Month: March 2026

香港 – Media OutReach Newswire – 2026年3月19日 – 由發展局和國家文物局合辦的「漢風泱泱：雄渾與交融的盛世」展覽今日（三月十九日）於香港文物探知館舉行開幕禮，展覽涵蓋內地及香港出土的漢代重要文物，呈現漢朝開放進取、勇於創新，成就推動中西文明交融的泱泱盛世。

發展局局長甯漢豪在開幕禮致辭時表示，漢唐兩代都是中國朝代歷史上的盛世，為中華民族留下很多重要的歷史遺產。承接去年發展局和國家文物局合辦「唐風萬里：多元交融開放的盛世」展覽的成功，雙方今年再接再厲，合辦以漢朝為主題的大型文物展覽。她殷切期待市民和遊客透過珍貴文物，接觸漢代的輝煌歷史，體會中華文明的深厚底蘊，並在香港與內地的文物對話中，體驗嶄新的觀賞視野。

其他展覽開幕禮的主禮嘉賓包括中國文物交流中心主任譚平、中央人民政府駐香港特別行政區聯絡辦公室宣傳文體部二級巡視員陳新育、古物諮詢委員會主席許焯權教授和保育歷史建築諮詢委員會主席蘇彰德教授。

展覽分為六個單元：政治制度、經濟發展、文化與信仰、科技發展、社會生活，以及對外交流，展出252件／套珍貴展品，其中203件／套來自內地14個省和自治區共29家文博機構，包括40件／套一級文物，大部分為首次在香港展出；其餘49件／套為發展局古物古蹟辦事處精選的香港出土重要漢代文物。

來自內地的亮點展品包括：漢代珍貴銅牽馬俑及銅馬、「漢并天下」瓦當、七層連閣式彩繪陶倉樓、《儀禮》木簡、「中山內府」銅鈁、麟趾金、敦煌懸泉置遺址出土的「元致子方帛書」及算術簡、帛書《陰陽五行》乙篇、絳紫絹地「長壽繡」絲綿袍、菱紋羅手套、夾襪、「君幸食」狸貓紋木胎漆食盤、蒜頭紋銀盒等。其他展品涵蓋漢簡、貨幣、青銅器、衣飾、陶俑、陶屋、農具等不同類別，展示當時漢代社會各階層的生活面貌。

至於香港出土的亮點展品包括：李鄭屋漢墓出土的陶屋，以及馬灣東灣仔、屯門掃管笏、西貢滘西洲等多個本地重要遺址出土的漢代文物，例如五銖錢、麻布殘件、石印、青銅耳杯、玉玦和琉璃珠，印證漢代文化早已在香港植根，並與國家連繫，展現多元一體的中華文化，以及香港與早期海上絲綢之路貿易的關係。

展覽免費入場，詳情如下：

日期：三月二十日至九月二十日
開放時間：星期一至三及星期五早上十時至下午六時；星期六、日及公眾假期早上十時至晚上七時；星期四休館（公眾假期除外）
地點：尖沙咀海防道九龍公園香港文物探知館
備註：星期六、日及公眾假期提供粵語、普通話及英語導賞服務，參觀者可即場參加，無須預約。

有關展覽和導賞服務的更多詳情及精華短片，請瀏覽古物古蹟辦事處網頁（www.amo.gov.hk/tc/visitor-centre/exhibitions/heritage-discovery-centre/han-exhibition/index.html）。

展覽重點資料及圖片下載連結。

按此下載高清圖片：
圖片說明

1.「漢風泱泱：雄渾與交融的盛世」展覽今日（三月十九日）於香港文物探知館舉行開幕禮。圖示發展局局長甯漢豪（中）、中國文物交流中心主任譚平（右二）、中央人民政府駐香港特別行政區聯絡辦公室宣傳文體部二級巡視員陳新育（左二）、古物諮詢委員會主席許焯權教授（右一）和保育歷史建築諮詢委員會主席蘇彰德教授（左一）主持開幕禮。

2.發展局局長甯漢豪於開幕禮致辭。

3.中國文物交流中心主任譚平於開幕禮致辭。

4.發展局局長甯漢豪（右一）、中國文物交流中心主任譚平（右二）、古物諮詢委員會主席許焯權教授（左二）和保育歷史建築諮詢委員會主席蘇彰德教授（左一）參觀展覽。

5.發展局局長甯漢豪（右）、中國文物交流中心主任譚平（中）和其他嘉賓參觀展覽。

6. 漢代珍貴銅牽馬俑及銅馬。

7. 「漢并天下」瓦當。

8. 七層連閣式彩繪陶倉樓。

9. 《儀禮》木簡。

10. 敦煌懸泉置遺址出土的元致子方帛書。

11. 敦煌懸泉置遺址出土的算術簡。

12. 絳紫絹地「長壽繡」絲綿袍。

13.「君幸食」狸貓紋木胎漆食盤。

14.蒜頭紋銀盒。

15.香港李鄭屋漢墓出土的陶屋。

16.圖示在屯門掃管笏遺址出土的五銖錢。

Hashtag: #TheMajesticHan

The issuer is solely responsible for the content of this announcement.

