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Crescel Reports Positive Randomized Controlled Trial Results for Biobotanical Skin Renewal Cream in Rosacea

Study Shows Greater Clinical Improvement vs. Metronidazole-Based Standard of Care with Favorable Tolerability

MIAMI BEACH, Fla., March 20, 2026 /PRNewswire/ — Crescel LLC, an innovative science and technology company, today announced results from a double-blind, randomized, active comparator-controlled clinical trial evaluating its biobotanical Skin Renewal Cream compared to a commonly used standard of care—topical metronidazole (Metrocream®) combined with CeraVe® moisturizer—in individuals with rosacea, a chronic inflammatory skin condition.

The study, conducted under the direction of a world-renowned dermatologist, enrolled 60 adult subjects with mild to severe rosacea and evaluated outcomes over a 12-week treatment period. Results from the trial are expected to be submitted for publication in a peer-reviewed medical journal in 2026.

Clinical Outcomes

Subjects were randomized to receive either Crescel Skin Renewal Cream or metronidazole 0.75% plus moisturizer twice daily. Dermatologist assessments were conducted at baseline and at Weeks 4, 8, and 12.

Crescel Skin Renewal Cream demonstrated statistically significant improvements from baseline across key measures:

  • Redness (Erythema):
    • Crescel: ↓54% at Week 12 (p<0.001)
    • Standard of care: ↓23% at Week 12 (p=0.004)
  • Inflammatory Lesions (Papules & Pustules):
    • Crescel: ↓74% at Week 8, maintained through Week 12 (p≤0.004)
    • Standard of care: ↓17% at Week 12 (not statistically significant)

Both groups showed reductions in redness; however, the Crescel group demonstrated greater overall improvement. For inflammatory lesions, reductions observed in the comparator group did not reach statistical significance at any time point.

Tolerability

Crescel Skin Renewal Cream was well tolerated, with no negative side effects observed during the study period. No clinically relevant issues related to irritation, dryness, or skin barrier disruption were reported.

Product Profile

Crescel Skin Renewal Cream is formulated as a biobotanical topical, combining naturally derived components with a proprietary microemulsion delivery system designed to support healthy skin function. The product has received the National Rosacea Society Seal of Acceptance and the National Psoriasis Foundation Seal of Recognition.

“These findings support the potential for a new approach in managing rosacea,” said Peter J. Passalacqua, Jr., Co-Founder, Chairman & CEO of Crescel. “In this controlled clinical trial, Crescel demonstrated greater improvement across key measures compared to a commonly used standard regimen, with a favorable tolerability profile.”

Additional Observations

Crescel Skin Renewal Cream has also been evaluated in other skin-related conditions, including psoriasis, eczema, acne, and diabetic ulcers.

“Crescel’s healing capabilities are exceptional,” said Dr. Roberta Shapiro, Department of Regenerative Medicine and Rehabilitation, Columbia University Medical Center and Senior Medical Advisor to Crescel. “I have never seen anything like this in my 30 years of practicing rehabilitation medicine.”

Crescel Skin Renewal Cream is available online at www.crescel.com.

Firstsource Introduces Intelligence That Operates

A Full-Stack, Agent-First Model That Closes the Enterprise AI Deployment Gap

NEW YORK and MUMBAI, India, March 20, 2026 /PRNewswire/ — Firstsource Solutions Limited (NSE: FSL) (BSE: 532809), an RP-Sanjiv Goenka Group company, today launched Intelligence That Operates, a full-stack, agent-first operating model to design, build, and run AI-powered enterprise operations — with outcomes underwritten, not promised.

The announcement marks a significant evolution of the company’s UnBPO™ platform and a direct response to what has become the defining challenge of the agentic era. AI capability has never been greater — and yet for most enterprises, the operational reality on the ground has barely shifted. Pilots stall. Investments fail to translate into measurable outcomes. The gap between what AI can do and what businesses actually get from it keeps widening. The barrier, Firstsource argues, is not the technology. It is the operating model. Enterprises are trying to bolt AI onto structures built for a different era — siloed teams, linear handoffs, effort-based contracts, and vendors who design solutions they never have to live with in production.

Intelligence That Operates addresses a structural gap that has long fragmented enterprise services across separate vendors and separate accountability structures — the consultant who designs but doesn’t implement, the integrator who builds but doesn’t operate, the BPO that operates but never transforms. Firstsource unifies all three into a single, continuous engagement: Transform, Implement, Operate — with one partner accountable for the outcome end-to-end.

“UnBPO was never about tearing something down. It was about seeing clearly what was coming. It forced us to ask what this industry becomes when intelligence, not labor, is the primary input. ” said Ritesh Idnani, CEO & Managing Director of Firstsource. “Today, we are defining that for ourselves. We’re a full-stack partner to our clients. We design the operating model, build the intelligence layer, and run it in production with our name on the outcome. That is what Intelligence That Operates means. If we can’t underwrite the result, we haven’t earned the right to operate it.”

Intelligence That Operates is defined by five principles.

  • Domain Intelligence — industry complexity encoded from day one, so the intelligence knows the business context before it touches operations.
  • Full-Stack Delivery — one partner transforms, implements, and operates, eliminating the handoffs where accountability disappears.
  • Compounding Intelligence — every decision and outcome feeds back into the system, so the operational advantage widens with every engagement rather than plateauing at deployment.
  • Outcome Accountability — revenue tied to results delivered, not resources consumed, with Firstsource underwriting performance rather than managing a contract.
  • Governed Autonomy — every system earns its autonomy incrementally, through transparent auditability and proven performance, never assumed.

