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Li Ning Company Limited (Incorporated in the Cayman Islands with limited liability) (Stock Code: 2331) Interim Report 2015 INTERIM REPORT 2015 2015 李寧有限公司 中期報告 2015 中期報告 股份代號 2331 於開曼群島註冊成立之有限公司

AIGLELotto 2 6 7 33 68 78 79

Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 8 45 1, 7-15 +852 3541 6000 +852 3102 0927 101111 +8610 8080 0808 +8610 8080 0000 2 2015

Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands 183 17 1712-1716 2015 3

3,641 2015 3,641 2014 3,137 3,591 6,728 2013 2,906 2,918 5,824 2012 3,855 2,821 6,676 2011 4,273 4,614 8,887 (29) 2015 (29) 2014 (586) (195) (781) 2013 (184) (208) (392) 2012 (2,023) 44 (1,979) 2011 294 92 386 6 2015

/ / / - - 10 2013-2016 2015 2015 2015 2015 2015 CBA 2015 AAU Cap City Classic 2014-2015 2014-2015 - // - - / - - - - 2015 7

6 30 6 30 (%) 3,640,668 3,137,078 16.1 1,633,884 1,399,611 16.7 141,576 (448,170) (131.6) (EBITDA)1 259,646 (350,570) (174.1) 2 (29,407) (585,774) (95.0) 3 (1.55) (37.72) (95.9) (%) 44.9 44.6 (%) 3.9 (14.3) (%) 100.3 (10.7) (%) (0.8) (18.7) (%) (1.2) (24.3) (%) 10.2 13.8 (%) 14.3 19.4 (%) 2.2 2.2 4 109 106 5 64 78 6 90 92 10 2015

6 30 12 31 (%)7 103.0 198.3 (%)8 40.0 86.4 179.11 151.34 1. (EBITDA) 2. 1 13 3125,316,000 3. 4. 5. 6. 7. 8. * 2015 11

6 30 3,640,668,00016.1% 6 30 (%) 1,585,214 43.5 1,305,262 41.6 21.4 1,345,443 37.0 1,195,759 38.1 12.5 196,619 5.4 172,595 5.5 13.9 3,127,276 85.9 2,673,616 85.2 17.0 454,216 12.5 411,334 13.1 10.4 * 59,176 1.6 52,128 1.7 13.5 3,640,668 100.0 3,137,078 100.0 16.1 * Lotto Kason Aigle 85.9%3,127,276,00017.0% 10.4% 12 2015

6 30 (%) 51.3 55.7 (4.4) 39.6 38.3 1.3 7.0 3.9 3.1 2.1 2.1 0.0 100.0 100.0 2015 13

6 30 (%) 1 1,048,677 33.5 867,413 32.4 20.9 2 1,483,240 47.4 1,267,467 47.4 17.0 3 529,484 17.0 483,847 18.1 9.4 65,875 2.1 54,889 2.1 20.0 3,127,276 100.0 2,673,616 100.0 17.0 1. 2. 3. 14 2015

6 30 2,006,784,000 20141,737,467,000 44.9% 201444.6% 1,710,947,000 20141,467,917,00045.3% 201445.1% 2015 261,532,000 2014237,712,0000.242.4% 2014 42.2% 6 30 1,313,646,000 20141,372,291,000 36.1% 201443.7% 1,239,504,000 20141,307,721,000 39.6% 201448.9%) 69,913,000 201461,291,00015.4%201414.9% 0.5 2015 15

6 30 199,524,000 2014494,499,000 5.5% 201415.8% 151,811,000 2014448,843,000 4.9%201416.8% 11.9 41,850,000 201443,084,0009.2%201410.5% 1.3 (EBITDA) 6 30259,646,000 2014350,570,000 174.1% 139,918,000 2014449,848,000 96,543,000 201478,970,00022.3% 6 30 62,838,000 201462,375,000 1.7% 20142.0% 31,806,000 201430,347,000 16 2015

6 3082,305,000 201454,486,000100.3% 2014-10.7% 6 30 29,407,000 2014585,774,00095.0% -0.8% 2014-18.7%17.9-1.2% 2014-24.3% 23.1 20152014 6 30239,159,000 12 31264,233,00012 31 20152014 6 30545,656,000 12 31596,766,000 2015 17

