| 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 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 李寧有限公司 | | 股份代號 | 02331 | | 多櫃檯股份代號及貨幣 | 82331 RMB | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年12月31日止年度的末期股息 | | | 公告日期 | 2026年3月19日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.2336 RMB | | 股東批准日期 | 2026年6月11日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 有待公佈 | | 匯率 | 有待公佈 | | 除淨日 | 2026年 ...

Financial Performance - The company reported a revenue increase of 3.2% to RMB 29.60 billion for the year ending December 31, 2025, with a gross margin decrease of 0.4 percentage points to 49%[5] - Net profit attributable to equity holders was RMB 2.94 billion, with a net profit margin of 9.9% and EBITDA margin of 20.8%[5] - The company reported a total comprehensive income of RMB 2.85 billion for the year, down from RMB 3.07 billion in the previous year[7] - Total revenue for the year ended December 31, 2025, was RMB 29,598,417,000, an increase from RMB 28,675,643,000 in 2024, representing a growth of approximately 3.22%[17] - The net profit attributable to equity holders for the year ending December 31, 2025, was RMB 2,935,743,000, down from RMB 3,012,918,000 in 2024, resulting in a profit margin of 9.9% compared to 10.5% in the previous year[59] - The basic earnings per share were RMB 1.14 for 2025, down from RMB 1.17 in 2024, indicating a decrease of 2.6%[30] - Total revenue attributable to equity holders for the year ended December 31, 2025, was RMB 2,935,743,000, a decrease of 2.6% from RMB 3,012,918,000 in 2024[30] Dividends and Payouts - The board proposed a final dividend of RMB 0.2336 per share, resulting in a total annual dividend of RMB 0.5695 per share, with a payout ratio of 50%[5] - The company proposed a final dividend of RMB 0.2336 per share for 2025, an increase from RMB 0.2073 per share in 2024, representing a growth of 14.4%[28] Assets and Liabilities - Total assets increased to RMB 37.71 billion, up from RMB 35.71 billion in 2024, with current assets totaling RMB 22.95 billion[8] - The company's equity attributable to equity holders rose to RMB 27.63 billion, compared to RMB 26.10 billion in 2024[9] - The company reported a total of RMB 369,001,000 in contract liabilities as of December 31, 2025, slightly up from RMB 368,518,000 in 2024[19] - The company’s total liabilities related to customer advances decreased from RMB 480,425,000 in 2024 to RMB 303,785,000 in 2025[20] Cash Flow and Working Capital - Operating cash inflow was RMB 4.85 billion, maintaining a healthy level of working capital with an average working capital to revenue ratio of 7.7%[5] - The net cash generated from operating activities for the year ending December 31, 2025, was RMB 4,851,532,000, compared to RMB 5,267,935,000 in 2024, reflecting increased cash expenses[63] - The total cash and cash equivalents as of December 31, 2025, amounted to RMB 16,716,551,000, a net increase of RMB 9,217,955,000 from the previous year[63] Inventory and Receivables - Inventory levels were reported at RMB 2.69 billion, with trade receivables amounting to RMB 1.39 billion[8] - Accounts receivable as of December 31, 2025, was RMB 1,426,585,000, an increase of 36.3% from RMB 1,046,249,000 in 2024[33] - The expected credit loss provision for accounts receivable decreased to RMB 37,906,000 in 2025 from RMB 41,658,000 in 2024, indicating a reduction of 8.2%[33] Revenue Breakdown - Revenue from footwear reached RMB 14,650,546,000 in 2025, up from RMB 14,300,341,000 in 2024, indicating a growth of about 2.45%[17] - Revenue from apparel increased to RMB 12,327,039,000 in 2025 from RMB 12,050,245,000 in 2024, reflecting a growth of approximately 2.31%[17] - The company’s revenue from e-commerce channels was RMB 8,743,238,000 in 2025, an increase from RMB 8,304,759,000 in 2024, representing a growth of approximately 5.29%[17] - Revenue from the franchised dealer channel grew by 6.3% year-on-year, accounting for 46.6% of total revenue, up from 45.1% in 2024[46][48] - E-commerce channel revenue increased by 5.3% year-on-year, contributing 29.5% to total revenue, compared to 29.0% in 2024[46][48] Expenses and Cost Management - The cost of goods sold recognized as inventory expense for the year ended December 31, 2025, was RMB 14,648,186,000, an increase of 3.9% from RMB 14,099,802,000 in 2024[24] - Advertising and marketing expenses rose to RMB 3,165,794,000 in 2025, up 16.3% from RMB 2,721,226,000 in 2024[24] - Total selling and distribution expenses were RMB 9,189,675,000, representing 31.0% of total revenue, a decrease from 32.1% in 2024[50] - Administrative expenses rose to RMB 1,630,412,000, accounting for 5.5% of total revenue, an increase of 0.5 percentage points from 2024[51] Strategic Initiatives and Innovations - The group launched the "Super Cushion Capsule" midsole technology, which has been commercialized and applied to flagship products like "Feidian 6 ULTRA" and "Chitu 9 ULTRA"[77] - The group emphasized technology innovation as a core driver, leveraging the "Aerospace Dynamic Warmth Technology Platform" for product development[81] - The company launched the "LN AIR" breathable quick-drying technology for running apparel, enhancing consumer experience with visual holes and high-performance materials[85] - The group aims to enhance its market competitiveness and share by leveraging technology-driven product innovation and marketing strategies, focusing on the growing global table tennis market in 2025[93] Market Presence and Brand Development - The company expanded its market presence by sponsoring major events like the Singapore Open and Hong Kong Open, enhancing brand recognition[92] - The group aims to strengthen brand recognition through collaborations with the Chinese Olympic Committee and participation in major sporting events[79] - The company has established collaborations with top-tier cultural IPs, such as the Palace Museum, to enhance brand reach and marketing effectiveness[105] Employee and Governance - The group has been awarded the Excellent Workplace™ certification, enhancing its employer brand and talent attraction capabilities[116] - The group is committed to high standards of corporate governance and has adhered to the corporate governance code during the fiscal year[122] - The group’s audit committee has reviewed the accounting principles and practices adopted, ensuring alignment with the audited financial statements for the fiscal year[123] - As of December 31, 2025, the group employed 5,152 individuals, an increase from 5,022 employees on December 31, 2024[117]

