(Yicai) Aug. 28 -- Shares of Anta Sports Products jumped after the Chinese sportswear giant logged record first-half earnings and unveiled a HKD10 billion (USD1.3 billion) share repurchase program.

Anta [HKG: 2020] closed 5.7 percent up at HKD75.70 (USD9.71) in Hong Kong today, after earlier gaining as much as 11.7 percent.

Net profit widened 63 percent to CNY7.7 billion (USD1.1 billion) in the six months ended June 30 from a year earlier, the Fujian province-based firm said in its semiannual financial statement released yesterday. Revenue rose 14 percent to CNY33.7 billion (USD4.7 billion).

The main reasons for the record earnings were China’s introduction of policies to stimulate consumption, the general public’s increased sports enthusiasm due to the Summer Olympic Games, and the development of the company’s e-commerce business, Anta pointed out.

Revenue from the Anta brand continued to contribute the most to the firm’s total revenue, up nearly 14 percent to CNY16.1 billion in the first half from a year earlier. Revenue from Fila rose 6.8 percent to CNY13.1 billion, and that from other brands, including Amer Sports, soared 42 percent to CNY4.6 billion.

Amer is a Finnish outdoor sporting equipment giant that owns the Arc’teryx, Salomon, and Wilson brands. In the first half, it reported revenue of USD2.2 billion, up 14 percent from a year earlier, and a net profit of USD5.1 billion, compared with a net loss of USD78.1 million in the same period last year.

Anta acquired a 58 percent stake in Amer for EUR1.5 billion (USD1.7 billion) in 2019.

Anta’s gross profit margin increased 0.8 percentage points to 64.1 percent in the period, while its operating profit margin remained unchanged at 25.7 percent.

Anta overtook Nike to become the largest sportswear company in China by revenue in the first half of 2022. Since then, the gap between the two has gradually widened. Nike’s revenue in China totaled USD4 billion in the six months ended May 31.

Yesterday, Anta also announced that it intends to invest up to HKD10 billion to buy back shares on the open market from yesterday for a period of 18 months.

Editor: Futura Costaglione