Core Viewpoint - Li Ning Company Limited has shown a significant increase in stock price and continues to demonstrate strong financial performance, indicating a robust position in the sportswear industry [1][2]. Group 1: Company Overview - Li Ning is a professional sportswear brand with comprehensive capabilities in research, design, manufacturing, marketing, distribution, and retail operations [1]. - The company operates a leading multi-channel sales network and supply chain management system globally [1]. - In 2020, Li Ning's market capitalization exceeded 100 billion HKD, making it the first Chinese mainland sportswear company listed on the Hong Kong Stock Exchange [1]. Group 2: Financial Performance - As of the mid-year report in 2025, Li Ning reported total revenue of 14.817 billion CNY and a net profit of 1.737 billion CNY [2]. - The company announced a mid-year dividend of 0.3359 CNY per share (equivalent to 0.368 HKD), with the ex-dividend date set for August 25, 2025, and the payment date on September 5, 2025 [2].

公告称，期内集团各渠道收入变动情况如下：通过持续优化电商平台运营、深化线上营销布局，完善会 员服务体系，线上销售规模与客户黏性同步提升，电商渠道收入同比提升7.4%，贡献最大增量；特许 经销商收入增长稳健，同比增长4.4%，占比进一步提升至46.5%，持续发挥核心支柱作用；零售渠道表 现承压，直营店铺布局调整和消费场景转移，收入同比下降3.4%。公司将关注各渠道的不同增长机 会，致力于实现未来收入的可持续增长。 李宁(02331)绩后涨超5%，截至发稿，涨6.79%，报19.34港元，成交额2.47亿港元。 消息面上，李宁公布中期业绩，收入同比上升3.3%至148.17亿元，毛利约74.15亿元，同比增长2.48%； 息税前利润加折旧及摊销(EBITDA)约35.13亿元，同比增长2%；净利约17.37亿元，每股基本收益67.43 分，中期股息每股33.59分。 ...

消息面上，李宁公布中期业绩，收入同比上升3.3%至148.17亿元，毛利约74.15亿元，同比增长2.48%； 息税前利润加折旧及摊销(EBITDA)约35.13亿元，同比增长2%；净利约17.37亿元，每股基本收益67.43 分，中期股息每股33.59分。 公告称，期内集团各渠道收入变动情况如下：通过持续优化电商平台运营、深化线上营销布局，完善会 员服务体系，线上销售规模与客户黏性同步提升，电商渠道收入同比提升7.4%，贡献最大增量；特许 经销商收入增长稳健，同比增长4.4%，占比进一步提升至46.5%，持续发挥核心支柱作用；零售渠道表 现承压，直营店铺布局调整和消费场景转移，收入同比下降3.4%。公司将关注各渠道的不同增长机 会，致力于实现未来收入的可持续增长。 智通财经APP获悉，李宁(02331)绩后涨超5%，截至发稿，涨6.79%，报19.34港元，成交额2.47亿港元。 ...