HONG KONG SAR – Media OutReach Newswire – 19 March 2026 – The opening ceremony of the exhibition titled “The Majestic Han: A Golden Age of Vigour and Cultural Integration” was held today (March 19) at the Hong Kong Heritage Discovery Centre. The exhibition is jointly organised by the Development Bureau (DEVB) and the National Cultural Heritage Administration (NCHA). It features significant archaeological finds unearthed on the Chinese Mainland and in Hong Kong, showcasing the dynamic and innovative Han dynasty, a golden era that made profound contributions to promoting exchanges between Chinese and Western civilisations.

Speaking at the opening ceremony, the Secretary for Development, Ms Bernadette Linn, said that the Han and Tang dynasties were both golden eras in Chinese history, leaving behind a wealth of important historical legacies for the Chinese nation. Following the success of the “Tang Vogue Beyond the Horizons: A Golden Era of Multicultural Integration and Openness” exhibition jointly organised by the DEVB and the NCHA last year, both parties collaborated again to present a large-scale Han dynasty-themed artefact exhibition this year. She eagerly anticipates that through these precious artefacts, members of the public and tourists will learn more about the glorious history of the Han dynasty and appreciate the remarkable virtues of traditional Chinese culture. They will also discover a fresh perspective through the narratives conveyed by the artefacts from Hong Kong and the Chinese Mainland.

Other officiating guests at the opening ceremony of the exhibition were the Director of Art Exhibitions China, Mr Tan Ping; the Second-level Inspector of the Department of Publicity, Cultural and Sports Affairs of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, Mr Chen Xinyu; the Chairman of the Antiquities Advisory Board, Professor Desmond Hui; and the Chairman of the Advisory Committee on Built Heritage Conservation, Professor Douglas So.

The exhibition is presented in six thematic sections, covering political system, economic development, culture and beliefs, scientific and technological development, social life and external exchanges. It features 252 pieces/sets of invaluable exhibits. Among them, 203 pieces/sets, including 40 grade-one cultural relics, come from 29 museums and cultural institutions in 14 provinces and autonomous regions on the Chinese Mainland, and most of them are being shown in Hong Kong for the first time. The remaining 49 pieces/sets are significant archaeological finds dating to the Han period unearthed in Hong Kong, painstakingly selected by the Antiquities and Monuments Office of the DEVB.

The star exhibits from the Chinese Mainland highlight the Han precious bronze horse-leading figurine and bronze horse; an eaves end tile with Chinese characters Han Bing Tian Xia (Han unifies the realm); a seven-storey painted pottery granary house with linked pavilion; the Yi Li (Etiquette and rites) wooden slips, a bronze fang vessel of Inner Treasury of Zhongshan, a gold linzhi hoof, the silk letter from Yuan to Zifang and arithmetical slips unearthed at the Xuanquan relay station site in Dunhuang; a silk manuscript of Yinyang Wuxing (Yinyang and the Five Elements) Article B; a silk padded robe with Chang Shou (longevity) embroidery on a crimson purple juan (plain weave silk) ground; gloves with lozenge pattern; padded socks; and a lacquered wooden plate with leopard cat motif and Chinese characters Jun Xing Shi (food for the honoured guest) and a silver box with garlic pattern. Other exhibits cover a variety of categories, ranging from Han bamboo slips, coins, bronze vessels, clothes and ornaments to pottery figurines, pottery houses and agricultural tools, which present the daily lives of various social strata in the Han period.

The key exhibits unearthed in Hong Kong include a pottery house unearthed at Lei Cheng Uk Han Tomb, as well as the Han period artefacts excavated at local significant archaeological sites such as Tung Wan Tsai in Ma Wan, So Kwun Wat in Tuen Mun and Kau Sai Chau in Sai Kung, covering Wuzhu bronze coins, a textile fragment, a stone seal, a bronze ear-cup, jade slotted rings and glass beads. These relics reflect that the Han culture had long been rooted in Hong Kong, and showcase the city’s connection with the country, the pluralistic nature of the Chinese culture and Hong Kong’s links with the early Maritime Silk Road trade.

Admission to the exhibition is free. Details are as follows:

Date: March 20 to September 20
Opening hours:
Monday to Wednesday and Friday: 10am to 6pm
Saturday, Sunday and public holidays: 10am to 7pm
Closed on Thursdays (except public holidays)
Venue: Hong Kong Heritage Discovery Centre, Kowloon Park, Haiphong Road, Tsim Sha Tsui
Note: Docent services in Cantonese, Putonghua and English are available on Saturday, Sunday and public holidays. Enrolment on-site is welcome and no advance booking is required.

