智通财经APP获悉，李宁(02331)盘中跌超4%，截至发稿，跌3.4%，报19.9港元，成交额1.45亿港元。 消息面上，高盛近期研报指出，将李宁投资评级从“买入”下调至“中性”，目标价从33港元下调至22港元。该行表示，李宁股价自1月份触底以来已经累积上升约30%，然而在营销费用增加及经营去杠杆化的影响下，今年度利润率可能要面对潜在风险。 该行续指，李宁的销售增长前景，或受到对代理商的持续管理及控制所影响。在消费疲软的大环境下，预期公司利润率增长前景平平，因此相应将李宁2024至2026财年盈利预测下调6%至11%，以反映销售增长前景放缓，以及奥运赛事年和品牌相关投资所带来的成本上升。 ...

[Table_Page] 跟踪研究|耐用消费品与服装 证券研究报告 [【Table_Titl广e] 发 纺 服 & 海 外 】 李 宁 [公Tab司le_I评nves级t] 买入 当前价格 19.20港元 （02331.HK） 合理价值 27.8港元 前次评级 买入 预计库存回归健康，期待 24 年轻装上阵 报告日期 2024-02-20 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现] ⚫ 预计公司23Q4库销比已降至合理水平。根据公司23年中报，公司将 1% 02/23 04/23 06/23 08/23 10/23 12/23 02/24 -15% 对库龄结构及库存周转率方面进行把控，叠加 23Q4 双十一电商节等 -31% 清货窗口期，我们预计，截至23Q4公司库销比或将环比进一步下降， -46% 公司窜货现象进一步得到缓解。我们认为，窜货现象及库存清理任务或 -62% 将于24年中得以彻底解决。 -78% ⚫ 公司持续回购股份，强化市场信心。根据 wind，公司 23 年 9 月至今 李宁 恒生指数 持续回购公司股份，回购金额共约9.61亿港元，彰显管 ...

智通财经APP获悉，体育用品股普涨，截至发稿，李宁(02331)涨6.39%，报17.66港元；裕元集团(00551)涨4.9%，报7.7港元；滔搏(06110)涨3.56%，报5.23港元；361度(01361)涨0.87%，报3.47港元。 国信证券指出，1月FILA、阿迪百度搜索热度大幅增长，主要基于新产品线或龙年新春新品的推出。同时在运动社区上，国货品牌李宁和安踏也在围绕球星和赛事方面有较高的讨论热度，李宁畅销款销量在本土品牌中第一，多数品牌畅销款平均折扣收窄。建议把握低估值景气赛道品牌的配置良机。 中银国际此前表示，整体来看，体育服饰公司Q4零售流水在内需波动背景下保持稳健增长，随着各大公司去库存战略推进下库存压力减轻，看好2024年各大体育服饰公司轻装上阵，发力产品与营销，并有望在奥运年的催化下保持快速增长。 ...

智通财经APP获悉，体育用品股普遍反弹，截至发稿，李宁(02331)涨4.09%，报17.82港元；安踏体育(02020)涨3%，报72.1港元；特步国际(01368)涨2.26%，报4.07港元；中国动向(03818)涨1.64%，报0.31港元。 光大证券指出，近期迎来年度业绩预告密集披露，总体来看2023年行业业绩实现了一定的复苏，利润层面修复弹性更大。展望未来，该行继续期待23年四季度低基数、近期降温、24年春节较晚等因素带来冬装销售催化，四季度和年报业绩带来提振；另外步入24年，期待品牌商迎来经营指标健康度的提升和修复。港股运动鞋服龙头24年期待巴黎奥运会带动销售和品牌力向上。 中银国际表示，体育服饰公司陆续发布公告，Q4流水稳健增长，期待2024年轻装上阵。整体来看，体育服饰公司Q4零售流水在内需波动背景下保持稳健增长，随着各大公司去库存战略推进下库存压力减轻，看好2024年各大体育服饰公司轻装上阵，发力产品与营销，并有望在奥运年的催化下保持快速增长。 ...