Core Viewpoint - Li Ning Company reported a revenue of 14.82 billion yuan for the first half of 2025, reflecting a year-on-year increase of 3.3%, while maintaining a healthy cash flow and manageable inventory levels [1][17]. Financial Performance - The gross profit for the first half of 2025 was 7.41 billion yuan, up 2.5% year-on-year, with an overall gross margin of 50.0% [1]. - The net profit reached 1.74 billion yuan, resulting in a net profit margin of 11.7% [1]. Strategic Initiatives - The company continues to focus on its "single brand, multiple categories, and multiple channels" strategy, emphasizing professional sports and enhancing its operational foundation [1][17]. - Li Ning has become the official partner of the Chinese Olympic Committee and the Chinese sports delegation for 2025-2028, launching the "China Glory, Li Ning Together" marketing campaign across over 5,200 stores [2]. Research and Development - R&D investment increased by 8.7% year-on-year, totaling over 3.8 billion yuan in the last decade [4]. - The proportion of revenue from professional products exceeded 60%, with footwear accounting for 56% of total revenue [4]. Product Performance - The running category saw a 15% increase in retail sales, with over 14 million pairs of running shoes sold, highlighting strong product competitiveness [6]. - The basketball category focuses on professional basketball and has leveraged star athlete endorsements to strengthen market presence [8]. Multi-Category Development - Li Ning is expanding into new sports categories such as outdoor sports, tennis, and pickleball, while maintaining strong performance in core categories like running, basketball, and training [6][11]. - The training category achieved a 15% increase in retail sales, supported by innovative products utilizing aerospace technology [9]. Operational Efficiency - The company maintains a healthy inventory turnover ratio of 4 months and an inventory turnover period of 61 days, indicating strong operational management [13]. - E-commerce operations showed positive growth, with online direct sales increasing significantly, contributing to overall business growth [15]. Supply Chain Optimization - Li Ning is enhancing its supply chain through quality control, delivery assurance, cost optimization, and sustainable practices, achieving significant improvements [17]. - The company has established a nationwide logistics network, with the launch of the Nanning central warehouse marking a key milestone [17]. Future Outlook - Li Ning plans to continue its core strategy of "single brand, multiple categories, and multiple channels," focusing on product competitiveness and operational efficiency to drive sustainable growth [17].

Core Insights - Li Ning Company reported a revenue of 14.82 billion yuan for the first half of 2025, representing a year-on-year increase of 3.3% [1] - The gross profit reached 7.41 billion yuan, with a gross margin of 50.0%, while net profit was 1.74 billion yuan, yielding a net margin of 11.7% [1] - The company maintains strong cash flow and healthy inventory levels, laying a solid foundation for sustainable growth [1] Strategic Focus - The company continues to implement its "single brand, multiple categories, and multiple channels" strategy, emphasizing professional sports and enhancing its operational foundation [1] - Li Ning has become the official partner of the Chinese Olympic Committee and the Chinese sports delegation for 2025-2028, launching the "China Glory, Li Ning Together" marketing campaign across over 5,200 stores [2] R&D and Product Development - R&D investment increased by 8.7% year-on-year, with cumulative investment exceeding 3.8 billion yuan over the past decade [4] - Professional product revenue now accounts for over 60% of total revenue, with footwear representing 56% [4] - New technologies, such as "Aerospace Quick-Dry" and "Aerospace Sun Protection," have been successfully integrated into products, receiving positive market feedback [4] Category Performance - The company focuses on six core categories: running, basketball, cross-training, badminton, table tennis, and sports leisure, with running, basketball, and cross-training accounting for 67% of retail sales [6] - Running category sales grew by 15%, with over 14 million pairs of running shoes sold, and Li Ning shoes achieved a 61.35% market share among runners completing the Beijing Half Marathon in under 90 minutes [6] - Basketball products leverage star athlete endorsements and innovative designs, with Li Ning signing Yang Hansheng, a notable player in the NBA draft [8] Operational Efficiency - Li Ning has optimized its channel structure, inventory management, and e-commerce operations, maintaining a healthy inventory turnover of 61 days and a stock-to-sales ratio of four months [12][14] - E-commerce performance has improved, with online direct sales showing high single-digit growth, contributing significantly to overall business growth [16] - The company has made significant advancements in supply chain optimization, focusing on quality control, delivery assurance, and cost optimization [18] Future Outlook - Li Ning plans to continue its core strategy of "single brand, multiple categories, and multiple channels," aiming for long-term sustainable growth through product competitiveness and operational efficiency [18]

Core Viewpoint - Li Ning reported a mid-year performance for 2025, showing a revenue of 14.817 billion RMB, representing a year-on-year growth of 3.3% [1] Financial Performance - The group's profit attributable to shareholders was 1.737 billion RMB [1] - Overall gross margin stood at 50.0% [1] - The board declared an interim dividend of 0.3359 RMB per share [1] - Net cash generated from operating activities was 2.411 billion RMB [1] Revenue Breakdown - Revenue growth was driven by strong performance in online channels, with e-commerce revenue increasing by 7.4% due to optimized platform operations, enhanced online marketing, and improved membership services [1] - Revenue from franchise distributors also showed steady growth, rising by 4.4% and accounting for 46.5% of total revenue [1] - However, retail channel revenue declined by 3.4% due to store layout adjustments and shifts in consumer scenarios [1] Future Outlook - The company indicated a focus on growth opportunities across various channels, aiming for sustainable revenue growth in the future [1]

