Financial Performance - Revenue increased by 7.0% to RMB 27.598 billion, with a gross margin maintained at 48.4%[2] - Net profit attributable to equity holders was RMB 3.187 billion, with a net profit margin of 11.5%[2] - The company reported a diluted earnings per share of RMB 123.21, down from RMB 155.38 in the previous year[6] - Total revenue for the year ended December 31, 2023, was RMB 27,598,491,000, an increase from RMB 25,803,383,000 in 2022, representing a growth of approximately 6.95%[17] - The profit attributable to equity holders for 2023 was RMB 3,186,910,000, a decrease from RMB 4,063,834,000 in 2022[37] - Basic earnings per share decreased to 123.21 RMB in 2023 from 155.38 RMB in 2022, a decline of 20.7%[35] - The company's gross margin remained stable at 48.4%, while the operating margin decreased to 12.9% from 18.9%[50] Cash Flow and Dividends - Operating cash inflow rose by 19.8% to RMB 4.688 billion[2] - The company proposed a final dividend of RMB 0.1854 per share, resulting in a total annual dividend of RMB 0.5474 per share, with a payout ratio of 45%[2] - The total dividend proposed for 2023 is RMB 1,434,109,000, which represents 45% of the profit attributable to equity holders, compared to 30% in 2022[38] - The interim dividend for the first half of 2023 was RMB 36.20 per share, while there was no interim dividend in 2022[42] Assets and Liabilities - Total assets amounted to RMB 34.208 billion, compared to RMB 33.647 billion in the previous year[5] - Total equity attributable to equity holders was RMB 24.407 billion, slightly up from RMB 24.332 billion in the previous year[5] - The company's contract liabilities increased to RMB 552,537,000 in 2023 from RMB 252,090,000 in 2022, reflecting a growth of approximately 118%[19] - The total accounts payable increased to 1,789,796 thousand RMB in 2023 from 1,584,424 thousand RMB in 2022, reflecting an increase of 12.9%[28] Sales and Revenue Breakdown - Revenue from footwear was RMB 13,389,080,000, while apparel revenue increased to RMB 12,410,785,000, up from RMB 10,708,594,000 in 2022, indicating a significant growth in apparel sales of approximately 15.87%[17] - Direct sales revenue increased to RMB 6,907,451,000 in 2023 from 5,330,434,000 in 2022, marking a growth of approximately 29.63%[18] - E-commerce sales reached RMB 7,531,410,000, slightly up from RMB 7,465,297,000 in 2022, reflecting a growth of approximately 0.89%[18] - Overall retail sales (including online and offline) recorded low single-digit growth in the range of 10%-20%[2] - New product line retail sales achieved low single-digit growth in the range of 10%-20%[2] Expenses and Costs - Inventory costs recognized as expenses for the year amounted to RMB 13,856,610,000, compared to RMB 12,979,293,000 in 2022, showing an increase of approximately 6.76%[21] - Total sales and distribution expenses rose by 24.1% year-on-year to RMB 9,080,121,000, accounting for 32.9% of total revenue, up 4.6 percentage points from 2022[56] - Administrative expenses increased to RMB 1,256,152,000, representing 4.6% of total revenue, a rise of 0.3 percentage points compared to the previous year[57] - The overall sales cost for the year ended December 31, 2023, was RMB 14,246,436,000, an increase from RMB 13,318,590,000 in 2022, with a stable gross margin of 48.4%[55] Research and Development - Research and product development expenses rose to 618,183 thousand RMB in 2023 from 534,156 thousand RMB in 2022, marking an increase of 15.7%[29] - The group plans to enhance R&D investment to drive innovation and improve product functionality, aiming to increase the proportion of professional products[96] Market and Product Development - The company focused on product innovation and brand image enhancement to attract young consumers, utilizing cross-industry collaborations and entertainment resources[74] - The company launched the "BADFIVE" series, which integrates street basketball characteristics and professional performance, successfully appealing to young consumers[80] - The company has committed to sustainable development by promoting eco-friendly products and optimizing its supply chain and logistics systems[74] - The launch of new badminton rackets "Thunder 100" and "Warrior 9000" has enhanced the competitiveness of Li Ning's badminton product line, with "Thunder 100" featuring the industry's thinnest 6.0mm shaft[81] Employee and Corporate Governance - As of December 31, 2023, the group employed 4,845 employees, an increase from 4,610 employees on December 31, 2022[95] - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules for the year ending December 31, 2023, with some deviations explained[101] - The audit committee, consisting of independent non-executive directors, reviewed the accounting principles and practices adopted by the group for the fiscal year ending December 31, 2023[102] Future Outlook and Strategy - The group anticipates continued economic recovery in China, with a focus on expanding domestic demand and stabilizing consumption[96] - The company plans to utilize approximately 40% of the net proceeds from the previous share placement for business investments, including international expansion, amounting to 2,630,853,000 RMB[69] - The company is focusing on building a sustainable supply chain, transitioning from "passive production" to "active production" to enhance efficiency and reduce waste[92]