For more details about the exhibition and docent services, as well as a highlight video of the exhibition, please visit the Antiquities and Monuments Office website (www.amo.gov.hk/en/visitor-centre/exhibitions/heritage-discovery-centre/han-exhibition/index.html).

Download key exhibition information and images HERE
Click here to download high- resolution photo

Captions:

1. The opening ceremony of the exhibition titled “The Majestic Han: A Golden Age of Vigour and Cultural Integration” was held today (March 19) at the Hong Kong Heritage Discovery Centre. Photo shows the Secretary for Development, Ms Bernadette Linn (centre); the Director of Art Exhibitions China, Mr Tan Ping (second right); the Second-level Inspector of the Department of Publicity, Cultural and Sports Affairs of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, Mr Chen Xinyu (second left); the Chairman of the Antiquities Advisory Board, Professor Desmond Hui (first right); and the Chairman of the Advisory Committee on Built Heritage Conservation, Professor Douglas So (first left), officiating at the opening ceremony.

2. Photo shows the Secretary for Development, Ms Bernadette Linn, delivering a speech at the opening ceremony.

3. Photo shows the Director of Art Exhibitions China, Mr Tan Ping, delivering a speech at the opening ceremony.

4. Photo shows the Secretary for Development, Ms Bernadette Linn (first right); the Director of Art Exhibitions China, Mr Tan Ping (second right); the Chairman of the Antiquities Advisory Board, Professor Desmond Hui (second left); and the Chairman of the Advisory Committee on Built Heritage Conservation, Professor Douglas So (first left), touring the exhibition.

5. Photo shows the Secretary for Development, Ms Bernadette Linn (right); the Director of Art Exhibitions China, Mr Tan Ping (centre); and other guests, touring the exhibition.

6. Photo shows the Han precious bronze horse-leading figurine and bronze horse.

7. Photo shows an eaves end tile with Chinese characters Han Bing Tian Xia (Han unifies the realm).

8. Photo shows a seven‑storey painted pottery granary house with linked pavilion.

9. Photo shows the Yi Li (Etiquette and rites) wooden slips.

10.Photo shows the silk letter from Yuan to Zifang unearthed at the Xuanquan relay station site in Dunhuang.

11.Photo shows the arithmetical slips unearthed at the Xuanquan relay station site in Dunhuang.

12. Photo shows a silk-padded robe with Chang Shou (longevity) embroidery on a crimson-purple juan (plain weave silk) ground.

13.Photo shows a lacquered wooden plate with leopard cat motif and Chinese characters Jun Xing Shi (food for the honoured guest).

14.Photo shows a silver box with garlic pattern.

15. Photo shows a pottery house unearthed at Lei Cheng Uk Han Tomb in Hong Kong.

16. Photo shows a Wuzhu bronze coin unearthed at the So Kwun Wat site in Tuen Mun.

Hashtag: #TheMajesticHan

The issuer is solely responsible for the content of this announcement.

This Press release has been killed

錨定「單品牌、多品類、多渠道」戰略
科技與頂級運動資源雙輪驅動，構建專業競爭力

香港 – Media OutReach Newswire – 2026年3月19日 – 李寧有限公司（「李寧」或本「公司」，連同附屬公司，總稱本「集團」；香港聯交所股份代號：2331（港幣櫃台）及82331（人民幣櫃台））今天宣佈集團截至2025年12月31日止年度（「年內」）之經審核綜合業績。

財務業績

2025年，集團持續提升產品科技性能、優化渠道效率、深化品牌專業心智，全年經營情況保持穩健。年內，集團收入達295.98億元人民幣，較2024年同期上升3.2%（2024年：286.76億元人民幣）。毛利為144.89億元人民幣，較2024年同期上升2.4%（2024年：141.56億元人民幣），集團整體毛利率為49.0%，較去年同期下降0.4個百分點（2024年：49.4%）。

年內，集團權益持有人應佔溢利為29.36億元人民幣（2024年：30.13億元人民幣）；權益持有人應佔溢利率為9.9%（2024年：10.5%）；權益持有人應佔權益回報率為10.9%（2024年：11.9%）。每股基本收益為113.91分人民幣（2024年：116.98分人民幣）。董事會建議派發截至2025年12月31日止年度之末期股息每股普通股23.36分人民幣，連同於2025年9月派付的中期股息每股普通股33.59分人民幣，截至2025年12月31日止年度之全年股息將為每股普通股56.95分人民幣，全年派息比率為50%（2024年：50%）。

