Li-Ning reported full-year 2025 revenue of 29.6 billion RMB ($4.30 billion), up 3.2% YoY, while net profit fell 2.6% to 2.94 billion RMB ($427 million). Gross profit rose 2.4% to 14.49 billion RMB ($2.10 billion), with gross margin easing to 49.0%. Distributor and e-commerce channels grew while direct retail declined. The group ended 2025 with 7,609 points of sale, operating cash inflow of 4.85 billion RMB ($703 million), and total cash reserves of approximately 20.0 billion RMB ($2.90 billion). Running and training segments outperformed; basketball and sports casual declined.

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