“The question every enterprise leader should be asking right now is not which AI vendor to pilot next,” added Ritesh Idnani. “It is: who will own the outcome when the intelligence doesn’t perform? Our answer is simple — we will. That is the standard we hold ourselves to, and the standard we believe this entire industry must be held to.”

Underpinning the model is twenty-five years of domain expertise encoded into composable, auditable AI that agents can execute, learn from, and improve upon. Every deployment generates structured decision traces that feed back into the system, compounding the operational advantage with every engagement.
Intelligence That Operates also redefines what it means to build a career in this industry. Firstsource’s Employee Value Proposition — Brilliant People. Bold Tech. Uncommon Careers. — reflects that directly. The domain expertise and creativity of its people power the intelligence behind every operation, while bold technology enables smarter systems to be designed and run at scale. Together, they create careers that are fundamentally more dynamic and impactful than traditional outsourcing ever allowed.

Industry Perspectives “The services industry is going through a real reckoning right now. The old model — where you hand off disparate parts and manage a vendor – doesn’t hold up when the technology is moving this fast. We need partners who work alongside us on the entire value chain with rewards tied to outcomes. Firstsource is a true partner that has actually made the leap, not just talked about it. They’re not advising us on AI. We are reimaging processes and co-creating new capabilities, inside our business, and owning what comes out the other side. That’s a different conversation entirely.”

Bala Viswanathan, Founder and Group CEO, Aptia Group

Firstsource is taking a decisive step toward what the services market has been struggling to operationalize, moving from AI experimentation to accountable execution. What stands out with Intelligence That Operates is the shift from fragmented delivery to a unified, full-stack model where one partner designs, builds, and runs AI in production with outcomes on the line.

This is where the market is heading. Enterprises are no longer buying AI capability; they are buying results. Providers that can combine domain intelligence, agentic execution, and commercial accountability into a single operating model will define the next phase of services. Firstsource is positioning itself on the right side of that transition.”

Phil Fersht, CEO and Chief Analyst, HFS Research

“ETS operates at the intersection of high-stakes outcomes and complex, regulated processes — there is very little margin for error in what we do. What has distinguished Firstsource as a partner is that they understand that. They are not bringing us generic AI capability and asking us to figure out how to apply it. They are embedded in our operations, accountable for how the work actually performs. Intelligence That Operates reflects how we have experienced this partnership — and it is the kind of operating model that regulated, outcomes-driven organizations like ours need from a partner right now.”

Dennis Stetzel, SVP & Head of Operations, ETS

“Every organization is at a decisive inflection point with AI; they must evolve and reinvent at the same time. This requires a fundamental rewiring of operating models across processes, data, talent, technology, and culture.

The market makers are doing this by building Systems of Execution – autonomous systems that work alongside systems of record to continuously adapt, execute, and deliver measurable outcomes. On this journey, organizations are increasingly seeking partners that can bring deep domain, functional, and process intelligence underpinned by connected data and a contextualized AI stack.” 
 Jimit Arora, CEO, Everest

For more information on Intelligence That Operates, visit: https://unbpo.firstsource.com/

About Firstsource

Firstsource Solutions Limited, an RP-Sanjiv Goenka Group company (NSE: FSL) (BSE: 532809), is a global intelligence partner for enterprises in healthcare, banking and financial services, communications, media and technology, and retail.  With a operations across the US, UK, India, Philippines, Mexico, Romania, Turkey, Trinidad & Tobago, South Africa, and Australia, Firstsource combines twenty-five years of domain expertise with an agent-first delivery model to design, build and operate intelligence enterprise operations. Under its Intelligence That Operates model, Firstsource underwrites outcomes — not effort — turning deep domain intelligence into compounding operational advantage for the world’s most regulated industries. (www.firstsource.com)

Gastops and TKMS Sign Teaming Agreement to Establish Canadian Center of Excellence for the Canadian Patrol Submarine Project

OTTAWA, ON, March 20, 2026 /PRNewswire/ — Gastops, an innovative Canadian provider of advanced In-Service Support solutions across marine, aerospace, energy, and industrial applications, has signed a Teaming Agreement with TKMS, a German provider of integrated system solutions in maritime defense technologies with more than 180 years of experience in naval engineering, to support the Canadian Patrol Submarine Project.

Through this collaboration, Gastops and TKMS will establish an Automation System In-Service Support (ASISS) Center of Excellence dedicated to supporting the Royal Canadian Navy’s CPSP program. The ASISS comprises the comprehensive, long-term management and execution of all activities in Canada required to operate, maintain, and sustain the installed submarine Automation/Platform Management System (PMS) and the Steering & Driving Control (S&DC)/Autopilot systems throughout their entire life cycle, ensuring maximum operational availability.

The collaboration will be enhanced by Canadian AI company, CORSphere, incorporating their AI-based machinery/system performance assessment, diagnostics, prognostics to enhance boat availability and maintenance optimization.

“Gastops is honored to work alongside TKMS on a program of such national importance,” said Shaun Horning, President and CEO of Gastops. “We are excited to leverage our rich history of supporting the RCN in partnership with TKMS’s world‑leading submarine technologies. We are building a powerful ASISS capability that will provide serviceability and readiness to the Royal Canadian Navy for decades.”