Group 1 - The core viewpoint of the news is that Hong Kong sportswear stocks have generally risen, driven by increased outdoor activity as temperatures rise, with notable gains for companies like Li Ning, Anta, and Xtep [1] - Sales of outdoor equipment have doubled year-on-year since March, with significant increases in professional mountaineering shoes and lightweight jackets [1] - Consumers are increasingly willing to purchase professional-grade outdoor apparel and equipment, focusing on specific parameters such as UPF values for sun protection clothing and RET values for breathability [1] Group 2 - The stock performance of key companies includes Li Ning rising approximately 5%, Anta up 2.74%, and Xtep increasing by 2.62% [2] - Other companies like Tmall, Yuyuan Group, and Eagle Beauty also saw gains, with increases ranging from 1.24% to 1.74% [2] - The trend indicates a growing trust in professional brands among consumers, suggesting a favorable development opportunity for leading brands in the sports and outdoor sector [1]

港股 体育用品股普遍上涨，其中，李宁涨约5%，特步、安踏涨3%，滔搏涨1.7%，361度，裕元集团、 鹰美均涨超1%。 ...

Group 1 - The core viewpoint of the article highlights a significant increase in the stock prices of sportswear companies in Hong Kong, driven by rising outdoor activity as temperatures warm up [1] - Li Ning's stock rose approximately 5%, while Anta and Xtep increased by 3%, and other companies like Toray and 361 Degrees also saw gains of over 1% [1] - Sales of outdoor equipment have doubled year-on-year since March, with notable increases in professional hiking shoes and lightweight jackets [1] Group 2 - A prominent trend in outdoor consumption this year is that consumers are increasingly willing to purchase professional-grade outdoor apparel and equipment, even for lightweight activities [1] - Consumers are focusing more on product specifications, such as the UPF value of sun-protective clothing and the RET value (breathability index) of jackets [1] - Trust in professional brands is growing, suggesting that leading brands in the sports and outdoor sector may experience significant growth opportunities [1]

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 該公告中文版本的相關披露正確。 除上文所述者外，該公告中英文版本的所有其他資料均維持不變。 承董事會命 李寧有限公司 公司秘書 戴嘉莉 李寧有限公司 股份代號：2331（港幣櫃台）及 82331（人民幣櫃台） （於開曼群島註冊成立之有限公司） 有關董事會會議日期之 澄清公告 茲提述本公司於2026年3月9日刊發有關董事會會議日期的公告（「該公告」）。除另有界定 者外，本公告所用詞彙與該公告所界定者具有相同涵義。 本公司謹此澄清，由於該公告英文版本出現無心手民之誤，本公司及其附屬公司截至 2025年12月31日止年度的業績的描述應為「全年業績」。 香港，2026年3月10日 於本公告日期，本公司的執行董事為李寧先生、高坂武史先生和李麒麟先生；本公司的 獨立非執行董事為顧福身先生、王亞非女士、陳振彬博士和王雅娟女士。 ...

