在零售运营方面，集团深入推进高盈利、高效率的单店运营模式。构建各层级店型标准损益模型，将店 铺核心指标进行标准化与量化处理，并与各职能部门管理目标联动，形成高效协同的管理体系，助力整 体运营效率的提高。 据李宁集团截至2024年12月31日止年度("年内")的经审核综合业绩显示，年内，集团收入达286.76亿元 人民币，较2023年同期上升3.9%(2023年：275.98亿元人民币)。毛利为141.56亿元人民币，较2023年同 期上升6.0%(2023年：133.52亿元人民币)，集团整体毛利率为49.4%，较去年提升1个百分点(2023年： 48.4%)。 童装业务方面，李宁YOUNG完成梳理青少年产品矩阵，挖掘服装和配饰的核心竞争力，并积极拓展新 兴市场，同时致力提升单店效率、清货渠道建设，促进产品流转以及扩大客群。 (李宁集团) 渠道方面，集团一方面巩固和提升高层级市场的运营效能，另一方面加快新兴市场的拓展步伐。 年内，集团继续聚焦"单品牌、多品类、多渠道"的核心战略，通过持续的研发和科技创新，推动产品力 的升级，同时在产品创新、品牌建设、渠道优化等多方面取得显著进展。 2024年，集团科技研发领域 ...

截至2024年12月31日止第四季度，李宁销售点(不包括李宁YOUNG)于整个平台的零售流水按年取得高 单位数增长。就渠道而言，线下渠道(包括零售及批发)取得中单位数增长，其中零售(直接经营)渠道取 得低单位数下降，批发(特许经销商)渠道取得中单位数增长;电子商务虚拟店铺业务取得10%-20%中段增 长。 截至2024年12月31日，于中国，李宁YOUNG销售点数量共计1468个，较上一季末净增加9个，本年迄 今净增加40个。 李宁(02331)发布截至2024年12月31日止年度的全年业绩，收入286.76亿元(人民币，下同)，同比增加 3.9%;毛利141.56亿元，同比增加6.02%;股东应占溢利30.13亿元;每股基本收益116.98分;拟派发末期股息 每股20.73分。 公告称，本年，得益于线上渠道的深度开发、规模效应显现及成本控制的优化，本年电商业务收入增长 10.3%;公司通过加强与经销商的合作，优化产品供应，提供更具竞争力的产品组合，提升与经销商之间 的协同效率，实现库存优化及订单快速响应;带来经销收入同比增长2.6%;及受整体消费环境及市场竞争 加剧影响，公司对零售渠道进行了优化调整，零售收 ...

Financial Performance - Revenue increased by 3.9% to RMB 28.68 billion, with a gross margin improvement of 1 percentage point to 49.4%[5] - Net profit attributable to equity holders was RMB 3.01 billion, with a net profit margin of 10.5%[5] - Operating cash inflow rose by 12.4% to RMB 5.27 billion, maintaining a healthy level of working capital at 7.4% of revenue[5] - The company reported a decrease in net profit from RMB 3.19 billion in 2023 to RMB 3.01 billion in 2024[9] - Basic earnings per share decreased to RMB 116.98 from RMB 123.21 year-on-year[8] - The profit attributable to equity holders for 2024 is RMB 3,012,918,000, a decrease of 5.4% from RMB 3,186,910,000 in 2023[38] - The basic earnings per share for 2024 is RMB 116.98, down from RMB 123.21 in 2023, reflecting a decline of 3.5%[38] - The diluted earnings per share for 2024 is RMB 116.52, compared to RMB 122.66 in 2023, indicating a decrease of 5.0%[40] - The total proposed dividend for 2024 is RMB 1,506,459,000, which represents approximately 50% of the profit attributable to equity holders, up from 45% in 2023[41] - The interim dividend declared for 2024 is RMB 37.75 per share, an increase from RMB 36.20 per share in 2023[45] - The proposed final dividend for 2024 is RMB 20.73 per share, compared to RMB 18.54 per share in 2023, marking an increase of 6.4%[45] Revenue Breakdown - Total revenue for the year ended December 31, 2024, reached RMB 28.68 billion, an increase of 3.91% from RMB 27.60 billion in 2023[23] - Revenue from footwear sales amounted to RMB 14.30 billion, up from RMB 13.39 billion in the previous year, while apparel sales decreased to RMB 12.05 billion from RMB 12.41 billion[23] - The company reported a significant increase in revenue from equipment and accessories, rising to RMB 2.33 billion from RMB 1.80 billion, reflecting a growth of 29.3%[23] - E-commerce revenue grew by 10.3% due to enhanced online channel development and cost control[54] - Retail revenue saw a slight decline of 0.3%, but profitability in retail stores improved through optimized discount strategies[54] - Footwear sales accounted for 49.9% of total revenue in 2024, up from 48.5% in 