Ding Shizhong, the CEO and chairman of ANTA Sports Products Ltd. Anta Sports Products reported better-than-expected sales in the first half of the year that sent shares of the company up by as much as 8% in early trading on Wednesday, before paring some of the gains to finish 6% higher. China’s largest supplier of sportswear said its net profit rose 34% to 1.9 billion yuan ($280 million) in the first six months of the year. Anta’s revenue came in at 10.6 billion yuan, a 44% jump from the same period last year. Analysts polled by Bloomberg had been expecting sales of 9.6 billion yuan. Anta’s earnings and revenue were both record highs, according to Ding Shizhong, the company’s billionaire founder and chairman. "Since the beginning of 2018, it was clear to us that China has set itself the goal of becoming a sports powerhouse and the sportswear industry is entering a golden era of rapid growth with unprecedented infrastructure development,” Ding said in a statement. Anta’s jump in revenue was mainly attributed to a 65% increase in apparel sales during the period and 51% growth in sales of accessories. Based in Fujian, the company’s brands include Fila, Descente and recently acquired Kingkow in addition to the products it sells under the Anta logo. Ding said Anta’s aim is to provide consumers with value-for-money sportswear that meets high international standards, thus "transforming the ANTA brand from 'the brand you can buy' to 'the brand you want to buy.'" Ding's current net worth is estimated by Forbes to be $3.2 billion. He was ranked the 97th wealthiest person in China last year, while his older brother, Ding Shijia, Anta’s deputy chairman, appeared just one place below him at No. 98.
Net profits at China's largest supplier of sportswear, Anta Sports Products, rose 34% year on year to CNY1.9bn (1.5bn) during H1 2018, beating expectations and causing its shares to rise by as much as 8% on 15 August. The company's revenue was reported at CNY10.6bn ($$280m), a surge of 44% year on year. "Since the beginning of 2018, it was clear to us that China has set itself the goal of becoming a sports powerhouse and the sportswear industry is entering a golden era of rapid growth with unprecedented infrastructure development,” said Ding Shizhong, the company’s founder and chairman.