Workflow
李宁(02331) - 2024 - 中期财报
02331LI NING(02331)2024-09-04 09:02

Revenue and Profitability - Revenue for the six months ended June 30, 2024, increased by 2.3% to RMB 14,345.288 million compared to RMB 14,018.947 million in the same period in 2023[11] - Revenue for the first six months of 2024 reached RMB 14,345,288,000, a 2.3% increase compared to the same period in 2023[13] - Gross profit rose by 5.8% to RMB 7,235.602 million, with the gross margin improving to 50.4% from 48.8% in 2023[11] - Gross margin improved by 1.6 percentage points to 50.4%, driven by better discount management and higher direct-to-consumer channel revenue[18] - Operating profit decreased by 3.0% to RMB 2,401.895 million, with the operating profit margin declining to 16.7% from 17.7% in 2023[11] - Net profit attributable to equity holders dropped by 8.0% to RMB 1,952.032 million, with basic earnings per share decreasing by 6.0% to RMB 75.80[11] - Net profit attributable to equity holders was RMB 1,952,032,000, down from RMB 2,121,231,000 in 2023, with a profit margin of 13.6% compared to 15.1% in 2023[26] - EBITDA increased slightly by 0.5% to RMB 3,443.608 million[11] - EBITDA for the six months ended June 30, 2024, was RMB 3,443,608,000, up 0.5% year-over-year[22] - The company's revenue grew by 2.3% in the first half of 2024, with profitability in line with expectations[40] - Revenue from footwear products increased to 7,844,159 thousand RMB in 2024 from 7,514,672 thousand RMB in 2023[96] - Revenue from apparel products decreased to 5,375,222 thousand RMB in 2024 from 5,639,911 thousand RMB in 2023[96] - Revenue from equipment and accessories increased to 1,125,907 thousand RMB in 2024 from 864,364 thousand RMB in 2023[96] - E-commerce channel sales grew to 4,004,262 thousand RMB in 2024 from 3,595,353 thousand RMB in 2023[97] - Sales to franchise dealers in the Chinese market decreased to 6,590,009 thousand RMB in 2024 from 6,724,040 thousand RMB in 2023[97] - Direct sales in the Chinese market increased to 3,502,705 thousand RMB in 2024 from 3,409,502 thousand RMB in 2023[97] - The company's total revenue for the first six months of 2024 was 14,345,288 thousand RMB, compared to 14,018,947 thousand RMB in the same period of 2023[96] - Revenue for the first half of 2024 reached 14,345,288 thousand RMB, a slight increase from 14,018,947 thousand RMB in the same period of 2023[65] - Net profit attributable to equity holders of the company was 1,952,032 thousand RMB for the first half of 2024, down from 2,121,283 thousand RMB in 2023[65] - Basic earnings per share decreased to 75.80 RMB in the first half of 2024 from 80.63 RMB in the same period of 2023[65] - The company's profit for the period was 1,952,032 thousand RMB, with 7,011 thousand RMB attributed to services provided under the share-based compensation plan[125] - The company's profit attributable to equity holders for 2024 was 1,952,032 thousand RMB, down from 2,121,231 thousand RMB in 2023[144] - Basic earnings per share for 2024 were 75.80 RMB cents, down from 80.63 RMB cents in 2023[142] - The company's diluted earnings per share for 2024 was 75.49 cents RMB, a decrease from 80.34 cents RMB in 2023[144] Expenses and Costs - Sales and distribution expenses increased by 9.6% to RMB 4,326,883,000, accounting for 30.2% of total revenue[19] - Administrative expenses rose to RMB 680,297,000, representing 4.7% of total revenue, up 0.5 percentage points year-over-year[20] - Tax expenses for the period were RMB 661,098,000, with an effective tax rate of 25.3%, up from 24.3% in 2023[25] - Net financing income decreased to RMB 100,375,000 from RMB 223,704,000 in 2023, primarily due to increased foreign exchange losses and reduced interest income[24] - Inventory provisions as of June 30, 2024, totaled RMB 143,914,000, up from RMB 134,727,000 at the end of 2023[27] - Expected credit loss provisions increased to RMB 55,977,000 as of June 30, 2024, from RMB 45,738,000 at the end of 2023[28] - Advertising and marketing expenses increased to 1,248,791 thousand RMB in 2024 from 1,042,091 thousand RMB in 2023[136] - Government grants received in 2024 amounted to 141,552 thousand RMB, up from 110,094 thousand RMB in 2023[137] - Net financing