6 30 164,763,000 319,249,000 6 301,756,856,000 12 31725,470,000 6 30 164,763 (141,692) (449,157) 1,206,729 (55,173) 725,470 12 17 1 30 1,515,030,0002.54 38% 8% 6 30 727,986,000 547,986,000 40.0% 12 3186.4% 18 2015

6 30 395,160,000 12 31403,819,00080,590,000 12 3181,518,000 6 30 2015 19

管理層討論與分析 續 業務回顧 2015年 在國家政策扶持及公眾對健康生活方式重視程度與日俱增的基礎上 中國消費者對體育運動的參與熱情不減 持續拉動整 體市場需求 其中 滿足及提升日常生活搭配為消費者購買的主要驅動力 大眾運動生活產品市場競爭激烈 相對於專業運動市場對產品功能性的注重及穩固的品牌忠誠度 大眾市場消費者群體普遍存在價格敏感度高但品牌忠誠度低等特 點 其需求游離 購買較為隨機 品牌需突出低價高性價比等優勢 方可穩固及擴大市場份額 同時 消費者的消費模式亦發生轉 變 其消費習慣由傳統需求驅動進店消費 轉型為配合及通過其熟悉的日常社交及生活方式引導消費 為進一步迎合市場環境的改變 我們在聚焦中國 聚焦體育 聚焦李寧品牌的核心發展基礎上 保持自身獨特的體育價值基因及文 化 開拓創新 讓專業更專業 讓生活更搭配 採取策略性舉措擴大低價大眾市場份額 同時 借助消費者最為熟悉及具影響力 的互聯網+特色平台 創造跨界合作機會 打造數字化生意 2015年上半年 李寧公司在產品 渠道和零售運營能力方面均取得理 想進展 為業務重回增長軌道奠定堅實基礎 三大支柱 戰略 20 李寧有限公司 中期報告 2015

CBAT CBAT2015T 4 1,000 3.6300 T 2015 21

(CBA) Party 14-15CBA 14-15 CBANBA7 NBA CBA6 1NBA (CUBA)(CUBS) 2015193554,9701,037 5 22 2015

2015 2015 2015 2015 5 29 51 1.9524 5.26 2015 Kason20 2015 KasonKason Kason Kason 2015 23

For RunFor Fun 15Q1 15Q2250-400 300 CorneriRun O2O ++ + 7 10 APP10 24 2015

Marvel StudiosMarvel 20152525 2016 78 2015 25

20 30 3D Air-Fluid + Dynamic Soft-fit Soft-fit 26 2015

6 305,74512 31119 4912 3126 30 6 30 12 31 4,453 4,424 0.7% 1,292 1,202 7.5% 5,745 5,626 2.1% 6 30 12 31 1 1,999 2,026 (1.3%) 2 2,375 2,278 4.3% 3 1,371 1,322 3.7% 5,745 5,626 2.1% 1. 2. 3. 2015 2015 27

BU 2016 6 30 201510030 28 2015

2015 O2O 57.5% 2015 2015 90% 2015-2016 30 2015 2015 29

AIGLE AIGLE AIGLE 2015AIGLE 30 2015

2015 (STI)2015 2015 6 303,03612 313,735 1,78512 31 2,158 1,25112 311,577 2015 2015 31

O2O7% 6%20% ++ + O2O+ 25 32 2015

6 30 12 31 7 858,754 861,173 8 367,310 372,113 9 439,547 446,399 252,392 311,081 26,000 26,000 24,173 20,848 12 46,225 39,473 2,014,401 2,077,087 10 1,123,584 1,289,332 11 1,313,476 1,260,131 12 390,796 379,277 714 2,593 1,756,856 1,031,386 4,585,426 3,962,719 6,599,827 6,039,806 2015 33

