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<a href="/company/jd">JD.com</a> is testing its entry into the UK’s e-commerce market under the Joybuy brand, according to information obtained by 36Kr. The soft launch began in the second half of 2024, with the platform currently running a closed beta among users in London. Operating through a self-managed model, JD.com has already started onboarding merchants for the new venture.
A London-based user participating in the beta told 36Kr that Joybuy offers a broad selection of goods spanning daily essentials, beauty and skincare, consumer electronics, and home items. The product mix includes both Chinese and international brands. To attract new customers, the platform is offering introductory promotions such as GBP 5 (USD 6.4) off purchases exceeding GBP 10 (USD 12.9), free shipping, and options for same- or next-day delivery.
Joybuy originally launched in 2015 as JD.com’s cross-border B2C platform. On November 24, 2021, the company announced it would shutter the platform by December 9 that year, citing a strategic shift. It subsequently pivoted to a cross-border B2B model and was rebranded as JD.com Global.
Despite the shift, JD.com continued to explore international opportunities. In 2022, it introduced a new retail concept in Europe under the Ochama brand, aiming to export China’s omnichannel retail model—blending online and offline channels—into European markets. Today, Ochama operates self-run warehouses in the Netherlands, Poland, and France, offering home delivery and pickup services across 24 European countries.
The UK entry marks JD.com’s latest attempt to secure a foothold in a mature e-commerce environment. As of 2024, the UK’s retail e-commerce market was valued at USD 160 billion, ranking third globally. Delivery speed—a hallmark of JD.com’s domestic operations—has been positioned as a key selling point in this new market.
That emphasis on speed is supported by years of investment in global logistics and warehousing. JD.com launched its international division in 2020 with a focus on exporting logistics and smart warehousing technologies. In October 2024, Ochama added a 27,000-square-meter automated warehouse in Poland, expanding its European footprint alongside facilities in France and the Netherlands. These warehouses now support fulfillment operations across much of Europe.
By December 2024, JD Logistics unveiled plans to create a global delivery zone designed to complete shipments in two to three days, with warehousing positioned at the center of this strategy. JD.com currently operates more than 100 bonded, overseas, and direct-mail warehouses worldwide. While these assets were originally built to serve B2B clients, they are now forming the foundation of JD.com’s self-operated retail operations overseas.
Observers have often characterized JD.com’s international expansion as deliberate and gradual, especially compared to some of its faster-moving counterparts. But with domestic growth tapering off, the company appears increasingly focused on scaling its global presence.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3242591915785860">article</a> was written by Ren Cairu for 36Kr.