income for 2024 was 100,375 thousand RMB, a significant decrease from 223,704 thousand RMB in 2023[138] - Corporate income tax provision for 2024 was 789,200 thousand RMB, compared to 751,019 thousand RMB in 2023[139] - Inventory costs recognized as expenses and included in cost of sales were 6,911,525 thousand RMB in 2024, down from 7,002,447 thousand RMB in 2023[114] - Depreciation expenses for property, plant, and equipment amounted to 470,250 thousand RMB for the six months ending June 30, 2024[99] - Impairment losses of 18,389 thousand RMB were recognized for property, plant, and equipment due to underperforming stores[99] - Depreciation of right-of-use assets amounted to 319,210 thousand RMB for the six months ending June 30, 2024[104] - Impairment losses of 50,820 thousand RMB were recognized for right-of-use assets[104] - Total lease-related cash outflows reached 1,085,403 thousand RMB for the six months ending June 30, 2024[104] - Depreciation expenses for investment properties were 41,039 thousand RMB in 2024, compared to 30,359 thousand RMB in 2023[107] - Land use rights amortization expenses were 1,895 thousand RMB in 2024, slightly down from 1,899 thousand RMB in 2023[108] - Intangible assets totaled 255,955 thousand RMB as of June 30, 2024, with amortization expenses of 29,250 thousand RMB[110] - The company's trade payables decreased to 1,706,036 thousand RMB as of June 30, 2024, from 1,789,796 thousand RMB on December 31, 2023[128] - The company's refund liabilities increased to 1,010,883 thousand RMB as of June 30, 2024, from 808,980 thousand RMB on December 31, 2023[130] - The company's accrued sales and marketing expenses rose to 1,071,772 thousand RMB as of June 30, 2024, from 919,414 thousand RMB on December 31, 2023[129] - The company's sales rebates increased significantly to 562,028 thousand RMB as of June 30, 2024, from 299,146 thousand RMB on December 31, 2023[129] - The company's property, plant, and equipment payables increased to 535,878 thousand RMB as of June 30, 2024, from 457,563 thousand RMB on December 31, 2023[129] - The company's payable royalties increased to 104,895 thousand RMB as of June 30, 2024, from 47,065 thousand RMB on January 1, 2024[132] - The company's payable royalties due within 1 year increased to 75,145 thousand RMB as of June 30, 2024, from 38,997 thousand RMB on December 31, 2023[134] - Deferred revenue as of June 30, 2024, was 60,159 thousand RMB, a decrease from 76,009 thousand RMB in the same period in 2023[135] Cash Flow and Financial Position - Net cash generated from operating activities was RMB 2,730,305,000, up from RMB 1,942,431,000 in 2023[29] - Cash and cash equivalents as of June 30, 2024, were RMB 6,146,726,000, a net increase of RMB 702,843,000 from the end of 2023[29] - Net proceeds from the share placement and subscription amounted to RMB 8,571,787,000, with RMB 1,466,282,000 remaining unused as of June 30, 2024[31][32] - 40% of the net proceeds were used for future business investments, including international expansion, with a total of 1,421,939 thousand RMB fully utilized by June 30, 2024[33][34] - 30% of the net proceeds were allocated for infrastructure restructuring and supply chain enhancement, with 312,513 thousand RMB used and 1,184,710 thousand RMB remaining, expected to be utilized by December 31, 2026[33] - 20% of the net proceeds were invested in brand and IT system construction, with 223,836 thousand RMB used and 183,964 thousand RMB remaining, expected to be utilized by December 31, 2024[33] - 10% of the net proceeds were allocated for general working capital, with 170,994 thousand RMB used and 97,608 thousand RMB remaining, expected to be utilized by December 31, 2024[33] - The company's credit facility as of June 30, 2024, was 8,743,000,000 RMB, with no outstanding borrowings[34] - Total assets increased to 35,536,153 thousand RMB as of June 30, 2024, compared to 34,207,803 thousand RMB at the end of 2023[62] - Total equity increased to 25,905,795 thousand RMB as of June 30, 2024, compared to 24,006,641 thousand RMB at the end of 2023[63] - Investment properties surged to 3,296,840 thousand RMB as of June 30, 2024, from 1,560,455 thousand RMB at the end of 2023[62] - Cash and cash