ANTA Sports Products Limited

2020.HK

Leisure · Consumer Cyclical

Exchange

Hong Kong Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Strong

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Winston Score History

The full picture

ANTA Sports Products Limited is a Chinese company that designs, makes, and sells sportswear, shoes, and athletic gear. Its main brands include ANTA (aimed at everyday Chinese consumers) and FILA (a premium lifestyle brand it licenses in China), plus a portfolio of international brands like Descente and Kolon Sport. It sells to sports fans, fitness enthusiasts, and fashion-conscious shoppers across China and beyond.

ANTA makes money by selling products through its own retail stores, e-commerce platforms, and a network of franchised dealers across China, which remains its dominant market. With a gross margin above 60%, the company benefits from strong brand pricing power and a multi-brand strategy that lets it compete at different price points. The biggest growth driver is China's expanding middle class and rising interest in fitness and sports culture, but the main risk is intense competition from Nike, Adidas, and domestic rivals like Li Ning, along with any slowdown in Chinese consumer spending.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-16.2% YoY

YoY Growth Rate

Earnings declining

Insider Activity

53.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

HK$77.9B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

ANTA Sports Products Limited is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

60.7%

Premium pricing power — 60.7% gross margin

Profit after running costs

Operating Margin

21.5%

Excellent — 21.5% operating margin

Return on the money invested

ROCE

21.4%

Exceptional — 21.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+13.3%

Fast-growing sales (+13.3% YoY)

Profit growth

EPS YoY

-11.0%

Earnings shrinking (-11.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

155%

Turns 155% of profit into real cash

Spare cash per sale

FCF Margin

23.0%

Converts sales into free cash efficiently (23.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.39

Conservative — low debt load (0.39)

Covers its interest

Interest Cover

22.27x

Comfortably covers interest (22.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.1x

no trend

Attractive valuation — P/E 13.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (13.1 → 9.7)

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Dividends

Dividend

Dividend Yield

3.33%

no trend

Moderate income — 3.33% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+45.3%

no trend

Dividend growing fast (45.3% YoY)

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