李宁：第三季度电子商务虚拟店铺业务录得高单位数增长

Core 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 significant drops while e-commerce showed strong growth [1] Group 1: Sales Performance - 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 [1] - Directly operated retail channels saw a mid-single-digit decline [1] - Wholesale channels (franchise dealers) recorded a high-single-digit decline [1] Group 2: E-commerce Performance - E-commerce virtual store business achieved a high-single-digit growth [1]