Li Ning sees mixed Q3 2025 sell-through, online growth offsets offline declines

For the third quarter ended September 30, 2025, Li Ning’s overall retail sell-through, excluding LI-NING YOUNG, experienced a mid-single-digit decline year-on-year. Offline channels, encompassing both retail and wholesale, saw a high-single-digit decline. Specifically, direct operation retail declined by a mid-single-digit, while wholesale (franchised distributors) also registered a high-single-digit decline. In contrast, the e-commerce virtual stores business achieved high-single-digit growth during the period.

As of September 30, 2025, the total number of LI-NING POS, excluding LI-NING YOUNG, in China reached 6,132. This represents a net increase of 33 POS since the end of the previous quarter and a net increase of 15 POS year-to-date. Within this net increase, direct retail saw a net decrease of 46 POS, while wholesale accounted for a net increase of 61 POS.

The LI-NING YOUNG POS network in China expanded to 1,480 as of September 30, 2025, marking a net increase of 45 POS quarter-on-quarter and 12 POS since the beginning of the year. The company emphasizes that this operational data is unaudited and may be subject to change.