Company perspectives
ANTA Sports claimed the second-ranked spot in the 2025 rankings, continuing to dominate China’s sportswear industry with its multi-brand strategy and vertical integration model. Unlike some competitors who rely on a single-brand identity, ANTA has successfully captured a larger market share through a diversified portfolio, including premium international labels like FILA, DESCENTE, and KOLON SPORT. This approach enables ANTA to serve diverse consumer segments ranging from mass-market sportswear to high-end performance gear.
ANTA’s top ranking in Business Robustness reflects its exceptional financial resilience. In 2023, revenue surged 16.2% to RMB 62.4bn, with the ANTA brand generating RMB 30.3bn and FILA contributing RMB 25.1bn. This momentum continued into the first half of 2024, with revenue growing 13.8% to RMB 33.735bn. The company’s leading position in R&D Efforts stems from its increased investment (up 6.2% to RMB 1.61bn in FY2023), resulting in developments in high-performance footwear, smart sportswear, and the use of eco-friendly materials. With more than 2,300 patents, ANTA demonstrates a long-term commitment to differentiation through the innovative application of technology.
Bosideng has transformed from a mass-market brand into China’s undisputed leader in premium down apparel. Its top ranking in Customer Engagement highlights strong consumer loyalty and effective digital strategies, driven by a successful direct-to-consumer model. Full-year 2023/24 revenue surged to RMB 23.2bn (up 38.4% year-on-year), with net profit rising 43.8% to RMB 3.1bn and gross margin up at 59.6%.
Bosideng’s commitment to R&D-driven differentiation is reflected in its fourth-place ranking in R&D Efforts, with 545 patent applications during the year 2023/24, 222 new patents filed, and 340 patents granted in the first half of 2024/25, totaling 1,193 patents by September 2024. These innovations include thermal insulation, lightweight materials, and innovative construction techniques, which all contribute to reinforcing Bosideng’s technical leadership in down apparel.
Lululemon Athletica made the biggest ranking jump, rising from ninth place in 2024 to fifth place in 2025, signaling strong momentum in China’s premium activewear market. Ranked first in Investors’ Expectations of Future Growth, Canada’s Lululemon reported full-year 2023 revenue of $9.6bn (19% year-over-year increase), with China alone growing 67%. In Q3 2024, international revenue jumped 33%, reinforcing its strong growth trend in Asia-Pacific markets.
With a goal of doubling revenue to $12.5bn by 2026 (15% CAGR between 2021 and 2026), Lululemon has positioned itself as a major contender in China’s premium sportswear space. However, the brand ranked low in R&D Efforts, highlighting a key area for improvement. Enhanced investment in technical performance fabrics, AI-driven personalization, and smart apparel technologies could further elevate its competitiveness.
Adidas dropped from fourth in 2024 to eighth place in 2025. While maintaining leadership in sustainability and responsible business practices, its decline in Customer Engagement from fourth to sixth place in just one year suggests growing pressure on its ability to build connections with Chinese consumers. With domestic competition intensifying, Adidas must recalibrate its brand positioning and engagement strategies to remain competitive in China’s dynamic market.
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