(cid:29)(cid:27)(cid:23)(cid:24)(cid:28)(cid:27)(cid:25)(cid:26)(cid:31)(cid:27)(cid:28)(cid:29)(cid:30)(cid:31) (cid:20)(cid:22)(cid:21)(cid:22) 李寧有限公司 ﹙於開曼群島註冊成立之有限公司﹚ 中期報告 股份代號：2331（港幣櫃台）及82331（人民幣櫃台） 2023 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 LI NING COMPANY LIMITED 李 寧 有 限 公 司 （於開曼群島註冊成立之有限公司） 股份代號：2331（港幣櫃台）及 82331（人民幣櫃台） 澄清公告 有關截至2023年6月30日止 的中期業績公告 茲提述李寧有限公司（「本公司」）日期為2023年8月10日的截至2023年6月30日止年度 的中期業績公告（「中期業績公告」）。除另有所指外，本公告所用詞彙與中期業績公告所界 定者具有相同涵義。 除中期業績公告所披露的資料外，本公司謹此提供以下資料： 二零二三年第二季度最新運營情況 截至2023年6月30日止第二季度，李寧銷售點（不包括李寧 YOUNG）於整個平台之零售流 水按年錄得10%-20%中段增長。就渠道而言，線下渠道（包括零售及批發）錄得10%-20%高段 增長，其中零售渠道錄得20%-30%高段增長，批發渠道錄得10%-20%中段增長，電子商務虛擬 店舖業務錄得10%-2 ...

[0 -> 2] 各位投资者朋友大家早上好 [2 -> 4] 欢迎出席李宁有限公司 [4 -> 6] 2023中期业绩发布会 [6 -> 9] 首先为大家介绍台上的管理层 [9 -> 10] 他们是执行主席 [10 -> 13] 兼联席行政总裁李宁先生 [13 -> 16] 执行董事 [16 -> 20] 及联席行政总裁钱伟先生 [20 -> 21] 集团副董裁 [21 -> 23] 及首席财务官赵东升先生 [23 -> 25] 今天的会议流程 [25 -> 27] 是先由赵总介绍 [27 -> 29] 2023上半年的财务回顾 [29 -> 32] 再由董事长介绍公司战略方向 [32 -> 33] 最后由钱总介绍 [33 -> 34] 运营进展和展望 [34 -> 36] 之后会有问答环节 [36 -> 37] 欢迎大家提问 [37 -> 40] 现在有请赵总 [40 -> 41] 各位早上好 [41 -> 43] 我是赵东升 [43 -> 45] 下面我将带领大家进行 [45 -> 49] 2023年上半年的财务回顾 [49 -> 51] 上半年在国内市场 [51 -> 53] 整体呈现复苏 [53 -> ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並 明確表示，概不對因本公告全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 LI NING COMPANY LIMITED 李 寧 有 限 公 司 （於開曼群島註冊成立之有限公司） 股份代號：2331（港幣櫃台）及82331（人民幣櫃台） 截至2023年6月30日止六個月之 中期業績公告 財務業績摘要 • 上半年，在國內市場整體呈現復甦與挑戰並存的大環境下，本集團追求穩中求進、高質量發展 的方向，錄得以下經營結果： － 收入穩定增長，上升13.0%至140.19億元人民幣 － 經營現金淨流入上升22.7%至19.42億元人民幣 － 毛利率為48.8% ，淨利率保持在15.1%的健康水平，權益持有人應佔淨溢利為21.21億元人 民幣 • 運營資金保持健康水平： － 平均運營資金總額佔收入比重7.5% － 現金循環週期與去年年度持平為30天 ...