2023, with a revenue increase of 6.8%[56] - E-commerce sales grew to 29.0% of total revenue in 2024, compared to 27.3% in 2023, marking a 1.7% increase[56] Asset and Liability Management - Total assets increased to RMB 35.71 billion from RMB 34.21 billion, while total liabilities decreased to RMB 9.60 billion from RMB 9.80 billion[7] - Non-current assets decreased to RMB 15.18 billion from RMB 20.55 billion, while current assets increased to RMB 20.53 billion from RMB 13.65 billion[6] - The company maintained a cash conversion cycle of 35 days, indicating efficient inventory management[5] - Accounts receivable decreased from RMB 1,243,747,000 in 2023 to RMB 1,046,249,000 in 2024, a reduction of approximately 15.9%[28] - Trade payables decreased from RMB 1,789,796,000 in 2023 to RMB 1,625,132,000 in 2024, a decline of approximately 9.2%[31] - The debt-to-equity ratio improved to 36.8% from 40.2%, reflecting better financial leverage management[53] Investment and Acquisitions - The company completed the acquisition of Vansittart Investment Limited for a total consideration of HKD 22.21 billion (approximately RMB 20.13 billion), with an initial payment of HKD 2.21 billion (approximately RMB 2.00 billion) made in December 2023 and the remaining HKD 20.00 billion (approximately RMB 18.13 billion) paid in January 2024[12] - The acquired assets primarily consist of investment properties valued at RMB 16.99 billion and property, plant, and equipment valued at RMB 3.22 billion, indicating a significant concentration of value in a single identifiable asset[13] - The investment cost of the acquired property is RMB 2,021,450,000, with a carrying value after depreciation and impairment of RMB 1,939,060,000 as of December 31, 2024, representing about 5.4% of the company's total assets[76] Operational Efficiency - The company has no single external customer contributing more than 10% of total revenue, indicating a diversified customer base[24] - The company is currently evaluating the impact of new accounting standards on its consolidated financial performance, which may affect reporting and disclosures in the future[20] - The company is actively seeking legal advice regarding a claim related to a loan, asserting that it has no obligation to repay the claimed amount[44] - The company plans to continue optimizing its asset structure to mitigate risks associated with market volatility[67] - The company aims to enhance operational efficiency by streamlining business processes and improving resource allocation, focusing on a "single brand, multiple categories, and multiple channels" strategy[127] Research and Development - Research and product development expenses rose from RMB 618,183,000 in 2023 to RMB 675,955,000 in 2024, an increase of approximately 9.3%[32] - The company has established a strong lineup of six unique innovative technologies, including "Carbon Core," "Fast Curve System," and "Super Bounce," covering various sports categories[86] - The launch of the new midsole technology "Super Bounce" showcases the company's dual innovation capabilities in materials and processes, achieving a performance peak with supercritical foaming materials[87] - The company