The Tamesis
“Like many companies in the industry, we have been affected by macroeconomic pressures and increased competition,” Li said, referring to the softening Chinese consumer spending we have seen in the market since 2024.
Although sales increased 3% to 14.82 billion yuan ($2.1 billion), Li Ning’s net profit in the first half of fiscal 2025 fell 11% year-on-year to 1.74 billion yuan ($241.9 million). But this figure is still higher than in the first half of fiscal year 2024, with net profit falling by 13.6%. In comparison, Anta’s revenue in the first half of 2025 reached 38.54 billion yuan (US$5.3 billion), a year-on-year increase of 14.3%.
After the financial report was released, founder, executive chairman and co-CEO Ning Ning issued a statement, pointing out that Olympic-related marketing is a key strategy to resist headwinds and improve the competitiveness of Chinese brands.
“We have [also] “Our response is to improve product architecture, strengthen core categories, improve inventory discipline, and invest more prudently in branding and innovation,” Li added. Friday night’s front row will feature Chinese and European KOLs promoting Li-Ning on global social media platforms from Instagram to Xiaohongshu (red).
For Li, the goal is to affirm the power of Chinese movement and design, particularly within the Guochao (or “Chinese fashion”) movement, which celebrates Chinese heritage and encourages local consumers to purchase domestic brands. “While international expansion is part of the long-term vision, the current focus is on strengthening brand relevance and recognition rather than short-term sales growth,” Li said. “We hope to show how a Chinese brand can use modern, style-led design language to convey China’s sportsmanship and sports glory on the international stage.”
According to the brand’s financial data, nearly 70% of Li Ning’s revenue comes from offline sales in mainland China, with two-thirds of its revenue coming from wholesale. The brand is rethinking its single-brand retail footprint in response to market challenges. Last year, the company closed 232 self-operated stores while opening 145 new ones.