About Gastops

Gastops is the world’s leading provider of intelligent condition monitoring solutions used in Aerospace, Defence, Energy, and Industrial applications to optimize the availability, performance, and safety of critical assets. We offer peace of mind to our customers with innovative online monitoring sensors, at-line analysis, complex modeling and simulation, world class laboratory testing, engineering, design, and MRO services that predict performance to enable proactive operating decisions. Gastops has been providing powerful insights into the condition of critical equipment since 1979.

www.gastops.com 

About TKMS

TKMS is one of the world’s leading naval companies with more than 9,100 employees (including temporary workers) at three shipyards in Kiel, Wismar and Itajaí (Brazil), and with locations worldwide. The company is active as a systems supplier for submarines and naval surface vessels as well as for maritime electronics and security technologies. Around 3,300 employees work at the Kiel site, making it the largest shipyard location in Germany. 185 years of history and the constant striving for improvement allow the company to set new standards time and time again. TKMS offers its customers worldwide tailored solutions to meet the highly complex challenges of a changing world. The driving forces behind this innovative energy are the company’s employees, who shape the future of TKMS with passion and commitment every day.

www.tkmsgroup.com 

Media Contacts: media@gastops.com, +1 (613) 744-3530

“The Majestic Han: A Golden Age of Vigour and Cultural Integration” exhibition opens


HONG KONG SAR – Media OutReach Newswire – 19 March 2026 – The opening ceremony of the exhibition titled “The Majestic Han: A Golden Age of Vigour and Cultural Integration” was held today (March 19) at the Hong Kong Heritage Discovery Centre. The exhibition is jointly organised by the Development Bureau (DEVB) and the National Cultural Heritage Administration (NCHA). It features significant archaeological finds unearthed on the Chinese Mainland and in Hong Kong, showcasing the dynamic and innovative Han dynasty, a golden era that made profound contributions to promoting exchanges between Chinese and Western civilisations.

The opening ceremony of the exhibition titled
The opening ceremony of the exhibition titled “The Majestic Han: A Golden Age of Vigour and Cultural Integration” was held today (March 19) at the Hong Kong Heritage Discovery Centre. Photo shows the Secretary for Development, Ms Bernadette Linn (centre); the Director of Art Exhibitions China, Mr Tan Ping (second right); the Second-level Inspector of the Department of Publicity, Cultural and Sports Affairs of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, Mr Chen Xinyu (second left); the Chairman of the Antiquities Advisory Board, Professor Desmond Hui (first right); and the Chairman of the Advisory Committee on Built Heritage Conservation, Professor Douglas So (first left), officiating at the opening ceremony.

Speaking at the opening ceremony, the Secretary for Development, Ms Bernadette Linn, said that the Han and Tang dynasties were both golden eras in Chinese history, leaving behind a wealth of important historical legacies for the Chinese nation. Following the success of the “Tang Vogue Beyond the Horizons: A Golden Era of Multicultural Integration and Openness” exhibition jointly organised by the DEVB and the NCHA last year, both parties collaborated again to present a large-scale Han dynasty-themed artefact exhibition this year. She eagerly anticipates that through these precious artefacts, members of the public and tourists will learn more about the glorious history of the Han dynasty and appreciate the remarkable virtues of traditional Chinese culture. They will also discover a fresh perspective through the narratives conveyed by the artefacts from Hong Kong and the Chinese Mainland.

Other officiating guests at the opening ceremony of the exhibition were the Director of Art Exhibitions China, Mr Tan Ping; the Second-level Inspector of the Department of Publicity, Cultural and Sports Affairs of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, Mr Chen Xinyu; the Chairman of the Antiquities Advisory Board, Professor Desmond Hui; and the Chairman of the Advisory Committee on Built Heritage Conservation, Professor Douglas So.

The exhibition is presented in six thematic sections, covering political system, economic development, culture and beliefs, scientific and technological development, social life and external exchanges. It features 252 pieces/sets of invaluable exhibits. Among them, 203 pieces/sets, including 40 grade-one cultural relics, come from 29 museums and cultural institutions in 14 provinces and autonomous regions on the Chinese Mainland, and most of them are being shown in Hong Kong for the first time. The remaining 49 pieces/sets are significant archaeological finds dating to the Han period unearthed in Hong Kong, painstakingly selected by the Antiquities and Monuments Office of the DEVB.

The star exhibits from the Chinese Mainland highlight the Han precious bronze horse-leading figurine and bronze horse; an eaves end tile with Chinese characters Han Bing Tian Xia (Han unifies the realm); a seven-storey painted pottery granary house with linked pavilion; the Yi Li (Etiquette and rites) wooden slips, a bronze fang vessel of Inner Treasury of Zhongshan, a gold linzhi hoof, the silk letter from Yuan to Zifang and arithmetical slips unearthed at the Xuanquan relay station site in Dunhuang; a silk manuscript of Yinyang Wuxing (Yinyang and the Five Elements) Article B; a silk padded robe with Chang Shou (longevity) embroidery on a crimson purple juan (plain weave silk) ground; gloves with lozenge pattern; padded socks; and a lacquered wooden plate with leopard cat motif and Chinese characters Jun Xing Shi (food for the honoured guest) and a silver box with garlic pattern. Other exhibits cover a variety of categories, ranging from Han bamboo slips, coins, bronze vessels, clothes and ornaments to pottery figurines, pottery houses and agricultural tools, which present the daily lives of various social strata in the Han period.

