SPORT Achievement KOLON SPORT SPIBER Seamless Knit Sweater: Uses FILA builds Mainland China’s first SPIBER Brewed Protein bio- sustainable court made from based fiber as a wool alternative, Winner of HKQAA reducing carbon emissions and recycled was
Slide 14: Financial Review
Financial Review
Slide 15: Revenue
Revenue Breakdown of total revenue (%) Total Revenue 40.8% 43.51 billion 12.9% 2026 24.6% 34.6% 44.0% Increase mainly due to： 2025 36.8% 19.2% • The growth of the e-commerce business; and • The continuous penetration into diverse consumer segments through our multi-brand operating strategy ANTA FILA
Slide 16: Gross Profit Margin
Gross Profit Margin Overall Gross Profit Margin 63.9% 0.5 p.p. Gross Profit (RMB billion) Gross Profit Margin (%) 27.79 24.43 7.82 5.48 73.9% 73.1% -0.8% All other brands 68.0% 67.8% -0.2% FILA 9.64 10.19 9.31 9.78 54.9% 55.1% +0.2% ANTA 2025 2026 2025 2026 ANTA FILA All other brands ANTA FILA All o
Slide 17: Operating Expenses Ratio
Operating Expenses Ratio Operating Expenses Ratio (%) 15.3 15.5 15.5 15.7 15.4 Staff 10.3 7.1 7.5 6.6 6.6 A&P 2.3 2.7 2.6 2.5 2.3 R&D 2022 2023 2024 2025 2026 Staff Costs Ratio* A&P Expenses Ratio* R&D Costs Ratio* • Total staff costs increased • Expenses increasing in • The Group continues 15.4% 6.
Slide 18: Operating Profit Margin
Operating Profit Margin Overall Operating Profit Margin 27.0% 0.7 p.p. Operating Profit (RMB billion) Operating Profit Margin (%) 11.76 10.13 33.2% 33.1% -0.1% All other brands 3.54 2.46 28.7% +1.0% FILA 3.94 4.32 27.7% 23.3% 3.95 3.99 22.5% -0.8% ANTA 2025 2026 2025 2026 ANTA FILA All other brands
Slide 19: Margin of Profit Attributable to Equity Shareholders
Margin of Profit Attributable to Equity Shareholders Margin of Profit Attributable to Equity Shareholders* (%) 18.2 18.2 18.2 16.0 13.8 2022 2023 2024 2025 2026 *The above Margin of Profit Attributable to Equity Shareholders excluded any one-off gain or loss related to the investments in associates.
Slide 20: Working Capital Management
Working Capital Management Assets/ Liabilities Turnover Days (Days) Average Inventory Turnover Days 145 136 Inventories 130days 6days 130 124 114 Average Trade Receivables Turnover Days 17days 2days Trade 53 Payables Average Trade Payables Turnover Days 52 52 42 44 44days Trade 22 Receivables 17 19
Slide 21: Liquidity and Financial Resources
Liquidity and Financial Resources Operating cash flow and net cash position remain healthy 2026 2025 Changes (RMB million) (RMB million) (%) Operating cash inflow 13,081 10,931 19.7 Six months Capital expenditures (1,453) (1,223) 18.8 ended 30 June Acquisition of subsidiaries - (2,170) 100.0 Others
Slide 22: 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 18.2% Stable Healthy Profitability Operational Indicators • The Group's strong p
Slide 23: Prospects
Prospects
Slide 24: Outlook
Outlook 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 Optimize Enhance Realize benefit Build sustained Product- Operation category inventory channel
Slide 25: Q&A
Q&A
Slide 26: Appendix 1: Financial Highlights
Appendix 1: Financial Highlights FY2026 FY2025 Changes Revenue (RMB million) 43,507 38,544 12.9% Gross profit (RMB million) 27,792 24,425 13.8% Profit from operations (RMB million) 11,760 10,131 16.1% Profit for the period (RMB million) 10,919 8,111 34.6% Profit attributable to equity shareholders (