現金流管理方面，年內經營活動產生之現金淨額為48.52億元人民幣（2024年：52.68億元人民幣）。於2025年12月31日之現金及等同現金項目（包括銀行現金及手頭現金，以及原到期日不超過三個月的定期存款）為167.17億元人民幣，較2024年12月31日增加92.18億元人民幣。加回被記錄在銀行定期存款中的金額，現金餘額為199.73億元人民幣，較2024年12月31日淨增加18.33億元人民幣。本年，收入同比增長，市場費用、稅費等付現費用增加，以及電商平台結算時間差，導致經營活動產生之現金淨額同比下降；定期存款到期贖回使得投資活動產生之現金淨額明顯增加。本集團將持續把現金流管理作為重點工作，以保證本公司長期穩定發展。

經營概要

2025年，集團錨定「單品牌、多品類、多渠道」戰略，循產品升級、渠道優化及品牌營銷等方向推動戰略發展。

集團圍繞跑步、籃球、綜訓、羽毛球、乒乓球及運動休閒六大核心品類持續發力，並把握新興領域機遇，積極拓展戶外、網球、匹克球等細分運動品類。年內，集團持續以科技創新賦能產品升級，加大專業運動資源投放，圍繞夯實專業運動、引領運動時尚、弘揚東方美學三大方向，開展多維度市場營銷活動，推動品牌心智認同不斷提升，持續擴大品牌影響力。

作為中國奧委會的官方合作夥伴，憑藉在專業運動領域建立的深厚實力與良好口碑，集團通過「中國榮耀，李寧同行」敍事主軸，積極推動體育精神與頂級科技、東方美學巧妙融合。年內，開設全球首家李寧「龍店」，並推出「榮耀金標」系列產品，將頂級稀缺運動資源轉化為品牌聲譽與市場認可的動力，持續強化消費者對李寧專業實力與產品可靠性的心智認知。

渠道方面，集團推進多維度渠道網絡佈局，在拓展市場覆蓋度的同時增強運營效率。在高層級市場，集團深化與頂級商業體及頭部奧萊的協同合作，共同推動創新店型的規劃與落地。年內，本集團成功開設戶外獨立店「COUNTERFLOW溯」，標誌着品牌正式進軍戶外賽道的重要里程碑。本集團積極開展跨界合作，與故宮博物院等承載中國文化內涵的頂級IP開展合作，同時携手渠道合作夥伴以多元形式落地營銷活動，有效提升品牌觸達效果與轉化效果。在效率優化方面，集團持續優化渠道結構，並通過完善租金結構及合作模式等策略性舉措，提升渠道整體健康度與經營可持續性。截至2025年12月31日，李寧牌（包含李寧核心品牌及李寧YOUNG）常規店、旗艦店、中國李寧時尚店、工廠店等的銷售點數量為7,609家，較2024年12月31日淨增加24家。

零售運營方面，構建高盈利、高效率且可複製的單店經營模式。在高層級市場，圍繞重點區域推行針對性品牌策略，從渠道結構、門店貨品組合及購物體驗等多維度入手，強化品牌形象，提升商品運營效率。集團搭建分銷管理模型，提高分銷效率與可持續發展能力；加強零售終端與物流體系協同，通過精細化管理、柔性供應鏈建設和數字化等，實現全渠道庫存周轉與商品全生命週期管理，全面提升運營質量與效率。

電商運營方面，集團在「天貓歡聚日」、「天貓超品日」等電商大促節點精准布局，鞏固消費者心智與提升市場份額。「追風」、「DLO」、「ULTRALIGHT」及「利刃」等核心IP產品表現卓越，成功滲透Z世代、專業運動及潮流穿搭等多圈層消費者，並在各細分賽道銷量與口碑榜單中位居前列。通過聯動頂級運動員、明星、熱點事件及全渠道資源，不僅成功提升產品曝光度，實現站內引流與大促銷售轉化，也為線下業務提供流量賦能，推動整體營收增長。

供應鏈方面，集團持續優化供應商矩陣，為高端運動、戶外、榮耀等產品線及贊助產品匹配優質供應商資源。集團配合大商品計劃，採用分段生產規劃與數據化管理，實現商品計劃、供應鏈、物流配送和銷售終端的高度協同。運營效率提升方面，集團採用面料資源整合、工藝結構優化、材料規模化採購以及實施錯峰生產等舉措，進一步完善成本結構。此外，集團繼續將可持續發展理念融入供應鏈管理，推動綠色產品落地，綠色環保產品佔比超額達標。

物流方面，集團啟動全渠道物流項目，實現訂單系統與物流運營系統互聯，提升貨品流通效率與履約時效。數字化方面，集團引入貨品入倉協同系統，並採用SKU級別精細化管理。集團為各個倉庫引入自動化設備，實現多場景覆蓋與數據可視化管理。2025年12月，華東倉與華北倉率先採用RFID倉儲全流程管理，實現物流全環節的數據可追溯，大幅提升庫存管理精細度，並預期將於2026年第一季度完成所有倉庫的部署，持續推動降本增效。

