After the market closed on March 19, Li Ning Company Limited (HK: 02331), the Chinese sportswear giant listed in Hong Kong, announced its full-year results for 2025. The Group continued to anchor its core strategy of “single brand, multiple categories, multiple channels,” with full-year revenue increasing by 3.2% year-on-year to RMB 29.598 billion (approximately USD 4.11 billion), in line with market expectations.
In terms of profitability, the Group’s overall gross profit margin declined by 0.4 percentage points to 49.0%. Net profit attributable to equity holders decreased by 2.6% year-on-year to RMB 2.936 billion (approximately USD 408 million), while net profit margin fell by 0.6 percentage points to 9.9%.
In addition, net cash generated from operating activities amounted to RMB 4.852 billion (approximately USD 674 million). The balance of cash and cash equivalents, including time deposits, reached RMB 19.973 billion (approximately USD 2.78 billion), representing a net increase of RMB 1.833 billion (approximately USD 255 million) compared with 2024, providing a solid financial foundation and operational flexibility for Li Ning’s development.
In research and development, Li Ning Group continued to increase investment, with cumulative R&D spending over the past decade exceeding RMB 4 billion (approximately USD 556 million). In 2025, the BOOM technology platform launched a revolutionary midsole innovation — Super BOOM Capsule Technology — achieving breakthroughs in “high rebound, rapid rebound and high durability.” In apparel technology, the Group officially introduced its Aerospace Dynamic Thermal Technology Platform, represented by Aerospace Thermal Cotton and Basalt Far-Infrared technologies. These were applied to the equipment of the Chinese sports delegation at the Milan Winter Olympics and across multi-scenario product lines.
As a strategic brand investment, Li Ning once again became an official partner of the Chinese Olympic Committee in 2025, providing professional sports equipment support to the Chinese sports delegation from 2025 to 2028. The Group also initiated new cooperation with the Chinese National Fencing Team.
On March 20, the trading day following the earnings release, the Group’s share price rose by 8.56% to HKD 21.44 per share, bringing its total market capitalisation to HKD 55.4 billion.
Revenue breakdown:
By category:
- Footwear: Revenue increased by 2.4% year-on-year to RMB 14.651 billion (approximately USD 2.04 billion), accounting for 49.5% of total revenue, down from 49.9%.
- Apparel: Revenue rose by 2.3% year-on-year to RMB 12.327 billion (approximately USD 1.71 billion), accounting for 41.6% of total revenue, down from 42.0%.
- Equipment and accessories: Revenue increased by 12.7% year-on-year to RMB 2.621 billion (approximately USD 364 million), with its share rising from 8.1% to 8.9%.
By channel:
- Wholesale (sales to franchised distributors): Revenue recorded steady growth, up 3% year-on-year to RMB 13.773 billion (approximately USD 1.91 billion), with its contribution rising to 46.6%.
- Retail (direct-operated sales): Affected by adjustments to the layout of directly operated stores and shifts in consumption scenarios, revenue declined by 3% year-on-year to RMB 6.655 billion (approximately USD 925 million), accounting for 22.5%.
- E-commerce (sales via online channels): Revenue increased by 3% year-on-year to RMB 8.743 billion (approximately USD 1.22 billion), with its share rising to 29.5%.
As of December 31, 2025, the number of points of sale for the LI-NING brand (including the core LI-NING brand and LI-NING YOUNG) totalled 7,609, representing a net increase of 24 compared with December 31, 2024. Among them, the number of LI-NING stores decreased by 26 year-on-year to 6,091, while LI-NING YOUNG stores increased by 50 to 1,518.
By region:
- Chinese market: Revenue in Northern China increased by 2.6% year-on-year to RMB 13.989 billion (approximately USD 1.94 billion), while revenue in Southern China rose by 4.7% year-on-year to RMB 15.182 billion (approximately USD 2.11 billion).
- Overseas markets (other regions): Revenue declined by 19.5% year-on-year to RMB 427 million (approximately USD 59 million), accounting for 1.4% of the Group’s total revenue.
Category highlights include:
Running:
Sell-through increased by 10%, with its revenue contribution rising for five consecutive years to 31%, making it Li Ning’s largest category. Annual sales of professional running shoes exceeded 26 million pairs. Among them, new products from the three core running shoe IPs — Feidian, Chitu and Ultra Light — recorded sales of over 11 million pairs. The differentiated cushioned running shoe “Yueying” achieved cumulative annual sales of over 1 million pairs. On the product side, the Feidian family fully adopted Super BOOM midsole technology and introduced an upgraded “Fastest Curve” system.
Badminton:
Delivered outstanding performance, with revenue increasing by 30%, leading industry growth. Annual sales of badminton rackets exceeded 5.5 million units, reaching a record high. The L67N, the first China-manufactured competitive badminton string, was successfully launched, filling a domestic gap in this segment.
Training:
Sell-through increased by 5%. Core men’s functional trousers surpassed 2 million units in annual sales, while the sell-through rate of key women’s outerwear products exceeded 80%. Aerospace Thermal Cotton and Basalt Far-Infrared technologies achieved scaled application.
Basketball:
Product innovation was driven by three core lines: professional basketball, Wade Basketball and “Fan Wu” street basketball. The Group officially launched Way of Wade 12, featuring for the first time a top-tier midsole technology combining dual-layer Super BOOM and a full-length carbon plate. “Fan Wu” basketball shoes incorporated Super BOOM technology and new DBR ultra-durable rare earth rubber technology. In addition, signed athlete Yang Hansen became the third Chinese player to be selected in the first round of the NBA Draft.
Table tennis:
The upper utilised BOOM Fibre technology, while the outsole featured GCU and “Fengxi Anti-Slip” technologies. The Group deepened strategic cooperation with top international event organisers such as WTT and WTMG, participating extensively in 32 international-level events throughout the year.
Outdoor:
In 2025, Li Ning accelerated its outdoor expansion, with the first independent outdoor concept store, “COUNTERFLOW,” opening in Beijing. On the product front, the “Wanlongjia” jacket series gradually gained market recognition and won the ISPO Trend Award. In footwear, annual sales of the “Xing,” “Lin”, and “Xun” series exceeded 500,000 pairs.
Pickleball and tennis:
The Group proactively expanded into emerging sports, completing comprehensive product layouts in footwear, apparel and equipment for pickleball and tennis in 2025. Tennis shoes launched included “Secure Pro,” “Surpass Pro”, and “Accel Pro,” while the pickleball line introduced “Sortie Pro.” High-end pickleball paddles and balls have received international authoritative certification.
Sports lifestyle and other categories:
In 2025, Li Ning introduced a new “Long Store” format and a new Glory Gold Label product line, marking the first joint use of the Chinese Olympic Committee emblem and the LI-NING brand logo on products. In the women’s segment, Bai Lu was signed in 2026 as a brand ambassador. “China Li Ning” collaborated with Chinese table tennis player Wang Chuqin to launch the retro-style “Ping Pong” skate shoes. “LI-NING 1990,” inspired by golf, continued to release the “Qicheng Series” and the “Eagle Posture” golf shoes.
| Source: Company financial report
| Image Credit: Courtesy of Li Ning
| Editor: LuxeCO