introduced six new products featuring "Super Bounce" technology, including basketball and running shoes, reflecting a deep understanding of athlete and consumer needs[88] Marketing and Brand Strategy - The company launched the "In My Name" campaign in 2024, enhancing brand competitiveness and user engagement[84] - The company emphasizes a brand spirit of "Dare to Imagine, Create Splendor, Anything is Possible," targeting the younger generation through diverse marketing activities[90] - The "反伍" series achieved significant results in cultural expression and market expansion, with the online marketing campaign "Finding the Angry Tear" garnering 440 million views on Douyin, enhancing brand visibility[95] - The company signed a sponsorship deal for the "2024-2026 Li Ning Hong Kong Open Badminton Championships," enhancing product exposure and market attention through event promotion[101] Employee and Organizational Development - As of December 31, 2024, the company employed 5,022 individuals, an increase from 4,845 employees on December 31, 2023[123] - The company emphasizes the importance of employee satisfaction and engagement through various initiatives and feedback mechanisms[123] - The company will continue to optimize its talent structure and management levels to foster a high-efficiency team and promote organizational collaboration[127]

一个管账一个带货，家族企业新玩法？ 家族接班是晋江体育品牌的基本操作，安踏董事局主席丁世忠的儿子丁少翔已经回国担任旗下运动品牌迪桑特的负责人。安踏另一个创始人丁世家的儿子 丁思榕已经出任安踏旗下的可隆品牌的CEO。 特步两公主上阵，能否赶上安踏、李宁？ 就在特步两公主官宣出圈的时候，特步也公布了2024年的业绩财报，特步国际全年营收达到135.77亿元，同比增长6.5%。公司营业利润增长9.3%，至 19.66亿元，创下历史新高。 过去的几年时间里，特步开始动作频频，2023年收购了"慢跑鞋中的劳斯莱斯"索康尼，今年这个品牌已经成为第二增长曲线收入突破十亿元大关。由于丁 佳敏的身体力行，去年一年特步在电商领域也有20%的强劲增长，占特步主品牌总收入超过30%，其他如小红书、抖音、视频号等零售渠道也有了大幅度 增长。 最近特步老板丁水波的两个女儿出圈了，御姐风的32岁大女儿丁利智官宣出任了集团的首席财务官，另一个小女儿是95后的丁佳敏，这几年还主理了一个 名叫"半糖系列"的运动品牌，成功做上了网红带货博主，在2022年和七匹狼董事长之子周力源订婚后，被网友称为"爽文小说主角走进现实"。 丁利智与丁佳敏，来源：视 ...

Investment Rating - The report maintains a "Buy" rating for Li Ning (2331 HK) with a target price of HK$19.30, indicating a potential upside of 16% from the current price of HK$16.68 [1][3][5]. Core Views - The report forecasts a revenue growth of 2.2% and a decline in net profit of 3.3% for 2024, with expected revenues of RMB 28.2 billion and net profits of RMB 3.08 billion [2][5]. - The company is entering a stable development phase, with projected revenue growth of 3.9% in 2025, reaching RMB 29.33 billion, and a net profit increase of 6.4% to RMB 3.28 billion [2][3]. Financial Summary - Revenue and profit forecasts for Li Ning are as follows: - 2024E Revenue: RMB 28,217 million, a 2.2% increase YoY - 2024E Net Profit: RMB 3,083 million, a 3.3% decrease YoY - 2025E Revenue: RMB 29,326 million, a 3.9% increase YoY - 2025E Net Profit: RMB 3,281 million, a 6.4% increase YoY [4][6][7]. - The report anticipates a slight decline in gross margin in 2H24, with an overall gross margin of 49.4% for 2024, reflecting a 1.0 percentage point increase YoY [1][2]. Valuation - The report maintains the earnings forecast and target price, corresponding to a P/E ratio of 14 times for 2025 [3][5]. - The estimated P/E ratios for the upcoming years are as follows: - 2024E P/E: 13.5 - 2025E P/E: 12.1 - 2026E P/E: 11.4 [4][7].