童裝業務方面，李寧YOUNG聚焦專業運動和兒童成長需求，推進產品優化和專屬IP塑造。渠道建設方面繼續強化奧萊渠道建設，提升單店運營效率，優化整體渠道結構，同時加速布局電商平台。李寧YOUNG堅持批發與直營協同發展，通過精細化管理與戰略性佈局，實現規模與質量的雙重提升。營銷方面，圍繞「賽事合作+用戶故事+IP聯動」三大核心，以奠定專業認知、積累用戶基礎為目標，成功擴大青少年及家庭客群中的影響力。截至2025年12月31日，李寧YOUNG銷售點數量共計1,518家，較2024年12月31日淨增加50家。

前景展望

面向2026年，集團將緊抓內需潛力不斷釋放的發展機遇，堅守「以體育精神服務大眾」的核心價值觀，精心打磨「李寧式體驗價值」，致力於成為運動消費領域深受消費者信賴的首選專業運動品牌。

一、科技驅動產品升級：集團將堅定貫徹「單品牌、多品類、多渠道」發展戰略，以科技賦能產品迭代升級，構建核心競爭力與市場差異化壁壘。依託李寧科技創新平台的技術積累與研發能力，聚焦核心品類深耕細作，並積極拓展戶外等新興賽道，響應日益多元化、個性化的消費需求，實現從專業競技到日常穿搭的全場景覆蓋；通過推動尖端科技與時尚設計巧妙融合，打造兼具卓越功能、科技質感與美學價值的產品體系，並不斷強化科技成果轉化效率，推動前沿科技快速落地為產品競爭力。

二、奧運營銷賦能品牌：集團將以運動營銷驅動價值創造，與消費者建立情感聯結，助力品牌價值穩步攀升。通過持續與中國奧委會的合作，推動品牌實現從資源合作到價值共創的跨越。李寧將充分挖掘與中國奧委會合作的多元價值，通過系統化營銷佈局與專業運動科技裝備支持，傳遞李寧與中國體育共同成長的故事，彰顯民族品牌的科技實力。

三、業務運營質效雙升：集團將持續聚焦業務全方位提質增效，通過深化渠道佈局、強化商品運營與優化供應鏈管理，構建高效運營體系，實現業務運營質量與效率的同步提升，為企業高質量增長築牢根基。線下渠道聚焦高層級市場提效與新興市場滲透，探索新商業模式；線上渠道強化全域協同與資源整合，推動線上線下互補；商品運營優化全鏈路規劃精度與柔性供應能力，加速庫存周轉；供應鏈實現成本、質量、交期全鏈條協同優化，提升整體運營效率。

四、穩固基礎護航發展：集團將持續強化人才、財務、數智化三大核心支撐能力，築牢高質量發展基石。在人才戰略上，人才建設以選拔、激勵與效能為核心；在財務管理上，注重資源精准配置與風險管控；數字化建設方面，推動AI、大數據與業務深度融合，提升運營效率與決策科學性，為集團長期發展提供系統化保障。

集團執行主席兼聯席行政總裁李寧先生總結：「2026年為『十五五』規劃開局之年，在加快建設體育強國戰略指引下，國家將進一步釋放體育消費潛力、推動體育用品製造業轉型升級，內需潛力不斷釋放，將為體育產業提供堅實支撐和廣闊舞台。

我們將立足本土、放眼未來，以更前瞻的視野和更高效的行動把握時代機遇。集團會繼續深耕『單品牌、多品類、多渠道』戰略，優化升級核心品類矩陣，探索佈局新興細分賽道，持續強化產品在專業性能、科技實力與運動體驗的核心優勢，以創新科技和設計美學賦能產品，回饋消費者信賴。」

Hashtag: #李寧

The issuer is solely responsible for the content of this announcement.

關於李寧有限公司

李寧有限公司為中國領先的體育品牌企業之一，以經營李寧品牌專業及休閑運動鞋、服裝、器材和配件產品為主。集團擁有完善的研發、設計、製造、市場營銷、經銷及零售管理能力，目前已於中國建立龐大的零售分銷網絡以及供應鏈管理體系。集團致力於成為源自中國並被世界認可的，具有時尚性的國際一流專業運動品牌企業。

Anchored in a “Single Brand, Multi-categories, Diversified Channels” Strategy
Technology and Premium Sports Resources Drive Our Competitive Edge

HONG KONG SAR – Media OutReach Newswire – 19 March 2026 – Li Ning Company Limited (the “Company” or “Li Ning Company”; together with the subsidiaries, the “Group”; stock codes: 2331 (HKD counter) and 82331 (RMB counter)) today announced its audited annual results for the year ended 31 December 2025 (the “Year”).

