(Yicai Global) Aug. 25 -- Revenue at Chinese sportswear brand Anta Sports Products has exceeded that of rival Adidas China for the first time.

Anta’s income jumped 55.5 percent to CNY22.8 billion (USD3.52 billion) in the first half from a year ago thanks to the rapid development of its e-commerce business, the Fujian province-based company said in an earnings report published yesterday. Net profit more than doubled to CNY3.8 billion (USD593 million).

In the same period, Adidas’ revenue in China fell 16 percent to CNY18.3 billion. Nike China’s rose about 33 percent to CNY27.3 billion, according to Yicai Global’s calculations. Both of the international sportswear giant’s have boycotted cotton made in China's Xinjiang Uygur Autonomous Region.

“For the time being, Chinese brands are beginning to grow faster than international brands,” said Zheng Jie, Anta’s executive director and president. “Consumers who used to buy international brands are now accepting more and more domestic ones.”

Anta did not publish an earnings forecast for the current six months, but said it is confident about the short-term future. The return to normality at major sports events in most countries and the trend for sports and fitness in China will drive demand for sportswear, it said.

China’s market for sports and fitness apparel will increase at a compound annual rate of 7.3 percent to reach USD27 billion by 2026, an analyst said, adding that Chinese brands will have unprecedented development opportunities in the next five years.

Despite its strong financial showing in the six months ended June 30, Anta’s shares [HKG:2020] closed almost 7 percent lower today at CNY159.40 (USD24.61) apiece. The stock is still up 30 percent this year.

Editor: Futura Costaglione