Financial Performance - Revenue for 2022 reached RMB 25,803,383 thousand, a 14.3% increase from RMB 22,572,281 thousand in 2021[7] - Operating profit for 2022 was RMB 4,886,758 thousand, a decrease of 4.9% from RMB 5,136,376 thousand in 2021[7] - Net profit attributable to equity holders in 2022 was RMB 4,063,834 thousand, a 1.3% increase from RMB 4,010,881 thousand in 2021[7] - Gross profit margin for 2022 was 48.4%, down from 53.0% in 2021[7] - Total assets increased to RMB 33,646,519 thousand in 2022, up from RMB 30,274,816 thousand in 2021[7] - Return on equity for 2022 was 17.9%, compared to 26.9% in 2021[7] - Earnings per share (basic) for 2022 were RMB 155.38 cents, a decrease from RMB 160.10 cents in 2021[7] - Dividend per share for 2022 was RMB 46.27 cents, slightly up from RMB 45.97 cents in 2021[7] - The company's debt-to-equity ratio improved to 38.3% in 2022 from 43.5% in 2021[7] - Company revenue increased by 14.3% to RMB 25.803 billion in 2022, with a net profit margin of 15.7%[10] - Operating cash flow reached RMB 3.914 billion, with a cash conversion cycle of 30 days, an increase of 10 days year-over-year[10] - Revenue for 2022 increased by 14.3% to RMB 25,803,383 thousand compared to RMB 22,572,281 thousand in 2021[17] - Gross profit for 2022 was RMB 12,484,793 thousand, a 4.3% increase from RMB 11,969,098 thousand in 2021[17] - Operating profit for 2022 decreased by 4.9% to RMB 4,886,758 thousand from RMB 5,136,376 thousand in 2021[17] - EBITDA for 2022 was RMB 6,541,707 thousand, a 1.6% increase from RMB 6,436,060 thousand in 2021[17] - Net profit attributable to equity holders for 2022 was RMB 4,063,834 thousand, a 1.3% increase from RMB 4,010,881 thousand in 2021[17] - Gross margin for 2022 decreased to 48.4% from 53.0% in 2021[17] - Operating profit margin for 2022 decreased to 18.9% from 22.8% in 2021[17] - Total assets as of December 31, 2022, were RMB 33,646,519 thousand, an increase from RMB 30,274,816 thousand in 2021[18] - Equity attributable to equity holders as of December 31, 2022, was RMB 24,329,430 thousand, up from RMB 21,101,546 thousand in 2021[18] - Revenue for the year ended December 31, 2022, reached RMB 25,803,383,000, a 14.3% increase compared to 2021[20] - Direct retail channel revenue grew by 6.4%, e-commerce channel revenue increased by 16.4%, and franchised distributor revenue rose by 15.7%[20] - Footwear revenue accounted for 52.2% of total revenue, growing by 41.8% year-over-year, while apparel revenue decreased by 9.4%[21] - Gross margin declined to 48.4% in 2022, down 4.6 percentage points from 53.0% in 2021 due to increased discounts and rising costs[25] - Sales and distribution expenses increased by 19.2% to RMB 7,314,303,000, accounting for 28.3% of total revenue, up 1.1 percentage points from 2021[26] - Southern China region revenue grew by 17.8%, contributing 51.8% of total revenue, while Northern China region revenue increased by 9.6%[23] - International market revenue surged by 53.9%, though it only accounted for 1.8% of total revenue[23] - Net profit attributable to equity holders for the first nine months of 2022 was RMB 3,209,757,000[19] - Total assets as of September 30, 2022, stood at RMB 34,197,824,000, with equity attributable to equity holders at RMB 23,278,850,000[19] - Administrative expenses for 2022 were RMB 1,113,218,000, accounting for 4.3% of total revenue, a decrease of 0.6 percentage points compared to 2021[27] - Share of profit from investments accounted for using the equity method in 2022 was RMB 201,155,000, up from RMB 159,222,000 in 2021[28] - EBITDA for 2022 was RMB 6,541,707,000, a 1.6% increase compared to 2021[29] - Net financing income for 2022 was RMB 327,187,000, a significant increase from RMB 32,639,000 in 2021, driven by higher average cash balances and favorable exchange rate movements[31] - Income tax expense for 2022 was RMB 1,351,329,000, with an effective tax rate of 25.0%, slightly higher than the 24.7% rate in 2021[32] - Profit attributable to equity holders for 2022 was RMB 4,063,834,000, a 1.3% increase from 2021, with a profit margin of 15.7% compared to 17.8% in 2021[33] - Inventory provisions as of December 31, 2022, were RMB 120,531,000, up from RMB 93,679,000 in 2021, reflecting increased inventory reserves to meet market demand[34] - Expected credit loss provisions as of December 31, 2022, were RMB 159,200,000, down from RMB 216,190,000 in 2021, due to improved aging structure of trade receivables[35] - Net cash generated from operating activities in 2022 was RMB 3,913,604,000, a decrease from RMB 6,525,335,000 in 2021, primarily due to shorter payment cycles to suppliers[36][38] - As of December 31, 2022, RMB 6,423,579,000 from the share placement proceeds remained unused, with plans to allocate these funds for future business growth and