Net profits at China's largest supplier of sportswear, Anta Sports Products, rose 34% year on year to CNY1.9bn ($280m) during H1 2018, beating expectations and causing its shares to rise by as much as 8% on 15 August. The company said it had a net profit for the first half of 2018 of CNY2.3bn, up from CNY1.1bn in the same period last 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.
Net profits at China's largest supplier of sportswear, Anta Sports Products, rose 34% year on year to CNY1.9bn ($280m) 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 ($1.5bn), 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.