Li Ning reports low-single-digit YoY decline in Q2 2026 retail sell-through; e-commerce grows mid-single-digit

Bulletin Express07-15

Li Ning Company Limited released an operational update for the quarter ended 30 June 2026, highlighting a mixed performance across sales channels and a modest adjustment in store footprint.

Retail sell-through trend • Overall retail sell-through at LI-NING POS (excluding LI-NING YOUNG) fell by a low-single-digit percentage year-on-year. • Offline sales (retail + wholesale) recorded a low-single-digit decline: – Direct-operated retail stores dipped by a low-single-digit. – Wholesale (franchised distributors) contracted by a mid-single-digit. • E-commerce virtual stores achieved a mid-single-digit increase, partly offsetting offline weakness.

Store network dynamics • LI-NING POS (excluding LI-NING YOUNG) totaled 6,063 as of 30 June 2026, reflecting a net reduction of 12 stores versus the prior quarter and 28 stores year-to-date. – Direct-operated stores saw a net decrease of 66 year-to-date. – Wholesale stores posted a net increase of 38 over the same period. • LI-NING YOUNG POS reached 1,516, marking a net quarterly addition of 52 stores and a marginal year-to-date decline of 2 stores.

Other information All figures are unaudited operational data and may be subject to adjustment. The company advises shareholders and prospective investors to exercise caution when dealing in its shares.

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