(Yicai Global) March 22 -- Shares of Anta Sports Products rose after its annual revenue from the China market exceeded Nike’s for the first time last year, making it the first Chinese sportswear brand to take the lead at home for more than a decade.

Anta [HKG: 2020] was trading up 2.5 percent at HKD111.60 (USD14.22) a share as of 4 p.m. local time in Hong Kong today.

Revenue rose 8.8 percent to CNY53.7 billion (USD7.8 billion) in the 12 months ended Dec. 31 from a year earlier, according to the Quanzhou-based firm’s earnings report released yesterday. That compared with Nike’s revenue from China of CNY51.4 billion. Anta’s net profit fell 1.7 percent to CNY7.6 billion.

Revenue from the Anta brand rose 15 percent to CNY27.7 billion, while that from Fila, which Anta acquired in 2009, fell 1.4 percent to CNY21.5 billion. Income from other brands, including outdoor sports suppliers Descente and Kolon Sport, jumped 26 percent to CNY4.4 billion (USD639.1 million).

Revenue from Amer Sports, an international sports brand group that a consortium of investors led by Anta bought in 2019, rose nearly 22 percent to CNY24 billion, a record high. The brand turned a CNY350 million (USD50.8 million) loss into a CNY28 million (USD4.1 million) profit in 2022.

Adidas China, once the second-biggest player in the Chinese sportswear market, was replaced by China’s Li Ning last year, dropping to fourth place. Li Ning had revenue of CNY25.8 billion in 2022, a 14 percent gain, according to its trading report released on March 17. Adidas China had annual revenue of CNY23.6 billion.

China’s sportswear market still has room for growth. Sports shoe and clothing consumption per head is USD40, about 140 percent lower than in the main developed countries, according to a report by Southwest Securities. Leading firms may grow their market shares as Covid-19 controls are lifted and residents become more health conscious.

Editors: Shi Yi, Futura Costaglione