Mai Sheng, an athletic nutrition brand incubated by Mengniu Group, has brought in another group of industry investors.

The professional sports nutrition brand Mai Sheng recently announced the completion of a nearly RMB 100 million Series A+ funding round. This round's investors include CITIC Agricultural Industry Fund, Li Ning Company, and Viva China, with the funds earmarked for product research and development, professional sports scenario construction, user education, channel expansion, as well as supply chain and organizational capability building.

This marks Mai Sheng's second funding round of nearly RMB 100 million within less than a year. In November 2025, Mai Sheng closed a nearly RMB 100 million Series A round, led by Siriwell Health, with participation from Hillhouse Venture Capital and Mengniu Ventures.

Together with existing shareholder Mengniu Group, Mai Sheng's current shareholder base now spans multiple sectors, including dairy products, nutritional health, athletic footwear and apparel, and industrial investment.

Mai Sheng is a professional sports nutrition brand incubated by Mengniu. The brand initially entered the market with liquid protein products, and its current product lineup now includes liquid protein, energy gels, liquid salt capsules, beetroot, and tart cherry offerings. Mai Sheng has established hundreds of "Mai Sheng Energy Stations" across numerous gyms and training venues, displaying replenishment products according to needs before, during, and after exercise.

According to information disclosed by Mengniu, the group has previously provided Mai Sheng with support including an R&D platform, supply chain, and quality control systems. For Mengniu, Mai Sheng represents its attempt to extend from traditional dairy products into functional nutrition.

Compared to the previous round, which introduced nutritional health companies and market-oriented investment institutions, this round's investors are closer to the sports consumption landscape.

Li Ning Company's core business covers professional and casual sports shoes, apparel, equipment, and accessories, holding resources in sports products, retail channels, and event marketing. Viva China operates a multi-brand footwear and apparel business along with sports experience services, and is also the single largest shareholder of Li Ning Company.

The sports nutrition market is also becoming increasingly crowded. Entry barriers for protein supplements, electrolytes, and energy gels are relatively low, with traditional dairy companies, food and beverage enterprises, and new consumer brands all accelerating their presence.

Brands not only need to compete for online traffic, but also must sustain user education efforts within niche scenarios such as running, cycling, triathlon, and functional fitness training.

Therefore, the clearer signal from this funding round is not that Li Ning Company has branched into the sports nutrition business itself, but rather that the industrial connection between athletic footwear and apparel, event scenarios, and nutritional replenishment is strengthening.

Whether Mai Sheng can convert shareholder resources into sales channels and steady repeat purchases will ultimately depend on its product capabilities, the degree of collaboration implementation, and the efficiency of market education.