Chinese major sportswear brands report strong growth in 2024 H1

China's top four sportswear brands - Anta, Li-Ning, Xtep, and 361 - all reported revenue growth in the first half of 2024, with their combined revenues surpassing the 60-billion-yuan (US$8.3 billion) milestone.

Leading the pack, Anta Group recorded a revenue of 33.735 billion yuan in the first half of the year, up 13.8 percent from 29.645 billion yuan in the same period last year. Its net profit reached 8.66 billion yuan, marking 13.6 percent year-on-year growth.

Li-Ning, the second-largest domestic sportswear brand, reported a revenue of 14.35 billion yuan in the first half of 2024, a modest 2.3 percent increase year-on-year. However, its net profit declined by eight percent to 1.95 billion yuan, widening the gap with Anta in both revenue and profitability.

Xtep continued to focus on the running market, achieving a 10.4 percent revenue growth to 7.203 billion yuan in the first half of 2024. Its net profit grew by 10.9 percent to 1.094 billion yuan.

Meanwhile, 361 posted a revenue of 5.141 billion yuan, up 19.25 percent, the highest growth rate among the four major brands. Its net profit rose by 12.2 percent to 789.7 million yuan.

International giants Nike and Adidas also reported positive growth in the Chinese market for the first half of the year. Nike achieved a revenue of 28.129 billion yuan in China from December 2023 to May 2024, a 3.8 percent year-on-year increase, placing it second in the market behind Anta. Adidas recorded a revenue of 13.17 billion yuan, up 4.2 percent, ranking fourth in the Chinese market behind Li-Ning.

With a number of sporting events slated for the second half of the year in China, major Chinese sports brands are confident about their growth prospect in the second half of the year.

"Anta Group remains healthy in all aspects internally. Achieving double-digit growth is very likely, and we are ready to take on the challenge," said an Anta official at the revenue report briefing.