Li Ning

Asia cover figure·Rebel in the business world｜Li Ning: Sticking to one brand for life, from peak to restructuring, he defines the path of Chinese sports brands

Asia's "Cover Character" Business Rebel

Total Issue 009-ACF-NXZ-2026

In the intersection of business and sports in contemporary China, Li Ning is a dual symbol of great weight. He is a gymnastics prince who created legends on the court, and is also an operator in the business world who created a brand, experienced ups and downs, and once again led the industry. The Li-Ning brand he built by himself once occupied the top of the industry, but also suffered huge losses and lost its way. When the brand was on the verge of extinction, he returned to the helm and led the company out of the bottom with strategic restructuring, product development and cultural awakening, and returned to the mainstream vision. This is a period of perseverance belonging to a character, a rebirth of a brand, and the self-innovation of a generation of domestic products in the wave of the times.

1. Legendary cross-border business in the arena: the beginning of an era for a domestic brand

In 1982, Li Ning won six gold medals at the Gymnastics World Cup, shocking the world of sports with his overwhelming strength. In the 1984 Los Angeles Olympics, he won three gold medals, two silver medals and one bronze medal, becoming an iconic hero in the history of Chinese sports. Throughout his career, Li Ning won 106 gold medals in major domestic and foreign competitions. The title of "Prince of Gymnastics" has become the national memory of an era.

In 1990, at the age of 26, Li Ning ended his career as an athlete and founded a sports brand of the same name. Taking advantage of the opportunity of the Beijing Asian Games, the Li-Ning brand quickly opened up the national market and became a pioneer in the domestic sports field with its professional image and reliable quality. In an era when the consumer market is gradually rising, Li-Ning represents professionalism, trust and national belonging, and has quickly entered public life and become a national sports brand.

For more than ten years since then, the brand has maintained rapid growth. Since 1996, Li-Ning has ranked first in China's sports brand market share for 15 consecutive years; in 2004, Li-Ning was listed on the Hong Kong Stock Exchange, becoming the first domestic sports brand company to be listed; at the 2008 Beijing Olympics, Li-Ning lit the main torch with a flying posture. Under global attention, the brand's reputation reached its peak. At that time, there were more than 8,000 stores nationwide and annual revenue exceeded 10 billion yuan. Li-Ning was not only a benchmark in business, but also an important carrier of national image and national confidence.

Under rapid expansion, structural risks have gradually accumulated. The brand relies too much on channel expansion to drive growth, has insufficient investment in product research and development, has long-term swings between high-end and popular positions, and has weak channel management and inventory control systems. When the Olympic dividend fades, market competition intensifies, and consumption trends change, long-term accumulated problems explode, dragging the brand into a downward cycle.

2. Stalling growth and crisis outbreak: falling from industry benchmark into operating difficulties

After 2010, the external environment and internal problems worked together, and the Li Ning brand entered a stage of continuous decline. International sports brands are increasing their presence in China, and the demands of young consumer groups are rapidly iterating. The growth model of extensive expansion in the past is unsustainable, and problems such as insufficient product competitiveness, aging brands, and high inventories have emerged.

In 2012, the brand crisis broke out intensively. The full-year loss was 1.979 billion yuan, the largest loss since its listing; offline channels shrunk significantly, and more than 1,800 stores were closed; the historical inventory backlog exceeded 1 billion yuan, and capital turnover pressure increased sharply; the stock price fell by more than 70%, and the market fell into pessimistic expectations. The former leader in domestic products has reached a critical critical point for survival and development.

From a business logic perspective, Li Ning’s dilemma is typical. The brand positioning has been vague for a long time, and it is unable to compete head-on with international brands at the technological and professional levels, while failing to stabilize the basic mass consumption base; product design iterations are slow, and the youthfulness and fashion sense are insufficient, creating a distance from the new generation of consumers; channel management is extensive and inefficient, making it difficult to adapt to the rapidly changing market rhythm. The previous advantages are gradually weakening, and the brand is gradually out of touch with the trends of the times.

During the most difficult period for the brand, Li Ning chose to return to the core decision-making position and face this challenge related to the future of the brand with the responsibility of a founder and the patience of long-termism.

3. Return to the helm: Use scraping to cure poison and reconstruct the underlying logic of the brand

In 2015, 51-year-old Li Ning officially returned as chairman, president and CEO of the group, fully leading strategy, operations and management. He did not rush to stimulate short-term growth, but fundamentally repaired the brand system and promoted a calm and resolute structural reform.

He first focused on channel and inventory issues, decisively closed inefficient stores, optimized the dealer structure, promoted channel flattening and digital management, and spent three years digesting historical inventory, reducing operational burdens, and restoring healthy cash flow and turnover efficiency to the company.

At the strategic level, he gave up broad and vague positioning, clarified the development direction with professional sports as the core and national trend culture as the characteristics, concentrated resources on advantageous categories such as running, basketball, fitness, badminton, etc., and strengthened professional attributes and scene competitiveness.

At the product level, he promoted the continuous increase in R&D investment, built core technology platforms such as Yan Technology, Li Ning Cloud, and Integrated Weaving, achieved breakthroughs in key indicators such as cushioning, support, and lightweight, and promoted the brand from marketing-driven to product-driven. As professional equipment gradually enters the professional competition and national team system, Li Ning's professional image has steadily returned.

In this bottom-level reconstruction, Li-Ning used the determination of the founder to reject the temptation of short-term traffic and insisted on laying a solid foundation, laying a key foundation for the subsequent recovery of the brand.

