Li Ning's revenue in 2025 is expected to grow by 3% to 29.6 billion yuan, with a net increase of 24 stores.

NightAirdropper · 2026-03-26T16:16:32+00:00

Li Ning's performance announcement in 2025 shows that revenue increased to 29.598 billion yuan, net profit decreased to 2.936 billion yuan, and the attributable profit to equity holders was 9.9%. The company plans to pay a dividend of 56.95 cents per share, with the number of sales outlets increasing to 7,609 and the number of employees rising to 5,152.

NightAirdropper

2026-03-26 16:16:32

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Lining (02331) Announces Full Year Results for the Year Ending December 31, 2025

In 2025, Lining’s revenue was RMB 29.598 billion, up 3.2% year-on-year; net profit attributable to shareholders was RMB 2.936 billion, a decrease of 2.56%; the net profit margin was 9.9%. Gross profit margin was 49%, down 0.4 percentage points compared to the previous year. The average operating funds as a percentage of revenue was 7.7%. The cash cycle was 37 days, an increase of 2 days from last year.

The board recommends a final dividend of 23.36 cents per ordinary share for the year ending 2025, combined with an interim dividend of 33.59 cents per ordinary share paid in September 2025, bringing the total annual dividend to 56.95 cents per share. The full-year payout ratio is 50%.

As of December 31, 2025, Lining’s sales points—including Lining core brand, Lining YOUNG, China Lining Fashion Stores, factory outlets, and multi-brand stores—totaled 7,609, an increase of 24 stores compared to December 31, 2024. Among these, franchised stores numbered 4,853, and Lining YOUNG stores numbered 1,518, representing growth of 0.7% and 3.4%, respectively. Direct-operated retail stores totaled 1,238, a decrease of 4.5% year-on-year.

By the end of 2025, Lining employed 5,152 staff members (compared to 5,022 at the end of 2024). Of these, 4,969 employees were at the group headquarters, Guangxi supply base, and retail subsidiaries (up from 4,817), while 183 employees were at other subsidiaries (down from 205).

Related company: Lining HK 02331

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