development[38] - The company's credit line as of December 31, 2022, was RMB 4,100,000,000 with no outstanding borrowings[40] - The company did not hedge against interest rate risks or foreign exchange rate fluctuations during the year[40][41] - The company's total unused net proceeds as of December 31, 2022, were RMB 6,423,579,000, with expected usage by December 31, 2026[39] - In Q4 2022, the company's same-store sales declined by 10%-20% year-over-year, with retail channels down 20%-30% and wholesale channels down 20%-30%[43] - The company allocated 40% of its net proceeds (RMB 3,428,715,000) for investment in new product categories and international business expansion[39] - The company allocated 30% of its net proceeds (RMB 2,571,536,000) for infrastructure restructuring and supply chain system upgrades[39] - The company allocated 20% of its net proceeds (RMB 1,714,357,000) for brand and IT system construction, with RMB 719,946,000 used in 2022[39] Product Innovation and Development - The company launched the new "Boom Silk" shoe upper technology, extending the "Li-Ning Boom" material application to shoe uppers, marking a breakthrough in product R&D[12] - Li-Ning introduced the "LI-NING SNOWBOARDING" series, targeting the winter sports market, with products tested in top-tier competitions[12] - Running category's "Ultralight 19" achieved annual sales exceeding 3 million pairs, becoming a phenomenon in the running market[45] - Basketball category launched NBA star Jimmy Butler's first signature shoe with new outsole technology "Honeycomb Cellular LOC"[45] - Badminton category completed the layout of three major racket types and three major shoe types, with multiple patents applied for racket technology[46] - Fitness category introduced new functional technology "AIRSHELL Air Technology" and upgraded "AT DRY ULTRA" and "AT DRY FREEZE" technologies[46] - Wade series launched the new "Way of Wade 10" with improved performance and continued classic colorways, driving strong sales[46] - Street basketball series "BADFIVE" strengthened its urban and trendy attributes, launching city-themed collaborations[47] - Urban limited series "Wen Ding Zhong Yuan" and "De Xian Yin Cha" were introduced for the first time, laying the foundation for future city-themed products[47] - Sports lifestyle category promoted Chinese culture with themed products like "Ri Jin Dou Jin" and participated in the "Genius Mom" charity project[48] - The company collaborated with the China Women's Development Foundation to support intangible cultural heritage Qiang embroidery[48] - The company launched eco-friendly concept shoes using recycled yarn from plastic bottles and fabric scraps[139] - The company actively promoted eco-friendly processes and collaborated with the supply chain to trial natural plant extraction dyes as a substitute for chemical dyes[139] Retail and Market Expansion - The company opened its first flagship store in Hong Kong on Canton Road, aiming to strengthen its presence in the high-potential Hong Kong market[13] - Li-Ning expanded its retail footprint with new basketball-themed stores in five cities, offering exclusive personalized services and the latest basketball product lines[13] - The company optimized its supply chain to enhance flexibility and responsiveness, transitioning from a passive to an active production model[13] - Li-Ning continued to focus on high-quality, profitable store expansion, closing underperforming stores and upgrading flagship locations in core cities[13] - The company strengthened its product quality control and regional supply chain system to improve risk resilience and customer satisfaction[13] - The company plans to focus on enhancing retail operations, advancing digital system upgrades, and increasing R&D investment to drive future growth[14] - The company's total sales points increased by 6.5% to 7,603 by the end of 2022, with direct retail sales points growing by 22.7% to 1,430[53] - The company's northern region sales points increased by 4.7% to 3,970, while the southern region saw an 8.5% growth to 3,633[54] - The company opened 5 basketball-themed flagship stores and 2 super outlet stores by the end of 2022[51] - The company's e-commerce channels saw significant growth, with a focus on enhancing user experience and expanding product offerings[52] - The company's Li-Ning YOUNG sales points in China totaled 1,308 as of December 31, 2022, a net increase of 106 for the year[44] - The company's e-commerce virtual store business recorded a mid-single-digit growth in Q4 2022[44] Corporate Governance and ESG - The company adheres to high standards of corporate governance, focusing on internal control, fair disclosure, and accountability to shareholders[69] - The Board of Directors consists of seven members, including three executive