Ge Long Hui·2026-01-17 06:27Group 1 - The core viewpoint of the articles indicates that Li Ning's overall retail revenue for Q4 2025 has experienced a slight decline, with offline and e-commerce channels showing mixed performance [1][2] - As of the end of Q4 2025, the number of Li Ning's main brand stores decreased to 6,091, reflecting a net reduction of 41 stores from the previous quarter and 26 stores from the end of the previous year [1] - The company has seen a deepening of discounts due to unfavorable winter sales and increased promotions for autumn and winter apparel, while inventory levels have improved, achieving a healthier sell-through ratio [1] Group 2 - In terms of product categories, the running segment has shown a mid-single-digit growth year-on-year, while categories such as basketball and sports lifestyle continue to experience negative growth [2] - Li Ning has opened its first outdoor store and "Dragon Store," targeting the light outdoor market and aiming to attract new customer segments, with a focus on urban commuting and leisure activities [2] - The company has adjusted its profit forecasts for 2025-2027, increasing the expected net profit figures due to anticipated government subsidies and cost-cutting measures, maintaining a "buy" rating [3]