6 30 12 31 13 177,484 141,698 13 2,170,828 1,298,537 13 (3,719) (3,719) 14 1,302,519 984,398 14 (516,192) (469,056) 3,130,920 1,951,858 245,088 217,583 3,376,008 2,169,441 17 53,183 77,434 18 297,986 298,241 19 693,227 676,421 72,369 76,410 20 64,369 62,718 1,181,134 1,191,224 15 874,808 953,429 16 837,589 1,104,541 17 59,408 57,880 8,380 9 18 250,000 550,782 19 12,500 12,500 2,042,685 2,679,141 3,223,819 3,870,365 6,599,827 6,039,806 2,542,741 1,283,578 4,557,142 3,360,665 39 67 34 2015

6 30 6 3,640,668 3,137,078 (2,006,784) (1,737,467) 1,633,884 1,399,611 (1,313,646) (1,372,291) (199,524) (494,499) 22 20,862 19,009 6 141,576 (448,170) 23 13,607 5,352 23 (76,445) (67,727) (62,838) (62,375) 3,325 2,442 82,063 (508,103) 24 (82,305) (54,486) (242) (562,589) (29,407) (585,774) 29,165 23,185 (242) (562,589) 25 (1.55) (37.72) 25 (1.55) (37.72) 39 67 6 30 26 2015 35

6 30 (242) (562,589) 5 (257) (237) (562,846) (29,402) (586,031) 29,165 23,185 (237) (562,846) 39 67 36 2015

13 13 13 14 14 1 1 141,698 1,298,537 (3,719) 984,398 (469,056) 1,951,858 217,583 2,169,441 5 (29,407) (29,402) 29,165 (237) 13 14 35,722 870,251 293,435 1,199,408 1,199,408 10 426 436 436 8,620 8,620 8,620 100 (100) 17,729 (17,729) 54 1,514 (1,568) (1,660) (1,660) 6 30 177,484 2,170,828 (3,719) 1,302,519 (516,192) 3,130,920 245,088 3,376,008 1 1 136,613 1,146,845 (31,509) 1,101,347 330,934 2,684,230 207,534 2,891,764 (257) (585,774) (586,031) 23,185 (562,846) 51 2,427 2,478 2,478 39,313 39,313 39,313 (8,084) 8,084 15,423 (15,423) (2,146) (2,146) (2,146) 28 938 (966) 6 30 136,692 1,142,126 (18,232) 1,132,098 (254,840) 2,137,844 230,719 2,368,563 39 67 2015 37

6 30 164,763 (319,249) (14,000) (106,758) (85,371) (35,867) (31,726) 933 2,521 3,574 3,453 (138,118) (125,123) (1,600) 436 2,478 1,229,930 (2,146) (23,201) 50,000 121,000 (499,157) (30,000) (57,208) (20,562) 1,879 580 701,079 71,350 727,724 (373,022) 1,031,386 1,280,684 (2,254) 1,642 1,756,856 909,304 39 67 38 2015

1. 2004 2 2619613 Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 8 12 2. 6 303434 12 31 3. 12 31 12 31 2015 39

4. 12 31 5. 12 31 6. 6 303,127,276,000 454,216,000 59,176,0006 30 2,673,616,000 411,334,000 52,128,000 40 2015

6. 20156 30 6 30 3,127,276 454,228 75,747 3,657,251 (12) (16,571) (16,583) 3,127,276 454,216 59,176 3,640,668 42,376 84,422 14,778 141,576 1,391,315 111,763 10,092 1,513,170 97,542 12,121 5,082 114,745 6 30 2,673,616 411,525 62,698 3,147,839 (191) (10,570) (10,761) 2,673,616 411,334 52,128 3,137,078 (532,156) 69,547 14,439 (448,170) 1,756,564 104,375 5,851 1,866,790 82,308 9,423 3,427 95,158 2015 41

6. 6 30 141,576 (448,170) 13,607 5,352 (76,445) (67,727) 3,325 2,442 82,063 (508,103) 6 30 3,547,713 3,056,927 92,955 80,151 3,640,668 3,137,078 20156 30 10% 42 2015