Core Viewpoint - Li Ning needs to regain lost time as its recent financial performance shows only a slight revenue increase while profits are declining, especially compared to competitors like Anta and Adidas [1][3] Financial Performance - Li Ning's revenue for the first half of the year reached 14.817 billion yuan, a year-on-year increase of 3.3%, but gross margin decreased by 0.4 percentage points to 50% and operating profit margin fell by 0.2% [1] - In comparison, Anta's revenue was 33.735 billion yuan and Adidas China reported approximately 15.263 billion yuan, indicating Li Ning's significant lag behind its competitors [1] Market Strategy - Li Ning is diversifying its strategy by entering the outdoor market through its family investment in the Swedish outdoor brand Haglöfs, which is expanding its presence in China [3][6] - The outdoor category is showing strong growth in China, with Anta's other brands experiencing retail sales growth of 60%-65% [3][4] Competitive Landscape - Li Ning's core categories of running and basketball are facing challenges, with a 21% decline in basketball revenue for 2024 [3][4] - The outdoor market is becoming increasingly competitive, with various brands like The North Face and Columbia also gaining traction in China [12][14] Brand Positioning - Haglöfs is being positioned as a high-end outdoor brand, similar to how Anta has positioned its brand Arc'teryx, aiming to attract a new generation of consumers seeking high-quality outdoor products [10][12] - Li Ning is not directly managing Haglöfs, which limits the potential for resource sharing and synergy that competitors like Anta enjoy [16] Future Opportunities - Li Ning has the opportunity to enhance its brand image and international presence by becoming a partner for the Chinese Olympic Committee, covering major international events from 2026 to 2028 [16][17] - The company is also focusing on improving operational efficiency and expanding into lower-tier cities to enhance profitability [16]

Core Viewpoint - Li Ning Company Limited reported steady revenue growth for the first half of 2025, with a focus on solidifying its operational foundation and business development strategies [2][4]. Financial Performance - The company's revenue reached 14.817 billion RMB, a 3.3% increase compared to 14.345 billion RMB in the same period of 2024 [2]. - Gross profit was 7.415 billion RMB, up 2.5% from 7.236 billion RMB year-on-year, with an overall gross margin of 50.0%, down 0.4 percentage points from 50.4% [2]. - Profit attributable to equity holders was 1.737 billion RMB, down from 1.952 billion RMB in the previous year, with a profit margin of 11.7% [2]. - Basic earnings per share were 0.6743 RMB, compared to 0.7580 RMB in the same period last year [2]. Cash Flow Management - The net cash generated from operating activities was 2.411 billion RMB, a decrease from 2.730 billion RMB in the previous year [3]. - As of June 30, 2025, cash and cash equivalents totaled 11.798 billion RMB, an increase of 4.299 billion RMB from December 31, 2024 [3]. - The total cash balance, including fixed deposits, was 19.190 billion RMB, reflecting a net increase of 1.050 billion RMB [3]. Operational Overview - The company continued to implement its "single brand, multi-category, multi-channel" strategy, focusing on product upgrades, brand marketing, and channel optimization [4]. - Li Ning signed a partnership with the Chinese Olympic Committee for the 2025-2028 period, enhancing its brand image as a supporter of professional sports [4]. - The company is focusing on six core categories: running, basketball, cross-training, badminton, table tennis, and sports leisure, while also exploring new segments like outdoor sports and tennis [4]. Channel Development - Li Ning is enhancing its multi-dimensional channel network, with a total of 7,534 sales points as of June 30, 2025, a net decrease of 51 from December 31, 2024 [5]. - The company is optimizing its retail operations and enhancing collaboration between headquarters and retail outlets to improve efficiency [5]. E-commerce and Supply Chain - The company is focusing on e-commerce growth through online-offline integration and targeted marketing strategies [6]. - Li Ning is optimizing its supply chain with a focus on quality control, delivery assurance, cost optimization, and sustainability [6]. Children's Wear Business - Li Ning YOUNG is making steady progress in product optimization, channel development, and brand marketing, with a total of 1,435 sales points as of June 30, 2025, a net decrease of 33 from December 31, 2024 [7]. Future Outlook - The company plans to continue executing its core strategy while enhancing product competitiveness and deepening its partnership with the Chinese Olympic Committee [8]. - Li Ning aims to improve business quality and efficiency through channel, product, and supply chain collaboration [9]. - The company will focus on talent development, financial governance, and digital empowerment to support its growth [9].

