“Like much of the industry, we have been affected by macroeconomic pressures and intensified competition,” says Li, referencing the softening in Chinese consumer spending we’ve seen in the market since 2024.
Li-Ning’s net profit for the first half of fiscal 2025 fell 11% year-on-year to RMB 1.74 billion ($241.9 million), despite sales rising 3% to RMB 14.82 billion ($2.1 billion). But this was still up on the first half of fiscal 2024, during which net profit dropped 13.6%. By comparison, Anta hit RMB 38.54 billion ($5.3 billion) in revenue during H1 2025, up 14.3% year-on-year.
Following the earnings, founder, executive chair and co-CEO Ning released a statement, noting Olympics-adjacent marketing as a key strategy to weather the headwinds and improve brand competitiveness in China.
“We’ve [also] responded by refining product architecture, strengthening core categories, improving inventory discipline, and investing more deliberately in brand and innovation,” Li adds. Friday night’s front row will feature Chinese and European KOLs, to amplify Li-Ning across global social media platforms, from Instagram to Xiaohongshu (Red).
For Li, the goal is affirming the power of Chinese sport and design, particularly amid the guochao (or “China chic”) movement, which celebrates Chinese heritage and encourages local consumers to buy into domestic brands. “While international expansion is part of a long-term vision, the immediate focus is on strengthening brand relevance and perception rather than short-term volume growth,” Li says. “We want to demonstrate how a Chinese brand uses a modern, style-led design language to convey Chinese athletic spirit and sports glory on an international stage.”
Li-Ning generates nearly 70% of its revenue from offline sales in Mainland China, with two-thirds of revenues coming from wholesale, according to the brand’s financials. The label is rethinking its monobrand retail footprint in response to market challenges. It closed 232 self-operated stores over the past year, while opening 145 new ones.
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