Li Ning H1 2026 slides: margins expand amid retail headwinds

Li Ning Company Limited reported a 2.8% growth in revenue to RMB 15.235 billion for the first half of 2026, while gross margins expanded to 50.9%. Despite these improvements, the company lowered its full-year revenue guidance due to persistent weakness in domestic consumer demand. Shares fell 1.45% to $14.25 following the announcement, trading near its 52-week low.

The company's net profit margin improved to 11.9%, with a net profit of RMB 1.816 billion and a lengthened cash conversion cycle of 35 days. Revenue growth was strongest in apparel, up 12% to 38% of total sales, while footwear grew just 1%, and equipment and accessories declined by 18%.

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