7. 6 30 1 1 570,271 101,178 47,190 86,572 54,122 1,840 861,173 397 59,028 20,441 604 1,458 2,238 84,166 1,894 645 (2,539) (2,293) (221) (173) (2,687) (14,088) (37,286) (16,265) (6,229) (10,030) (83,898) 6 30 558,474 120,627 51,366 81,371 45,377 1,539 858,754 6 30 1 1 552,278 23,921 51,557 94,871 63,961 4,483 791,071 44,710 38,854 849 1,621 6,161 1,857 94,052 5,039 524 5,563 243 282 (525) (228) (1,710) (1,288) (1,698) (4,924) (14,978) (21,555) (13,758) (6,269) (11,236) (67,796) 6 30 582,253 46,031 36,938 89,217 57,712 5,815 817,966 4,147,000 12 314,661,000 8 21,555,000 6 3018,786,00049,863,000 6 30 38,928,00012,480,000 6 3010,082,000 6 30395,160,000 12 31403,819,000 18 2015 43

8. 6 30 1 1 372,113 (4,803) 6 30 367,310 6 30 1 1 351,352 29,785 (4,221) 6 30 376,916 20 50 6 3097,381,000 12 3198,791,000 6 3080,590,000 12 3181,518,000 44 2015

9. 6 30 1 1 246,313 73,454 50,982 46,899 28,751 446,399 19,207 19,207 (15) (15) (2,769) (13,913) (5,939) (3,423) (26,044) 6 30 246,313 70,685 56,261 40,960 25,328 439,547 6 30 1 1 179,226 78,992 46,328 60,283 16,106 380,935 4,589 4,589 67,087 19,940 87,027 (2,769) (9,478) (6,879) (4,015) (23,141) 6 30 246,313 76,223 41,439 53,404 32,031 449,410 2015 45

10. 6 30 12 31 42,867 39,611 28,714 32,930 1,291,162 1,481,024 1,362,743 1,553,565 (239,159) (264,233) 1,123,584 1,289,332 6 301,916,530,000 6 30 1,651,012,000 20156 30 11. 6 30 12 31 1,853,782 1,825,483 5,350 31,414 1,859,132 1,856,897 (545,656) (596,766) 1,313,476 1,260,131 46 2015

11. 6 30 12 31 30 415,508 367,794 31 60 179,964 218,264 61 90 317,381 237,383 91 180 451,635 560,231 180 494,644 473,225 1,859,132 1,856,897 90 6 30946,279,000 12 311,033,456,000 6 30545,656,000 12 31596,766,000 6 30 1 1 596,766 590,928 (50,941) 92,148 (169) (88) 6 30 545,656 682,988 2015 47

11. 12. 6 30 12 31 226,640 221,973 42,281 46,587 34,387 32,810 21,261 21,246 44,033 18,069 2,209 9,860 66,210 68,205 437,021 418,750 (46,225) (39,473) 390,796 379,277 13. 0.10 6 3012 31 10,000,000 1,000,000 48 2015

13. 0.10 1 1 1,433,488 141,698 1,298,537 (3,719) 1,436,516 a 450,630 35,722 870,251 905,973 b 124 10 426 436 100 100 14 685 54 1,514 1,568 6 30 1,884,927 177,484 2,170,828 (3,719) 2,344,593 1 1 1,367,934 136,613 1,146,845 (31,509) 1,251,949 636 51 2,427 2,478 (8,084) (8,084) 1,375 15,423 15,423 (470) (2,146) (2,146) 14 360 28 938 966 6 30 1,369,835 136,692 1,142,126 (18,232) 1,260,586 (a) 1450,630,034 146,881,496 14 (b) 6 304.47124,000 6 30636,0000.10 27 2015 49

14. 1 1 78,814 267,683 99,234 113,395 420,859 4,413 984,398 (469,056) 515,342 (29,407) (29,407) 293,435 293,435 293,435 8,620 8,620 8,620 22,159 (22,159) (100) (100) (100) 17,729 17,729 (17,729) (1,568) (1,568) (1,568) 5 5 5 6 30 100,973 285,412 85,595 113,395 712,726 4,418 1,302,519 (516,192) 786,327 1 1 66,791 249,174 75,556 113,395 591,878 4,553 1,101,347 330,934 1,432,281 (585,774) (585,774) 39,313 39,313 39,313 4,992 (4,992) 8,084 8,084 8,084 (15,423) (15,423) (15,423) (966) (966) (966) (257) (257) (257) 6 30 71,783 249,174 102,538 113,395 590,912 4,296 1,132,098 (254,840) 877,258 50 2015

14. (a) 2013 4 1,847,838,0001,480,488,000 2013 20133.5 2013527,953,814 (b) 1 1,553,530,0001,229,930,000 450,630,034 146,881,4962015 2.6 146,881,496 (c) 20132015 (1) (2) 32 (d) 11,515,030,00038,500,0001,199,408,000 1TPG Stallion, L.P.TPG Milestone Capital Strategic Holdings Limited11,908,0006,315,0005,000,0002,277,000 9,427,000 4,999,000 3,959,000 1,803,000 (e) 6 301,285,347,0001,022,193,000 1,987,0001,568,0006 30685,000 13 2015 51

15. 30 60 6 30 12 31 30 610,353 704,434 31 60 188,774 122,191 61 90 36,818 97,512 91 180 17,975 19,335 181 365 17,286 5,126 365 3,602 4,831 874,808 953,429 16. 6 30 12 31 303,530 379,293 120,537 124,046 71,410 130,442 59,465 32,537 25,317 11,650 a 152,106 257,330 274,467 837,589 1,104,541 : (a) 8 15187,500,0007.22015 6 30738,0001 52 2015

17. 6 30 1 1 135,314 (29,473) 23 6,893 (143) 6 30 112,591 6 30 1 1 176,933 (27,896) 23 9,021 759 6 30 158,817 6 30 12 31 2 5 53,183 77,434 59,408 57,880 112,591 135,314 2015 53

17. 6 30 12 31 1 64,647 62,073 1 5 67,327 99,483 131,974 161,556 18. 6 30 12 31 297,986 298,241 250,000 550,782 547,986 849,023 250,000 251,000 299,782 297,986 298,241 547,986 849,023 497,986 498,241 50,000 350,782 547,986 849,023 54 2015

18. 6 30 6.93% 6 306.97% 6.2% 6 30 6 3012 31497,986,000 498,241,000 7 8) 6 30 1 1 849,023 50,000 201 (351,238) 6 30 547,986 6 30 1 1 400,000 121,000 (30,000) 6 30 491,000 6 30180,000,000 12 31200,000,000 2015 55

19. 2012 2 8TPG GIC750,000,000 4% 2017 2 77.74 2013 1 231 304.5 4.0922015 130% 113,395,000 1 1 688,921 (15,000) 31,806 6 30 705,727 (12,500) 693,227 6 30750,000,000 6 30 9.51 6 30 56 2015

20. 6 30 1 1 62,718 2,298 (647) 6 30 64,369 6 30 1 1 64,012 (647) 6 30 63,365 21. 6 30 1,916,530 1,651,012 a 83,898 67,796 30,847 27,362 521,067 607,344 371,897 432,667 382,348 357,930 a 79,502 69,517 151,846 134,800 (50,941) 92,148 34,930 2,400 2,100 26,711 50,950 16,661 26,222 : (a) 2015 57

22. 6 30 14,411 14,816 6,451 4,193 20,862 19,009 23. 6 30 3,574 3,453 10,033 1,899 13,607 5,352 17 (6,893) (9,021) (20,564) (16,347) (31,806) (30,347) (17,182) (12,012) (76,445) (67,727) (62,838) (62,375) 58 2015

24. 6 30 3,703 (9) 23,954 21,144 27,657 21,135 54,648 33,351 82,305 54,486 25. 2013 420131 0 85,973,000 6 30183,890,000 0 2014 2015 59

25. 6 30 (29,407) (585,774) 1,809,578 1,369,009 85,973 183,890 1,895,551 1,552,899 (1.55) (37.72) 60 2015

25. 6 30 (29,407) (585,774) 1,809,578 1,369,009 85,973 183,890 1,895,551 1,552,899 (1.55) (37.72) 20156 306 300.81180 2.252.446 30 0.59 2002.051.766 30 26. 6 306 30 2015 61

27. (a) 2004 6 30 1 1 7.203 55,334 7.677 40,780 a 6.118 4,854 6.933 21,456 4.470 (124) 4.926 (636) 8.025 (14,892) 9.321 (2,562) 6 30 6.155 45,172 7.365 59,038 6 30 7.177 22,176 9.421 25,335 (a) 12004 2 2 2004 62 2015

27. (a) 2004 6 3012 31 6 30 12 31 1 19 10.450 6,948 10 22 18.230 2,236 20.090 2,147 2017 7 15 8.250 2,493 9.090 2,569 2018 7 4 3.910 800 4.310 726 2018 12 31 4.470 14,055 4.920 15,135 2018 12 31 6.350 12,832 7.000 15,071 2019 9 30 6.350 2,148 7.000 1,950 2019 12 31 4.600 5,958 5.070 5,890 2019 12 31 6.160 542 6.790 984 2020 12 31 6.350 3,417 7.000 3,264 2020 12 31 4.630 691 5.100 650 45,172 55,334 (b) 2014 6 30 1 1 4.440 38,200 4.440 (2,200) 6 30 4.440 36,000 6 30 2015 63

27. (b) 6 3012 31 6 30 12 31 2020 12 31 4.440 36,000 (c) 6 30 1 1 10.74 1,810 19.61 825 6.71 2,740 6.74 (1,375) 8.96 (37) 6 30 10.74 1,810 11.59 2,153 28. 6 30 12 31 1 239,013 243,368 15 267,662 303,773 5 8,798 11,744 515,473 558,885 64 2015

29. (a) 6 30 3,407 4,557 (b) 6 30 11,804 9,375 4,097 3,207 10,826 26,727 12,582 (c) 6 30 160 250 614 214 4,374 1,350 1,428 1,484 6,576 3,298 2015 65

29. (d) 6 30 32,621 34,540 (e) 6 30 10,715 9,428 323 205 2,133 32,539 13,171 42,172 66 2015

29. (f) 6 30 12 31 1,428 125 444 125 1,872 20,645 59,200 152,106 6,097 4,635 26,742 215,941 2015 67

6 302014 2004 5 302004 6 302004 45,171,8826 302004 4 1 1 2 2 4 6 30 1 17 7.00 6.35 1,370,073 1,509,470 1,509,470 1 17 12 31 1 17 2018 12 31 2012 12 20 4.92 3 4.47 312,906 344,743 344,743 2013 12 21 2017 12 21 2013 12 21 2018 12 31 1 17 7.00 6.35 6,850,369 7,547,354 7,547,354 1 17 12 31 1 17 2018 12 31 1 17 7.00 6.35 6,850,369 3,773,677 7,547,355 3,773,678 1 1 2012 12 20 4.92 3 4.47 312,906 344,743 344,743 2013 12 21 2017 12 21 2013 12 21 2018 12 31 68 2015

4 1 1 2 2 4 6 30 2009 1 19 10.45 3 286,726 286,726 2010 1 19 1 19 2010 1 19 1 19 2011 7 15 9.09 3 8.25 227,705 250,873 250,873 2012 7 1 7 1 2012 7 1 2017 7 15 2012 12 20 4.92 3 4.47 312,906 344,743 344,743 2013 12 21 2017 12 21 2013 12 21 2018 12 31 2009 1 19 10.45 3 286,726 286,726 2010 1 19 1 19 2010 1 19 1 19 2011 7 15 9.09 3 8.25 227,705 250,873 250,873 2012 7 1 7 1 2012 7 1 2017 7 15 2012 12 20 4.92 3 4.47 312,906 344,743 344,743 2013 12 21 2017 12 21 2013 12 21 2018 12 31 2009 1 19 10.45 3 286,726 286,726 2010 1 19 1 19 2010 1 19 1 19 2011 7 15 9.09 3 8.25 227,705 250,873 250,873 2012 7 1 7 1 2012 7 1 2017 7 15 2012 12 20 4.92 3 4.47 312,906 344,743 344,743 2013 12 21 2017 12 21 2013 12 21 2018 12 31 2012 12 20 4.92 3 4.47 312,906 344,743 344,743 2013 12 21 2017 12 21 2013 12 21 2018 12 31 2009 1 19 10.45 3 1,168,764 1,168,764 2010 1 19 1 19 2010 1 19 1 19 2009 10 22 20.09 3 18.23 1,821,008 125,839 1,962,059 1,876,388 2010 7 1 2012 7 1 2010 7 1 10 22 2011 7 15 9.09 3 8.25 975,087 337,150 1,074,296 737,146 2012 7 1 7 1 2012 7 1 2017 7 15 2012 12 20 4.92 3 4.47 13,257,767 123,500 2 2,470,997 14,333,240 11,986,959 2013 12 21 2017 12 21 2013 12 21 2018 12 31 2013 8 13 5.07 4.60 5,765,542 508,788 6,119,974 5,821,918 3 31 2018 8 14 3 31 2019 12 31 2013 12 18 6.79 6.16 983,692 531,440 969,608 541,794 12 19 2018 12 19 12 19 2019 12 31 1 17 7.00 6.35 3,226,483 170,404 3,468,703 3,376,401 1 18 2019 3 31 1 18 2020 12 31 4 4 5.10 4.63 649,515 25,024 715,602 690,578 4 5 2019 4 5 4 5 2020 12 31 2015 69

4 1 1 2 2 4 6 30 2009 1 19 10.45 3 4,919,629 4,919,629 2010 1 19 1 19 2010 1 19 12 31 2009 10 22 20.09 3 18.23 326,567 359,793 359,793 2010 7 1 2012 7 1 2010 7 1 10 22 2011 7 15 9.09 3 8.25 910,785 1,003,452 1,003,452 2012 7 1 7 4 2012 7 1 12 31 2012 7 4 4.31 3 3.91 726,058 799,930 799,930 2013 7 4 7 4 2013 7 4 12 31 2013 8 13 5.07 4.60 123,960 136,571 136,571 3 31 2018 8 14 3 31 2019 12 31 1 17 7.00 6.35 1,950,000 2,148,402 2,148,402 1 17 2016 9 1 1 17 2019 9 30 1 17 7.00 6.35 37,188 40,971 40,971 1 18 2019 3 31 1 18 2020 12 31 55,333,585 123,500 14,891,890 52,557,857 45,171,882 1. 6,850,3692018 12 31 2. 4.67 3. 201320042013 4 22 2013 4 25 4. 20042004 2 2 1 30 70 2015

6 302014 1 1 6 30 4 1 4.44 37,400,000 1 2,200,000 35,200,000 2016 4 1 2018 4 1 2016 4 1 2020 12 31 4 1 4.44 800,000 1 800,000 2016 4 1 2018 4 1 2016 4 1 2020 12 31 38,200,000 2,200,000 36,000,000 1. 4 14.40 20046 30 27 6 30 6 30 1 1 1 6 30 2010 9 3 23.30 440,000 440,000 2011 7 1 2016 7 1 1 17 6.71 1,370,073 1,370,073 2 1,810,073 1,810,073 2015 71

1. 2. 1,370,073 18 6 30XV 352 * 303,876,053 1 252,707,086 1 11,665,775 2 3 344,743 2 489,387 595,616 2 491,645 595,616 2 268,387 595,616 2 344,743 2 556,583,139 29.52% 11,665,775 0.62% 344,743 0.02% 1,085,003 0.06% 1,087,261 0.06% 864,003 0.05% 344,743 0.02% * 6 301,885,390,051 72 2015

1. 303,876,0531,940,933 Viva China Holdings Ltd BVIAlpha Talent 301,935,120252,707,086 (i)1,509,470(ii)1,370,073(iii)bvi 249,827,543722,478,136 (a) BVI 299,374,000249,827,543 (i)398,156,304 3.183125,088,377(ii)324,321,831.60 2.60124,739,166 Victory Mind Assets LimitedVictory MindLead Ahead LimitedLead AheadDragon City Management (PTC) LimitedDragon City14.67% 24.43%27.50% Lead Ahead Dragon City60% 60%Victory Mind Ace Leader Holdings Limited 57%299,374,000249,827,543 (b) 2,561,120 Alpha TalentAlpha TalentAlpha Talent2,561,120 Alpha Talent (c) 20046.35 1,509,470 1,370,073 2. 2004 3. 7 4 6 30XV7 8 XV 352 2015 73