4. Cultural disruption: New York Fashion Week completes the reshaping of brand value

In 2018, Li Ning debuted at New York Fashion Week with the "Enlightenment" series, which combined Chinese characters, Dunhuang, ink and other oriental cultural symbols with modern sports design to complete a global brand expression with a concise and powerful visual language. This release quickly attracted widespread attention, and "China Lining" was transformed from a concept into a perceivable product and aesthetic, completely breaking the stereotype of brand aging.

The emergence of New York Fashion Week is not an accidental marketing event, but the implementation of strategic positioning. Taking this as a starting point, Li Ning continues to integrate oriental aesthetics and cultural elements into product design, promotes the rejuvenation of the visual system, the modernization of channel experience, the socialization of communication methods, and quickly rebuilds the connection with young consumers. Brands that were once out of touch with the times have once again become the object of market attention and consumer pursuit.

Channel customer flow, online sales, repurchase rate and user stickiness have all improved, and the brand has entered a stable growth channel. The core of this change is to take advantage of the wave of cultural self-confidence and use products as carriers to redefine brand value and transform cultural power into real business competitiveness.

Five and ten years of rebirth: Repair from the bottom and return to the first echelon of the industry

Continuous strategic implementation and product development have allowed Li Ning to complete the leap from crisis recovery to high-quality growth. In 2020, brand revenue exceeded 14.4 billion yuan, achieving double-digit growth for five consecutive years; in 2021, the company's market value exceeded 100 billion Hong Kong dollars, ranking among the first echelons of domestic sports brands.

As of 2025, Li Ning has more than 12,000 stores nationwide, covering all levels of markets and omni-channel scenarios; annual revenue reached 29.598 billion yuan, with net profit of 2.936 billion yuan, maintaining steady profits for eight consecutive years. From the edge of loss to a revenue of nearly 30 billion, Li Ning completed a complete self-renewal in ten years.

Today, Li Ning has both professional sports strength and national cultural influence. It is not only a backbone in the domestic market, but also a representative of Chinese brands that are gradually going global. Its growth history confirms the simplest business law: the long-term vitality of a brand comes from continuous product innovation, clear strategic positioning, and understanding and response to the trends of the times.

From blind expansion to intensive cultivation, from vague positioning to clear culture, from reliance on dividends to endogenous growth, Li Ning's retrograde path is essentially a change that returns to the essence of business.

6. Business Enlightenment: The power of retrograde comes from sobriety and perseverance

The ups and downs of Li Ning and the brand have provided a sample of great reference value for domestic product companies. It is difficult for any brand to always be in good times. The worries in the high moments and the confusion in the trough are both normal in the business process. What truly determines the direction of an enterprise is the courage to face problems, the rationality to correct the direction, and the determination to persist for a long time.

Scale expansion cannot replace product innovation, emotional dividends cannot support long-term development, and short-term traffic cannot build core barriers. Professional ability is the bottom line of the brand, cultural value is the upper limit of the brand, and organizational efficiency and operational capabilities are the foundation that supports the bottom line and upper limit. In the global competition landscape, the real way out for domestic brands is to carve out their own development path based on professionalism, product speaking, and cultural resonance.

From the gymnastics arena to the commercial battlefield, from the peak of the brand to the trough of business, and then back to the center of the stage with ten years of persistence, what Li Ning interprets is not the myth of never falling, but the ability to face problems, reconstruct the system, and start again after falling. A true contrarian in the business world is one who stays awake in good times, sticks to the direction in adversity, and in a long-term perspective, turns crises into opportunities for growth.

In the ever-changing market, Li Ning’s story continues. It is not only the rebirth of a brand, but also the process of a generation of domestic products finding themselves, establishing themselves and surpassing themselves in the wave of the times.

[Abstract of public account]

From the prince of gymnastics to the founder of the brand, from the trough crisis to leading the national trend, Li Ning has completed the retrograde and rebirth of a domestic brand with ten years of hard work.

Data source (detailed specification version)

Li Ning founded the brand in 1990 and was listed on the main board of the Hong Kong Stock Exchange on June 28, 2004 (stock code: 02331.HK): Li Ning's official brand development history, Li Ning Co., Ltd.'s 2004 listing announcement and public information of the Hong Kong Stock Exchange

Ranked first in China's sports brand market share for 15 consecutive years from 1996 to 2010, with revenue exceeding 10 billion in 2008 and over 8,000 stores: China Chamber of Commerce Annual Industry Statistical Report, "China Business News" and "Economic Observer" public reports and Li Ning's 2008 annual financial report

In 2012, the company suffered a loss of 1.979 billion yuan, over 1,800 stores were closed, the inventory backlog exceeded 1 billion yuan, and the stock price fell by more than 70%: Li Ning Co., Ltd.'s 2012 audited financial report, Deloitte China Consumer Goods Industry Analysis Report, and China News Network's financial reports for the same period

2018 New York Fashion Week "Enlightenment" series debut: New York Fashion Week official exhibition schedule, "Harper's Bazaar" and "Vogue" fashion industry special reports, CCTV fashion section special reports

Revenue exceeded 14.4 billion yuan in 2020, and market value exceeded 100 billion Hong Kong dollars in 2021: Li Ning Co., Ltd.'s 2020 and 2021 financial reports, Hong Kong Stock Exchange public market value statistics

As of 2025, there will be more than 12,000 stores nationwide: Li Ning’s 2025 channel development announcement, China Chain Store and Franchise Association industry statistics

Annual revenue in 2025 is 29.598 billion yuan, net profit is 2.936 billion yuan, maintaining profitability for eight consecutive years: Li Ning Co., Ltd.’s 2025 audited comprehensive performance announcement, Oriental Fortune Network Hong Kong stock financial report data disclosure

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