Li Ning: In the fourth quarter, Li Ning sales points recorded a low single-digit decrease in retail revenue compared to the entire platform on an annual basis.

On January 15, Li Ning announced on the Hong Kong Stock Exchange that as of the end of the fourth quarter in 2025, the retail sales revenue of Li Ning sales points on the entire platform recorded a low single-digit decline year-on-year. As of December 31, 2025, the number of Li Ning sales points in China totaled 6,091, a net decrease of 41 compared to the previous quarter, and a net decrease of 26 so far this year.