Li-Ning reported H1 2025 revenue of 14.82 billion RMB ($2.04 billion), up 3.3% YoY, while net profit fell 11% to 1.74 billion RMB ($240 million). Gross margin slipped to 50%. Rival brands including Adidas and Amer Sports posted double-digit growth in China, highlighting intensifying competition. Footwear and accessories grew, but apparel sales declined. Despite profit pressure, Li-Ning’s stock surged 8.8% to HK$19.7 ($2.52) on August 22, its highest in nearly 10 months. The company continues pushing its “single brand, multi-category, multi-channel” strategy, betting on professional sports and running, where sales rose 15% in H1.