LI NING (02331) announced its first-quarter operating metrics for the period ending March 31, 2026. The company achieved a mid-single-digit year-on-year increase in overall platform retail sell-through for LI NING brand points of sale, excluding LI NING YOUNG. By channel, offline channels, comprising both retail and wholesale, recorded mid-single-digit growth. Within this segment, the direct retail operations channel saw growth in the low 10%-20% range, while the wholesale, or franchised distributor, channel reported low single-digit growth. The e-commerce virtual store business registered high single-digit growth. As of March 31, 2026, the total number of LI NING points of sale in China, excluding LI NING YOUNG, was 6,075, representing a net decrease of 16 since the start of the year. This net reduction consisted of a net decrease of 46 retail outlets and a net increase of 30 wholesale locations. Separately, the number of LI NING YOUNG points of sale in China totaled 1,464, reflecting a net decrease of 54 since the beginning of the year.