Core Viewpoint - Li Ning (02331) reported a decline in retail sales across its platforms for the third quarter ending September 30, 2025, with a notable drop in offline channels and significant growth in e-commerce [1] Sales Performance - Overall retail sales (excluding Li Ning YOUNG) experienced a mid-single-digit percentage decline year-on-year [1] - Offline channels, including retail and wholesale, saw a high single-digit percentage decline, with direct retail channels facing a mid-single-digit percentage drop and wholesale channels experiencing a high single-digit percentage decline [1] - E-commerce virtual store business achieved a high single-digit percentage growth [1] 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, with a net increase of 45 points from the previous quarter and a net increase of 12 points year-to-date [1]

Core Viewpoint - Li Ning reported a mid-year performance for 2025, showing a revenue of 14.817 billion RMB, representing a year-on-year growth of 3.3% [1] Financial Performance - The group's profit attributable to shareholders was 1.737 billion RMB [1] - Overall gross margin stood at 50.0% [1] - The board declared an interim dividend of 0.3359 RMB per share [1] - Net cash generated from operating activities was 2.411 billion RMB [1] Revenue Breakdown - Revenue growth was driven by strong performance in online channels, with e-commerce revenue increasing by 7.4% due to optimized platform operations, enhanced online marketing, and improved membership services [1] - Revenue from franchise distributors also showed steady growth, rising by 4.4% and accounting for 46.5% of total revenue [1] - However, retail channel revenue declined by 3.4% due to store layout adjustments and shifts in consumer scenarios [1] Future Outlook - The company indicated a focus on growth opportunities across various channels, aiming for sustainable revenue growth in the future [1]