Revenue by Geography

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016	FY 2015	FY 2014	FY 2013	FY 2012
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018	Dec '17 Dec 31, 2017	Dec '16 Dec 31, 2016	Dec '15 Dec 31, 2015	Dec '14 Dec 31, 2014	Dec '13 Dec 31, 2013	Dec '12 Dec 31, 2012
PRC Market - Northern Region Revenue	13.99B	13.64B
PRC Market - Northern Region Revenue Growth	2.56%	4.86%
PRC Market - Southern Region Revenue (Post-FY2019)	15.18B	14.50B
PRC Market - Southern Region Revenue (Post-FY2019) Growth	4.67%	3.17%
Other Regions Revenue	427.08M	530.85M
Other Regions Revenue Growth	-19.55%	-0.14%

Revenue Breakdown

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016	FY 2015	FY 2014	FY 2013	FY 2012
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018	Dec '17 Dec 31, 2017	Dec '16 Dec 31, 2016	Dec '15 Dec 31, 2015	Dec '14 Dec 31, 2014	Dec '13 Dec 31, 2013	Dec '12 Dec 31, 2012
Other Regions Revenue	427.08M	530.85M
Other Regions Revenue Growth	-19.55%	-0.14%
Sales to Franchised Distributors Revenue	13.77B	12.96B
Sales to Franchised Distributors Revenue Growth	6.30%	2.60%
Sales from Direct Operation Revenue	6.65B	6.88B
Sales from Direct Operation Revenue Growth	-3.32%	-0.35%
Sales from E-commerce Channel Revenue	8.74B	8.30B
Sales from E-commerce Channel Revenue Growth	5.28%	10.27%

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016	FY 2015	FY 2014	FY 2013	FY 2012
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018	Dec '17 Dec 31, 2017	Dec '16 Dec 31, 2016	Dec '15 Dec 31, 2015	Dec '14 Dec 31, 2014	Dec '13 Dec 31, 2013	Dec '12 Dec 31, 2012
Footwear Revenue	14.65B	14.30B
Footwear Revenue Growth	2.45%	6.81%
Apparel Revenue	12.33B	12.05B
Apparel Revenue Growth	2.30%	-2.90%
Equipment and Accessories Revenue	2.62B	2.33B
Equipment and Accessories Revenue Growth	12.72%	29.27%

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016	FY 2015	FY 2014	FY 2013	FY 2012
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018	Dec '17 Dec 31, 2017	Dec '16 Dec 31, 2016	Dec '15 Dec 31, 2015	Dec '14 Dec 31, 2014	Dec '13 Dec 31, 2013	Dec '12 Dec 31, 2012
Franchised Stores	4.85K	4.82K
Franchised Stores Growth	0.69%	1.65%
Directly-Operated Retail Stores	1.24K	1.30K
Directly-Operated Retail Stores Growth	-4.55%	-13.42%
LI-NING YOUNG Stores	1.52K	1.47K
LI-NING YOUNG Stores Growth	3.41%	2.80%
Total Number of Stores	7.61K	7.59K
Total Number of Stores Growth	0.32%	-1.08%

Updated Dec 31, 2025. Data Source: Fiscal.ai.