Li Ning Co Ltd

02331: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Li Ning Earnings: Higher Marketing Investments to Accelerate Top-Line Growth; Valuation Unchanged

Ivan Su

Mar 23, 2026

Li Ning's second-half 2025 revenue rose 3% year on year, driven by strength in professional categories and robust specialty wholesale channel growth. However, operating profit fell 17% as higher marketing spending more than offset the top-line gains.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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United States

Li Ning Co Ltd

Li Ning Earnings: Higher Marketing Investments to Accelerate Top-Line Growth; Valuation Unchanged

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