Anta Sports Products Limited vs Li Ning Company Limited
Anta Sports holds the stronger position because its multi-brand structure and exclusive licenses shield it from the direct rivalry that is squeezing Li Ning's single brand.
Anta Sports Products Limited
China's top sportswear group: Anta brand, Fila China license, Descente, Kolon, plus a new Puma stake
Li Ning Company Limited
Chinese sportswear brand selling shoes, apparel and gear through 7,609 stores nationwide
Dimension by dimension
| Dimension | Anta Sports Products Limited | Li Ning Company Limited |
|---|---|---|
| Staying power of the core product | Anta runs a portfolio of brands including the exclusive FILA China license plus stakes in Amer Sports and Puma, so no single label carries all the risk. | Li Ning depends on one brand sold through 7,609 stores, leaving it exposed if that brand loses appeal. |
| Exposure to AI | Physical sportswear production and retail are unlikely to be absorbed by AI. | Same picture for Li Ning, its products sit outside AI's reach. |
| How easily a giant could copy them | Anta's exclusive FILA license and equity stakes make its setup hard for a giant to replicate. | Li Ning's single-brand model is more open to being copied or outcompeted by a larger rival. |
| Pressure from rivals | Anta has been gaining China market share from Nike and Adidas, even as its own flagship brand's growth slowed to 3.7% against competition from Li Ning and Xtep, assessed July 2026. | Li Ning faces heavier direct pressure than Anta, which holds roughly 23% market share, while Li Ning's own apparel sales slipped 3%, assessed July 2026. |
| Financial footing | FY2025 revenue rose 13.3% to RMB 80.22 billion, operating margin held at 23.8%, and net cash stood at RMB 31.72 billion. | FY2025 revenue rose only 3.2% to RMB 29,598 million while net profit fell 2.6% to RMB 2,936 million. |
| Growth momentum | Anta's group-level growth of 13.3% outpaces its own flagship brand's 3.7% rate, showing the portfolio is carrying overall performance. | Li Ning's growth has slowed to 3.2% with profit shrinking, signaling momentum is fading rather than building. |
Questions people ask
- Which company is safer from AI disruption, Anta or Li Ning?
- Both are rated unlikely to be absorbed by AI since sportswear manufacturing and retail sit outside AI's reach. Anta and Li Ning are essentially even on this point.
- Which has stronger financials, Anta or Li Ning?
- Anta is stronger, with 13.3% revenue growth, a 23.8% operating margin, and RMB 31.72 billion in net cash. Li Ning's revenue grew just 3.2% and its net profit fell 2.6%.
- Could a giant like Nike copy Anta's or Li Ning's business?
- Anta is largely blocked from being copied thanks to its exclusive FILA China license and stakes in Amer Sports and Puma. Li Ning is more exposed since its single-brand model is rated as possible to copy.
- Is Li Ning growing faster than Anta?
- No. Anta's group revenue grew 13.3% in FY2025 while Li Ning's grew only 3.2%. Even Anta's slower flagship brand growth of 3.7% is roughly in line with Li Ning's overall pace.
- What is the biggest risk for each company right now?
- For Anta, the risk is its own flagship brand decelerating to 3.7% growth even as the group performs well overall. For Li Ning, the risk is apparel sales slipping 3% and margin compression while Anta keeps taking share.
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