LI NING(02331): The e-commerce virtual store business achieved high double-digit growth in the third quarter.

Li Ning (02331) announced that as of the end of the third quarter of 2025, retail sales at Li Ning's sales points (excluding Li Ning Young) on the entire platform have decreased in the single digits on an annual basis. In terms of channels, offline channels (including retail and wholesale) have seen a high single-digit decrease, with a moderate decrease in the retail (direct operation) channel and a high decrease in the wholesale (franchisee) channel; e-commerce virtual store business has seen a high single-digit increase. As of September 30, 2025, in China, the total number of Li Ning sales points (excluding Li Ning Young) was 6132, a net increase of 33 from the previous quarter, and a net increase of 15 so far this year. Of the 15 net new sales points, retail business saw a net decrease of 46, while wholesale business saw a net increase of 61. As of September 30, 2025, in China, the total number of Li Ning Young sales points was 1480, a net increase of 45 from the previous quarter, and a net increase of 12 so far this year.