Li Ning Co Ltd

02331: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Li Ning: Branding Investments to Pressure Near-Term Profitability

Ivan Su , Junhao Yang

Jul 16, 2026

Li Ning's retail sales dropped by low-single digits year-on-year in the second quarter of 2026, due mainly to weak offline channel performance. Management expects sales growth and margins to remain under pressure for the rest of the year.

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Li Ning Co Ltd

Li Ning: Branding Investments to Pressure Near-Term Profitability

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