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2026INTERIM RESULTS L I N I N G C O M P A N Y L I M I T E D (INCORPORATED IN THE CAYMAN ISLANDS WITH LIMITED LIABILITY) STOCK CODES：2331 (HKD counter) and 82331 (RMB counter)
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 2 DISCLAIMER This presentation incorporates information contained in the interim results announcement (the “Results Announcement”) for the six months period ended 30 June 2026 of Li Ning Company Limited (the “Company”). This presentation should be read in conjunction with the Results Announcement and is qualified in its entirety by the more detailed information and financial information contained in the Results Announcement. Other than the information contained in the Results Announcement, you shall not reproduce or distribute this presentation, in whole or in part, and you shall not disclose any of the contents of this presentation or use any information herein for any purpose without the Company’s prior written consent. You hereby agree to the foregoing by accepting delivery of this presentation. The contents of this presentation have not been reviewed or approved by any regulatory authority in Hong Kong or elsewhere. The contents of this presentation are not investment, legal or tax advice. You are advised to exercise caution in perusing the contents of this presentation. If you are in any doubt about any of the contents of this presentation, you should obtain independent professional advice. LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 2
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TABLE OF CONTENTS 01 RESULTS HIGHLIGHTS 02 FINANCIAL REVIEW 03 STRATEGIC DIRECTION 04 OPERATIONAL PROGRESS 05 APPENDIX
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RESULTS HIGHLIGHTS
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 5 2026 interim results highlights: Proactive positioning with disciplined execution Financial highlights（in RMB） Operational highlights Omni-channel retail sell-through3 low-single-digit YoY Channel inventory Inventory-to-sales: 4 months Inventory turnover and ageing structure remained at healthy levels Offline channel new product sell-through Accounted for 83% Maintaining at healthy level Interim dividend2 35.12 cents/ordinary share Payout ratio: 50% Gross margin 50.9% 0.9 p.p. YoY Net profit1 1,816 million Net profit margin 11.9% Average working capital to revenue 7.8% The cash conversion cycle: 35 days Net operating cash inflow 60.4% YoY ↑954 million ↑ ↑2.8% YoY ↑15,235 million Revenue 4 days YoY↑ 1: Refer to net profit attributable to equity holders of the Company 2: The Board resolved to declare an interim dividend of RMB 35.12 cents per ordinary share of the Company issued or to be issued upon conversion of convertible securities for the six months ended 30 June 2026 3: Including online and offline
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FINANCIAL REVIEW
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 7 7,844 6,457 8,231 6,419 8,284 5,375 6,675 5,193 7,134 5,805 1,126 1,199 1,393 1,228 1,146 2024H1 2024H2 2025H1 2025H2 2026H1 Footwear Apparel Equipment & Accessories （RMB million） 14,345 14,331 14,817 14,781 15,235 Revenue: Ongoing multi-category strategy driving steady business growth Change YoY 2.8% Revenue: group total
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 8 Revenue and sell-through mix: Balanced, stable channel mix, product efficiency yet to improve 30% 32% 31% 32% 31% 25% 24% 23% 22% 23% 45% 44% 46% 46% 46% 2024H1 2024H2 2025H1 2025H2 2026H1 E-commerce Retail Wholesale 100% 13% 16% 16% 19% 17% 87% 84% 84% 81% 83% 2024H1 2024H2 2025H1 2025H2 2026H1 Old product New product (current and last season) 100% Channel revenue mix Sell-through mix （incl. retail and wholesale） Revenue and retail sell-through：LN brand (including China LI-NING and LI-NING 1990), excl. international markets and LN YOUNG
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 9 6,239 6,117 6,099 6,091 6,063 1,468 1,435 1,518 1,516 7,677 7,585 7,534 7,609 7,579 2024 Jun 2024 Dec 2025 Jun 2025 Dec 2026 Jun LN Brand LN YOUNG 1,438 2024H1 2024H2 2025H1 2025H2 2026H1 Offline channel Online and offline channels Online and offline: Retail operating environment under pressure POS number (six months end) Sell-through growth，YoY% （excl. LN YOUNG） Sell-through growth：LN brand (including China LI-NING and LI-NING 1990), excl. international markets and LN YOUNG Low- single- digit Low- single- digit Low- single- digit Low- single- digit
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 10 Wholesale business: Deeper discounts weigh on sell-through performance Low-single- digit Mid-single- digit Flat Wholesale Revenue Wholesale Revenue Wholesale Revenue (excl. sell-in to specialty stores) Wholesale Sell-through (excl. specialty stores) 0 6,174 5,896 6,481 6,384 6,559 4,744 4,820 4,821 4,853 4,891 2024H1 2024H2 2025H1 2025H2 2026H1 Revenue（RMB million） No. of POS (six months end) Change YoY 1.2% Business performance Sell-through and revenue change, YoY% Wholesale Revenue (excl. sell-in to specialty stores) Sell-through (excl. specialty stores) Wholesale business: LN brand (including China LI-NING, product sales of badminton and table tennis categories from specialty-stores), excl. international markets and LN YOUNG
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 11 3,380 維持店 2024 上半年 2023 上半年 新開店 關閉店 轉接店和 臨時特賣場2023 & 2024 業務表現 收入變動分析 按年 變動 % 待更新 待更新 Direct retail business: Store mix optimization to strengthen channel efficiency 3,380 3,253 3,234 3,121 3,343 1,495 1,297 1,278 1,238 1,172 2024H1 2024H2 2025H1 2025H2 2026H1 Revenue（RMB million） No. of POS (six months end) 3,234 +96 +154 -169 +28 3,343 Change YoY 3.4% Business performance Revenue change analysis Same stores 2026H12025H1 New stores Closed stores Special clearance sales2025 & 2026 Direct retail business: refers to direct retail operation, LN brand (including China LI-NING and LI-NING 1990), excl. LN YOUNG
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 12 50.0% +0.8p.p. 50.9% GP margin analysis: Margin expansion driven by cost optimization -0.3p.p. +0.2p.p. +0.2p.p. 2025H1 reported GP margin Direct retail gross margin Wholesale gross margin E-commerce gross margin Others 2026H1 reported GP margin Gross profit margin: net changes in major items
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 13 Profitability analysis: Investing in brand resources to support long-term value creation (RMB million) +336 +50 -377 -185 -35 1,737 +70 +238 1,816 -18 Breakeven ↑ ↑ ↑ ↑ 2025H1 reported net profit Gross profit Sales related variable costs Platform operation costs Other income# & Interests Tax 2026H1 reported net profit Retail business Logistics & New business Advertising & Promotion Other expenses EC business Profitability analysis：net change in major P&L items # Other income includes（i）other income and other gains (net), (ii) share profit from associates and joint venture
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 14 渠道存貨：包括線上及線下 100% Channel inventory: Inventory turnover and ageing structure remained healthy 83% 85% 82% 85% 84% 12% 9% 12% 9% 10% 5% 6% 6% 6% 6% 2024 Jun 2024 Dec 2025 Jun 2025 Dec 2026 Jun Over 12 months 7-12 months 6 months or less (new products) 3.9 4.0 4.0 4.0 4.0 2024 Jun 2024 Dec 2025 Jun 2025 Dec 2026 Jun Inventory level (tag price) Turnover months (offline, e-commerce and warehouse） 100% Channel inventory: including online and offline
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 15 Company inventory: Healthy inventory level and ageing structure 2,457 2,765 2,616 2,852 2,870 2024 Jun 2024 Dec 2025 Jun 2025 Dec 2026 Jun 76% 80% 77% 79% 77% 19% 14% 15% 14% 18% 5% 6% 8% 7% 5% 2024 Jun 2024 Dec 2025 Jun 2025 Dec 2026 Jun Over 12 months 7-12 months 6 months or less (new products) 100% Change YoY 10% At cost, before provision （RMB million）
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 16 Trade receivables: At a reasonably healthy level 1,259 1,046 1,394 1,427 1,389 2024 Jun 2024 Dec 2025 Jun 2025 Dec 2026 Jun 85% 96% 93% 96% 95% 12% 1% 5% 2% 3% 3% 3% 2% 2% 2% 2024 Jun 2024 Dec 2025 Jun 2025 Dec 2026 Jun 90 days or less 91-180 days Over 180 days 100% Change YoY flat At gross amount, before provision （RMB million）
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 17 2,046 2,134 2,162 2,282 2,368 7.1% 7.4% 7.3% 7.7% 7.8% -2,000 -1,000 0 1,000 2,000 3,000 4,000 2024 Jun 2024 Dec 2025 Jun 2025 Dec 2026 Jun Inventory^ Trade receivables^ Payables Working capital~ Working capital~ as % of revenue* （RMB million） Working capital efficiency: Remained a healthy level ~ Simple average of the beginning and end of the period ^ Gross amounts of inventory, trade receivables without netting off provisions * Annualised income
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 18 Cash conversion cycle (days) 31 35 31 37 35 Net operating cash inflow 2,730 5,268# 2,411 4,852# 954 Dividends 976 1,506* 869 1,468* 908 17,581 18,164 19,191 19,974 19,391 2024 Jun 2024 Dec 2025 Jun 2025 Dec 2026 Jun Balance sheet summary: Strong cash position with sustained dividend payout Net cash position^ （RMB million） ^Net cash = cash and cash equivalents + restricted bank deposits + time deposits- borrowings # Net cash generated from operating activities for the year * Including interim dividends and final dividends
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STRATEGIC DIRECTION
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 20 Source: General Administration of Sport of China Leveraging policy dividends to drive LI-NING's experience value Advancement of national fitness policies Ongoing policy implementation continues to strengthen sports participation, providing long- term support for sports equipment demand. 1 New dividends from consumption policy The “15th Five-Year” Plan for Expanding Consumption identifies sports consumption as a dedicated initiative, promoting the development of the sports events economy, outdoor sports, and winter sports. 2 New journey powered by Olympic momentum As the Official Sports Apparel Partner of the Chinese Olympic Committee, LI-NING will support the Chinese sports delegation at major international sporting events, continuing to elevate the brand's visibility and influence.3 Shopping experience Product experience Sports experience LI-NING’s experience value
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 21 BadmintonBasketball Running Training Table tennis PickleballTennisOutdoorSports casual Diversified channels Multi-categories sports & fashion LI-NING 1990 China LI-NING LI-NING outdoor Super Outlets LI-NING YOUNG Omni-category flagship stores Advancing “single brand, multi-categories, diversified channels” strategy Loong Store
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 22 Leveraging expertise to expand into sub-segments and drive growth Retail sell through mix *Including online and offline 32% Running 16% Training 15% Basketball 27% Sports casual 10% Others（including outdoor） 5% 13% Flat Total value 2% 3% Retail sell-through* - YoY change （2026H1）
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 23 Running — Leading among the Top 100, steadily pressing to the front Breaking speed records, reinforcing future leadership During the period, sales volume of professional running shoes exceeded 14.8 million pairs. With outstanding performance, Feidian 6 ULTRA and Feidian 6 ELITE helped elite runners achieve repeated PBs at top events, with LI-NING’s share of sub-3-hour marathon shoes continuing to rise, further consolidating LI-NING Running’s leading position in the carbon-plate racing segment. In the first half of 2026, LI-NING secured 28 spots on China’s men’s marathon Top 100 list, ranking No. 1 in brand representation and achieving a major breakthrough. The Dragonflight athletes Wang Wenjie and Mao Jinhu set new Chinese records in the half marathon and men's marathon debut respectively, with the Feidian family enabling historic breakthroughs BOOM ARC Technology: Cushioning and Rebound in One Featuring the all-new BOOM ARC integration for stable cushioning and forward momentum Material innovation Full-length BOOM + BOOM FIBER upper The BOOM technology in the sole delivers excellent cushioning and rebound, while the BOOM Fiber upper combines durability and breathability. Structural enhancement Proprietary ARC structure Deforms on impact to store energy, then delivers high energy return during push-off. After 15 years of dedicated R&D, with 9 rounds of upgrades, LI-NING introduces the newly evolved LI-NING ARC PRO cushioning running shoe.
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 24 Basketball — Multi-dimensional strategy for continued growth • Entered into a long-term partnership with US basketball player Stephen Curry and Curry Brand. Building on brand co-creation, the partnership will jointly explore more opportunities for the global development of both brands. • As the official strategic partner of the CBA League, LI-NING witnessed the Shanghai Jiushi Sharks win the CBA championship for the 2025–2026 season. Over the past 14 years, LI-NING has supported and witnessed the growth of the CBA League, remaining committed to creating better basketball products, events, and sporting experiences. • The BADFIVE series brings together LI-NING’s basketball performance products and BADFIVE’s street basketball culture experience. With a footprint across 107 cities in 24 provincial-level regions, it has become China’s largest consumer-participation street basketball lifestyle event IP. • Further strengthening LI-NING’s professional basketball credentials, Gamma 2 raises the benchmark for top-tier performance basketball shoes. Featuring the Super BOOM insole gravity system and breakthrough Carbon Core, the two technologies are integrated for the first time in a nested structure to deliver instant ground response and elevate athletes’ on-court performance.
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 25 Training — Powered by aerospace technology, precisely adapted to diversified scenarios Backed by the LI-NING technology platform and focusing on core fabric functional technology, the Group provides diversified solutions for different summer wearing scenarios: • LI-NING’s Aerospace Cool-Feeling Temperature-Control Technology made its innovative debut, integrating aerospace- inspired temperature control, sun protection, and quick-dry performance into training scenarios for precise temperature regulation and professional-grade protection. • LI-NING’s “LN COOL” features a wind-tunnel ventilation structure that rapidly dissipates heat and moisture, supporting high-intensity training • Men’s Training builds a professional, athletic, and premium product identity, driven by functional technologies to enhance the user experience and strengthen market share. • The new “Versa Flow” IP features a “dynamic crotch” design, integrating functional fabrics, athletic tailoring, and multiple fit options to build a versatile pants lineup for light exercise, comprehensive training, and everyday wear. • Women’s Training combines functional fabrics with minimalist silhouettes while staying closely aligned with women’s fashion trends. By enhancing product personalization and differentiation, it offers female consumers richer and more diverse choices while unlocking sales potential. • “Leap Flow” features the new “one pair of trousers, three ways to wear” concept design, with a flexible and adjustable design that adapts to consumers’ diverse styling preferences.
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 26 Sports casual — Expanding women’s business, unlocking cultural potential Bai Lu x Feeling Girl With the Feeling retro thin-soled shoes as the core item, the collection offers versatile styling and expresses an attitude of “beauty that is free and undefined.” It delivered strong growth across brand visibility, female consumer share, and series revenue, while driving the matching apparel to become the second quarter’s top-ranked style. Rich Everyday series Building on the existing “Rich Everyday” series, the brand leveraged cross-segment marketing, including the Palace Museum’s centenary moment, Jackie Chan’s tribute MV “100 Years of the Forbidden City”, and global spokesperson, Xiao Zhan’s Chinese New Year livestream, further enhancing awareness and turning it into a high-growth product line during the New Year period. China LI-NING Kung Fu series Centered on the spirit of Chinese martial arts, the collection integrates Eastern philosophy, modern sports design, and functional fabrics to enhance product utility. The newly launched women’s Kung Fu line further strengthens its presence in the women’s market, expands the target audience, and enriches the expression of Eastern Kung Fu aesthetics.
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 27 Brand marketing — Building a top-tier sports event matrix Note: Brand marketing initiatives and sponsorships of major sporting events are not limited to the examples shown in the images. COC Award Ceremony Apparel for the Chinese Sports Delegation at the 2026 Asian Games Chinese Delegation Parade Uniform — Milano Cortina 2026 Winter Olympics Opening Ceremony The 6th Asian Beach Games Basketball CBA League China Junior High School Basketball League BADFIVE Street Basketball League China Primary School Basketball League Running Beijing Half Marathon Hangzhou Marathon Shenzhen Marathon Chengdu Marathon Wuxi Marathon LI-NING National Secondary School Campus Running Relay (U15/U18) Table Tennis / Badminton / Pickleball / Tennis / Football WTT Table Tennis Tournament National Table Tennis Championships National Badminton Team Championship National Youth Badminton Championship China Pickleball Circuit LI-NING Cup Pickleball Open Invitational Tournament LI-NING Cup Junior Tennis Challenge Dalian FISU University World Cup Football
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 28 Chen Long Wang Shixian Chiharu Shida Badminton Zhang Shuai Wang Guangmao Brand marketing — Forging a world-class athlete roster Note: Sponsored teams and individual athletes are not limited to those shown in the images. National Teams China Diving Team China Table Tennis Team China Shooting Team China Fencing Team China Water Polo Team Running Wang Wenjie Mao Jinhu Xia Yuyu Suguru Osako Selemon Barega Basketball Stephen Curry Dwyane Wade Jimmy Butler Yang Hansen Zeng Fanbo Table Tennis Tennis & Pickleball Sun Yingsha Wang Chuqin Wang Manyu Liang Jingkun Liu Dezhu
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OPERATIONAL PROGRESS
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 30 Interim results broadly in line, operating pressure persists Business development strategy BUSINESS PERFORMANCE Revenue in 2026H1 million Up 2.8% 11.9 Net profit margin in 2026H1 % In line with expectations Product Merchandising Kidswear E-commerce Supply chain Channel Retail operation 15,235 LI N I N G 2 0 2 6 I N T E R I M R E S U L T S
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 31 Product operations: Efficiency yet to improve Product inventoryProduct efficiency New product seasonal discount rate New product seasonal sell-out rate Professional product revenue mix Professional running shoes sales volume Overall channel inventory-to- sales ratio Inventory cost Ageing structure of new and old products Product sales Professional product matrix Channel inventory to sales ratio Inventory cost Ageing structure deepened by low-single- digit ~70% 57% exceeded 14.8 million pairs 4 months increased by 10% remained healthy
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 32 Retail operations: Heightened offline operating pressure *Excluding online channel Retail KPIs* Offline retail sell-through Offline retail sell-through increased by low-single-digit Discount rate Offline discount rate deepened by ~3.5p.p. Offline footfall Average daily footfall per store declined by mid-single-digit Average selling price Average selling price decreased by low-single-digit
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 33 Channels: Ongoing channel mix adjustment Store performance Total selling square footage Unchanged Average single- store selling square footage 238 sq.m. Average monthly store productivity at RMB 284,000 Sell-through structure Sell-through contribution of high-tier market# 60% Core commercial occupancy rate at 93% 9th generation stores upgrade The number of 9th generation stores 2,134 Big store* penetration Number of big stores 1,401 Average single-store selling square footage 401 sq.m. * Store selling square footage exceeds 300 square meters # Including stores in metropolises and first tier cities
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 34 E-commerce: Operating metrics largely in line with expectations E-commerce KPIs Retail sell-through Online direct retail sell-through increased by mid-single-digit Conversion rate Conversion rate remained flat Online traffic Online traffic increased by 12% Retail discount Average discount deepened by low-single-digit Inventory turnover Inventory turnover days stayed at a healthy level
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 35 Kidswear business: Overall in line, with continued improvement in operating efficiency *Excludes online channels Retail efficiency Retail sell-through* increased by mid-teens Offline discount rate improve by 0.6 p.p. Average selling price increased by low-single-digit Channel efficiency No. of stores 1,516 Average monthly store productivity at RMB 160,000
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APPENDIX
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 37 （RMB million） 30 Jun 2026 31 Dec 2025 Better/ (Worse) Cash and Cash Equivalents 13,003 16,717 (22.2%) Time Deposits 6,385 3,257 96.0% Borrowings 0 0 N/A Net Cash* 19,391 19,974 （2.9%） Current Liabilities 7,393 8,061 8.3% Current Ratio (times) 2.82 2.85 (0.03) Total Liabilities to Total Asset Ratio 25.4% 26.7% 1.3p.p. * Net Cash = Cash and Cash Equivalents + Restricted Bank Deposits + Time Deposits – Borrowings （RMB million） 2026 2025 Better/ (Worse) Revenue 15,235 14,817 2.8% Gross Profit 7,751 7,415 4.5% Distribution costs (4,640) (4,293) （8.1%） Administrative expenses (720) (777) 7.3% Other income and other gains- net 70 94 (25.0%) Operating Profit 2,452 2,438 0.5% EBITDA 3,370 3,512 （4.1%） Profit Attributable to Equity Holders 1,816 1,737 4.5 % Basic Earnings per share (RMB cents) 70.4 67.4 4.4% Appendix 1 — Summary of income statement and balance sheet Six months ended 30 June
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LI N I N G 2 0 2 6 I N T E R I M R E S U L T S 38 毛利率 50.4% 48.8% 1.6p.p. 經營溢利率 16.7% 17.7% (1.0p.p.) 息稅前利潤加折舊及攤銷率 （EBITDA Margin） 24.0% 24.4% (0.4p.p.) 權益持有人應佔溢利率 13.6% 15.1% (1.5p.p.) 研究及產品開發開支 （佔收入%） 2.2% 2.1% (0.1p.p.) 廣告及市場推廣開支 （佔收入%） 8.7% 7.4% (1.3p.p.) 員工成本開支 （佔收入%） 8.5% 8.3% (0.2p.p.) 2023年 截至6月30日止六個月 2024年 轉好/ （轉差） 存貨周轉期（天） 62 57 (5) 應收貿易款周轉期（天） 15 14 (1) 應付貿易款周轉期（天） 46 41 5 現金周轉期（天） 31 30 (1) 權益持有人應佔權益回報率 （ROE） 7.8% 8.5% (0.7p.p.) 資產回報率（ROA） 5.6% 6.2% (0.6p.p.) 淨資本性支出 （百萬元人民幣） 2,442 669 (265%) 2023年 截至6月30日止六個月 2024年 轉好/ （轉差） Appendix 2 — Profit margins and key operating indicators 2026 2025 Better/ (Worse) Inventory Turnover (Days) 65 61 (4) Trade Receivables Turnover (Days) 16 14 (2) Trade Payables Turnover (Days) 46 44 2 Cash Conversion Cycle (Days) 35 31 (4) Return on Equity (ROE) 6.5% 6.5% - Return on Asset (ROA) 4.8% 4.8% - CAPEX (RMB million) 644 557 (15.6%) （RMB million） 2026 2025 Better/ (Worse) Gross Profit Margin 50.9% 50.0% 0.9p.p. Operating Profit Margin 16.1% 16.5% (0.4p.p.) EBITDA Margin 22.1% 23.7% (1.6p.p.) Margin of Profit Attributable to Equity Holders 11.9% 11.7% 0.2p.p. R&D Expenses (as % of revenue) 2.4% 2.3% (0.1p.p.) A&P Expenses (as % of revenue) 11.2% 9.0% (2.2p.p.) Staff Costs (as % of revenue) 7.6% 7.7% 0.1p.p. Six months ended 30 June Six months ended 30 June