Li Ning (02331) has announced its interim results for the 2026 fiscal year, with revenue climbing 2.8% to RMB 15.235 billion. The company's gross margin improved by 0.9 percentage points to 50.9%, while net profit attributable to equity holders reached RMB 1.816 billion, marking a year-on-year increase of 4.53%. Basic earnings per share stood at 70.40 cents, with an interim dividend of 35.12 cents per share declared.
During the first half of 2026, the group continued to advance its omnichannel layout and optimize operational efficiency, concentrating on key areas such as channel development, retail operations, supply chain, and logistics. These efforts have further solidified the company's business foundation and reinforced its competitive position in the market.
In terms of channel performance, the franchise distributor segment remained stable, generating a 1.7% year-on-year increase in revenue. The group also ramped up investment in online channel promotions and experimented with various new retail formats, resulting in a robust 5.1% growth in e-commerce revenue. Despite a challenging retail promotional environment, the company further refined its membership system to enhance consumer experience, driving a 4.2% revenue increase from directly-operated offline stores.
Looking at product strategy, the group focused on its six core categories—running, basketball, comprehensive training, badminton, table tennis, and athleisure—while actively expanding into emerging segments such as outdoor sports, tennis, and pickleball. Leveraging proprietary technology iterations and increased investment in global professional events and athlete endorsements, the company has strengthened its position across three key pillars: building professional sports credibility, shaping sports-inspired fashion aesthetics, and preserving the essence of Eastern cultural heritage. Through diversified marketing campaigns across all channels, the group continues to enhance its differentiated brand advantages, foster greater brand recognition and affinity, and steadily elevate its overall brand influence.