Justin Yifu Lin identifies new quality productive forces that drive China's sports sector upgrading and requires sports enterprises to embrace the "Smiling Curve" through brand innovation and digital integration, which requires business model innovation. ANTA's business model innovation effectively exemplifies the transition towards high-value-added segments at both ends of the "Smiling Curve". Despite economic downturn and intense intra-industry competition, ANTA has achieved remarkable performance through four distinct phases of business model transformation, which can offer practical insights for other domestic sports enterprises and foster new productive forces in China’s sports industry. Method: This research adopts documentary research and comparative case analysis with Anta Sports as the longitudinal research subject. The article also uses the comparative analysis method, choosing Li Ning as the main comparison enterprise. At present, Li Ning has taken over Anta as the official sportswear partner of the Chinese national team, and Anta's experience is crucial to Li Ning. Utilizing the theoretical framework of the Wei-Zhu Six-Element Business Model, the study systematically examines the evolutionary trajectory of business model innovation in sportswear enterprises during digital transformation. This article analyzes Anta's positioning of "single focus, multi-brand, globalization", the business system of "brand + retail" facing consumers, the pursuit of "healthy" cash flow structure, irreplaceable key resource capabilities, the profit model of "DTC, e-commerce, traditional wholesale and other", and the enterprise value of "the leader of China's sporting goods industry”. These six business model elements show that Anta Sports' business model innovation has laid a solid foundation for its ranking first in China's sporting goods enterprises. However, some issues persist, including over-reliance on the domestic market, neglect of offline channels in smaller cities, and insufficient R (2) construct an integrated channel network by enhancing physical retail experiences and optimizing omnichannel operational synergies; (3) execute an innovation-driven strategy with increased R&D investment to establish technological barriers and strengthen market competitiveness through product differentiation. The conclusions aim to provide valuable references for domestic sports goods manufacturers undergoing or preparing for transformation, offering insights to address industrial transition challenges and enhance core competitiveness.
He et al. (Thu,) studied this question.