China Sportswear中国运动鞋服

• Owned stores + owned e-commerce 100% · Booked at retail price · 172 company-operated stores in China Mainland

No wholesale, no franchise. The third-party license-and-supply table covers 45 locations in the Middle East, Europe and Mexico; China Mainland is zero. The Tmall, JD and WeChat storefronts are lululemon's own shops operated on third-party marketplaces, so they are still retail-price revenue.

lululemon FY2025 10-K (SEC acc. 0001397187-26-000020)

• Owned retail + e-commerce 72.4% · Booked at retail price · Owned retail 35.4% + e-commerce 37.0%
• Franchisees under the DTC model 18.4% · Franchise (classification disputed)
• Traditional wholesale and other 9.2% · Booked at wholesale price

ANTA moved franchise out of DTC and into 'traditional wholesale and other' in its 2026 interim report. For the same H1 2025, old basis DTC is RMB 9,413m and new basis 'owned retail' is only RMB 6,321m; the RMB 3,092m difference is franchise. Putting the 2024 annual DTC share of 54.4% and the 2026 interim 36.9% on one line produces a collapse that did not happen. The reclassification is also the company conceding that franchise revenue behaves like wholesale.

ANTA Sports FY2025 annual results (25 Mar 2026); 2026 interim results (26 Aug 2026)

• Online DTC + offline DTC 70.8% · Booked at retail price · Online DTC 52.7% + offline DTC 18.1%
• Sales to e-commerce platforms + distribution 26.3% · Booked at wholesale price · To platforms 16.9% + distribution 9.4%
• Wholesale, group orders 2.9% · Other

The widely quoted '76.5% online direct sales in 2024' is wrong. 76.5% is total online, which includes 18.2% of sales TO e-commerce platforms, booked at wholesale price. True online direct sales in 2024 were 58.2%. The misreading overstates owned e-commerce by 18 percentage points.

GoNature Outdoor Sports Group, HKEX application proof (8 May 2026)

• DTC 70% · Booked at retail price
• Wholesale, primarily franchise partners 30% · Booked at wholesale price

CEO Arthur Hoeld on the FY2025 earnings call: 'Our business in China is just shy of around about €500 million in 2025. The split of our business in China is reverse than it is globally. So, about 70% of our business, we do in DTC channels, and 30% is in Wholesale, primarily with franchise partners.' He explicitly flags that China is the reverse of the global mix. The '€500 million' cross-checks against the €488.4m Greater China external sales in the IFRS 8 segment note. This is spoken guidance, not a reported table.

PUMA FY2025 earnings call transcript (about.puma.com)

• Direct retail + e-commerce 52% · Booked at retail price · Direct operation retail 22.5% + e-commerce 29.5%
• Franchised distributors 46.6% · Booked at wholesale price
• Other markets 1.4% · Other

Li Ning discloses channel percentages only, never amounts. The annual report does not say how much of the e-commerce channel is self-operated versus online distribution, so 52.0% is a ceiling.

Li Ning FY2025 annual results (19 Mar 2026)

• Direct to Consumer 44.3% · Booked at retail price · USD 2,592m
• Wholesale 55.7% · Booked at wholesale price · USD 3,255m

The only brand here with an annual, region-level channel split that is comparable across seven years, in the 10-K revenue disaggregation note. Greater China has barely moved: 43.1% DTC in FY2020, peak 46.7% in FY2023, 44.3% in FY2026, a range of 3.6 points. Nike's wholesale account cuts were a North America action. Nike's own disclosure is 'reduced undifferentiated North America accounts by roughly 30% over three years'; it has never published an account count.

NIKE FY2026 10-K, Note 14 Revenues (SEC acc. 0000320187-26-000088)

• E-commerce business 29.5% · Booked at retail price · RMB 3,286.1m
• Exclusive first-tier distributors 70.5% · Booked at wholesale price

361 runs a pure distribution model: first-tier distributors hold exclusive territories and may open stores themselves or resell to authorised retailers. The annual report gives no owned-versus-distributor revenue split and counts all doors as 'authorised retail outlets', 5,394 in Mainland China. How much of the 29.5% e-commerce is self-operated is also undisclosed, so it is a ceiling in the same way as ANTA's and Li Ning's.

361 Degrees FY2025 annual results (24 Mar 2026)

Global only: 40% DTC / 60% wholesale, identical in 2024 and 2025. Greater China gets revenue and store commentary but is never crossed with channel. The H1 2026 release does the same: global DTC +23% currency-neutral, Greater China +16%, with no bridge between the two sentences.

adidas Annual Report 2025, Markets and Sales Channels; Q2/H1 2026 release

ANTA brand has a channel table; FILA does not. FILA appears in the annual report only as a store count, with no owned-versus-franchise structure and no channel revenue.

ANTA Sports annual reports and results announcements

The FY2025 annual results say: 'we introduced the direct-to-consumer (DTC) model in 2025'. The DTC share of revenue, the number of doors involved, the regions and the financial impact are all undisclosed. The only adjacent figure is a qualitative 'e-commerce accounts for over one third of Xtep main brand revenue'. This means FY2025 and FY2026 revenue are not fully comparable with earlier years, and the size of the gap cannot be measured from outside.

Xtep International FY2025 annual results (26 Mar 2026)

The FY2024 10-K crosses channel with Domestic and International, but China appears only as a single revenue line (USD 1,218.2m, 13.6% of total) with no channel breakdown. Global DTC was 43.1%. Skechers went private in September 2025, so no further disclosure will exist.

Skechers FY2024 10-K (SEC acc. 0000950170-25-030016)

Greater China is a reportable segment (FY2025 external sales JPY 120,236m) but the segment note carries no channel split. Global: wholesale 56.3%, retail 23.8%, e-commerce 18.3%, running services 1.6%. The Greater China commentary says only 'gross margin improvement from an increase in the DTC ratio', with no figure attached.

ASICS FY2025 kessan tanshin and results presentation

DTC share of 36.1% (2023), 43.7% (2024) and 48.9% (2025) is consolidated global revenue, disaggregated by the three product segments, not by geography. The geographic note gives revenue only (Greater China USD 1,861.9m in 2025) with no channel dimension. This is the single series most likely to be misquoted as a China number.

Amer Sports FY2025 20-F, revenue and geographic notes (SEC)

The annual report has a 'by sales model' table (online / owned / franchise / joint-operated / corporate accounts), but it covers the whole company including the chip business, not the outdoor segment alone. FY2023 is fully retrievable; FY2024 and FY2025 rows were not obtained. This is 'disclosed but not retrieved', which is different from undisclosed.

Toread FY2023 and FY2025 annual reports