6 30336 5% * 303,876,053 252,707,086 556,583,139 (L) 29.52% 1 299,374,000 249,827,543 549,201,543 (L) 29.13% 2 299,374,000 249,827,543 549,201,543 (L) 29.13% 1(a) David Bonderman 53,000,000 229,634,281 282,634,281 (L) 14.99% 3 James G. Coulter 53,000,000 229,634,281 282,634,281 (L) 14.99% 3 Minister for Finance 92,940,823 59,580,856 152,521,679 (L) 8.09% 4 BlackRock, Inc. 139,991,132 139,991,132 (L) 7.43% 26,707,817 26,707,817 (S) 1.42% Lou Yunli 134,583,330 134,583,330 (L) 7.14% 5 James Christopher Kralik 134,583,330 134,583,330 (L) 7.14% 5 FIL Limited 131,012,006 131,012,006 (L) 6.95% Genesis Asset Managers, LLP 128,903,842 128,903,842 (L) 6.84% Marathon Asset Management LLP 115,765,127 115,765,127 (L) 6.14% (L) (S) * 6 301,885,390,051 74 2015

1. 303,876,0531,940,933 BVI Alpha Talent 301,935,120252,707,086 (i)1,509,470 (ii)1,370,073(iii)bvi249,827,543722,478,136 (a) BVI 299,374,000249,827,543(i)398,156,304 3.183125,088,377(ii)324,321,831.60 2.60124,739,166 Victory Mind Lead Ahead Dragon City 14.67% 24.43%27.50% Lead Ahead Dragon City60% 40%Victory Mind Ace Leader Holdings LimitedJumbo Top Group Limited 57% 38%299,374,000249,827,543 (b) 2,561,120 Alpha TalentAlpha TalentAlpha Talent2,561,120 Alpha Talent (c) 20046.35 1,509,470 1,370,073 2. 1(a) 299,374,000249,827,543 3. TPG Stallion, L.P.TPG53,000,000229,634,281(i) 2017561,000,000 168,629,032(ii)123,888,471 3.18338,921,919 (iii)57,416,658 2.6022,083,330TPG TPG Asia Advisors V, Inc. TPG Asia Advisors V, Inc. David BondermanJames G. Coulter50% 4. Tetrad Ventures Pte. Ltd.Tetrad80,438,625 2017189,000,000 56,810,850 2,770,006 Tetrad GIC (Ventures) Pte LtdGovernment of Singapore Investment Corporation (Ventures) Pte Ltd) GIC Special Investments Pte LtdTetradGIC Private LimitedGovernment of Singapore Investment Corporation Pte LtdGICGIC 12,502,198Minister for Finance 5. Linden Street Capital LimitedLindenLou Yunli James Christopher Kralik50% 134,583,330 Milestone Capital Strategic Holdings Limited70,833,330Milestone Sports Limited63,750,000 6 30 336 2015 75

2012 2 8561,000,000189,000,000 TPG Stallion Holdings, L.P.TPGTetrad Ventures Pte. Ltd.GIC 2013 1 23TPG GIC 4.502013 1 25 20152 24.504.092 2 2750,000,000205,000,000 225,439,8821 30 2013 4 22 1,847,838,0002013 527,953,814 12 1620151 8125 2015201512 16 1 9 2015597,511,530450,630,034381,891,889.60 20152 2 146,881,496 1 30 20152013 20132 23.50 3.183 2 2529,251,71320132013 151,214,775166,274,4931 30 6 302,038,522.122013136,916.002015 632,80952,6602013 527,481,388.3772015 381,754,973.60 165,718,312146,828,836 6 30 76 2015

1. 3 18 2. 7 4 3. 8 12 12 31 13.51B(1) A.2.11 16 30 A.2.1 6 30 3 18 6 30 6 30 2410 6 30 34 8 12 2015 77

2004 6 28 2331 500 6 30 1,885,390,051 6 30 6,674,280,780 8 12 2016 3 http://www.lining.com http://ir.lining.com 8 45 1, 7-15 +852 3541 6000 +852 3102 0927 investor@li-ning.com.cn 78 2015

2004 2004 6 5 2009 5 152012 10 11 5 30 2013 2013 3 27 2014 5 30 2015 1 9 Alpha Talent Alpha Talent Management Limited 2015 79

2006 7 14 2009 4 302012 7 4 571 0.10 % 80 2015