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This study examines the impact of financialization and product market competition on the corporate social responsibility (CSR) engagements in sports goods manufacturing industry. Utilizing a dataset of China’s listed firms, we employ textual analysis to identify organizations within this sector and create a panel data model to analyze the determinants of CSR engagements. Our empirical findings reveal that financialization and product market competition positively influence shareholder-related CSR engagements. Additionally, product market competition enhances the effect of financialization on these engagements. Conversely, a negative correlation exists between product market competition and stakeholder-related CSR engagements. Moreover, firms not categorized as State-Owned Enterprises (SOEs) or within high-pollution industries show a positive response in CSR engagements to both financialization and product market competition. Our results also highlight that managerial compensation and financial constraints modify the impacts of financialization and product market competition on shareholder-related CSR engagements. Collectively, our findings shed light on the challenges that sports goods manufacturing firms face in aligning their primary goals with CSR commitments.