JD.com begins UK rollout under Joybuy brand

JD.com

East Asia

China

On-demand Services

E-commerce

Retail

Consumer Economy

Europe

On March 21, the Ceres-1 Y17 rocket—developed by Chinese space company <a href="https://www.galactic-energy.cn/index.php/En">Galactic Energy</a>—successfully delivered a Yunyao meteorological satellite into orbit. Among the mission’s key components was a composite fairing designed and manufactured by <a href="http://www.mcnks.com/">Monks Aviation</a>, an aerospace materials firm based in Hefei. This marked the first time Monks publicly confirmed its involvement in producing such a critical aerospace structure, signaling broader recognition of its technical and manufacturing capabilities.
Founded in 2021, Monks Aviation focuses on developing next-generation materials for aerospace and defense. The company’s work is split between two categories of composite materials: resin matrix and ceramic matrix. These materials are applied across sectors including defense, space, and aviation. Founder Li Yi, who leads the firm, brings over a decade of experience in materials R&amp;D.
According to Li, Monks is currently the only private enterprise in the Yangtze River Delta region capable of designing, producing, and delivering composite rocket fairings that have reached orbit.
The fairing used in the Ceres-1 Y17 mission was primarily built with carbon fiber resin matrix composites. These materials reduce weight by up to 30% compared to traditional metal counterparts, enabling more efficient payload deployment.
This launch represents a new phase for Monks as its proprietary composite technologies move from prototype to practical use.
<h3>From fiberglass to multifunctional ceramics</h3>
Advanced composite materials are typically categorized into three generations. The first is fiberglass—glass fiber-reinforced unsaturated polyester resin—known for being lightweight yet durable. These were mostly used in non-load-bearing structures like boat hulls and chemical storage tanks.
The second generation features carbon fiber-reinforced resin matrix composites. These materials add significant rigidity to the mix, supporting their use in structural components such as aircraft wings and rocket fairings.
The third generation introduces metal and ceramic matrix composites. These materials combine low weight and high strength with added functionalities—resistance to high temperatures, electromagnetic wave absorption, and stealth properties—making them suitable for demanding environments such as engine chambers or reentry vehicles.
Monks has developed proprietary technologies across both the second and third generations. Its resin matrix composites use carbon fiber for reinforcement and epoxy resins as the adhesive, delivering a high strength-to-weight ratio that suits the structural needs of aerospace and defense equipment.
China’s initial R&amp;D into ultra-high-temperature ceramics dates back to the 1970s, led by institutions like the Harbin Institute of Technology (HIT). While these ceramics offer heat resistance and durability, their brittleness and high production cost have limited their adoption to major national initiatives, such as the Chang’e missions within China’s lunar exploration program.
To move these materials into wider application, Monks is working with HIT to commercialize ceramic matrix technologies. By refining manufacturing methods, the company aims to reduce costs and enable scalable production.
According to Li, Monks' ceramic composites are now being used for the heat-resistant bases of high-speed flight vehicles and liquid-fueled rockets. A reusable thermal protection system for these rockets is also under development, with progress already underway.
<h3>Expanding from defense to commercial aerospace</h3>
Although Monks is a relatively new player, it has quickly built out a supply chain that spans defense, aviation, and space. Li told 36Kr that the engineering team includes personnel from top-tier institutions and companies, supported by a technical advisory board of academic experts.
The company’s first commercial applications were in the defense sector, where it now supplies certified composite structural parts for missiles and loitering munitions. These include components designed for insulation, thermal shielding, and radar evasion.
To support national aerospace priorities, Monks has since expanded into commercial space and aviation. Its space unit focuses on two key offerings: rocket fairings and reusable heat-resistant bases.
whereRelatedArticle
China’s push for satellite internet and related low Earth orbit (LEO) constellations has driven demand for frequent launches, challenging private space firms to lower manufacturing and operational costs. Traditionally, rocket fairings were produced by state-owned entities at higher prices and limited output. Monks has sought to address these pain points through design improvements and scaled production, offering lower-cost alternatives in larger volumes. The company is also working on larger fairing formats for heavier payloads.
In response to the growing focus on reusability, Monks has partnered with a commercial rocket firm to develop heat-resistant bases for liquid-fueled rockets. The goal is to achieve reusability across three launches initially, with longer-term plans to extend component lifespans and reduce costs.
In the aviation segment, Monks recently delivered a fully composite drone body to an unmanned aerial vehicle company, expanding its product reach.
Last May, Monks closed a Series A funding round worth an eight-figure RMB sum, with backing from several state-supported funds. It is preparing to raise new capital in the second quarter of this year to scale its R&amp;D and production capabilities for aerospace applications.
Looking ahead, Li and his team aim to build a vertically integrated business—from materials development to systems integration—positioning themselves for broader visibility in China’s commercial space industry and beyond.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3242456704860167">article</a> was written by Liu Jingqiong for 36Kr.

