Is Li Ning profitable in 2025?

Yes. Li Ning reported FY2025 revenue of RMB 29,598 million, up 3.2% year over year, with profit attributable to equity holders of RMB 2,936 million, down 2.6% from 2024, as of December 31, 2025, per its annual results filing.

Who is Li Ning's biggest competitor?

Anta Sports is Li Ning's biggest domestic rival, holding roughly 23% of China's sportswear market in 2025 and owning Fila China, Arc'teryx, Salomon and Wilson. Anta closed a $1.8 billion deal for a 29% Puma stake in January 2026, outmaneuvering a Li Ning bid exploration from late 2025.

Could AI replace Li Ning's business?

Unlikely at the core. Li Ning's moat is physical: 7,609 points of sale as of December 31, 2025, plus manufacturing and athlete IP contracts. AI mainly touches marketing edges like livestream e-commerce, which drove 31% of H1 2025 revenue, not the physical retail network itself.

Will Li Ning's Stephen Curry deal pay off?

Uncertain as of mid 2026. Li Ning signed a reported $400 million, 10 year deal with Stephen Curry announced June 1, 2026, but Goldman Sachs projected no material revenue contribution for 15 to 18 months, with A&P spend rising to roughly 12% of sales in 2026.

Is Li Ning losing market share to Anta?

Li Ning is the clear number two in Chinese sportswear behind Anta, which held about 23% of the domestic market in 2025 versus Li Ning's slower 3.2% FY2025 revenue growth, and Anta out-bid Li Ning for a 29% Puma stake in January 2026.

Does Li Ning have debt?

No. Li Ning reported Group borrowings of zero for both fiscal year 2024 and fiscal year 2025, as confirmed in its investor relations financial highlights dated December 30, 2025, making it a debt-free listed company.

Consumer brands · China

Li Ning Company Limited

lining.com ↗

Chinese sportswear brand selling shoes, apparel and gear through 7,609 stores nationwide.

Protection under test

Assessed 25 July 2026 · Evidence as of 25 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 25 July 2026 · Checkable from August 2026 · Every call on the record Checkpoint: FY2026 interim results showing early Curry Brand sales and margin trend

The call

Li Ning stays profitable and debt-free while betting on Curry-branded gear to keep pace with a faster-growing Anta at home.

Li Ning sells athletic shoes and apparel in China through 7,600+ stores and has sponsored Olympic athletes. The main question is whether its brand name, Olympic ties, and store network can keep it ahead of Anta, a bigger Chinese competitor that owns multiple international brands and just bought a chunk of Puma, giving Anta more money and reach to copy whatever Li Ning does. The critical test will be whether Li Ning's big new bet on basketball star Curry's brand makes enough money starting in late 2026 and 2027, because if that flops or Anta steals market share while Li Ning keeps spending heavily on ads, the company could be in real trouble.

Why

AI pressure: AI-driven ad-ranking and livestream algorithms on Douyin and Taobao. Platform algorithms reward bigger ad spend, so Li Ning must outbid rivals just to stay visible to shoppers online. Could AI do the core job? Unlikely.

Bigger players: Anta Sports. Anta holds roughly 23% of the China market, just took a 29% Puma stake, and grows faster while Li Ning's revenue rose only 3.2%. Could a giant copy it? Probably.

What protects it. Zero debt, 7,609 stores across China, and an Olympic sponsorship through 2028 keep Li Ning visible and financially stable.

What would change this call

Li Ning's FY2026 interim results (Aug 2026) show revenue growth vs Anta's H1 2026 growth rate. Reveals whether Li Ning keeps ceding domestic share to Anta or stabilizes.
Curry Brand disclosed revenue contribution in FY2026 full-year results (Mar 2027). Shows whether the $400M Curry bet is paying off or just adding cost.
Li Ning's H2 2025-style net profit margin trend continuing into 2026 A&P-heavy periods. Indicates whether marketing spend to fight Anta is structurally eroding profitability.

Key numbers

2025 revenue RMB 29,598 million, up 3.2% (2025-12-31)
Gross margin 49.0%, down 0.4 points (2025-12-31)
Group borrowings: zero (2025-12-30)

Named risks

Curry Brand may fail to generate material revenue within Goldman's flagged 15 to 18 month build window. Severity: high
Anta continues widening domestic market share lead after winning Puma stake Li Ning also pursued. Severity: high
Margin compression from rising A&P spend, projected ~12% of sales in 2026 ahead of Curry launch. Severity: medium
Renewed Western scrutiny of Xinjiang-linked supply chains could resurface reputational and trade risk. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Anta Sports	gaining on	~23% China share in 2025, closed 29% Puma stake for $1.8B on 2026-01-27 after Li Ning explored its own bid
Nike	contesting	Nike led brand penetration 64% vs Li Ning 48% in Aug 2025 survey, but Nike China sales fell 21% in Q2 2025
Adidas	contesting	Global incumbent facing guochao domestic-brand sentiment shift in China, per 2025-2026 industry commentary

Questions people ask

Is Li Ning profitable in 2025?: Yes. Li Ning reported FY2025 revenue of RMB 29,598 million, up 3.2% year over year, with profit attributable to equity holders of RMB 2,936 million, down 2.6% from 2024, as of December 31, 2025, per its annual results filing.
Who is Li Ning's biggest competitor?: Anta Sports is Li Ning's biggest domestic rival, holding roughly 23% of China's sportswear market in 2025 and owning Fila China, Arc'teryx, Salomon and Wilson. Anta closed a $1.8 billion deal for a 29% Puma stake in January 2026, outmaneuvering a Li Ning bid exploration from late 2025.
Could AI replace Li Ning's business?: Unlikely at the core. Li Ning's moat is physical: 7,609 points of sale as of December 31, 2025, plus manufacturing and athlete IP contracts. AI mainly touches marketing edges like livestream e-commerce, which drove 31% of H1 2025 revenue, not the physical retail network itself.
Will Li Ning's Stephen Curry deal pay off?: Uncertain as of mid 2026. Li Ning signed a reported $400 million, 10 year deal with Stephen Curry announced June 1, 2026, but Goldman Sachs projected no material revenue contribution for 15 to 18 months, with A&P spend rising to roughly 12% of sales in 2026.
Is Li Ning losing market share to Anta?: Li Ning is the clear number two in Chinese sportswear behind Anta, which held about 23% of the domestic market in 2025 versus Li Ning's slower 3.2% FY2025 revenue growth, and Anta out-bid Li Ning for a 29% Puma stake in January 2026.
Does Li Ning have debt?: No. Li Ning reported Group borrowings of zero for both fiscal year 2024 and fiscal year 2025, as confirmed in its investor relations financial highlights dated December 30, 2025, making it a debt-free listed company.

Timeline

2026-06-01Li Ning signs reported $400 million, 10 year Curry Brand partnership with Stephen Curry
2026-03-19FY2025 annual results: revenue RMB 29,598 million, up 3.2% year over year
2026-01-27Anta Sports closes $1.8 billion deal for 29% stake in Puma
2025-12Li Ning opens first Loong Store in Beijing, launches Glory Gold Label line
2025-11-27Li Ning explores financing for potential Puma bid, does not proceed
2025-08-21H1 2025 interim results: revenue RMB 14,817 million, up 3.3% year over year
2025Li Ning becomes official Chinese Olympic Committee sportswear partner through 2028

Head to head

Anta Sports Products Limited vs Li Ning Company Limited Li Ning Company Limited vs Xtep International Holdings Limited

Revision history

25 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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