According to a recent announcement, LI NING (02331) reported that for the third quarter ending September 30, 2025, retail sales at its points of sale (excluding LI NING YOUNG) saw a mid-single-digit decline year-on-year across its platforms. By channel, the offline segment (including retail and wholesale) experienced a high single-digit decline. Specifically, the direct retail channel recorded a mid-single-digit decrease, while the wholesale channel (franchise dealers) faced a high single-digit drop. In contrast, the e-commerce virtual store segment achieved high single-digit growth. As of September 30, 2025, there were 6,132 LI NING sales points in China (excluding LI NING YOUNG), marking a net increase of 33 since the end of the previous quarter and a net increase of 15 year-to-date. Among the 15 net increases in sales points, the retail segment saw a net loss of 46, while the wholesale segment gained 61 points. Additionally, as of September 30, 2025, there were 1,480 LI NING YOUNG sales points in China, which is a net increase of 45 points since the end of the previous quarter and a net increase of 12 year-to-date.