Xtep International Holdings Limited, the Hong Kong-based parent of the Xtep brand and licensee of the Merrell and Saucony brands in Greater China, reported that Group revenue from continuing operations rose 4.2 percent to RMB 14.2 billion (~$1.97 bn) in 2025, , driven by the stable performance of the core Xtep brand and robust growth of the Professional Sports (Merrell & Saucony) segment.
With the exception of dividends, which are expressed in the Hong Kong dollar (HK$) currency, Anta Sports reports in the Chinese Renminbi (RMB) Yuan currency. Conversions are calculated using the average conversion rate of 7.18 RMB to 1 U.S. dollar for 2025 as published by the U.S. Internal Revenue Service.
- Revenue of the core Xtep brand increased by 1.5 percent year-over-year (y/y) to RMB 12.5 billion (~$1.74 bn).
- Revenue of the Professional Sports segment, which includes Merrell and Saucony in Greater China, climbed by 30.8 percent y/y to RMB 1.64 billion (~$227 mm).
- Revenue of the Overseas business nearly doubled y/y, with cross-border e-commerce delivering over 220 percent growth, fueled by robust performance across key Southeast Asian platforms.
Profitability
Gross profit margin amounted to 42.8 percent of net revenue in 2025, compared to 43.2 percent in 2024, a decline of 40 basis points y/y.
Operating profit of the Group’s continuing operations grew to RMB 2.02 billion (~$281 mm). Including a loss of RMB 67.1 million from the discontinued operation (K·Swiss and Palladium) in 2024.
- Operating profit of the Professional Sports segment boasted a substantial increase of 46.4 percent y/y to RMB 114.5 million (~$16 mm).
Profit attributable to ordinary equity holders of the company reached RMB 1.37 billion (~$191 mm), representing an increase of 10.8 percent y/y.
Basic earnings per share stood at RMB 51.4 cents in 2025, up from RMB 48.7 cents in 2024.
The Group’s financial position is said to remain strong, with net cash surging by 73.4 percent y/y to RMB 1.71 billion, and net asset value per share increasing by 12.3 percent to RMB3.64.
Core Xtep Brand
The Group said Xtep has established a new industry benchmark amid China’s ongoing running boom, achieving an unprecedented milestone in the nation’s marathon history. Xtep now consistently ranks first in participant wear rates across all major domestic marathons, according to the company, validating the efficacy of its “professional-to-mass influence” strategy.
During the 2025-2026 period, Xtep secured the highest wear rate among all participants in each of the six key marathons—Shanghai, Beijing, Xiamen, Guangzhou, Wuxi, and Chengdu—completing a full sweep of these flagship events.
Fostering Runner Connections
In 2025, the Group reinforced its strategic commitment to China’s running culture by sponsoring 74 landmark running events nationwide. This included its 17th consecutive year of supporting the Xiamen Marathon, a World Athletics Platinum Label race, alongside several Gold Label marathons. In addition, 71 Xtep Running Clubs are strategically situated in China’s top urban parks and most popular running corridors, serving as full-service havens for athletes. Members enjoy tailored running guidance, organized group runs, and premium conveniences including charging and shower facilities. By hosting exclusive events and collaborating with affiliated running groups, Xtep actively promotes participation and fosters a more connected, thriving running community.
Upgrading Retail Network and Branding
Xtep’s commitment to retail management is a key driver of success, continuously enhancing its brand image and competitive standing. This commitment is powerfully demonstrated by the launch of its premium Gold Labal store in Shanghai in December, effectively strengthening its professional running image and enhancing overall store productivity. Capitalizing on the rapid growth of outlet channels, Xtep further launched the Selected Xtep format, signifying the brand’s strategic entry into the premium outlet space while effectively addressing the diverse needs of consumers with competitive value across all segments. At the same time, Xtep has accelerated channel reforms by introducing a direct-to-consumer (DTC) model to swiftly respond to evolving consumer preferences, securing a foundation for long-term growth in this dynamic market.
E-commerce
The e-commerce business continued to be a primary growth driver in 2025, accounting for more than one-third of the Xtep brand’s revenue. Live streaming platforms such as Douyin and WeChat Channels emerged as high-performance retail channels for the Group, with revenue surging by around 40 percent. Meanwhile, the running segment within e-commerce demonstrated robust growth, led by the flagship “2,000 KM”, which incorporates cutting-edge cushioning technology and a highly durable outsole. Sales volume for the series doubled in 2025, underscoring its strong market performance.
Stores
As at 31 December 2025, there were 6,357 Xtep Adult branded stores, mainly operated by authorized distributors in the Chinese Mainland and overseas (31 December 2024: 6,382)
As at 31 December 2025, there were 1,488 X Young children’s stores in the Chinese Mainland (31 December 2024: 1,584), predominantly operated by the Group’s authorized distributors.