directors and four independent non-executive directors[71] - The company has adopted a Board Diversity Policy to ensure a diverse and balanced composition of the Board, considering factors such as gender, age, cultural background, and professional experience[73] - The company's board composition includes 3 executive directors and 4 independent non-executive directors, with a gender ratio of 5 males to 2 females[74] - The company's employee gender ratio is approximately 2:3 (male to female), aligning with industry standards and achieving gender diversity[74] - The company's nomination policy emphasizes merit-based appointments, considering diversity factors such as gender, skills, and tenure[75] - The company's chairman and co-CEO roles were both held by Mr. Li Ning in 2022, with the board believing this structure provides consistent leadership and strategic execution[77] - The board is responsible for setting long-term goals, approving strategic and financial plans, and monitoring operational and financial performance[78] - All directors received training on updates to the Corporate Governance Code and Listing Rules in 2022[79] - The company has appointed 4 independent non-executive directors, exceeding one-third of the board, with one possessing appropriate accounting qualifications[81] - Executive and independent non-executive directors are appointed under three-year service contracts and are subject to re-election every three years[82] - The company has arranged appropriate insurance for its directors and senior executives to cover potential legal proceedings, with annual reviews of the coverage[83] - The Nomination Committee is responsible for formulating and implementing nomination policies for board members and senior management, and evaluating the board's structure, size, and composition[85] - The Nomination Committee nominated Mr. Zhao Dongsheng as CFO and Ms. Wang Yajuan as an independent non-executive director in 2022[85] - The Remuneration Committee is responsible for setting the remuneration policies and structures for directors and senior management to attract, retain, and motivate key talent[86] - The Remuneration Committee reviewed and approved the 2022 bonus plan, salary adjustment scheme, and short-term and long-term incentive systems[86] - The Audit Committee assists the board in overseeing the integrity of financial statements, risk management, internal control processes, and the relationship with external auditors[88] - The Audit Committee held three meetings with the external auditors in 2022 to discuss necessary matters[89] - The company's external auditor fees for 2022 amounted to RMB 7,565,000, with audit fees at RMB 6,220,000 and tax compliance and other advisory services at RMB 1,345,000[96] - The company's board of directors held at least four regular meetings annually, with a minimum of 14 days' notice provided for each meeting[92] - The company's audit committee reviewed the 2021 annual results and 2022 interim results, focusing on changes in accounting policies and compliance with accounting standards[90] - The company's risk management and internal control system is based on the COSO framework, aiming to improve operational efficiency and financial reporting reliability[98] - The company's internal control structure includes three levels: ultimate responsibility (board of directors), supervision (audit committee), and execution (internal audit department)[100] - The company's external auditor, PricewaterhouseCoopers, has been appointed since 2004, with the audit committee recommending their reappointment for 2023[95] - The company's board attendance rate for 2022 was 100% for all directors, including executive and independent non-executive directors[93] - The company has established a whistleblowing policy for employees and business partners to report potential misconduct confidentially[91] - The company's management provided monthly financial updates to the board for performance evaluation and decision-making[94] - The company's internal audit plan for 2023 was approved by the audit committee, following a review of the 2022 internal audit results[90] - The company has established a comprehensive risk management organizational structure, including four levels: ultimate responsibility, supervision, decision-making, and execution, with the Board of Directors holding ultimate responsibility for risk management[102] - The Audit Committee and its Internal Audit Department are responsible for evaluating and monitoring the implementation of risk management, reporting results to the Risk Management Committee and the Board of Directors[102] - The Risk Management Committee, composed of senior management and group vice presidents, is responsible for discussing and approving risk management policies, making decisions on risk