纺织服饰 李宁（ ） 买入 维持 02331.HK -A( ) 渠道库存回归健康状态，2023年跑步品类流水表现靓丽 2024年3月20日 公司研究/公司快报 公司近一年市场表现 事件描述  3月20日，公司披露2023年年度业绩，2023年，公司实现营收275.98亿元，同 比增长7.0%，实现归母净利润31.87亿元，同比下降21.6%。董事会建议派发2023年 末期股息18.54分/股，结合中期股息36.20分/股，全年派息54.74分/股，全年派息率 45%。 事件点评 资料来源：最闻，山西证券研究所  2023年公司减少批发渠道发货，营业收入增速弱于零售流水。营收端，2023年， 公司实现营收275.98亿元，同比增长7.0%，从渠道角度看，公司收入增长主要为直营 市场数据：2024年3月20日 渠道带动。其中23H1、23H2营收分别实现140.19、135.79亿元，同比增长12.97%、 收盘价（港元）： 21.450 1.38%。从流水角度看，2023年公司整体流水增长10%-20%低段，其中电商渠道流水 年内最高/最低（港元）： 65.000/14.940 增长低单位数，线下渠道流水增 ...

证券研究报告 | 年报点评报告 2024年03月20日 李宁（02331.HK） 营运改善显著，期待长期健康增长 公司2023年营收增长7%，归母净利润下滑22%。2023公司营收同 买入（维持） 比增长7%至275.98亿元，其中批发/直营/电商增速分别 股票信息 +0.6%/+30%/+0.9%，期内由于客流波动电商业务表现较弱，同时为 行业 服装 了管控渠道库存，公司对加盟商发货进行控制，毛利率同比持平为 前次评级 买入 48.4%，销售费用率/管理费用率同比提升4.6/0.2pcts至 32.9%/4.6%，综上公司全年归母净利润同比下滑21.6%至32亿元，净 3月20日收盘价(港元) 21.45 利率同比降低4.2pcts至11.5%，全年分红比例为45%（2022年为 总市值(百万港元) 55,437.08 30%），2023年公司业务整体处于优化阶段。 总股本(百万股) 2,584.48 其中自由流通股(%) 100.00 李宁成人装：多举措合力，期待2024年健康增长。2023年在消费环境 30日日均成交量(百万股) 29.65 波动下成人装流水同比增长低双位数，受渠道控货影响，我们预计成人 ...

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。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 27.8 HKD per share based on a 18x PE for 2024 [4]. Core Views - The company is expected to achieve a healthy inventory turnover ratio by Q4 2023, with inventory issues being addressed through management strategies and upcoming sales events [2]. - Continuous share buybacks have been noted, with a total amount of approximately 961 million HKD since September 2023, indicating management's confidence in the company's long-term prospects [2]. - The company is projected to experience healthy revenue growth in the medium to long term, despite short-term pressures on revenue and profit margins due to inventory management [2]. Summary by Sections Inventory Management - The company aims to control inventory age structure and turnover rates, with expectations for the inventory-sales ratio to decrease further by Q4 2023 [2]. - The resolution of inventory issues is anticipated by mid-2024, which may lead to improved discounting and gross margins [2]. Share Buybacks - The company has been actively repurchasing shares, with plans to utilize up to 3 billion HKD for further buybacks, which is expected to bolster market confidence [2]. Financial Projections - The forecasted net profit for the company is 3.16 billion CNY for 2023, with expected growth to 3.71 billion CNY in 2024 and 4.34 billion CNY in 2025 [3]. - Revenue is projected to grow from 27.37 billion CNY in 2023 to 30.58 billion CNY in 2024, and further to 34.62 billion CNY in 2025, reflecting a compound annual growth rate [3][11]. Market Outlook - The report expresses optimism regarding the overall health of the sports footwear and apparel industry in China, with the company focusing on professional sports categories, suggesting potential for upward profitability [2].

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。 ...

