Ge Long Hui·2025-10-24 04:16Core Viewpoint - Li Ning (02331.HK) reported a year-on-year decline in retail sales for the third quarter ending September 30, 2025, with offline channels experiencing a significant drop while e-commerce showed strong growth [1] Group 1: Sales Performance - The overall retail sales (excluding Li Ning YOUNG) recorded a mid-single-digit decline year-on-year [1] - Offline channels, including retail and wholesale, experienced a high-single-digit decline, with direct retail channels seeing a mid-single-digit drop and wholesale channels facing a high-single-digit decline [1] - E-commerce virtual store operations reported a high-single-digit growth [1] Group 2: Store Count - As of September 30, 2025, Li Ning had a total of 6,132 sales points in China (excluding Li Ning YOUNG), representing a net increase of 33 points from the previous quarter and a net increase of 15 points year-to-date [1] - Within the net increase of 15 sales points, retail business saw a net decrease of 46 points, while wholesale business recorded a net increase of 61 points [1] - Li Ning YOUNG had a total of 1,480 sales points in China as of September 30, 2025, with a net increase of 45 points from the previous quarter and a net increase of 12 points year-to-date [1]