Core Viewpoint - Li Ning Company Limited (02331.HK) is scheduled to hold a board meeting on March 19, 2026, to approve the annual performance announcement for the year ending December 31, 2025, and to consider the proposal for the final dividend distribution if applicable [1] Group 1 - The board meeting will take place on a Thursday [1] - The meeting will focus on the approval of the company's annual performance announcement [1] - The meeting will also consider the proposal for the distribution of the final dividend [1]

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） 董事會會議日期 李寧有限公司（「本公司」）董事會（「董事會」）謹此公佈，本公司將於2026年3月 19日（星期四）舉行董事會會議，藉以（其中包括）批准發佈本公司及其附屬公司截至 2025年12月31日止年度的全年業績公告，以及考慮派發末期股息之建議（如適用）。 承董事會命 李寧有限公司 公司秘書 戴嘉莉 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。 香港，2026 年 3 月 9 日 於本公告日期，本公司的執行董事為李寧先生、高坂武史先生和李麒麟先生；本公司的 獨立非執行董事為顧福身先生、王亞非女士、陳振彬博士和王雅娟女士。 LI NING COMPANY LIMITED ...

Investment Rating - The investment rating for the company is "Buy" with a current price of HKD 20.46 and a fair value of HKD 24.99 [6]. Core Views - The company has announced a new brand ambassador, Bai Lu, to promote women's sports, enhancing its marketing strategy and targeting a broader consumer base [4][9]. - The company is expected to leverage the upcoming Los Angeles Olympic cycle to boost brand and performance momentum [9]. - Continuous improvement in quality and efficiency is anticipated, with increased investment in R&D and marketing while controlling other expenses to enhance profitability [4]. Financial Forecast - The company's projected revenue for 2023 is CNY 27.598 billion, with a growth rate of 7.0%. By 2027, revenue is expected to reach CNY 33.331 billion, reflecting a growth rate of 7.7% [5]. - The forecasted net profit attributable to shareholders for 2025 is CNY 2.593 billion, with a decline of 13.9%, followed by a recovery to CNY 3.100 billion by 2027 [5]. - The earnings per share (EPS) is projected to be CNY 1.00 in 2025, increasing to CNY 1.20 by 2027 [5]. Profitability Metrics - The EBITDA for 2023 is estimated at CNY 5.814 billion, with a slight decline expected in the following years, reaching CNY 7.262 billion by 2027 [5]. - The return on equity (ROE) is projected to decrease from 13.1% in 2023 to 9.5% in 2025, before recovering to 10.2% by 2027 [5]. - The company maintains a healthy gross margin, expected to be around 49.4% by 2027 [14].

Core Viewpoint - Li Ning has signed a partnership with rising actress Bai Lu to promote women's participation in sports, aligning with the brand's philosophy of breaking boundaries and exploring diverse possibilities in contemporary women's sports [1][3][11] Group 1: Brand and Partnership - Bai Lu, a non-traditional achiever with high national recognition and industry acclaim, embodies the spirit of perseverance and continuous breakthrough, resonating with Li Ning's brand message of "everything is possible" [3][11] - The collaboration aims to strengthen emotional connections with a new generation of female consumers, promoting confidence and empowerment through sports [5][11] Group 2: Campaign and Activities - The annual theme for Li Ning in 2026 is "Let’s See What I Can Do," encouraging individuals to express themselves and break through challenges in both life and sports [7] - The first major initiative following the partnership is a women's sports lifestyle campaign, focusing on female sports experiences and encouraging women to explore diverse possibilities in sports [7][9] Group 3: Product Development - To support women's sports needs, Li Ning is launching a professional product matrix covering running, cross-training, and sports lifestyle, tailored to meet the diverse demands of contemporary women [9][11]