Monks Aviation takes flight as composite tech reaches orbit

Space Tech

Deep Tech

… experience.
Our weaknesses are the lack of a first-mover advantage and strong original IPs. Pop Mart is the market leader, and its brand assets are stronger than ours.
But look—they have been at this for 15 years. We’ve only been around for four. That’s fair. Over the next five to ten years, we’ll continue closing the gap.
whereRelatedArticle
<h3>36Kr: Who do you consider your main competitor now?</h3>
SY: Honestly, we don’t see anyone as our direct competitor.
<h3>36Kr: But you kept mentioning Pop Mart in your product launch presentation.</h3>
SY: People care about it, so I have to address it. But Pop Mart isn’t really our rival. I actually love having stores next to theirs. It helps grow the entire market. I’d love to see a third or fourth big player enter the space—that’s the only way to prove this market is really big.
Pop Mart is like the iOS closed-loop system—it controls everything in-house. We’re more like Android—we’re building a platform that accommodates third-party products and IPs.
<h3>36Kr: When your plushies or blind boxes are on shelves next to Pop Mart’s, why would consumers choose yours?</h3>
SY: That’s not quite how it works. This is fan-driven. If you’re a Wang Yibo fan, you’re not buying a Xiao Zhan concert ticket. Our buyers are fans of specific IPs—if they love Disney or Sanrio, they’ll buy our stuff. If they love Labubu plushies, they will buy Pop Mart’s.
People follow the IPs they love. If the product is good, they’ll buy it. If not, they will complain.
<h3>36Kr: But fan culture still has different tiers—like Wang Yibo versus Jay Chou.</h3>
SY: Same with IPs. Some stay hot for decades—like Jay Chou for 20 years, or Wang Yibo for seven to eight years. But the nature of their fame differs. Some IPs succeed through content, others through design. You have to find the most fitting way to convey each IP’s vibe.
<h3>36Kr: How do you identify the right “vibe” during IP development?</h3>
SY: We’re in constant contact with consumers. We gather a lot of user feedback and data to identify common emotional denominators.
<h3>36Kr: What’s the most important thing for Top Toy in the next one to three years? And what are you most curious about regarding competitors?</h3>
SY: The most important thing is store openings and product development. Keep signing IPs, designing products, engaging with users, and exploring new formats. You’ve got to plant seeds to grow trees. You can’t expect a tree to sprout if you don’t even plant a seed. That seed might die, or it might grow into a sapling—or it could thrive. But first, you’ve got to plant.
As for competitors—I’m most curious about what product category they will bet on next.
<h3>36Kr: Is there a common fear across the industry?</h3>
SY: That consumers might lose interest in designer toys. What if people get tired of the category? Look at sportswear—it’s booming now because more people are exercising. But what if people stop working out someday? The same fear exists for us—what if consumers lose interest in designer toys? That’s something we all have to face.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3232401456168961">article</a> was written by Li Xiaoxia for 36Kr.

Is Miniso’s Top Toy trying to be Pop Mart, or something else?

Miniso

… h3{font-size:24px;line-height:32px}}</style>

Deals in brief: SoftBank to anchor OpenAI’s USD 40 billion raise, Hoopi secures funding for collectibles push, ShopUp and Sary confirm merger, and more