Financial Results

In 2025, the Group continued to enhance the technological features of its products, optimising channel efficiency, and strengthening the brand’s professional positioning, delivering stable operating performance. During the year, the Group’s revenue amounted to RMB29,598 million, representing an increase of 3.2% compared with 2024 (2024: RMB28,676 million). Gross profit amounted to RMB14,489 million, up 2.4% from 2024 (2024: RMB14,156 million). The overall gross profit margin decreased by 0.4 percentage points to 49.0% (2024: 49.4%).

During the year, the net profit attributable to equity holders was RMB2,936 million (2024: RMB3,013 million). The margin of net profit attributable to equity holders was 9.9% (2024: 10.5%). Return on equity attributable to equity holders was 10.9% (2024: 11.9%). Basic earnings per share was RMB113.91 cents (2024: RMB116.98 cents). The Board has recommended the payment of a final dividend of RMB23.36 cents per ordinary share for the year ended 31 December 2025. Together with the interim dividend of RMB33.59 cents per ordinary share paid in September 2025, the total dividend for the year ended 31 December 2025 will amount to RMB56.95 cents per ordinary share or a total dividend payout ratio of 50% (2024: 50%).

In cash flow management, the Group’s net cash generated from operating activities during the year amounted to RMB4,852 million (2024: RMB5,268 million). As at 31 December 2025, cash and cash equivalents (including cash at banks and on hand, and fixed-term deposits with an original maturity of no more than three months) amounted to RMB16,717 million, an increase of RMB9,218 million compared with 31 December 2024. Adding back the amount recorded as fixed-term deposits held at banks, cash balance at 31 December 2025 amounted to RMB19,973 million, representing a net increase of RMB1,833 million compared with 31 December 2024. During the year, revenue increased year-on-year, while cash-based expenses including marketing costs and tax payments rose, coupled with the settlement time lag of e-commerce platforms, leading to a year-on-year decrease in net cash generated from operating activities. Meanwhile, the maturity and redemption of time deposits led to a significant increase in net cash generated from investing activities. The Group will continue to place extra emphasis on cash flow management to ensure the stable development of the Company in the long term.

Operational Summary

In 2025, the Group remained anchored in its “Single Brand, Multi-categories, Diversified Channels” strategy, advancing development through product upgrades, channel optimisation, and brand marketing.

The Group focused on six core categories—running, basketball, training, badminton, table tennis and sports casual—while actively pursuing opportunities in emerging fields and exploring new sports subcategories, such as outdoor, tennis and pickleball. During the year, the Group continued to upgrade its products through technological innovation and enhance the deployment of professional sports resources, guided by three key pillars: reinforcing a professional sports mindset, showcasing sports-fashion aesthetics, and honouring Chinese cultural heritage. In addition, it worked proactively to strengthen brand influence and increase brand recognition and visibility through diversified, and comprehensive marketing campaigns.

As the official partner of the Chinese Olympic Committee, the Group leveraged its deep expertise and strong professional sports credibility to blend sportsmanship with cutting-edge technology and Eastern aesthetics—all under the narrative theme “China’s Glory, Together with LI-NING.” During the year, it opened the world’s first LI-NING “Loong Store” and launched the “Glory Gold Label” product series, transforming exclusive, top-tier scarce sports resources into a driving force for brand reputation and market recognition, continuously strengthening consumers’ perception of LI-NING’s professional capabilities and product reliability.

In terms of channel development, the Group continued to advance a multi-dimensional channel network layout to expand market coverage while enhancing operational efficiency. In high-end markets, the Group deepened synergistic collaborations with top-tier commercial complexes and leading outlet malls, jointly promoting the planning and implementation of innovative stores. During the year, the Group successfully launched an independent outdoor store “COUNTERFLOW”, marking an important milestone for the brand’s official entry into the outdoor segment. The Group actively carried out cross-industry collaborations, partnering with top IPs embodying Chinese cultural heritage such as the Palace Museum, and launched marketing campaigns by collaborating with channel partners through diverse initiatives, effectively improving brand reach and conversion. In terms of efficiency enhancement, the Group continued to optimize the channel structure and improved rental structures and cooperation models, enhancing overall channel health and operational sustainability through a series of strategic optimization measures. As of 31 December 2025, the LI-NING brand (including LI-NING Core Brand and LI-NING YOUNG) operated a total of 7,609 conventional stores, flagship stores, China LI-NING stores, factory outlets, and multi-brand stores, representing a net increase of 24 POS compared with 31 December 2024.

In terms of retail operations, the Group built a highly profitable, efficient, and replicable single-store operating model. In high-level markets, targeted brand strategies were implemented across key regions, strengthening brand image and improving product operation efficiency through optimised channel structure, store product mix, and shopping experience. The Group established a distribution management model to improve operational efficiency and sustainable development capabilities of the distribution system. In addition, the Group strengthened the efficient coordination between retail outlets and the logistics system. Through refined planning systems, flexible supply chain construction and digital support, channel inventory turnover and full lifecycle product management were realised, thereby comprehensively improving operational quality and efficiency.