management plans, and reporting to the Audit Committee and/or management[102] - The Internal Audit Department regularly reports on risk management and internal control progress to the Audit Committee and Board of Directors, ensuring timely updates and necessary training[102] - The company has implemented the "Li-Ning Co., Ltd. Internal Control Manual," which covers various internal control processes, including wholesale sales, direct sales management, procurement, and financial reporting[103] - An annual self-assessment mechanism has been established to evaluate the effectiveness of internal controls, with mid-level and senior managers reviewing control objectives and identifying areas for improvement[104] - The Internal Audit Department independently reviews risk management and internal controls related to major operations, finance, and compliance, reporting any significant issues to the Audit Committee or Board of Directors[104] - The Board of Directors conducts an annual comprehensive review of the risk management and internal control systems, using internal self-assessment methods to ensure effectiveness and identify areas for improvement[105] - As of December 31, 2022, the Audit Committee and Board of Directors confirmed that the company's risk management and internal control systems are effective, with no significant deficiencies identified[105] - The company has sufficient accounting and financial reporting personnel with the necessary qualifications and experience, supported by appropriate training programs and budgets[106] - Internal audit department conducted audits on Li-Ning brand's sales system, product system, retail subsidiaries, supply chain system, non-core business systems, and internal control and risk management systems in 2022[107] - All audit findings and risk factors were properly addressed by management as of December 31, 2022, with no significant unresolved issues[107] - The company has established strict procedures for handling and disclosing inside information, with designated authorized personnel responsible for all external media communications[108] - No violations of the standard code for securities transactions were found among directors or employees in 2022[109] - The company has adopted a shareholder communication policy to ensure accurate, clear, and timely information is provided to shareholders through various channels[111] - Shareholders holding at least 10% of the company's paid-up share capital can request a special general meeting, which must be held within 2 months of the request[113] - The company's articles of association remained unchanged in 2022[115] - The 2022 Annual General Meeting was attended by all board members, including committee chairs, and the external auditor, with a Q&A session for shareholders[115] - The next Annual General Meeting is scheduled for June 14, 2023, with details to be provided in the circular to shareholders[115] - The company's Board of Directors will continuously review and improve corporate governance to maintain high transparency, accountability, and responsibility levels[117] - The company has

Financial Performance - Revenue increased by 14.3% to RMB 25,803.83 million, with a net profit of RMB 4,063.77 million, maintaining a net profit margin of 15.7%[2] - Gross profit margin decreased by 4.6 percentage points to 48.4% due to rising raw material costs[2] - Total comprehensive income for the year was RMB 4,055.39 million, compared to RMB 4,008.33 million in 2021[7] - The company reported a basic earnings per share of RMB 155.38, slightly down from RMB 160.10 in the previous year[6] - The profit attributable to equity holders for 2022 was RMB 4,063,834,000, compared to RMB 4,010,881,000 in 2021, representing an increase of approximately 1.3%[31] - The basic earnings per share for 2022 was RMB 155.38, down from RMB 160.10 in 2021, reflecting a decrease of about 4.5%[31] - The diluted earnings per share for 2022 was RMB 154.34, compared to RMB 157.97 in 2021, indicating a decline of approximately 2.1%[32] - Gross profit for the same period was RMB 12,484,793,000, reflecting a 4.3% increase from RMB 11,969,098,000 in 2021[42] - Operating profit decreased by 4.9% to RMB 4,886,758,000 from RMB 5,136,376,000 in the previous year[42] - EBITDA for the year was RMB 6,541,707,000, a slight increase of 1.6% from RMB 6,436,060,000 in 2021[42] Revenue Breakdown - Revenue from footwear reached RMB 13,478,630,000, up 42.5% from RMB 9,505,994,000 in 2021[14] - Revenue from apparel decreased to RMB 10,708,594,000, down 9.4% from RMB 11,823,798,000 in 2021[14] - Revenue from equipment and accessories increased to RMB 1,616,159,000, up 30.2% from RMB 1,242,489,000 in 2021[14] - Sales through e-commerce channels amounted to RMB 7,465,297,000, an increase of 16.4% from RMB 6,412,920,000 in 