Ge Long Hui·2026-01-17 06:27Core Viewpoint - Li Ning's Q4 2025 operational performance shows a decline in revenue, with offline sales under pressure and e-commerce sales remaining flat, indicating challenges in the current consumer environment [1] Group 1: Revenue Performance - In Q4 2025, Li Ning's overall revenue decreased by a low single-digit percentage year-on-year, with offline channel revenue declining in the same range and e-commerce revenue remaining flat [1] - The wholesale business saw a year-on-year revenue decline in the mid-single digits, with 4,853 wholesale stores at the end of Q4 2025, a net increase of 33 stores since the beginning of the year [1] - Direct sales revenue also declined in the low single digits year-on-year, with 1,238 direct stores at the end of Q4 2025, reflecting a net closure of 59 stores since the start of the year [1] Group 2: E-commerce and Inventory - E-commerce revenue remained flat in Q4 2025, with expectations of better growth from platforms like Douyin, while the overall e-commerce sales environment showed short-term fluctuations [1] - The inventory turnover ratio is expected to be between 4 and 5 by the end of Q4 2025, indicating a healthy level after a previous higher ratio due to pre-holiday stocking [2] Group 3: Future Outlook - For 2025, the company forecasts a net profit attributable to shareholders of 2.742 billion yuan, with a projected revenue slight increase and a 9% year-on-year decline in net profit [2] - In 2026, Li Ning plans to enhance brand exposure through events like the Milan Fashion Week and increase sponsorship for Olympic-related activities, expecting a revenue growth of 6.5% and a net profit increase of 5.8% to 2.901 billion yuan [3] - The company aims to improve operational efficiency and explore new store formats, with a long-term profit forecast of 2.742 billion yuan for 2025, 2.901 billion yuan for 2026, and 3.200 billion yuan for 2027 [3]