Company Reports

Li Ning's third-quarter turnover was flat, largely in line with management's guidance for low-single-digit full-year growth. However, excluding kidswear, turnover declined at a low-single-digit rate, with operational headwinds persisting into October.

Product enhancements, unique brand propositions, and balanced distribution strategies remain vital to Li Ning's future success. We expect Li Ning to maintain its share in the Chinese sportswear market as it continues to execute on these three key areas.

Li Ning's revenue grew 2.8% in the first half amid challenging market conditions. Sales in running and basketball categories declined. Management lowered its full-year sales growth and net margin guidance to low-single-digit growth and a mid- to high-single-digit margin, respectively.

Second-quarter disclosures across Chinese sportswear brands showed mass-market labels recording low-single-digit growth or declines, while technical and specialized brands grew faster and maintained better pricing.

Product enhancements, unique brand propositions, and balanced distribution strategies remain vital to Li Ning's future success. We expect Li Ning to maintain its share in the Chinese sportswear market as it continues to execute on these three key areas.

Product enhancements, unique brand propositions, and balanced distribution strategies remain vital to Li Ning's future success. We expect Li Ning to maintain its share in the Chinese sportswear market as it continues to execute on these three key areas.

Li Ning's retail sales dropped by low-single digits year-on-year in the second quarter of 2026, due mainly to weak offline channel performance. Management expects sales growth and margins to remain under pressure for the rest of the year.

Product enhancements, unique brand propositions, and balanced distribution strategies remain vital to Li Ning's future success. We expect Li Ning to maintain its share in the Chinese sportswear market as it continues to execute on these three key areas.

Li Ning has signed Stephen Curry to a 10-year partnership. While official figures have not been disclosed, media reports suggest a base value of roughly USD 300 million, or USD 30 million per year, about a 50% step-up from Under Armour's previous deal.

Li Ning's retail sell-through (excluding kidswear) grew at a mid-single-digit pace in the first quarter. With kidswear up more than 20%, group sell-through reached the high single digits, consistent with management's reiterated full-year revenue guidance.

Li Ning's second-half 2025 revenue rose 3% year on year, driven by strength in professional categories and robust specialty wholesale channel growth. However, operating profit fell 17% as higher marketing spending more than offset the top-line gains.

Product enhancements, unique brand propositions, and balanced distribution strategies remain vital to Li Ning's future success. We expect Li Ning to maintain shares in the Chinese sportswear market as it continues to execute on these three key areas.

Li Ning reported a low–single-digit decline in retail sales for the fourth quarter of 2025, marginally improved from the mid-single-digit decline in the third quarter.

Li Ning reported a mid-single-digit decline in retail sales for the third quarter of 2025, with management noting that weakness persisted into October. Despite this, full-year guidance was maintained, projecting flat revenue and a high-single-digit net margin.

Li Ning reported a 3% year-over-year revenue increase in the first half of 2025, alongside 2% growth in operating profit. However, management maintained its full‑year 2025 guidance of flat revenue and a high‑single‑digit net margin, citing weaker sales in July and August.

Product enhancements, unique brand propositions, and balanced distribution strategies remain vital to Li Ning's future success. We expect Li Ning to maintain shares in the Chinese sportswear market as it continues to execute on these three key areas.

Major sportswear companies in China released second-quarter 2025 updates this week. Sales growth in the industry has slowed down sequentially as consumers pull back discretionary spending.

Li Ning reported low-single-digit retail sales growth for the second quarter of 2025, with management expressing a cautious outlook for the remainder of the year.

Li Ning reported flat revenue and a 9% operating profit decline for the second half of 2024. Guidance for 2025 points to flat revenue growth and a high-single-digit net margin.

Li Ning's sales growth lagged its Chinese sportswear competitors during the first three quarters of 2024. Industry data indicates that this underperformance extended through the fourth quarter of 2024.