In terms of e-commerce operations, the Group made precise deployments that effectively enhanced consumer awareness and market share during major e-commerce campaigns such as Tmall Celebration Day and Tmall Super Product Day. During the year, core IP products such as “Zhui Feng”, “DLO”, “ULTRALIGHT” and “LI REN” delivered outstanding performance, successfully penetrating multiple consumer segments including Gen Z, professional sports and trendy fashion, ranking highly in both sales and reputation across segmented markets. By leveraging top athletes, celebrities, trending events and channel resources, the Group not only enhanced product exposure and achieved traffic acquisition and promotional sales conversion, helping inventory optimisation, but also supported offline business and drove overall revenue growth.

In terms of supply chain, the Group continuously optimised the supplier matrix, aligning high-quality supplier resources for high-end sports, outdoor, premium and sponsored product lines. Meanwhile, the Group aligned with its major product plan by adopting segmented production planning and data-driven management to achieve high-level coordination among product planning, supply chain, logistics, and retail outlets. To improve operational efficiency, the Group adopted multiple measures such as integration of fabric resources, optimization of process structures, large-scale procurement of materials and staggered production scheduling, further improving the cost structure, while enhancing production efficiency. In addition, the Group continued to integrate sustainable development into supply chain management and promoted green products, with the proportion of eco-friendly products exceeding annual targets during the year.

In terms of logistics, the Group launched a channel logistics project to connect the order system with logistics operations, improving product circulation efficiency and fulfilment timeliness. On the digital front, the Group introduced a warehouse coordination system and adopted SKU-level refined management. In terms of automation, automated equipment was introduced into various warehouses, enabling multi-scenario coverage and data visualization management. In December 2025, the East China and North China warehouses took the lead in adopting RFID full-process warehouse management, achieving full-process traceability of logistics data, greatly strengthening inventory management precision, and deployment across all warehouses is expected to be completed in the first quarter of 2026 to continuously drive cost reduction and efficiency improvement.

In terms of its kidswear business, LI-NING YOUNG continued to focus on professional sports and children’s developmental needs, advancing product optimization and exclusive IP creation. In terms of channel strategy, the Group continued to strengthen outlet channel development, improve single-store efficiency and optimize overall channel structure while accelerating its e-commerce deployment. LI-NING YOUNG maintained a coordinated development of wholesale and direct retail. Through refined management and strategic layout, both scale and quality were improved. In terms of marketing, LI-NING YOUNG centred its efforts around three core pillars “Event Cooperation + User Stories + IP Collaboration” to build professional recognition and accumulate its user foundation, successfully expanding its influence among youth and family demographics. As at 31 December 2025, the total number of LI-NING YOUNG POS was 1,518, representing a net increase of 50 POS since 31 December 2024.

Outlook

Entering 2026, the Group will seize the development opportunities arising from the continuous release of domestic demand potential. The Group will remain committed to its core value of “serving the public with sportsmanship,” meticulously refine its “LI-NING’s experience value,” and strive to become the preferred professional sports brand.

1. Technology-driven product upgrades: The Group will firmly implement the development strategy of “Single Brand, Multi-categories, Diversified Channels”, empowering product iterative upgrades with technology to build core competitiveness and market differentiation barriers. Relying on the technical accumulation and R&D of the LI-NING technology innovation platform, the Group will focus on deep cultivation of core categories and actively expand into emerging segments such as outdoor sports. The Group aims to respond to increasingly diversified and personalised consumer demands, achieving full-scenario coverage from professional competitive sports to daily wear. By promoting the ingenious integration of cutting-edge technology and fashion design, the Group will create a product system that combines excellent functionality, technological texture, and aesthetic value. Furthermore, the Group will continuously strengthen the efficiency of transforming scientific and technological achievements, promoting the rapid realization of frontier technologies into product competitiveness.

2. Olympic marketing empowering the brand: The Group will drive value creation through sports marketing, establish emotional connections with consumers, and facilitate the steady enhancement of brand value. By continuously deepening the cooperation with the Chinese Olympic Committee, the Group will seize the development window of the Olympic cycle and promote the brand to achieve a leap from resource cooperation to value co-creation. LI-NING will fully explore the diversified value of the cooperation with the Chinese Olympic Committee. Through systematic marketing layout and technological equipment support, it will convey the story of the mutual growth of LI-NING and Chinese sports, highlighting the technological strength and cultural confidence of the national brand.

