Li Ning Q3 platform retail sales fall low single digits

The split between channels is the real signal here: online growth is cushioning, but not offsetting, a wholesale-led offline decline, with directly operated stores merely flat. That mix suggests demand softness is concentrated in the partner-driven distribution layer rather than in the brand's own retail footprint. For a sector already sensitive to consumption trends, the divergence between franchised wholesale and e-commerce is worth watching — whether wholesale weakness is a channel-inventory issue or genuine end-demand softness is the open question.