OpenAI

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Indonesia

Japan

South Korea

Australia

Qatar

Southeast Asia

India

Middle East

Oceania

… Chinese supermarket chain. In an interview at the end of 2023, Aldi’s China managing director Roman Rasinger shared the company’s philosophy of  aiming to meet consumers’ daily needs, while also offering special items that help them enjoy life.
Zoe’s company has also been part of the industry-wide shift from hypermarkets to premium supermarkets. In 2024, they studied Aldi in depth and compiled a report running into tens of thousands of words. The takeaway? “There’s plenty to learn from Aldi’s product structure, supply chain strategy, and marketing approach.” Among these, its quirky and clever marketing stood out.
In mid-2024, Aldi plastered recruitment ads across Shanghai’s metro stations that doubled as a flex of its sourcing and pricing rigor. Job descriptions called for category buyers who could “run between hemispheres, have six arms, know products, and drive a hard bargain,” and for quality inspectors who were “picky, inquisitive about suppliers, streetsmart, and detail-oriented enough to run 30-point inspections.”
An advertising professional jokingly commented on social media: “Looks like a job ad, but it’s actually a quality-control and pricing boast.” Aldi even put the ads on shuttle buses that circled Hema stores, drawing social media banter about its in-your-face strategy.
In truth, Aldi in China is no longer the same as its German parent, nor is it the same company that first entered the Chinese market.
Chen recalled a pre-pandemic conversation with Aldi’s China executives, where she was told that the barebones, discount-first model used in Germany wouldn’t thrive in China. Instead, they hoped to build a more elevated supermarket experience. She remembers thinking at the time that “Aldi is actually quite similar to Hema.”
But much has changed in China’s consumer landscape since then. The middle class has grown more frugal, and few people are still willing to pay extra for brand names alone. The idea of value-for-money has emerged as the most unshakable consumer priority.
Sam’s Club uses a metric called “member value” to assess its products—measuring how much cheaper a product is, at the same quality and size, compared to the market average. Store associates love to highlight this figure when introducing items to customers.
Faced with competition from Sam’s Club and Pangdonglai, traditional hypermarkets in China have had no choice but to adapt. Aldi, with its regional focus and small footprint, managed to pivot quickly.
In 2023, it launched a price war by heavily promoting low prices in stores, plastering signs  all over about getting great quality goods at better prices. By 2024, hundreds of RMB 9.9 items had made their debut, and the number of discounted products kept climbing.
Looking back, Aldi might not offer the absolute best quality, but its lean SKU strategy, reliable private labels, and price competitiveness align it with Sam’s Club and Costco in some surprising ways. As more people make the comparison online, some even joke that “Aldi has become the imaginary rival of Sam’s Club.”
Sam’s Club and Costco will likely remain the go-to choices for large-pack, stock-up shopping. But when it comes to fast, convenient top-ups, Aldi might start pulling customers away from Sam’s Club’s rapid delivery and Costco’s local fulfillment services.
Aldi’s appeal—small packs, unique items, affordability, and trust—is now what large-format retailers are racing to emulate.
Chen isn’t swayed by Yonghui Superstores’ transformation, saying she’s already satisfied with her current shopping options. Arya recently told a friend:
<blockquote>“As long as Aldi doesn’t screw it up, I’m not going back to traditional supermarkets.”</blockquote>
If Aldi’s expansion proceeds smoothly, it could truly disrupt the legacy players that are still struggling to stay relevant.
In Shanghai, Aldi has nailed the positioning of being a low-cost, everyday counterpart to the membership warehouse model. The community supermarket trend is also gaining momentum—Hema is experimenting with a new format called Hema Neighborhood (NB). In an internal letter at the end of 2024, Hema CEO Yan Xiaolei said the company would focus on two main formats: Hema Fresh and Hema NB.
Holding ground in China’s most competitive market already says a lot about Aldi’s strength. But the flip side is that Shanghai’s demand is also uniquely high—offline players like Xiaoxiang Supermarket and Dingdong Maicai all have space to grow. “Aldi only has a firm grasp on Shanghai’s preferences,” said Zoe. “What happens when it enters Beijing?” Its heavy reliance on the Jiangsu–Zhejiang–Shanghai supply chain could become a hurdle in local expansion.
Beyond geographic growth, profitability is also a pressing concern. According to a note from Meritco, by the final quarter of 2024, Aldi’s stores had generated around RMB 2.5 billion (USD 350 million) in revenue, showing an upward trend. Still, only a handful of stores were profitable. Store-level metrics—sales, traffic, and number of profitable locations—are reportedly key performance indicators for Aldi’s China execs.
Wider regional reach, dark stores, and e-commerce are all part of the roadmap ahead—but they also come with uncertainty. Aldi itself called 2024 a year of “opening up.” It opened 14 new stores, expanded from Shanghai proper to its suburbs, and announced plans to enter Suzhou and Wuxi in 2025.
That’s still far from its earlier ambition to open 500–600 stores in Shanghai alone, a goal it laid out in 2022. But in China’s fiercely competitive retail sector, Aldi has carved out a niche.  “As long as it maintains patience and standards,” said Zoe, “profitability is just a matter of time.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3224450010463616">article</a> was written by Ren Cairu for 36Kr.

