Li Ning hit by first annual loss since 2004 listing

Sportswear sector continues to struggle from excess inventories

Li Ning Co Ltd, China's second-largest sportswear maker by revenue, has reported a net loss of 1.98 billion yuan ($318.78 million) for 2012, highlighting an ongoing overall slump in the sector.

The company's revenue declined 24.5 percent year-on-year to 6.74 billion yuan, according to figures released by the Hong Kong-listed group on Tuesday.