Li Ning H1 2026 slides: margins expand amid retail headwinds
Li Ning reported weaker-than-expected interim results for the first half of 2026, with revenue growth of 2.8% to RMB 15.235 billion. The company attributed the slowdown to retail headwinds and deeper discounting in the domestic market. Gross margins expanded to 50.9%, driven by cost optimization and improved wholesale margins. Net profit improved to RMB 1.816 billion with a net profit margin of 11.9%, reflecting disciplined execution but reflecting concerns about the retail environment. Shares fell 1.45% to $14.25, near the lower end of their 52-week range.
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