The key exhibits unearthed in Hong Kong include a pottery house unearthed at Lei Cheng Uk Han Tomb, as well as the Han period artefacts excavated at local significant archaeological sites such as Tung Wan Tsai in Ma Wan, So Kwun Wat in Tuen Mun and Kau Sai Chau in Sai Kung, covering Wuzhu bronze coins, a textile fragment, a stone seal, a bronze ear-cup, jade slotted rings and glass beads. These relics reflect that the Han culture had long been rooted in Hong Kong, and showcase the city’s connection with the country, the pluralistic nature of the Chinese culture and Hong Kong’s links with the early Maritime Silk Road trade.

Admission to the exhibition is free. Details are as follows:

Date: March 20 to September 20
Opening hours:
Monday to Wednesday and Friday: 10am to 6pm
Saturday, Sunday and public holidays: 10am to 7pm
Closed on Thursdays (except public holidays)
Venue: Hong Kong Heritage Discovery Centre, Kowloon Park, Haiphong Road, Tsim Sha Tsui
Note: Docent services in Cantonese, Putonghua and English are available on Saturday, Sunday and public holidays. Enrolment on-site is welcome and no advance booking is required.

For more details about the exhibition and docent services, as well as a highlight video of the exhibition, please visit the Antiquities and Monuments Office website (www.amo.gov.hk/en/visitor-centre/exhibitions/heritage-discovery-centre/han-exhibition/index.html).

Download key exhibition information and images HERE
Click here to download high- resolution photo

Captions:

1. The opening ceremony of the exhibition titled “The Majestic Han: A Golden Age of Vigour and Cultural Integration” was held today (March 19) at the Hong Kong Heritage Discovery Centre. Photo shows the Secretary for Development, Ms Bernadette Linn (centre); the Director of Art Exhibitions China, Mr Tan Ping (second right); the Second-level Inspector of the Department of Publicity, Cultural and Sports Affairs of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, Mr Chen Xinyu (second left); the Chairman of the Antiquities Advisory Board, Professor Desmond Hui (first right); and the Chairman of the Advisory Committee on Built Heritage Conservation, Professor Douglas So (first left), officiating at the opening ceremony.
2. Photo shows the Secretary for Development, Ms Bernadette Linn, delivering a speech at the opening ceremony.
3. Photo shows the Director of Art Exhibitions China, Mr Tan Ping, delivering a speech at the opening ceremony.
4. Photo shows the Secretary for Development, Ms Bernadette Linn (first right); the Director of Art Exhibitions China, Mr Tan Ping (second right); the Chairman of the Antiquities Advisory Board, Professor Desmond Hui (second left); and the Chairman of the Advisory Committee on Built Heritage Conservation, Professor Douglas So (first left), touring the exhibition.
5. Photo shows the Secretary for Development, Ms Bernadette Linn (right); the Director of Art Exhibitions China, Mr Tan Ping (centre); and other guests, touring the exhibition.
6. Photo shows the Han precious bronze horse-leading figurine and bronze horse.
7. Photo shows an eaves end tile with Chinese characters Han Bing Tian Xia (Han unifies the realm).
8. Photo shows a seven‑storey painted pottery granary house with linked pavilion.
9. Photo shows the Yi Li (Etiquette and rites) wooden slips.
10.Photo shows the silk letter from Yuan to Zifang unearthed at the Xuanquan relay station site in Dunhuang.
11.Photo shows the arithmetical slips unearthed at the Xuanquan relay station site in Dunhuang.
12. Photo shows a silk-padded robe with Chang Shou (longevity) embroidery on a crimson-purple juan (plain weave silk) ground.
13.Photo shows a lacquered wooden plate with leopard cat motif and Chinese characters Jun Xing Shi (food for the honoured guest).
14.Photo shows a silver box with garlic pattern.
15. Photo shows a pottery house unearthed at Lei Cheng Uk Han Tomb in Hong Kong.
16. Photo shows a Wuzhu bronze coin unearthed at the So Kwun Wat site in Tuen Mun.

Hashtag: #TheMajesticHan

The issuer is solely responsible for the content of this announcement.

Mureka Unveils Studio and Remix, Advancing Its Vision for an AI-Native Music Creation Era

SINGAPORE, March 20, 2026 /PRNewswire/ — Mureka, the AI-powered music creation platform developed by Skywork AI, today announced the release of two new capabilities — Studio and Remix — as part of its continued push to redefine how music is imagined, created, and evolved in the age of artificial intelligence.

Rather than positioning AI as a shortcut, Mureka frames it as a new creative infrastructure — one where intuition, iteration, and authorship are reimagined through software.

Toward an AI-Native Creative Stack

In the past year, generative AI has dramatically lowered the barrier to music creation. Yet for many creators, the process has remained fragmented — ideas can be generated instantly, but refining them into something intentional, expressive, and complete still requires traditional tools and workflows.

Mureka’s latest release signals a shift away from this divide.

With Studio, the platform moves closer to a fully integrated, AI-native production environment — where generation and editing are no longer separate stages, but part of a continuous creative loop. Users can move fluidly between exploration and control, shaping music in context rather than in fragments.

At the same time, Remix reflects another emerging paradigm: music as a living, adaptable medium. Instead of static outputs, compositions become flexible assets that can be reinterpreted, localized, and reimagined in real time.

Together, these releases suggest a broader ambition — not just to accelerate music creation, but to fundamentally change its structure.

From Tools to Systems

What distinguishes Mureka is not only the quality of its outputs, but the system it is building around them.

By combining generative models with timeline-based editing, structured audio decomposition, and controllable vocal identity, the platform is evolving into a cohesive environment where:

  • Ideas can be generated, tested, and refined without leaving the system
  • Creative decisions remain reversible, modular, and iterative
  • Music production becomes increasingly non-linear and exploratory

This system-level approach reflects a deeper thesis: that the future of creativity will not be defined by isolated features, but by how seamlessly they connect.

Expanding Creative Possibility

Mureka’s user base — spanning content creators, independent artists, and professional producers — increasingly operates in contexts where speed, adaptability, and originality are equally critical.

Short-form video, global distribution, and always-on content cycles demand not just more music, but more variation, faster iteration, and tighter alignment with context.

By enabling rapid transformation of musical ideas without compromising coherence, Mureka is positioning itself as a foundational layer for this new creative economy.

A New Role for AI in Music

As debates continue around the role of AI in artistic creation, Mureka’s approach is notably pragmatic: augment, not replace.

The platform emphasizes controllability, authorship, and stylistic intent — giving users the ability to guide outputs rather than simply receive them. In this sense, AI becomes less of a generator and more of a collaborator embedded directly into the creative process.

The launch of Studio and Remix underscores this philosophy — shifting the focus from one-off generation toward sustained, iterative creation.

Looking Ahead

As AI-generated content becomes increasingly ubiquitous, the next phase of innovation will be defined not by whether something can be created, but by how meaningfully it can be shaped.

With this release, Mureka signals its direction clearly: toward a future where music creation is faster, more flexible, and more deeply integrated — without losing the nuance and intentionality that define great work.

Both Studio and Remix are now available globally via mureka.ai.

About Mureka
Mureka is an AI-powered music creation platform that generates original songs, lyrics, and melodies from text prompts and audio references. Built for creators, musicians, and producers, it combines high-fidelity generation with advanced creative control, enabling a new paradigm of music production in the AI era.

Li Ning Company Limited Announces 2025 Annual Results


Anchored in a “Single Brand, Multi-categories, Diversified Channels” Strategy
Technology and Premium Sports Resources Drive Our Competitive Edge

FINANCIAL HIGHLIGHTS

  • During the year, the Group recorded the following operating results:
    • Revenue rose by 3.2% to RMB29,598 million; gross profit margin declined by 0.4 percentage points to 49%
    • Net operating cash inflow was RMB4,852 million
    • Net profit attributable to equity holders was RMB2,936 million with net profit margin of 9.9%, and EBITDA margin was 20.8%
  • Working capital remained at a healthy level:
    • The percentage of gross average working capital to revenue was 7.7%
    • The cash conversion cycle was at 37 days, two days longer than last year
  • The Board has recommended the payment of final dividend of RMB23.36 cents per ordinary share for the year ended 31 December 2025, together with the interim dividend of RMB33.59 cents per ordinary share paid in September 2025, the total dividend for the year ended 31 December 2025 will amount to RMB56.95 cents per ordinary share or a total dividend payout ratio of 50%.

OPERATIONAL HIGHLIGHTS

  • The retail sell-through for the overall platform remained flat, including online and offline channels.
  • Offline new product sell-through accounted for 83% of overall offline sell-through, maintaining at healthy and reasonable level.
  • The overall channel inventory turnover was at 4 months, channel inventory level and ageing structure remained healthy.

HONG KONG SAR – Media OutReach Newswire – 19 March 2026 – Li Ning Company Limited (the “Company” or “Li Ning Company”; together with the subsidiaries, the “Group”; stock codes: 2331 (HKD counter) and 82331 (RMB counter)) today announced its audited annual results for the year ended 31 December 2025 (the “Year”).

Financial Results

In 2025, the Group continued to enhance the technological features of its products, optimising channel efficiency, and strengthening the brand’s professional positioning, delivering stable operating performance. During the year, the Group’s revenue amounted to RMB29,598 million, representing an increase of 3.2% compared with 2024 (2024: RMB28,676 million). Gross profit amounted to RMB14,489 million, up 2.4% from 2024 (2024: RMB14,156 million). The overall gross profit margin decreased by 0.4 percentage points to 49.0% (2024: 49.4%).

During the year, the net profit attributable to equity holders was RMB2,936 million (2024: RMB3,013 million). The margin of net profit attributable to equity holders was 9.9% (2024: 10.5%). Return on equity attributable to equity holders was 10.9% (2024: 11.9%). Basic earnings per share was RMB113.91 cents (2024: RMB116.98 cents). The Board has recommended the payment of a final dividend of RMB23.36 cents per ordinary share for the year ended 31 December 2025. Together with the interim dividend of RMB33.59 cents per ordinary share paid in September 2025, the total dividend for the year ended 31 December 2025 will amount to RMB56.95 cents per ordinary share or a total dividend payout ratio of 50% (2024: 50%).

In cash flow management, the Group’s net cash generated from operating activities during the year amounted to RMB4,852 million (2024: RMB5,268 million). As at 31 December 2025, cash and cash equivalents (including cash at banks and on hand, and fixed-term deposits with an original maturity of no more than three months) amounted to RMB16,717 million, an increase of RMB9,218 million compared with 31 December 2024. Adding back the amount recorded as fixed-term deposits held at banks, cash balance at 31 December 2025 amounted to RMB19,973 million, representing a net increase of RMB1,833 million compared with 31 December 2024. During the year, revenue increased year-on-year, while cash-based expenses including marketing costs and tax payments rose, coupled with the settlement time lag of e-commerce platforms, leading to a year-on-year decrease in net cash generated from operating activities. Meanwhile, the maturity and redemption of time deposits led to a significant increase in net cash generated from investing activities. The Group will continue to place extra emphasis on cash flow management to ensure the stable development of the Company in the long term.

Operational Summary

In 2025, the Group remained anchored in its “Single Brand, Multi-categories, Diversified Channels” strategy, advancing development through product upgrades, channel optimisation, and brand marketing.

The Group focused on six core categories—running, basketball, training, badminton, table tennis and sports casual—while actively pursuing opportunities in emerging fields and exploring new sports subcategories, such as outdoor, tennis and pickleball. During the year, the Group continued to upgrade its products through technological innovation and enhance the deployment of professional sports resources, guided by three key pillars: reinforcing a professional sports mindset, showcasing sports-fashion aesthetics, and honouring Chinese cultural heritage. In addition, it worked proactively to strengthen brand influence and increase brand recognition and visibility through diversified, and comprehensive marketing campaigns.

As the official partner of the Chinese Olympic Committee, the Group leveraged its deep expertise and strong professional sports credibility to blend sportsmanship with cutting-edge technology and Eastern aesthetics—all under the narrative theme “China’s Glory, Together with LI-NING.” During the year, it opened the world’s first LI-NING “Loong Store” and launched the “Glory Gold Label” product series, transforming exclusive, top-tier scarce sports resources into a driving force for brand reputation and market recognition, continuously strengthening consumers’ perception of LI-NING’s professional capabilities and product reliability.

In terms of channel development, the Group continued to advance a multi-dimensional channel network layout to expand market coverage while enhancing operational efficiency. In high-end markets, the Group deepened synergistic collaborations with top-tier commercial complexes and leading outlet malls, jointly promoting the planning and implementation of innovative stores. During the year, the Group successfully launched an independent outdoor store “COUNTERFLOW”, marking an important milestone for the brand’s official entry into the outdoor segment. The Group actively carried out cross-industry collaborations, partnering with top IPs embodying Chinese cultural heritage such as the Palace Museum, and launched marketing campaigns by collaborating with channel partners through diverse initiatives, effectively improving brand reach and conversion. In terms of efficiency enhancement, the Group continued to optimize the channel structure and improved rental structures and cooperation models, enhancing overall channel health and operational sustainability through a series of strategic optimization measures. As of 31 December 2025, the LI-NING brand (including LI-NING Core Brand and LI-NING YOUNG) operated a total of 7,609 conventional stores, flagship stores, China LI-NING stores, factory outlets, and multi-brand stores, representing a net increase of 24 POS compared with 31 December 2024.

In terms of retail operations, the Group built a highly profitable, efficient, and replicable single-store operating model. In high-level markets, targeted brand strategies were implemented across key regions, strengthening brand image and improving product operation efficiency through optimised channel structure, store product mix, and shopping experience. The Group established a distribution management model to improve operational efficiency and sustainable development capabilities of the distribution system. In addition, the Group strengthened the efficient coordination between retail outlets and the logistics system. Through refined planning systems, flexible supply chain construction and digital support, channel inventory turnover and full lifecycle product management were realised, thereby comprehensively improving operational quality and efficiency.

In terms of e-commerce operations, the Group made precise deployments that effectively enhanced consumer awareness and market share during major e-commerce campaigns such as Tmall Celebration Day and Tmall Super Product Day. During the year, core IP products such as “Zhui Feng”, “DLO”, “ULTRALIGHT” and “LI REN” delivered outstanding performance, successfully penetrating multiple consumer segments including Gen Z, professional sports and trendy fashion, ranking highly in both sales and reputation across segmented markets. By leveraging top athletes, celebrities, trending events and channel resources, the Group not only enhanced product exposure and achieved traffic acquisition and promotional sales conversion, helping inventory optimisation, but also supported offline business and drove overall revenue growth.

In terms of supply chain, the Group continuously optimised the supplier matrix, aligning high-quality supplier resources for high-end sports, outdoor, premium and sponsored product lines. Meanwhile, the Group aligned with its major product plan by adopting segmented production planning and data-driven management to achieve high-level coordination among product planning, supply chain, logistics, and retail outlets. To improve operational efficiency, the Group adopted multiple measures such as integration of fabric resources, optimization of process structures, large-scale procurement of materials and staggered production scheduling, further improving the cost structure, while enhancing production efficiency. In addition, the Group continued to integrate sustainable development into supply chain management and promoted green products, with the proportion of eco-friendly products exceeding annual targets during the year.

In terms of logistics, the Group launched a channel logistics project to connect the order system with logistics operations, improving product circulation efficiency and fulfilment timeliness. On the digital front, the Group introduced a warehouse coordination system and adopted SKU-level refined management. In terms of automation, automated equipment was introduced into various warehouses, enabling multi-scenario coverage and data visualization management. In December 2025, the East China and North China warehouses took the lead in adopting RFID full-process warehouse management, achieving full-process traceability of logistics data, greatly strengthening inventory management precision, and deployment across all warehouses is expected to be completed in the first quarter of 2026 to continuously drive cost reduction and efficiency improvement.

In terms of its kidswear business, LI-NING YOUNG continued to focus on professional sports and children’s developmental needs, advancing product optimization and exclusive IP creation. In terms of channel strategy, the Group continued to strengthen outlet channel development, improve single-store efficiency and optimize overall channel structure while accelerating its e-commerce deployment. LI-NING YOUNG maintained a coordinated development of wholesale and direct retail. Through refined management and strategic layout, both scale and quality were improved. In terms of marketing, LI-NING YOUNG centred its efforts around three core pillars “Event Cooperation + User Stories + IP Collaboration” to build professional recognition and accumulate its user foundation, successfully expanding its influence among youth and family demographics. As at 31 December 2025, the total number of LI-NING YOUNG POS was 1,518, representing a net increase of 50 POS since 31 December 2024.

Outlook

Entering 2026, the Group will seize the development opportunities arising from the continuous release of domestic demand potential. The Group will remain committed to its core value of “serving the public with sportsmanship,” meticulously refine its “LI-NING’s experience value,” and strive to become the preferred professional sports brand.

1. Technology-driven product upgrades: The Group will firmly implement the development strategy of “Single Brand, Multi-categories, Diversified Channels”, empowering product iterative upgrades with technology to build core competitiveness and market differentiation barriers. Relying on the technical accumulation and R&D of the LI-NING technology innovation platform, the Group will focus on deep cultivation of core categories and actively expand into emerging segments such as outdoor sports. The Group aims to respond to increasingly diversified and personalised consumer demands, achieving full-scenario coverage from professional competitive sports to daily wear. By promoting the ingenious integration of cutting-edge technology and fashion design, the Group will create a product system that combines excellent functionality, technological texture, and aesthetic value. Furthermore, the Group will continuously strengthen the efficiency of transforming scientific and technological achievements, promoting the rapid realization of frontier technologies into product competitiveness.

2. Olympic marketing empowering the brand: The Group will drive value creation through sports marketing, establish emotional connections with consumers, and facilitate the steady enhancement of brand value. By continuously deepening the cooperation with the Chinese Olympic Committee, the Group will seize the development window of the Olympic cycle and promote the brand to achieve a leap from resource cooperation to value co-creation. LI-NING will fully explore the diversified value of the cooperation with the Chinese Olympic Committee. Through systematic marketing layout and technological equipment support, it will convey the story of the mutual growth of LI-NING and Chinese sports, highlighting the technological strength and cultural confidence of the national brand.

3. Dual improvement in quality and efficiency of business operations: The Group will continue to focus on improving quality and efficiency across all aspects of its business. By deepening channel layout, strengthening product operations, and optimising supply chain management, the Group aims to build an efficient operational system, achieve simultaneous improvements in operational quality and efficiency, and lay a solid foundation for the high-quality growth of the enterprise. Offline channels will focus on improving efficiency in high-tier markets and penetrating emerging markets, while exploring new business models. Online channels will strengthen domain synergy and resource integration, promoting complementarity between online and offline channels. In terms of product operations, the Group will optimize the precision of full-chain planning and flexible supply capabilities, and accelerate inventory turnover. The supply chain will achieve coordinated optimization of cost, quality, and delivery time across the entire chain, thereby enhancing overall operational efficiency.

4. Consolidating the foundation to safeguard development: The Group will continuously strengthen three core support capabilities: talent, finance, and digital intelligence, to lay a solid bedrock for high-quality development. In terms of talent strategy, talent development will focus on selection, incentives, and efficiency. In terms of financial management, emphasis will be placed on precise resource allocation and risk control. In terms of digitalization, the Group will promote the deep integration of AI and big data with business operations, enhance operational efficiency and the scientific nature of decision-making, and provide systematic safeguards for the long-term development of the Group.

Mr. Li Ning, Executive Chairman and Joint CEO of the Group, concluded: “2026 marks the first year of the 15th Five-Year Plan. With the strategic goal of accelerating the development of a sports powerhouse, the nation will further unlock sports consumption potential while driving the transformation and upgrading of the sporting goods manufacturing industry. We expect this to release domestic demand potential and create both strong support and a vast stage for the sports industry to thrive.”

“We will remain rooted in the local market while looking ahead, seizing opportunities of the era with greater foresight and more efficient execution. We will continue to deepen the Group’s ‘Single Brand, Multi-categories, Diversified Channels’ strategy, optimising and upgrading our core category matrix while exploring emerging segments. Most importantly, we will keep strengthening the core advantages of our products—professional performance, technological capability, and sports experience—by empowering them with innovative technology and design aesthetics to reward consumer trust.”

Hashtag: #LiNing

The issuer is solely responsible for the content of this announcement.

About Li Ning Company Limited

Li Ning Company Limited is one of the leading sports brand companies in China, mainly operating professional and leisure footwear, apparel, equipment and accessories under the LI-NING brand. The Group has comprehensive research and development, design, manufacturing, marketing, distribution and retail management capabilities. It has established an extensive retail distribution network and supply chain management system in China. We are committed to be the most prominent, stylish, world-leading sports brand from China.

In addition to its core LI-NING brand, the Group also manufactures, develops, markets, distributes, sells various sports products which are self-owned by or licensed to the Group, including Double Happiness (table tennis), AIGLE (outdoor sports) and Kason (badminton), which are operated through joint venture/associate with third parties of the Group.

Mondevo Group Announces Phiphen International, a New International Media Partnership

Joint Venture with Award-Winning Producer Molly Conners Establishes International Media Fund and Co-Production Platform Across EMEA and APAC

ABU DHABI, UAE, MILAN and NEW YORK, March 19, 2026 /PRNewswire/ — Mondevo Group, the AI-native wealth and innovation platform, today announced the formation of Phiphen International, a joint venture between MondeVita — a subsidiary of Mondevo Group — and Phiphen LLC, the entertainment company founded by award-winning producer Molly Conners.

