EarningsQ2 2025 Earnings Report

Li Ning Company (2331N) Q2 2025 Earnings Report

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Previous Report: Q4 2024

Next Report: Q4 2025

MX:2331N Q2 2025 EPS Results

Actual EPS$1.80

Consensus EPS$1.74

Beat/MissBeat by +$0.06

One Year Ago EPS$2.02

MX:2331N Q2 2025 Revenue Results

Actual Revenue$36.48B

Expected Revenue$39.02B

Beat/MissMissed by -$2.54B

YoY Revenue Growth+2.38%

Earnings Announcement Details

QuarterQ2 2025

Date08/21/2025

TimeBefore Open

Conference CallThursday, August 21, 2025

MX:2331N Upcoming Earnings

Li Ning Company's next earnings date is estimated for March 18, 2027, based on past reporting schedules.

Q2 2025 Earnings Call Audio

MX:2331N Q2 2025 Earnings Call

0:00 / 0:00

Q2 2025 Earnings Slide Deck

Q2 2025 Earnings Call Summary

Q2 2025

Earnings Call Date:Aug 21, 2025|

% Change Since:

Earnings Call Sentiment|Neutral

The earnings call presented a mix of positive and negative aspects. The company showed growth in revenue and strong performance in the footwear and accessories segments, particularly in e-commerce and professional running shoes. However, challenges were evident in the apparel and basketball categories, with declining gross profit and net margins. The company's strategic partnerships and strong cash position are positive indicators for future growth.

Company Guidance

During the call, Li Ning Company Limited provided several key financial and operational metrics for the first half of 2025. The company reported a revenue growth of 3.3%, reaching RMB 14.817 billion, with a net profit of RMB 1.737 billion and a net profit margin of 11.7%. The gross profit margin slightly decreased by 0.4 percentage points to 50%. The company maintained a healthy financial condition, with a net operating cash inflow of RMB 24.11 billion and an average working capital percentage of 7.3% relative to revenue. The Board of Directors proposed an interim dividend of RMB 0.3359 per share, maintaining a dividend payout ratio of 50%. Retail sales for the LI-NING main brand experienced low single-digit growth across all channels, while footwear revenue grew by 5% year-on-year, accounting for 56% of total revenue. In contrast, apparel revenue decreased by 3%, and accessories revenue increased by 24%, driven by the Badminton category, which grew by 38% and contributed 7% to the group's total revenue. Online sales outperformed offline sales, with e-commerce revenue rising by 1 percentage point to 31% of total revenue. The company also noted a slight decrease in direct retail revenue share to 23%, while wholesale revenue share increased by 1 percentage point to 46%. Despite a challenging market environment, Li Ning continued to focus on channel optimization and strategic investment in core product categories and brand development to drive long-term growth.

Revenue Growth

Revenue grew by 3.3% to RMB 14.817 billion, and net operating cash inflow stood at RMB 24.11 billion.

Footwear and Accessories Growth

Footwear revenue grew by 5% year-on-year, and accessories revenue increased by 24%, driven by the Badminton category.

E-commerce Performance

E-commerce revenue increased by 1 percentage point to 31% of total revenue, with retail sell-through achieving a high single-digit percentage increase.

Professional Running Shoes Success

Professional running shoes sales exceeded 14 million pairs, with the core running shoes surpassing 5.26 million pairs.

Strong Cash Position

Net cash increased by RMB 1.61 billion year-on-year to RMB 19.191 billion, ensuring strong support for future opportunities.

Strategic Partnerships

Signed a contract to become the official partner of the Chinese Olympic Committee and the Chinese national sports delegation from 2025 to 2028.

MX:2331N Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Mar 18, 2027	2026 (Q4)	0.48 / -	1.233	―
Aug 20, 2026	2026 (Q2)	1.71 / 1.88	1.801	4.46% (+0.08)
Mar 19, 2026	2025 (Q4)	1.10 / 1.23	1.099	12.20% (+0.13)
Aug 21, 2025	2025 (Q2)	1.74 / 1.80	2.023	-10.99% (-0.22)
Mar 27, 2025	2024 (Q4)	1.15 / 1.10	1.101	-0.24% (>-0.01)
Aug 15, 2024	2024 (Q2)	1.80 / 2.02	2.152	-5.98% (-0.13)
Mar 19, 2024	2023 (Q4)	1.38 / 1.10	1.929	-42.92% (-0.83)
Aug 10, 2023	2023 (Q2)	2.08 / 2.15	2.224	-3.25% (-0.07)
Mar 17, 2023	2022 (Q4)	1.90 / 1.93	2.144	-10.00% (-0.21)
Aug 11, 2022	2022 (Q2)	14.02 / 2.22	2.09	6.41% (+0.13)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed