Li-Ning Opens Global Flagship 'Dragon Store' in Shanghai, Gold Label Targets Functional Business Commute

Shanghai, September 21 – Li Ning (02331.HK) officially opened its first global flagship "Dragon Store" on East Nanjing Road in Shanghai, simultaneously unveiling the full range of its Gold Label product line. The launch represents more than just a new store opening; it marks a strategic move by Li Ning to elevate its brand and cultivate a new growth trajectory.

Since the debut of the Beijing Sanlitun Dragon Store at the end of 2025, Li Ning has, in less than a year, executed a full-funnel marketing strategy—"rights activation, product conversion, and terminal monetization"—to translate national-level professional sports technology into high-quality consumer scenarios, targeting the new segment of functional business commuting.

Gold Label and Dragon Store Synergy: Building a Full-Chain Commercial System

As the official partner of the Chinese Olympic Committee (COC), Li Ning provides professional sports equipment for the Chinese sports delegation. Leveraging this partnership, the company has undertaken a comprehensive layout encompassing professional technology application, product development, and channel upgrades.

• In December 2025, Li Ning opened its first global Dragon Store in Beijing's Sanlitun, where the Gold Label debuted by jointly applying the COC logo and the Li Ning brand logo on products.
• In 2026, with the advancement of events such as the Asian Games, the Gold Label product matrix and Dragon Store channel planning have been further refined.

On the product side, Li Ning Gold Label has become an independent category focused on functional business commuting. Professional technologies used by the Chinese sports delegation and national teams, after being validated in competitions, are gradually applied to Gold Label products, covering daily scenarios such as business socializing and travel commuting. The professional endorsement gained during events also helps boost product sales.

On the channel side, the Dragon Store serves as the core carrier for Gold Label products and a physical space connecting with consumers. The Beijing Sanlitun Dragon Store completed the initial market test, while the Shanghai global flagship store further assumes functions of brand display, technology experience, and a complete product experience. In summary, the Gold Label precisely matches products with target consumers, while the Dragon Store establishes a complete chain from consumer reach to experience and purchase conversion. Together, they form a commercial closed loop linking partnership rights, professional technology, and retail operations. Currently, Li Ning Dragon Stores have developed into various independent formats, including flagship and standard stores, initially focusing on the Northeast and North China markets, with nationwide coverage expected by 2028.

As a new category, Li Ning Gold Label has already received positive market feedback. During the opening of the Sanlitun Dragon Store, approximately 60% of the main models in the Gold Label "Chao" series sold out within a week of being stocked. According to the first-half 2026 performance report, Li Ning's apparel revenue grew 12% year-on-year, with the outdoor category and Li Ning Gold Label achieving high growth, contributing incremental elasticity to the apparel segment.

Core Assets Accumulate, Brand Equity Drives Long-Term Growth

The rapid implementation of the Dragon Store business model stems from Li Ning's long-term accumulation in technological innovation, product development, and channel operations. Over the past decade, Li Ning has invested over RMB 4 billion in R&D. Proprietary technologies such as the Li Ning BOOM technology platform have continuously led industry innovation, providing a solid technical foundation for the company's multi-category, cross-scenario business expansion.

Product agility and channel operation capabilities also provide key support. Li Ning has long adhered to a "single brand, multi-category, multi-channel" strategy, continuously expanding into new categories and scenarios beyond core segments like running, basketball, and comprehensive training. Relying on the brand's ability to migrate across multiple scenarios and categories, Li Ning has been able to quickly initiate R&D, design, supply chain, and retail channel deployment to address the new demand for functional business commuting, achieving efficient implementation of new categories and store formats.

According to the 2026 interim results, Li Ning is continuously advancing channel structure optimization, product mix refinement, and shopping experience upgrades.

The opening of the global flagship store on East Nanjing Road in Shanghai also signifies the further implementation of Li Ning's layout centered on Gold Label products, Dragon Store channels, and COC partnership rights. Going forward, Li Ning will continue to deepen resource allocation and asset conversion, accelerate model validation in new scenarios and tracks, and solidify its core competitive barriers.