Investment Rating - The report maintains a "Buy" rating for Li Ning (2331 HK) with a target price of HK$19.30, indicating a potential upside of 16% from the current price of HK$16.68 [1][4][5] Core Views - The report projects a revenue growth of 2.2% and a decline in net profit of 3.3% for 2024, with expected revenues of RMB 28.2 billion and net profits of RMB 3.08 billion [2][5] - The company is entering a stable development phase, with a forecasted revenue increase of 3.9% to RMB 29.33 billion and a net profit increase of 6.4% to RMB 3.28 billion for 2025 [2][3] Summary by Sections Revenue and Profit Forecast - For 2024, revenue is expected to grow by 2.2% to RMB 28.2 billion, while net profit is projected to decline by 3.3% to RMB 3.08 billion [2][5] - For 2025, revenue is forecasted to increase by 3.9% to RMB 29.33 billion, and net profit is expected to rise by 6.4% to RMB 3.28 billion [2][3] Financial Data Summary - The financial data for Li Ning shows a revenue of RMB 27.6 billion for 2023, with projections of RMB 28.2 billion for 2024 and RMB 29.3 billion for 2025 [4][6] - The net profit for 2023 is recorded at RMB 3.19 billion, with expectations of RMB 3.08 billion for 2024 and RMB 3.28 billion for 2025 [4][6] Valuation and Earnings - The report maintains the earnings forecast and target price, corresponding to a P/E ratio of 14 times for 2025 [3][5] - The projected earnings per share (EPS) for 2024 is RMB 1.19, for 2025 is RMB 1.27, and for 2026 is RMB 1.34 [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][5]. Core Views - The company has become the official sportswear partner for the Chinese Olympic Committee and the Chinese sports delegation for the 2025-2028 period, which is expected to enhance its brand image and marketing efforts [2][4]. - In the fourth quarter, the company's e-commerce sales growth accelerated, with a reported increase of 26% compared to the previous quarter [3][7]. - The company launched a new midsole technology called "超䨻" in November, introducing six new basketball and running shoe models featuring this innovation [11][12]. - Despite short-term pressures on profitability due to increased marketing expenses related to the Olympic partnership, the company maintains a cautiously optimistic outlook for its product competitiveness and growth potential in the mid to long term [3][16]. Summary by Sections Company Partnership - On January 15, 2025, the company was announced as the official sportswear partner for the Chinese Olympic Committee and the sports delegation for the upcoming Olympic and Asian Games [2][4]. Sales Performance - The fourth quarter saw a significant improvement in sales performance across various platforms, with the company’s e-commerce sales growing by 26% compared to the previous quarter [3][7]. - The overall sales growth for the sports brand sector in the fourth quarter showed a positive trend, with other brands also reporting improved sales figures [7]. Product Innovation - The introduction of the "超䨻" technology is expected to lead the industry in innovation, with new products designed to enhance performance for athletes [11][12]. Financial Forecast - The company has slightly adjusted its profit forecasts for 2024-2026, expecting net profits of 3.06 billion, 3.06 billion, and 3.42 billion yuan respectively, reflecting a year-on-year change of -4.1%, 0.0%, and +11.9% [3][18]. - The target price remains at 17.9-19.2 HKD, corresponding to a PE ratio of 14-15x for 2025 [3][16].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Insights - The company has become the official sportswear partner for the Chinese Olympic Committee and the Chinese sports delegation for the 2025-2028 period, indicating a strong brand positioning and recognition in the sports industry [1]. - The company focuses on a "single brand, multiple categories, and multi-channel" strategy, emphasizing its commitment to sports and innovation across five core categories: running, basketball, fitness, badminton, and sports lifestyle [2]. - The company aims to be recognized globally as a fashionable and professional sports brand originating from China, promoting sports participation and a healthy lifestyle through various initiatives and events [3]. - The opening of the first youth sports store in Wuhan marks the company's strategic expansion into the youth sports market, showcasing its commitment to supporting youth sports development [4]. - The company maintains its profit forecast, expecting revenues of 28.4 billion RMB, 29.8 billion RMB, and 31.8 billion RMB for the years 2024 to 2026, with net profits of 3.1 billion RMB, 3.5 billion RMB, and 4.0 billion RMB respectively [5]. Summary by Sections Company Overview - The company has secured a partnership with the Chinese Olympic Committee for the