3. Dual improvement in quality and efficiency of business operations: The Group will continue to focus on improving quality and efficiency across all aspects of its business. By deepening channel layout, strengthening product operations, and optimising supply chain management, the Group aims to build an efficient operational system, achieve simultaneous improvements in operational quality and efficiency, and lay a solid foundation for the high-quality growth of the enterprise. Offline channels will focus on improving efficiency in high-tier markets and penetrating emerging markets, while exploring new business models. Online channels will strengthen domain synergy and resource integration, promoting complementarity between online and offline channels. In terms of product operations, the Group will optimize the precision of full-chain planning and flexible supply capabilities, and accelerate inventory turnover. The supply chain will achieve coordinated optimization of cost, quality, and delivery time across the entire chain, thereby enhancing overall operational efficiency.

4. Consolidating the foundation to safeguard development: The Group will continuously strengthen three core support capabilities: talent, finance, and digital intelligence, to lay a solid bedrock for high-quality development. In terms of talent strategy, talent development will focus on selection, incentives, and efficiency. In terms of financial management, emphasis will be placed on precise resource allocation and risk control. In terms of digitalization, the Group will promote the deep integration of AI and big data with business operations, enhance operational efficiency and the scientific nature of decision-making, and provide systematic safeguards for the long-term development of the Group.

Mr. Li Ning, Executive Chairman and Joint CEO of the Group, concluded: “2026 marks the first year of the 15^th Five-Year Plan. With the strategic goal of accelerating the development of a sports powerhouse, the nation will further unlock sports consumption potential while driving the transformation and upgrading of the sporting goods manufacturing industry. We expect this to release domestic demand potential and create both strong support and a vast stage for the sports industry to thrive.”

“We will remain rooted in the local market while looking ahead, seizing opportunities of the era with greater foresight and more efficient execution. We will continue to deepen the Group’s ‘Single Brand, Multi-categories, Diversified Channels’ strategy, optimising and upgrading our core category matrix while exploring emerging segments. Most importantly, we will keep strengthening the core advantages of our products—professional performance, technological capability, and sports experience—by empowering them with innovative technology and design aesthetics to reward consumer trust.”

Hashtag: #LiNing

The issuer is solely responsible for the content of this announcement.

About Li Ning Company Limited

Li Ning Company Limited is one of the leading sports brand companies in China, mainly operating professional and leisure footwear, apparel, equipment and accessories under the LI-NING brand. The Group has comprehensive research and development, design, manufacturing, marketing, distribution and retail management capabilities. It has established an extensive retail distribution network and supply chain management system in China. We are committed to be the most prominent, stylish, world-leading sports brand from China.

In addition to its core LI-NING brand, the Group also manufactures, develops, markets, distributes, sells various sports products which are self-owned by or licensed to the Group, including Double Happiness (table tennis), AIGLE (outdoor sports) and Kason (badminton), which are operated through joint venture/associate with third parties of the Group.

JAKARTA, INDONESIA – Media OutReach Newswire – 19 March 2026 – In its efforts to accelerate the energy transition while addressing the growing challenge of urban waste, the government has tapped PT Danantara Investment Management (DIM) to seek capable partners in developing waste-to-energy (WtE) power plant projects, locally known as Pengolahan Sampah Menjadi Energi Listrik (PSEL).

The PSEL program is supported by Presidential Regulation (Perpres) No. 109/2025, which governs urban waste management through environmentally sustainable renewable energy solutions.

The initiative begins with the establishment of a verified providers list (Daftar Penyedia Terverifikasi or DPT), a pre-qualification mechanism designed to identify companies with proven track records, strong financial capacity and technical expertise in WtE.

To that end, collaboration with private partners scheme reflects the government’s intention to share risks with the private sector while leveraging its expertise, ensuring that projects are not only delivered but also remain operationally sustainable.

Participation in the DPT is open to single entities and consortiums, both local and foreign, provided their countries maintain diplomatic relations with Indonesia.

In addition, DIM has appointed an independent registration and verification (R&V) agent to ensure a credible and transparent process, ensuring that prospective partners included in the list undergo a structured and transparent evaluation.

“The program is designed to ensure that the establishment of the DPT is carried out in a transparent and systematic manner, in line with good governance principles,” PT Danantara Investment Management said in an official statement.

The submission period for verification documents will run from March 25 to April 25, with DIM set to hold virtual technical discussions (aanwijzing) in two cycles to provide further clarity on technical requirements. The first cycle is scheduled for March 26, followed by the second on April 1. Each cycle will include two sessions to accommodate across different time zones.

While attendance at the aanwijzing sessions is not mandatory, they are expected to serve as an important forum for prospective participants to better understand the application requirements before submitting final documents through the official channel.

Interested companies can write indication of interest by email through registrationwte@danantaraindonesia.com

For further information, providers may refer to

https://www.danantaraindonesia.co.id/media-center/highlight/dim-waste-to-energy-verified-participants-list-registration-2026

Hashtag: #Danantara

The issuer is solely responsible for the content of this announcement.