Financial Performance - Revenue for the first half of 2023 reached RMB 14,018,947 thousand, a 13.0% increase from RMB 12,408,665 thousand in the same period of 2022[18]. - Gross profit for the first half of 2023 was RMB 6,838,764 thousand, reflecting a 10.3% increase compared to RMB 6,200,775 thousand in the previous year[18]. - Operating profit decreased by 6.4% to RMB 2,475,224 thousand from RMB 2,643,624 thousand year-on-year[18]. - EBITDA for the first half of 2023 was RMB 3,425,450 thousand, showing a slight increase of 0.1% from RMB 3,421,373 thousand[18]. - Net profit attributable to equity holders was RMB 2,121,231 thousand, down 3.1% from RMB 2,189,308 thousand in the same period last year[18]. - Basic earnings per share for the first half of 2023 were RMB 80.63, a decrease of 3.7% from RMB 83.77[18]. - Gross margin for the first half of 2023 was 48.8%, down from 50.0% in the previous year[18]. - Operating margin decreased to 17.7% from 21.3% year-on-year[18]. Revenue Breakdown - Revenue from footwear was RMB 7,514,672,000, accounting for 53.6% of total revenue, with a year-on-year growth of 11.2%[22]. - Revenue from apparel was RMB 5,639,911,000, representing 40.2% of total revenue, with a year-on-year increase of 14.9%[22]. - Sales to authorized dealers in the Chinese market amounted to RMB 6,724,040,000, up 13.9% from RMB 5,901,205,000 in the prior year[101]. - Direct sales in China reached RMB 3,409,502,000, reflecting a 22.3% increase from RMB 2,786,983,000 year-over-year[101]. - E-commerce sales in China were RMB 3,595,353,000, slightly up from RMB 3,534,298,000, indicating a growth of 1.7%[101]. Expenses and Costs - Total sales and distribution expenses amounted to RMB 3,948,420,000, representing 28.2% of total revenue, an increase of 16.7% year-on-year[27]. - The cost of goods sold for the six months ended June 30, 2023, was RMB 7,002,447,000, compared to RMB 6,059,912,000 for the same period in 2022, representing an increase of about 15.5%[117]. - The company incurred research and product development expenses of RMB 290,764,000 for the six months ended June 30, 2023, compared to RMB 239,096,000 in the same period of 2022, representing a rise of 21.6%[137]. - The company’s advertising and marketing expenses for the six months ended June 30, 2023, were RMB 1,042,091,000, compared to RMB 980,851,000 in 2022, indicating an increase of 6.3%[137]. Cash Flow and Liquidity - The cash generated from operating activities for the first half of 2023 was RMB 1,942,431,000, an increase from RMB 1,583,232,000 in 2022, reflecting improved cash flow management[37]. - The total cash and cash equivalents as of June 30, 2023, were RMB 6,410,689,000, a decrease of RMB 971,529,000 compared to December 31, 2022, highlighting liquidity challenges[37]. - The net cash used in investing activities was RMB (1,355,891) thousand, a significant reduction from RMB (4,315,024) thousand in the same period last year, indicating improved cash flow management[82]. - The net cash used in financing activities was RMB (1,637,835) thousand, compared to RMB (1,524,094) thousand in the previous year, showing an increase of approximately 7.5%[82]. Assets and Liabilities - The company's non-current assets totaled RMB 21,051,753 thousand as of June 30, 2023, a slight decrease from RMB 21,251,624 thousand as of December 31, 2022[75]. - The total assets of the company reached RMB 34,282,761 thousand as of June 30, 2023, compared to RMB 33,646,519 thousand as of December 31, 2022[75]. - Total liabilities decreased to RMB 8,917,464 thousand from RMB 9,314,591 thousand at the end of 2022[76]. - The total lease liabilities as of June 30, 2023, were RMB 2,584,371,000, compared to RMB 2,141,667,000 at the end of 2022, marking a 20.6% increase[108]. Shareholder Information - The company declared a final dividend of RMB 46.27 per share for the year ended December 31, 2022, and an interim dividend of RMB 36.20 per share for the six months ended June 30, 2023[148][149]. - The total interim dividend amount for the six months ended June 30, 2023, was RMB 954,554,000, which was not recognized as a liability as of June 30, 2023[149]. - The number of unexercised share options under the 2014 share option scheme as of June 30, 2023, was 3,507,000, with a weighted average exercise price of HKD 20.757[151]. - The company has a total of 720,760 restricted shares granted on January 3, 2023, vesting from April 1, 2024, to April 1, 2027[174]. Market and Strategic Outlook - The company plans to continue focusing on product technology upgrades and expanding its market presence, leveraging the recovery of consumer demand post-pandemic[21]. - The group maintains a positive outlook on the sports goods consumption market, supported by government policies promoting sports development and consumer spending recovery[45]. - The company is focusing on expanding its channel structure and efficiency, with ongoing upgrades to flagship and benchmark stores while addressing underperforming locations[57]. - The company aims to enhance product functionality and innovation, focusing on professional and fashionable sports products to expand brand influence[72].

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 -> ...