Li Ning Company Limited vs Xtep International Holdings Limited
Li Ning holds the stronger position because its revenue base is roughly twice Xtep's size, giving it more room to absorb rising competitive pressure from rivals that is affecting both companies.
Li Ning Company Limited
Chinese sportswear brand selling shoes, apparel and gear through 7,609 stores nationwide
Xtep International Holdings Limited
Chinese sportswear group selling Xtep-brand shoes plus licensed Saucony and Merrell gear
Dimension by dimension
| Dimension | Li Ning Company Limited | Xtep International Holdings Limited |
|---|---|---|
| Staying power of the core product | Li Ning's apparel sales slipped 3% and margins compressed even as total revenue rose 3.2%. | Xtep's core brand fell mid-single digits in Q2 2026 while running 70-75% discounts to move product. |
| Exposure to AI absorbing the product | Physical sportswear that AI is unlikely to replace. | Physical sportswear that AI is unlikely to replace. |
| How easily a giant could copy them | A larger rival could copy Li Ning's designs and distribution, rated possible. | A larger rival could copy Xtep's designs and distribution, rated possible. |
| Pressure from rivals | Li Ning faces competitive pressure mainly from Anta. | Xtep faces heavier direct pressure than Li Ning, competing against both Anta and Li Ning at once. |
| Profit trend | Net profit fell 2.6% to RMB2,936 million in FY2025 despite higher revenue. | Net profit rose 10.8% to RMB1,371.6 million in FY2025. |
| Financial scale | FY2025 revenue of RMB29,598 million, about double Xtep's size. | FY2025 revenue of RMB14,151.1 million, roughly half of Li Ning's. |
Questions people ask
- Li Ning vs Xtep, which is bigger?
- Li Ning's FY2025 revenue of RMB29,598 million is about twice Xtep's RMB14,151.1 million, giving Li Ning more scale to absorb pressure from Anta and other rivals.
- Which company is growing profit faster?
- Xtep's net profit rose 10.8% to RMB1,371.6 million in FY2025, while Li Ning's fell 2.6% to RMB2,936 million even though its revenue grew.
- Could AI replace either company's product?
- Neither Li Ning nor Xtep sells something AI is likely to absorb, since both make physical shoes and apparel sold through stores rather than digital services.
- Who has stronger margins, Li Ning or Xtep?
- Li Ning reported a 49.0% gross margin for FY2025. Xtep's margin figure isn't given here, but its heavy discounting on the core brand points to margin pressure there.
- Does Xtep depend on licensed brands more than Li Ning?
- Yes, Xtep sells licensed Saucony and Merrell gear alongside its own brand, while Li Ning's business runs entirely under its own name.
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