According to the latest announcement of Li Ning Company Limited (2331.HK, 82331), overall retail sell-through for the third quarter ended 30 September 2025, excluding the Li-Ning Young business, declined by a mid-single-digit year-on-year. Within this result, the offline channel, which comprises both retail and wholesale, recorded a high-single-digit decline, with retail (direct operation) posting a mid-single-digit drop and wholesale (franchised distributors) registering a high-single-digit decrease. Meanwhile, the e-commerce virtual store business reported a high-single-digit increase.

As at 30 September 2025, the total number of Li-Ning POS (excluding Li-Ning Young) in China stood at 6,132, reflecting a net increase of 33 stores since the end of the previous quarter and a net increase of 15 stores since the beginning of the year. Of the 15-store net increase, direct retail saw a net decrease of 46, while wholesale accounted for a net increase of 61. Separately, the Li-Ning Young segment operated 1,480 POS in China at the end of the reporting period, marking a net increase of 45 stores quarter-on-quarter and 12 stores year-to-date.

The announcement emphasizes that these figures are unaudited and do not represent the Group’s full financial performance. It advises shareholders and potential investors to exercise caution when interpreting the data.