Li Ning Company Limited

What Li Ning Company Limited does

Li Ning Company Limited is one of the leading domestic sports brand companies in China, founded in 1990 by the Olympic gymnast Li Ning and listed on the Main Board of the Hong Kong Stock Exchange on 28 June 2004 (ticker 2331, with a parallel RMB counter 82331). The company designs, manufactures, and sells sporting goods — including footwear, apparel, equipment, and accessories — primarily under the LI-NING brand, serving professional athletes, sports enthusiasts, lifestyle consumers, and youth customers across China through a portfolio of six core categories (running, basketball, training, badminton, table tennis, and sports casual), supplemented by emerging segments in outdoor sports, tennis, and pickleball.

The product platform is anchored by an in-house LI-NING Technology Innovation Platform supporting continuous R&D across performance categories, with named core IP product lines (Zhui Feng / 追风, DLO, ULTRALIGHT, and LI REN / 李臻) and a premium Glory Gold Label series. Sub-brands include LI-NING YOUNG for kidswear and the newly launched COUNTERFLOW concept for outdoor sports, alongside the LI-NING 'Loong Store' as a flagship retail format. Distribution combines 7,609 LI-NING core brand stores and 1,518 LI-NING YOUNG points of sale across China with e-commerce operations on platforms including Tmall, supported by an RFID-enabled warehouse management system being scaled company-wide by Q1 2026.

Revenue is generated through one-time sales of branded sports goods via direct retail, e-commerce, and distribution channels; pricing is not publicly disclosed. FY2025 revenue rose 3.2% to RMB29,598 million with a 49% gross margin, 20.8% EBITDA margin, and 9.9% net margin, yielding RMB2,936 million in net profit, RMB4,852 million in operating cash flow, and RMB16,717 million in cash and equivalents. Marketing is anchored on the exclusive Chinese Olympic Committee partnership and cultural heritage collaborations such as the Palace Museum (故宫博物院), reinforcing a 'China's Glory, Together with LI-NING' brand narrative.

Name

Li Ning Company Limited

Legal name

Li Ning Company Limited

Website

https://ir.lining.com

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

1–10 employees

Short description

Li Ning Company Limited is a leading Chinese sports brand that designs, manufactures, and sells footwear, apparel, equipment, and accessories under the LI-NING brand, serving athletes, sports enthusiasts, lifestyle consumers, and youth across China via 9,000+ retail stores, e-commerce, and the COUNTERFLOW outdoor concept.

Ownership category

akta.pro rank

Product category

Sportswear and Athletic Equipment

NAICS

Sporting and Athletic Goods Manufacturing (33992), Sporting Goods Retailers (45911), Sporting and Athletic Goods Manufacturing (339920)

SIC

Sporting & Athletic Goods, Nec (3949)

akta.pro primary industry

Outdoor Travel Gear (Duffels, Packs, Dry Bags) Retail (CRAMAAAI)

akta.pro secondary industry

Racquet Sport Balls & Shuttlecocks Retail (CRAMAFAH)

Keywords

• Sports footwear
• Sports apparel
• Athletic equipment
• Kids sportswear
• Outdoor sports gear

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Marketing or Sales, Personnel, Technology or R&D, Infrastructure

Revenue model

1. Sports Goods Sales (Footwear, Apparel, Equipment, Accessories): Revenue from manufacturing and selling sporting goods including footwear, apparel, equipment and accessories for professional and leisure purposes under the LI-NING brand. In 2025, revenue was RMB29,598 million representing 3.2% growth. Gross profit margin was 49% with gross profit of RMB14,489 million.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Li Ning Company Limited designs, manufactures, and retails sporting goods including footwear, apparel, equipment and accessories under the LI-NING brand for professional and leisure purposes across six core sports categories (running, basketball, training, badminton, table tennis, and sports casual). The company also operates the LI-NING YOUNG kidswear sub-brand and the COUNTERFLOW outdoor sub-brand, distributing products through owned retail stores, e-commerce platforms and wholesale partners across China.

Product overview

Li Ning Company Limited operates a single-brand, multi-category sports goods portfolio under the LI-NING brand, supplemented by the LI-NING YOUNG kidswear sub-brand and the emerging COUNTERFLOW outdoor sub-brand. The core brand encompasses six primary product categories (running, basketball, training, badminton, table tennis, sports casual) with active expansion into emerging segments including outdoor sports, tennis, and pickleball. Product offerings span footwear, apparel, equipment, and accessories, distributed through a network of conventional stores, flagship stores, factory outlets, and multi-brand stores totaling 7,609 POS as of end-2025, plus e-commerce channels. Core IP product lines including Zhui Feng, DLO, ULTRALIGHT, and LI REN drive e-commerce performance, while premium offerings such as the Glory Gold Label series and the Loong Store concept represent higher-end market positioning.