2021[15] Assets and Liabilities - Total assets increased to RMB 33,646.52 million from RMB 30,274.82 million in 2021, with non-current assets rising significantly[4] - Current assets decreased to RMB 12,394.90 million from RMB 18,671.85 million, primarily due to a reduction in cash and cash equivalents[4] - The total accounts payable decreased slightly from 1,599,282,000 RMB in 2021 to 1,584,424,000 RMB in 2022, a decrease of about 0.9%[22] - The debt-to-equity ratio improved to 38.3% from 43.5% in the previous year[42] Cash Flow and Financing - Operating cash inflow reached RMB 3,914 million, indicating healthy operational liquidity with an average working capital ratio of 6.8%[2] - The net cash generated from operating activities for the year ended December 31, 2022, was RMB 3,913,604,000, a decrease from RMB 6,525,335,000 in 2021[57] - The net financing income for 2022 was 327,187,000 RMB, a substantial increase from 32,639,000 RMB in 2021[26] - Financing income increased significantly to 447,748,000 RMB in 2022 from 145,097,000 RMB in 2021, a growth of about 208.5%[25][26] Expenses and Costs - Total sales and distribution expenses rose by 19.2% to RMB 7,314,303,000, accounting for 28.3% of total revenue, up from 27.2% in 2021[48] - Research and product development expenses rose to 534,156,000 RMB in 2022, up from 413,949,000 RMB in 2021, an increase of about 29.0%[23] - Advertising and marketing expenses increased significantly, which rose to 2,279,152,000 RMB in 2022 from 1,779,263,000 RMB in 2021, an increase of approximately 28.1%[23] - The cost of goods sold increased significantly to 12,979,293,000 RMB in 2022 from 10,340,415,000 RMB in 2021, representing a rise of approximately 25.8%[23] Inventory and Receivables - Inventory turnover and aging structure remained at a good level, with channel inventory planned to be 20%-30% ahead of schedule[2] - Trade receivables, net of expected credit loss provisions, were RMB 1,020,346,000, up from RMB 902,857,000 in 2021[20] - The total accounts receivable aged analysis shows a decrease in the 0 to 30 days category from 681,627,000 RMB in 2021 to 579,558,000 RMB in 2022, a decline of approximately 15.0%[21] - Inventory costs recognized as expenses for the year were RMB 12,979,293,000, an increase from RMB 10,340,415,000 in 2021[19] Dividends and Shareholder Information - The company proposed a final dividend of RMB 0.4627 per share, up from RMB 0.4597 per share in 2021[2] - The total dividends paid for the year ended December 31, 2022, amounted to RMB 1,194,720,000, significantly higher than RMB 515,202,000 for the year ended December 31, 2021[33] - The record date for the proposed final dividend is June 21, 2023[38] Market and Sales Strategy - The company operates primarily in the Chinese market, with overseas sales accounting for no more than 10% of total revenue[13] - The company plans to enhance collaboration with distributors to promote order growth and channel development while optimizing the aging structure of receivables[56] - The company emphasized a multi-channel strategy, integrating professional products with entertainment marketing to reach a broader audience[69] - The company launched new product marketing strategies centered around women's fitness, enhancing brand recognition and user engagement through collaborations with KOLs and social media platforms[71] Product Development and Innovation - The company achieved cumulative sales of over 3 million pairs of the "超轻19" running shoes, making it a phenomenal product in the running market this year[66] - The basketball category introduced the "馭帥16" shoe, integrating popular colorways and advanced technology, enhancing consumer experience[66] - The badminton category launched the "戰戟8000" control series racket, completing a three-category layout with multiple patented technologies[67] - The company emphasized R&D in innovative technologies, expanding the use of functional materials in professional sports products[80] Corporate Governance and Compliance - The company adhered to the corporate governance code as per the Hong Kong Stock Exchange listing rules, with some deviations explained, including the roles of the chairman and CEO being held by the same individual[89] - The company is committed to eliminating forced labor risks in its supply chain and will conduct annual assessments of suppliers' compliance with social responsibility standards[81] Future Outlook - The Chinese economy is steadily recovering, boosting national consumer demand and benefiting sports consumption, which will promote the development of the sports industry[87] - The company is optimistic about the sports industry's prospects, believing it has significant development potential, and aims to innovate and expand its brand presence in the professional sports sector[87]