LI NING's revenue in the first half of the year increased by 3.3% year-on-year to 14.817 billion yuan, with net profit reaching 1.737 billion yuan

According to the Zhitong Finance APP, Li Ning (02331) announced its mid-term results for 2025, with revenue increasing by 3.3% year-on-year to RMB 14.817 billion, gross profit approximately RMB 7.415 billion, a year-on-year increase of 2.48%; EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) approximately RMB 3.513 billion, a year-on-year increase of 2%; net profit approximately RMB 1.737 billion, with basic earnings per share of 67.43 cents, and an interim dividend of 33.59 cents per share.

During the period, the group steadily consolidated its operational foundation and actively prepared for business development, maintaining a robust year-on-year revenue growth of 3.3%. The revenue changes across various channels are as follows: (1) During the period, through continuous optimization of e-commerce platform operations, deepening online marketing layouts, and improving the membership service system, online sales scale and customer loyalty both increased, with e-commerce channel revenue rising by 7.4% year-on-year, contributing the largest increment; (2) Revenue from authorized distributors grew steadily, increasing by 4.4% year-on-year, further rising to 46.5% of total revenue, continuing to play a core supporting role; and (3) Retail channel performance faced pressure, with revenue declining by 3.4% year-on-year due to adjustments in direct store layouts and shifts in consumer scenarios. The company will focus on different growth opportunities across channels, committed to achieving sustainable revenue growth in the future.

In terms of product upgrades, the group firmly implements the core strategy of "single brand, multiple categories, and multiple channels," continuously increasing R&D investment and technological innovation, and jointly promoting sports innovation empowered by aerospace technology with the National Space Administration's News and Publicity Center. At the same time, based on consumer demand and market trends, it launches cost-effective products and systematically promotes comprehensive optimization of the product matrix. Building on its competitive advantages in six core categories: running, basketball, cross-training, badminton, table tennis, and sports leisure, the group actively drives product innovation and market expansion in various segmented market categories with a proactive business mindset, injecting new momentum for long-term growth.

In brand marketing, the group's cooperation with the Chinese Olympic Committee has been successfully implemented, gradually promoting the recognition of its identity as an official partner. The group effectively utilizes the resources of the Chinese Olympic Committee platform to strengthen the brand's professional sports attributes, enhancing consumers' intuitive perception of the important journey of Chinese sports alongside the Li Ning brand. Additionally, leveraging its collaboration with the Palace Museum, the group combines traditional cultural elements with professional sports and sports leisure products, showcasing the brand's unique ability and advantage in inheriting Chinese cultural values.

In channel optimization, the group continues to build a more resilient and growth-oriented omnichannel matrix, promoting the coordinated development of online and offline channels. Online, it continuously improves the overall channel layout, achieving significant enhancements in channel efficiency through strengthened governance and control, while actively exploring new retail business models to provide sustained momentum for brand development. Offline, it focuses on optimizing single-store performance and service quality, expanding emerging market channels, and continuously advancing AI digital empowerment and terminal experience enhancement to provide consumers with a "Li Ning-style experiential value."