Net income last year was RMB 4,010,881,000 ($621.9 mm), a 136% increase from RMB 1,698,484,000 in 2020, as revenues jumped 56% to RMB 22,572,281,00 ($3,500.1 mm) from RMB 14,456,971,000. Li Ning, along with local Chinese brands Anta and Xtep, among others, have benefitted from the boycotts that have hurt sales of western brands over their avoidance of Xinjiang sourcing. Every channel posted a big improvement. Wholesale sales to franchised distributors jumped 57% to RMB 10,852.8 million, while Li Ning’s brick-and-mortar DTC sales were up 53% to RMB 5,010.4 million and e-commerce sales jumped 58% to RMB 6,412.9 million.

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