The venture establishes an international co-production platform and media fund operating across EMEA and APAC, and marks Mondevo Group’s first dedicated partnership in the international film and media space. Molly Conners will serve as Global CEO of Phiphen International, overseeing operations across the United States and an international media fund supporting ventures in Europe, the Middle East, Africa, and Asia-Pacific.

Phiphen International will leverage Mondevo Group’s global infrastructure — including its ITTIKAR AI-native platform and its active relationships with over 120 leading family offices worldwide — to access international co-production incentives, launch a cross-border media fund, and expand Phiphen Games into EMEA and APAC markets.

Phiphen’s US operations remain unchanged under this partnership. Conners, who has produced or executive produced dozens of award-winning and nominated feature films — including Birdman and Frozen River — founded Phiphen in 2015. The company’s upcoming slate includes Midge, WTF: What the F**k Is My Password, Mattress Mack, The Stalemate, and Somedays.

“Film and media are among the most powerful forms of expression a group like ours can engage with seriously. Phiphen brings a track record of genuine creative excellence and courage – exactly the standard Mondevo Group holds for every partnership it builds across its MondeVita platform. It is the beginning of something we intend to build seriously, over time, together.”

Fabio Brambilla
Co-Founder and Group CEO, Mondevo Group

“This partnership allows us to take what we’ve built and expand our global footprint by finding and working with talented filmmakers, developing content across all genres and at all budget levels and providing funding to make their vision a reality that can be shared with the international audience. Mondevo’s network and infrastructure give us the reach to do that in a way we couldn’t on our own, and support the auteurs and storytellers across the regions that are producing some of the best new content. I’m looking forward to providing our expertise on a global scale.”

Molly Conners
CEO, Phiphen International

“Phiphen has built something genuinely rare — a track record of creative excellence across more than thirty film and television projects, and a producer in Molly whose instincts I respect enormously. Within MondeVita, we have built a pillar dedicated entirely to culture, film and media – because we believe that the work, when it is made with genuine conviction, is the most enduring thing a group like ours can put its name to. We will be watching what Phiphen International produces with exactly that in mind.”

Sherin Shaker Otaibi
Chairwoman, MondeVita Creative Board

About Mondevo Group

Mondevo Group is a multi-divisional holding company headquartered in Abu Dhabi, operating at the intersection of AI-native technology, wealth management, venture capital, and lifestyle. Mondevo’s mission is to harness its AI-native capabilities and a global network of over 120 ultra-high-net-worth families to build enduring businesses across sectors with high barriers to entry and strong long-term growth potential.

About MondeVita

MondeVita is the creative and cultural division of Mondevo Group, operating across four sovereign pillars: MondeVita Spirits, Fashion & Lifestyle, Hotels & Hospitality, and Culture, Film & Media. MondeVita’s founding acquisition is Raffaele Caruso S.p.A., the Parma-based tailoring house founded in 1964. The division is governed by a Creative Board chaired by Sherin Shaker Otaibi, with a founding philosophy built on craft, tradition, teamwork, and uncompromising quality.

About Phiphen

Phiphen is an independently owned film and television production company founded by award-winning producer Molly Conners. The company creates content across all genres and budget levels, supporting innovative talents and telling bold stories for a global audience. Phiphen has produced more than 30 film and television projects. Phiphen Games, a division of the company, publishes independent video games including Blue Fire and Ruffy and the Riverside.

Contact:

Investor Relations | ir@mondevogroup.com  

 

National Film Board of Canada brings Lavis and Szczerbowski’s Oscar-winning The Girl Who Cried Pearls to audiences around the world

Montreal duo’s haunting stop-motion fable goes global on NFB.ca

MONTREAL, March 19, 2026 /CNW/ – The National Film Board of Canada (NFB) is bringing Chris Lavis and Maciek Szczerbowski‘s Oscar-winning stop-motion fable The Girl Who Cried Pearls to viewers around the world.

Named Best Animated Short Film at the 98th Academy Awards, the English-language version of this haunting Montreal-set and produced short—narrated by Colm Feore—is now streaming for free on NFB.ca and all NFB apps, available worldwide (*excluding France and its overseas territories, Germany, Spain and Andorra).

Quick facts

The Girl Who Cried Pearls by Chris Lavis and Maciek Szczerbowski (17 min 37 s)
Produced by Julie Roy, Marc Bertrand and Christine Noël
Press kit: mediaspace.nfb.ca/epk/the-girl-who-cried-pearls

  • A celebration of the magic of stop-motion animation, The Girl Who Cried Pearls is a meticulously crafted fable about a girl overwhelmed by sorrow, the boy who loves her, and how greed leads good hearts to wicked deeds.
  • This was the secondtrip down the red carpet for the acclaimedMontreal animation duo, who captured global attention with their 2007 short film, Madame Tutli-Putli, which earned them their first Oscar nomination forBest Animated Short and kicked off a stellar 20-year collaboration with the NFB.
  • The film features a star-studded creative team, including a film score by Patrick Watson and Brigitte Henry as artistic director. Sound design is by Olivier Calvert, who was on Sylvain Bellemare’s team for the Denis Villeneuve film Arrival, winner of the 2017 Oscar for Sound Editing.

NFB and the Oscars
Press kit: mediaspace.nfb.ca/oscars

  • NFB productions and co-productions have received 12 Oscars and 79 nominations.
  • The NFB received an Honorary Academy Award for “overall excellence in cinema” in recognition of its 50th anniversary in 1989.

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