(Yicai) March 20 -- Several Chinese sportswear companies have reported record earnings for last year, thanks to a nationwide sports boom driven by consumer subsidies and China’s success at the Olympic Games.

Net profit at Anta Sports Products, which owns the Fila, Descente, and Kolon Sport brands, surged 52 percent to CNY15.6 billion (USD2.2 billion) in the 12 months ended Dec. 31, the Jinjiang-based firm’s annual trading report showed yesterday. Revenue rose 14 percent to CNY70.8 billion.

A big portion of the profit stemmed from capital gains following the listing of Amer Sports. But even after excluding this gain, Anta's net profit reached CNY11.9 billion for 2024, a 17 percent increase, the report said.

Amer Sports is the parent company of Canadian outdoor apparel brand Arc’teryx. A consortium led by Anta bought it in 2019 for EUR4.6 billion (USD5 billion), and it went public in New York last February, raising USD1.3 billion.

China was gripped by a nationwide sports frenzy last year, fueled by the stellar performances of its athletes at the Paris Olympics, including gold-medal-winning tennis star Zheng Qinwen. Adding to the momentum, local governments in China rolled out sports consumption vouchers, giving the sector an extra boost, industry insiders noted.

Anta said its multi-brand strategy, aimed at meeting diverse consumer needs, was proving successful. Annual revenue for its main brand, Anta, grew 11 percent to CNY33.5 billion, while it rose 6.1 percent at premium label Fila to CNY26.6 billion. Income from Anta’s other brands jumped 54 percent to CNY10.7 billion.

Xtep International Holdings was another sportswear maker that logged record earnings for 2024. Net profit jumped 20 percent to CNY1.2 billion (USD160 million), while revenue grew 7 percent to CNY13.6 billion, the Xiamen-based firm said in its financial report released on March 18.

361 Degrees International, another Xiamen-based producer, posted a 19 percent increase in net profit to CNY1.1 billion on a 20 percent jump in revenue to CNY10.1 billion, according to its annual financial statement earlier this month.

Editor: Tom Litting