equivalents rose to 6,146,726 thousand RMB as of June 30, 2024, up from 5,443,883 thousand RMB at the end of 2023[62] - Total liabilities decreased to 9,630,358 thousand RMB as of June 30, 2024, from 9,801,162 thousand RMB at the end of 2023[63] - Total equity increased from RMB 24,406,641 thousand to RMB 25,905,795 thousand from January 1, 2024, to June 30, 2024[69] - Comprehensive income for the period amounted to RMB 1,964,525 thousand[69] - Dividends paid during the period totaled RMB 473,560 thousand[69] - Cash generated from operating activities was RMB 3,668,367 thousand, with net cash from operating activities at RMB 2,730,305 thousand[73] - Net cash used in investing activities was RMB 1,084,184 thousand, including RMB 1,812,988 thousand for the acquisition of a subsidiary[73] - Net cash used in financing activities was RMB 928,615 thousand, with RMB 473,560 thousand paid as dividends[73] - Cash and cash equivalents increased by RMB 717,506 thousand, reaching RMB 6,146,726 thousand at the end of the period[73] - The company acquired Vansittart Investment Limited for a total consideration of HKD 2.221 billion (approximately RMB 2.013 billion), with a prepayment of HKD 221 million (approximately RMB 200 million) made in December 2023 and the remaining HKD 2 billion (approximately RMB 1.813 billion) paid in January 2024[76] - The acquisition included investment properties valued at RMB 1.699 billion and property, plant, and equipment valued at RMB 322 million[76] - The company's financial liabilities due within one year amounted to RMB 4,958,287 thousand, with RMB 503,713 thousand due in 1 to 2 years, RMB 647,984 thousand due in 2 to 5 years, and RMB 915,281 thousand due after 5 years as of June 30, 2024[85] - The company's financial liabilities due within one year amounted to RMB 4,565,280 thousand, with RMB 616,535 thousand due in 1 to 2 years, RMB 812,524 thousand due in 2 to 5 years, and RMB 950,653 thousand due after 5 years as of December 31, 2023[86] - The fair value of the company's private equity fund investments classified as Level 3 was RMB 430,874 thousand as of June 30, 2024[88] - The fair value of the company's private equity fund investments classified as Level 3 was RMB 428,189 thousand as of December 31, 2023[88] - The company's financial assets in private equity funds were valued at 430,874 thousand RMB as of June 30, 2024[92] - The expected return rate for private equity fund investments and financial product investments ranged from 1.80% to 2.90% for the first six months of 2024[89] - The company's capital commitment related to investment in limited partnerships was 16.5millionasofJune30,2024[153]−Thecompany′scapitalcommitmentforproperty,plant,andequipmentasofJune30,2024was752,892thousandRMB,downfrom840,617thousandRMBin2023[154]−Thecompany′smarketcapitalizationasofJune30,2024,wasapproximatelyHKD43,677,720,551[189]−ThetotalnumberofissuedsharesasofJune30,2024,was2,584,480,506[189]InventoryandReceivables−Theaverageinventoryturnoverperiodincreasedto62daysfrom57daysin2023[11]−Theaveragetradereceivablesturnoverperiodincreasedto15daysfrom14daysin2023[11]−Theaveragetradepayablesturnoverperiodincreasedto46daysfrom41daysin2023[11]−Accountsreceivableincreasedto1,259,010thousandRMBasofJune30,2024,comparedto1,243,747thousandRMBasofDecember31,2023[116]−Expectedcreditlossprovisionfortradereceivablesincreasedto48,394thousandRMBasofJune30,2024,upfrom38,215thousandRMBasofDecember31,2023[116]−Tradereceivablesaged0−30daysincreasedto627,894thousandRMBasofJune30,2024,comparedto581,522thousandRMBasofDecember31,2023[119]−Tradereceivablesaged31−60daysincreasedto400,027thousandRMBasofJune30,2024,upfrom384,449thousandRMBasofDecember31,2023[119]−Tradereceivablesaged61−90daysdecreasedto41,085thousandRMBasofJune30,2024,downfrom99,505thousandRMBasofDecember31,2023[119]−Otherreceivablesincreasedto430,427thousandRMBasofJune30,2024,comparedto412,570thousandRMBasofDecember31,2023[121]−Inventorycostsrecognizedincostofsaleswere6,911,525thousandRMBin2024,slightlydownfrom7,002,447thousandRMBin2023[136]InvestmentsandAcquisitions−ThecompanycompletedtheacquisitionofVansittartInvestmentLimitedforatotaladjustedconsiderationof2.213billionHKD(approximately2.013billionRMB),whichincludesapropertyinHongKong[36]−Thecompanyplanstoinvestapproximately3.3billionRMBinahigh−endsmartmanufacturingandflexiblesupplychainbaseinGuangxi,withpartialinvestmentsalreadymade[38][39]−Thecompanyacquiredasubsidiaryfor2.221billionHKD(approximately2.013billionRMB),with1.699billionRMBallocatedtoinvestmentproperties[106]−Investmentsaccountedforusingtheequitymethodincreasedto1,716,037thousandRMBasofJune30,2024,upfrom1,606,601thousandRMBattheendof2023[111]−Thecompanytransferred143,512thousandRMBofcompletedconstructionprojectstoinvestmentproperties[99]−Newlyaddedright−of−useassetstotaled188,378thousandRMBforthesixmonthsendingJune30,2024[103]−Totalleaseliabilitiesdecreasedto2,170,238thousandRMBasofJune30,2024,from2,541,953thousandRMBattheendof2023[103]−Investmentpropertiesincreasedto3,296,840thousandRMBasofJune30,2024,upfrom1,560,455thousandRMBatthebeginningoftheyear[105]−Thecompany′scapitalcommitmentrelatedtoinvestmentinlimitedpartnershipswas16.5 million as of June 30, 2024[153] - The company's capital commitment for property, plant, and equipment as of June 30, 2024 was 752,892 thousand RMB, down from 840,617 thousand RMB in 2023[154] - The company's market capitalization as of June 30, 2024, was approximately HKD 43,677,720,551[189] - The total number of issued shares as of June 30, 2024, was 2,584,480,506[189] Inventory and Receivables - The average inventory turnover period increased to 62 days from 57 days in 2023[11] - The average trade receivables turnover period increased to 15 days from 14 days in 2023[11] - The average trade payables turnover period increased to 46 days from 41 days in 2023[11] - Accounts receivable increased to 1,259,010 thousand RMB as of June 30, 2024, compared to 1,243,747 thousand RMB as of December 31, 2023[116] - Expected credit loss provision for trade receivables increased to 48,394 thousand RMB as of June 30, 2024, up from 38,215 thousand RMB as of December 31, 2023[116] - Trade receivables aged 0-30 days increased to 627,894 thousand RMB as of June 30, 2024, compared to 581,522 thousand RMB as of December 31, 2023[119] - Trade receivables aged 31-60 days increased to 400,027 thousand RMB as of June 30, 2024, up from 384,449 thousand RMB as of December 31, 2023[119] - Trade receivables aged 61-90 days decreased to 41,085 thousand RMB as of June 30, 2024, down from 99,505 thousand RMB as of December 31, 2023[119] - Other receivables increased to 430,427 thousand RMB as of June 30, 2024, compared to 412,570 thousand RMB as of December 31, 2023[121] - Inventory costs recognized in cost of sales were 6,911,525 thousand RMB in 2024, slightly down from 7,002,447 thousand RMB in 2023[136] Investments and Acquisitions - The company completed the acquisition of Vansittart Investment Limited for a total adjusted consideration of 2.213 billion HKD (approximately 2.013 billion RMB), which includes a property in Hong Kong[36] - The company plans to invest approximately 3.3 billion RMB in a high-end smart manufacturing and flexible supply chain base in Guangxi, with partial investments already made[38][39] - The company acquired a subsidiary for 2.221 billion HKD (approximately 2.013 billion RMB), with 1.699 billion RMB allocated to investment properties[106] - Investments accounted for using the equity method increased to 1,716,037 thousand RMB as of June 30, 2024, up from 1,606,601 thousand RMB at the end of 2023[111] - The company transferred 143,512 thousand RMB of completed construction projects to investment properties[99] - Newly added right-of-use assets totaled 188,378 thousand RMB for the six months ending June 30, 2024[103] - Total lease liabilities decreased to 2,170,238 thousand RMB as of June 30, 2024, from 2,541,953 thousand RMB at the end of 2023[103] - Investment properties increased to 3,296,840 thousand RMB as of June 30, 2024, up from 1,560,455 thousand RMB at the beginning of the year[105] - The company's capital commitment related to investment in limited partnerships was 16.5 million as of June 30, 2024[153] - The company's capital commitment for property, plant, and equipment as of June 30, 2024 was 752,892 thousand RMB, down from 840,617 thousand RMB in 2023[154] Shareholder and Equity Information - The company repurchased and canceled