Core Viewpoint - Li Ning reported a steady revenue growth for the first half of 2025, with total revenue reaching 14.82 billion RMB, an increase of 3.3% compared to the same period in 2024 [1] Financial Performance - The net profit attributable to equity holders was 1.74 billion RMB, resulting in a net profit margin of 11.7% [1] - Research and development expenditure increased by 8.7% year-on-year [1] Product Performance - Total sales of running shoes exceeded 14 million pairs during the period [1] - The running and cross-training categories led the growth, with retail sales growth rates reaching 15% year-on-year [1]

Core Viewpoint - Li Ning Company Limited reported steady revenue growth in the first half of 2025, with a revenue of 14.817 billion RMB, an increase of 3.3% compared to the same period in 2024 [2] Financial Performance - The company's gross profit reached 7.415 billion RMB, up 2.5% year-on-year, with an overall gross margin of 50.0%, a decrease of 0.4 percentage points from the previous year [2] - Profit attributable to equity holders was 1.737 billion RMB, down from 1.952 billion RMB in the first half of 2024, resulting in a profit margin of 11.7% [2] - Basic earnings per share were 0.6743 RMB, compared to 0.7580 RMB in the same period last year [2] - The interim dividend declared was 0.3359 RMB per share, down from 0.3775 RMB in the previous year, with a payout ratio of 50% [2] Cash Flow Management - The net cash generated from operating activities was 2.411 billion RMB, a decrease from 2.730 billion RMB in the first half of 2024 [3] - As of June 30, 2025, cash and cash equivalents amounted to 11.798 billion RMB, an increase of 4.299 billion RMB from December 31, 2024 [3] - The total cash balance, including fixed deposits, was 19.190 billion RMB, reflecting a net increase of 1.050 billion RMB [3] Operational Overview - The company continued to implement its "single brand, multi-category, multi-channel" strategy, focusing on product upgrades, brand marketing, and channel optimization [4] - Li Ning became the official sportswear partner for the Chinese Olympic Committee and the Chinese sports delegation for the 2025-2028 period, enhancing its brand image [4] - The company focused on six core categories: running, basketball, cross-training, badminton, table tennis, and sports leisure, while also exploring new segments like outdoor sports and tennis [4] Channel Development - Li Ning actively built a multi-dimensional channel network, with a total of 7,534 sales points as of June 30, 2025, a net decrease of 51 from December 31, 2024 [5] - The company emphasized optimizing retail operations and enhancing consumer interaction to improve brand penetration and product efficiency [5] E-commerce and Supply Chain - The company maintained a steady operational strategy in e-commerce, leveraging online and offline synergies to drive growth [6] - Significant improvements were made in supply chain management, focusing on quality control, delivery assurance, and cost optimization [6] Children's Wear Business - Li Ning YOUNG made steady progress in product optimization, channel development, and brand marketing, with a total of 1,435 sales points as of June 30, 2025, a net decrease of 33 from December 31, 2024 [7] Future Outlook - The company plans to continue executing its core strategy while enhancing product competitiveness and focusing on high-growth potential markets [8] - Li Ning aims to deepen its collaboration with the Chinese Olympic Committee and enhance its professional sports image through targeted marketing activities [8] - The company will focus on improving business quality and efficiency across channels, products, and supply chains [9] - Key support areas include talent development, financial governance, and digital empowerment to ensure sustainable growth [9]