Differentiator

Problem solved

Functional benefit

Brands

• LI-NING Core Brand: Main brand operations including conventional stores, flagship stores, China LI-NING stores, factory outlets, and multi-brand stores.
• LI-NING YOUNG
• COUNTERFLOW
• Zhui Feng
• DLO
• ULTRALIGHT
• LI REN

Products and services

• LI-NING Core Brand (footwear, apparel, equipment and accessories) Primary LI-NING brand offering sporting goods including footwear, apparel, equipment and accessories for professional and leisure purposes across six core categories: running, basketball, training, badminton, table tennis, and sports casual. Targeted at Chinese athletes, sports enthusiasts and lifestyle consumers.
• LI-NING YOUNG Kidswear Kidswear business focusing on professional sports and children's developmental needs, offering optimized products and exclusive IP creation for the youth and family demographics. Distributed through 1,518 dedicated LI-NING YOUNG points of sale across China.
• COUNTERFLOW Outdoor Brand Independent outdoor store brand offering outdoor sports gear, marking Li Ning's official entry into the outdoor sports segment. Launched in 2025 with standalone retail stores dedicated to the outdoor category.
• Zhui Feng (追风) Product Line Core IP product line for e-commerce, identified as a top-performing product during major e-commerce campaigns such as Tmall Celebration Day and Tmall Super Product Day.
• DLO Product Line Core IP product line mentioned in e-commerce performance, successfully penetrating multiple consumer segments including Gen Z, professional sports and trendy fashion.
• ULTRALIGHT Product Line Core IP product line focused on lightweight athletic footwear and apparel, identified as a top seller during major e-commerce campaigns.
• LI REN (李寧) Product Line Core IP product line performing outstandingly in e-commerce channels, ranking highly in both sales and reputation across segmented markets.
• Glory Gold Label Product Series Premium product series launched in conjunction with the LI-NING Loong Store concept, transforming exclusive top-tier sports resources into brand value through higher-end market positioning.

Quantifiable outcome

• Revenue increased by 3.2% to RMB29,598 million in 2025
• +2 more outcomes

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Chinese Olympic CommitteecoreStrategic or Co-development PartnerLi Ning serves as the official partner of the Chinese Olympic Committee, leveraging deep expertise and strong professional sports credibility. The partnership enables transformation of Olympic-level scarce sports resources into brand reputation and market recognition through campaigns like 'China's Glory, Together with LI-NING'.
• Palace Museum (故宫博物院)coreGTM or Marketing PartnerCross-industry collaboration with the Palace Museum featuring top IPs embodying Chinese cultural heritage. Marketing campaigns leverage this partnership to effectively improve brand reach and connect with consumers through cultural storytelling.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• adidas AG: Global athletic incumbent competing directly with Li Ning in China across running, training and lifestyle categories, with stronger international diversification but weaker China-specific cultural positioning.
• PUMA SE: Lifestyle/athletic hybrid footwear and apparel incumbent; comparable to Li Ning in sports-casual category crossover but with much broader international footprint.
• Nike Inc. Global athletic apparel/footwear leader with significant China business; overlapping product categories and premium positioning, but broader portfolio and globally diversified revenue base.
• Under Armour Inc. Training-focused athletic apparel/footwear incumbent with established China presence; overlapping training and running categories with Li Ning, but smaller China share and global reach.

Direct peers

• 361 Degrees International: Mass-market Chinese athletic apparel and footwear brand focused on running, basketball and kids — directly comparable portfolio breadth and tier-3/4 city distribution to Li Ning.
• Xtep International Holdings: China-listed sportswear brand with mass-market positioning across running and lifestyle categories, overlapping directly with Li Ning's mass-tier SKUs and distributor-led channel model.
• Peak Sport Products: Basketball-anchored Chinese athletic brand with broad multi-category offering; comparable core sports category overlap and Chinese retail distribution to Li Ning.
• Anta Sports Products: Largest direct competitor in Chinese sportswear, multi-category athletic apparel and footwear with growing premium portfolio via FILA and Amer Sports (Arc'teryx, Salomon, Wilson). Closest comparability in scale, channel, and end-market.

Emerging players

• Lululemon Athletica: Premium athletic apparel brand accelerating China expansion; competes with Li Ning in sports-casual and women's lifestyle categories, but with materially higher ASP and different channel mix.
• On Holding AG: Premium performance footwear brand expanding into China — directly overlaps Li Ning's running and outdoor ambitions (relevant to COUNTERFLOW entry) but with much smaller China footprint and DTC-led model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/li-ning-company-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Li Ning Company Limited