Aldi’s supermarkets have Chinese shoppers hooked—now it wants more

Consumer Services

The Tokyo Stock Exchange (TSE) has begun requiring companies listed on its top-tier "Prime" section of the market to disclose key financial information both in Japanese and English. The move, which took effect on April 1, is aimed at creating a level playing-field between domestic and overseas investors.
Some 1,600 or so Prime-listed companies are now required to disclose financial results in both Japanese and English at the same time. The rule also applies to information that may have a material effect on investment decisions, such as revisions to earnings forecasts, mergers and acquisitions and changes to representative directors.
"The Prime market is a global market. We have decided to mandate English disclosure from the perspective of attracting more overseas investors," Sayuri Nakamura at the TSE's listing department told Nikkei Asia.
Disclosure in English is part of a broader trend among non-English speaking countries in Asia. The Taiwan Stock Exchange, for instance, mandated that all listed companies disclose key information, which is equivalent to Japan's timely disclosure information, in English by 2024. In South Korea, large KOSPI-listed companies are now required to release material information in English within three days of Korean-language disclosures.
Foreign investors often feel they are at a disadvantage when key documents are released only in local languages.
According to a survey released by the TSE in August 2023, 72% of overseas investors responded that they were "somewhat dissatisfied" or "dissatisfied" on Japanese companies' English disclosures. "Dissatisfaction mostly comes from the gap in the amount of information in Japanese and English, and also from the time lag of disclosure," said Nakamura.
The move is part of broader efforts by the TSE to bring the governance standards at Japan Inc. to international levels.
The TSE has introduced a series of measures to raise awareness among Japan's listed companies about their low stock market valuations, urging companies whose share prices are less than their book value to work harder to raise the valuations.
The efforts have been paying off, as the TSE now hears more overseas investors expressing high expectations for Japanese stocks. "We are also hearing securities firms saying that the tide is turning," said Natsumi Yamawaki, manager at the listing department at the TSE.
"The challenge is how to maintain positive attention to Japanese companies," Yamawaki said. "We encourage companies to engage with investors and create a cycle that will increase corporate value," she said. Her hope is to increase the number of "investors who are committed to companies with a medium- to long-term perspective."
Naomi Fink, chief global strategist at Nikko Asset Management, said TSE's request for English disclosure is "very consistent" with what has been already done. The TSE is "putting a large amount of emphasis on disclosure as a whole, and I see English disclosure as part of that."
"We already have quite a lot of overseas investment in Japanese stocks, and of all overseas investors, there's quite a few activist investors and those that are putting a lot of emphasis on corporate governance," Fink added.
"If there isn't transparent data, then you're less likely to invest overall. To increase transparency for all investors, especially overseas investors, I think English exposure is a big advantage.
As of the end of December 2024, 99% of listed companies on the Prime market already embraced English disclosure one way or the other, according to a survey by the TSE. However, only 59.2% of companies disclosed their timely disclosure materials in English, compared with 93.8% for financial results and 76.4% for IR presentation materials.
According to the TSE, some companies outsource their translation work, but insist that they need to check the translation for accuracy. Some companies say it is difficult to disclose materials in both languages simultaneously, because the materials are subject to review until the last minute.
Analysts say the question is whether the most relevant information is provided in both languages.
"It is important for companies to consider the introduction of English disclosure as an opportunity to find out which kind of information investors want," Atsushi Kamio, senior researcher at the Daiwa Institute of Research told Nikkei Asia. He thinks what matters is the disclosure of qualitative information which helps investors judge whether a company can make profits continuously.
This article first appeared on <a href="https://asia.nikkei.com/Business/Markets/Tokyo-exchange-to-mandate-English-disclosure-to-lure-overseas-investors">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Tokyo exchange to mandate English disclosure to lure overseas investors

… sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-151931" class="wp-caption-text">Photo of Nvidia CEO Jensen Huang, courtesy of the company.</figcaption></figure>
This shift will dramatically increase token usage. According to Huang, slow-thinking models can consume up to ten times more tokens than fast-thinking ones, with another tenfold increase in computational speed needed to maintain responsiveness and interactivity. Taken together, that could represent a 100-fold leap in compute demand.
It’s a daunting equation. But Cai’s challenges don’t stop there.
The trailer for Whispers from the Star hints repeatedly that Stella’s responses aren’t scripted in advance—they vary based on user input. Words, gestures, ambient lighting, environment—are all dynamically generated. That’s an immense technical load, with enormous demands on bandwidth and processing power.
This raises another thorny issue: local versus cloud-based computing. Relying solely on the player’s hardware would raise the system requirements and shrink the game’s potential audience. But leaning on the cloud invites latency issues and spiraling infrastructure costs.
Cai’s vision—a virtual world for a billion people—inevitably leans on centralized infrastructure. And if it’s his world, then he’s the one tasked with making it real.
Back in August 2024, he shared a series of provocative takes on AI’s role in game development, which boiled down to this:
<ul>
<li aria-level="1">AI has already reshaped how games are made, though its full impact will take time to unfold.</li>
<li aria-level="1">In the future, only two groups will matter in game creation: a small circle of visionaries capable of imagining unprecedented experiences, and a broad base of hobbyists making games for fun.</li>
<li aria-level="1">Everyone in between—amateurs to professionals—may need to rethink their careers, as AI renders their roles increasingly obsolete.</li>
</ul>
Cai clearly counts himself among the visionaries. And for the rest of the industry, Whispers from the Star is both game and experiment—an attempt to see whether AI can shift from backstage assistant to lead storyteller.
Whether it delivers or not, the attempt may sketch the outline of what’s next.
whereRelatedArticle
<h3>From the metaverse to something else entirely</h3>
Back in October 2021, at the annual Facebook Connect developers’ conference, Mark Zuckerberg made headlines by announcing Facebook’s rebranding to Meta—a pivot aimed at building the metaverse.
It was a utopian vision of Web3. “The defining quality of the metaverse will be a feeling of presence,” Zuckerberg said, “like you are right there with another person or in another place. Feeling truly present with another person is the ultimate dream of social technology.”
Fast forward three years, and Meta’s grand bet on the metaverse has turned into a money pit. In just one quarter, its Reality Labs division reported USD 4.5 billion in losses. Since its inception, the unit has racked up over USD 46 billion in losses (as of August 2024).
In today’s AI-powered computing boom, two paths are taking shape. Virtual reality looks to enhance the medium—upgrading how users sense and interact with digital spaces. AI, by contrast, is reshaping the content itself. The metaverse bubble may have popped, but figures like Cai haven’t let go of the push toward a new kind of internet.
The challenge is how to ground these expansive, generative experiences in technical and commercial reality. How do you move beyond Genshin Impact-style interactivity to something genuinely new? What can Web3 eventually look like? No one really has the answer yet.
As computer and smartphone makers rush to add memory and storage in anticipation of AI’s heavier demands, the path to realizing Cai’s dream still looks long and uncertain.
But if Whispers from the Star is any indication, Cai isn’t just waiting for the future to arrive. He’s trying to build it.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3232442300874373">article</a> was written by Liu Chongjiang for 36Kr.

Mihoyo’s CEO is back with a new game, and it’s nothing like Genshin Impact

Artificial Intelligence

Gaming

Creative

… expertise.
But building industrial-grade humanoids isn’t cheap. Depending on the spec sheet—reach, payload, precision—units can range from five- to six-figure RMB sums.
Unitree has partly risen to prominence by pushing that ceiling down into the five-figure range. If humanoids are to become mass-market home products, affordability will be key.
Haier, in addition to partnering with Robotera, recently became the controlling shareholder of Step Electric, an industrial robotics company—a clear signal of long-term ambition.
More companies are expected to join the embodied intelligence rush. Whether any will break through remains to be seen. But for now, this arms race—literal and figurative—is far from over.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3233802166960134">article</a> was written by Leslie Zhang for 36Kr.

China’s consumer tech sector enters a robotics arms race

Robotics

… company upgraded more than 1,026 locations to its ninth-generation store format, each averaging monthly sales of RMB 360,000 (USD 50,400).
Online, the numbers were stronger. As market conditions improved, e-commerce rose to account for 31% of total revenue. Online D2C sales climbed 10–20%.
Li-Ning also upped its R&amp;D investment to 2.4% of revenue, a 0.2 percentage point increase from the previous year. Cumulatively, the company has invested over RMB 3.5 billion (USD 490 million) in innovation over the past decade. The payoff is visible in footwear, which now represents 49.9% of revenue, up from 48.5% last year.
Inventory turnover remains healthy. The full-channel turnover cycle was held at around four months, with an average turnover period of 64 days, just one day longer than the previous year, and still ahead of most peers. Qian noted that the company now reviews inventory performance weekly across departments.
Still, macro pressures persist. Even Nike is restructuring under new leadership, with Elliott Hill steering the brand back to core performance and leaner operations. Anta, too, is reshaping its product mix to reflect a more value-conscious consumer base.
Across the board, the message is clear: scale for its own sake is no longer the priority. Nor is cutting prices at the cost of credibility.
For 2025, Li-Ning expects flat revenue growth and a high single-digit gain in net profit margin, according to Zhao.
One new variable could help lift the brand. Earlier this year, Li-Ning succeeded Anta as the official sportswear partner of the Chinese Olympic Committee for 2025–2028. Anta had previously used that platform to build brand stature and access top-tier events. Now it’s Li-Ning’s turn.

With profits down, Li-Ning leans on core sports to weather a slower market

Li-Ning