LI NING (02331) Shanghai Longdian Opens, Leveraging Top-Tier Resources to Drive Full-Chain Commercial Conversion

On September 21, the first global flagship LI NING (02331) Longdian store officially opened in the Nanjing East Road commercial area of Shanghai, with the full LI NING Gold Label product series unveiled simultaneously. This opening is not merely the completion of a store, but a strategic move by LI NING to advance brand elevation and create a new growth curve. Since the debut of the Beijing Sanlitun Longdian store at the end of 2025, in less than a year, LI NING has been using a full-chain marketing approach of "entitlement activation + product conversion + terminal monetization" to extend national-level professional sports technology into high-quality consumption scenarios and push into the new functional business commuting track. Gold Label and Longdian Channel Resonance Builds a Full-Chain Commercial System As an official partner of the Chinese Olympic Committee (COC), LI NING provides professional sports equipment support for the Chinese sports delegation and, based on cooperation entitlements, carries out comprehensive layout around professional technology application, product research and development, and channel upgrading. In December 2025, LI NING's first global Longdian store opened in Beijing Sanlitun, and LI NING Gold Label applied the Chinese Olympic Committee mark and the LI NING brand mark jointly to products for the first time; in 2026, with the advancement of events such as the Asian Games, the Gold Label product matrix and Longdian channel planning were further improved. On the product side, LI NING Gold Label has become an independent category, focusing on functional business commuting. The professional technology used by the Chinese sports delegation and national teams is gradually applied to Gold Label products after event validation, covering daily scenarios such as business socializing and travel commuting. The professional endorsement formed during events also helps drive product sales. On the channel side, Longdian, as the core carrier of Gold Label products and an offline space connecting users, completed its first market trial with the Beijing Sanlitun Longdian store, while the Shanghai Nanjing East Road global flagship store further assumes the functions of brand display, technology experience, and complete product experience. Taken together, Gold Label undertakes the precise matching of products and target consumer groups, while Longdian opens up the complete chain from reach to experience to consumption conversion. Together, they connect cooperation entitlements, professional technology, and retail operations into a commercial closed loop. At present, LI NING Longdian has formed multiple independent store formats such as flagship stores and standard stores, initially focusing on the Northeast and North China markets, and is expected to achieve nationwide coverage by 2028. As a new category, LI NING Gold Label has initially received positive market feedback. During the opening period of the Sanlitun Longdian store, about 60% of the main push items in the Gold Label "Chao" series sold out within a week of being put on shelves. The 2026 interim results report shows that LI NING apparel category revenue increased by 12% year on year, among which the outdoor category and LI NING Gold Label achieved high growth, contributing incremental elasticity to the apparel segment. Core Assets Continue to Accumulate, Brand Accumulation Drives Long-Term Growth The rapid implementation of the Longdian business model stems from LI NING's long-term accumulation over many years in technological innovation, product research and development, and channel operations. Over the past decade, LI NING's cumulative R&D investment has exceeded RMB 4 billion. Self-developed technologies such as the LI NING BOOM technology platform continue to lead industry innovation, providing a solid technological foundation for LI NING's business expansion across multiple categories and scenarios. Agile product response and channel operation capabilities also constitute key support. For a long time, LI NING has adhered to the operating strategy of "single brand, multiple categories, multiple channels," continuously expanding into new categories and scenarios beyond core categories such as running, basketball, and comprehensive training. It is precisely by relying on the LI NING brand's ability to migrate across scenarios and categories that, in the face of the new demand for functional business commuting, the brand has been able to quickly carry out layout in research and development, design, supply chain, and retail channels, completing the efficient implementation of new categories and new store formats. The 2026 interim results materials show that LI NING is continuing to advance channel structure optimization, refinement of product mix, and upgrading of the shopping experience. The opening of the global flagship store on Nanjing East Road in Shanghai also marks the further implementation of LI NING's layout around Gold Label products, Longdian channels, and Chinese Olympic Committee cooperation entitlements. Going forward, LI NING will further deepen resource layout and asset conversion, accelerate model validation in new scenarios and new tracks, and solidify the brand's core competitive barriers.