upcoming Olympic cycles, enhancing its brand visibility and credibility in the sports sector [1]. Business Strategy - The company adopts a comprehensive strategy that includes a focus on innovation and consumer experience, ensuring sustainable growth while expanding its market presence [2]. Brand Engagement - The company is actively engaging consumers through campaigns that promote sports participation and highlight its technological advancements in sports equipment [3]. Market Expansion - The launch of a dedicated youth sports store reflects the company's strategic focus on the youth segment, indicating a proactive approach to market expansion [4]. Financial Projections - The company has set ambitious financial targets for the next three years, indicating confidence in its growth trajectory and market positioning [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of HKD 15.48 and a target value of HKD 19.11 [5]. Core Views - The company has partnered with the Chinese Olympic Committee, which is expected to enhance its brand value. It will provide official sportswear for major events from 2025 to 2028, including the Winter Olympics and Asian Games [10]. - The company is anticipated to achieve stable growth in 2025, with improvements in discount and gross margin. Despite increased marketing expenses, the net profit margin is expected to remain above 10% [10]. - The company is focusing on expanding its store network, particularly through direct sales, and is expected to launch more cost-effective products in response to consumer trends [10]. - The forecast for net profit from 2024 to 2026 is CNY 30.7 billion, CNY 30.4 billion, and CNY 33.7 billion, respectively. The report assigns a PE ratio of 15 for 2025, leading to a target value of HKD 19.11 per share [10]. Financial Summary - Revenue is projected to grow from CNY 25.803 billion in 2022 to CNY 30.306 billion in 2026, with a growth rate of 14.3% in 2022, slowing to 6.0% by 2026 [4][14]. - EBITDA is expected to increase from CNY 5.162 billion in 2022 to CNY 6.906 billion in 2026, with a notable dip in 2023 [4][14]. - The net profit attributable to shareholders is forecasted to decline from CNY 4.064 billion in 2022 to CNY 3.374 billion in 2026, reflecting a challenging market environment [4][14]. - The company's EPS is projected to decrease from CNY 1.54 in 2022 to CNY 1.31 in 2026, indicating a potential decline in profitability [4][14]. Key Financial Ratios - The report highlights a decrease in ROE from 16.7% in 2022 to 10.1% in 2025, suggesting a decline in return on equity [13]. - The net profit margin is expected to decrease from 15.7% in 2022 to 11.1% in 2026, indicating potential profitability challenges [13]. - The company's debt-to-asset ratio is projected to improve from 27.7% in 2022 to 23.8% in 2026, reflecting a strengthening balance sheet [13].

Core Viewpoint - Li Ning is likely to replace Anta as the new official partner of the Chinese Olympic Committee for the 2025-2028 cycle, with a significant financial offer of approximately 800 million RMB [1][2]. Group 1: Financial Aspects - Li Ning's bid of around 800 million RMB is substantially higher than the prices offered in the previous two cycles, indicating a strong desire to secure this partnership for increased brand exposure [2]. - Anta has been the official partner of the Chinese Olympic Committee for 16 years, from 2009 to 2024, which has allowed it to build a significant brand presence [2]. Group 2: Historical Context - In 2009, Li Ning had a revenue of 8.387 billion RMB, leading Anta, which had a revenue of 5.87 billion RMB [3]. - The turning point for Anta came in 2009 when it decided to sponsor the Chinese Olympic Committee, leading to rapid revenue growth [4]. Group 3: Brand Recognition and Marketing - The partnership with the Chinese Olympic Committee is crucial for brand recognition, as athletes wear the partner's apparel during medal ceremonies, enhancing the brand's visibility [5]. - Li Ning previously held a long-term partnership with the Chinese Olympic Committee from 1992 to 2004, which established it as a leading domestic sports brand [5]. Group 4: Competitive Landscape - Anta has effectively utilized modern marketing channels, including television and social media, to enhance its brand presence, contrasting with Li Ning's reliance on traditional advertising methods during its earlier partnership [6][7]. - Despite potential loss of the partnership, Anta is focusing on global expansion and multi-brand strategies, indicating a diversified approach to growth [8][9]. Group 5: Current Financial Performance - In 2023, Anta reported a revenue growth of 16.2% to 62.356 billion RMB, while Li Ning's revenue grew by 7% to 27.598 billion RMB, highlighting a significant disparity in company size [10].