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Cao Li

China’s major sportswear makers have shrugged off soft consumer spending and a warm winter, according to analysts.
Retail sales in China’s sportswear sector picked up in the first two months of 2026 and beat expectations, helped by fresh policy support and Chinese New Year demand, analysts said. Separately, Chinese households also tuned into the Winter Olympics, where domestic sportswear giants Li Ning and Anta had high visibility.
“We are turning more positive on the China sportswear industry for the first time in 12 months,” Jefferies equity analysts John Chou, Boya Zhen and Anne Ling said in a report.
Jefferies forecasts sportswear retail sales to grow by more than 5 per cent year on year in the first two months of 2026, a meaningful acceleration from a flattish fourth quarter of 2025. “Overall, we view this as a positive surprise, especially during a warm winter,” the analysts said. Down jackets make up a large share of winter sales for the sector, so warmer weather typically weighs on demand.
Chinese sportswear groups such as Li Ning and Anta have gained market share from international rivals in recent years, a shift that accelerated in 2021 after some global brands said they would stop using Xinjiang cotton over forced-labour allegations. Domestic brands including Anta, Li Ning and Peak publicly backed Xinjiang cotton and highlighted its use in their marketing.

More broadly, as the economy cooled, some consumers traded down to lower-priced domestic brands, supporting local players’ momentum, although growth has shown signs of easing since late last year amid softer spending.
For the fourth quarter of 2025, Anta’s major brands delivered a sequential slowdown amid sector-wise sales weakness, according to Nomura, which lowered Anta’s target price from HK$117 to HK$116.30 in January. Li Ning also reported a low single-digit fall in the fourth quarter in its gross merchandise value.
Because of that, management at Li Ning and Anta were very cautious in their guidance on recent quarterly operating data calls, said Charlotte Zhou, an analyst at CGS International.
“We’re seeing a marginal improvement,” Zhou said. Many sportswear brands were also rolling out more of their spring collections, which had helped offset pressure from the warm winter.
Government support for sports facilities had helped drive participation in sports such as badminton, supporting demand for Li Ning’s and Yonex’s badminton products, Jefferies said.
Deutsche Bank said Li Ning’s growth had been supported by strong running-shoe intellectual property and an improving brand image through Winter Olympics and marathon sponsorships.
Li Ning is an official partner of the Chinese Olympic Committee and has supplied official apparel for Chinese Olympic delegations. Anta has provided professional gear for 13 Chinese national teams during the Games, including for freestyle skier Eileen Gu.
Online sales across the sector surged 20 per cent year on year in January, up from 14 per cent in December and 4 per cent in October and November combined, according to Deutsche Bank. Within the sector, Anta’s core brand posted 20 per cent annual growth, while Li Ning’s sales rose a stronger 24 per cent.
But on whether the momentum could be sustained going forward, Zhou said: “We will need to watch a bit longer.”
Richard Lin, chief consumer analyst at investment bank SPDB International, said that may not be necessary. Chinese consumers tended to spend more during holidays and shopping festivals where stores give big discounts, but less at other times, Lin said. “What we are seeing is peak seasons are getting stronger, and off-seasons are getting weak.”


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Warm winter no match: China’s sportswear sector posts surprise growth

Anta has provided professional gear for 13 Chinese national teams during February’s Winter Olympics, including for freestyle skier Eileen Gu. Photo: AP

Chinese households tuned into the Winter Olympics, where domestic sportswear giants Li Ning and Anta had high visibility. Photo: Xinhua

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The deal adds to Anta’s string of acquisitions since 2018. Photo: Getty Images

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Policy support, Chinese New Year demand and Winter Olympics exposure lift China’s sportswear makers, with Li Ning and Anta leading gains


Policy support, Chinese New Year demand and Winter Olympics exposure lift China’s sportswear makers, with Li Ning and Anta leading gains.


Warm winter no match: China’s sportswear sector posts surprise growth

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Policy support, Chinese New Year demand and Winter Olympics exposure lift China’s sportswear makers, with Li Ning and Anta leading gains

Policy support, Chinese New Year demand and Winter Olympics exposure lift China’s sportswear makers, with Li Ning and Anta leading gains