李宁(02331) - 2023 - 中期业绩

Financial Performance - Revenue increased by 13.0% to RMB 14,018.95 million for the six months ended June 30, 2023[3] - Operating cash inflow rose by 22.7% to RMB 1,942 million[3] - Gross margin stood at 48.8% and net margin maintained a healthy level of 15.1%[3] - Net profit attributable to equity holders was RMB 2,121.28 million, slightly down from RMB 2,189.31 million in the previous year[7] - Basic earnings per share decreased to RMB 80.63 from RMB 83.77 year-on-year[7] - The total revenue for the six months ended June 30, 2023, was RMB 14,018,947,000, representing a 12.97% increase from RMB 12,408,665,000 in the same period of 2022[13] - The overall gross profit margin for the six months ended June 30, 2023, was 48.8%, a decrease of 1.2 percentage points from 50.0% in 2022[38] - Operating profit decreased to RMB 2,475,224, resulting in an operating margin of 17.7%, compared to 21.3% in the previous year[31] - The company reported a total tax expense of RMB 679,518 thousand in H1 2023, down from RMB 729,693 thousand in H1 2022, a decrease of 6.9%[22] Revenue Breakdown - Revenue from footwear reached RMB 7,514,672,000, up 11.15% from RMB 6,758,808,000 year-on-year[13] - Apparel revenue increased to RMB 5,639,911,000, a growth of 14.92% compared to RMB 4,906,647,000 in the previous year[13] - Revenue from direct sales was RMB 3,409,502,000, reflecting a 22.29% increase from RMB 2,786,983,000 in the same period of 2022[14] - E-commerce sales amounted to RMB 3,595,353,000, slightly up by 1.73% from RMB 3,534,298,000 year-on-year[14] - The company reported no single external customer contributing over 10% of total revenue during the six months ended June 30, 2023[14] Dividends - The company declared an interim dividend of RMB 0.362 per share for the six months ended June 30, 2023[3] - The company declared a final dividend of RMB 46.27 per share for the year ended December 31, 2022, compared to RMB 45.97 per share in the previous year, an increase of 0.65%[27] - The company declared an interim dividend of RMB 36.20 per share for the six months ended June 30, 2023, compared to no dividend for the same period in 2022[29] - Total interim dividend amounting to RMB 954,554,000 will be paid from retained earnings in the second half of 2023[29] Inventory and Receivables - Inventory as of June 30, 2023, was RMB 2,119,552,000, down from RMB 2,428,040,000 as of December 31, 2022[15] - Trade receivables increased to RMB 1,342,436,000 as of June 30, 2023, from RMB 1,172,857,000 at the end of 2022[16] - The provision for expected credit losses on trade receivables was RMB 142,428,000 as of June 30, 2023, down from RMB 152,511,000 at the end of 2022[17] - The accumulated inventory provision amounted to RMB 143,388,000, an increase from RMB 120,531,000 as of December 31, 2022[47] - The accumulated expected credit loss provision as of June 30, 2023, was RMB 146,535,000, down from RMB 159,200,000 as of December 31, 2022[48] Research and Development - Research and product development expenses rose to RMB 290,764 thousand in H1 2023, up from RMB 239,096 thousand in H1 2022, an increase of 21.6%[19] - Research and product development expenses accounted for 2.1% of revenue, up from 1.9% in 2022[31] - The company continues to focus on product innovation and quality, increasing R&D investment and expanding talent selection to meet the demands of young consumers[57] Market and Sales Strategy - The company is optimistic about the sports goods consumption market outlook, supported by the recovery of the economy and social activities in China[54] - The company is actively promoting channel upgrades and efficiency improvements, transitioning towards a new retail model that integrates online and offline operations[54] - The fitness category continues to focus on functional technology, launching the new "COOL SHELL" technology with significantly improved quick-drying performance, achieving industry-leading levels[59] - The marketing strategy focuses on enhancing communication with young consumers, leveraging sports stars and events to build brand recognition in the basketball market[62] - The company is committed to creating a diverse and engaging shopping experience through the establishment of the ninth-generation image stores, enhancing customer interaction and product experience[65] Operational Efficiency - The company has optimized its sales planning tools, enhancing the accuracy of monthly sales plans for large stores, ensuring effective execution of sales strategies[70] - The logistics system has been digitized, achieving over 70% direct distribution ratio for direct-operated stores and over 20% for wholesale, with a same-style same-box rate of 70%[72] - The company has initiated a warehouse automation project, resulting in over 20% improvement in logistics operation efficiency and 60% improvement in picking efficiency[72] - The company is focusing on enhancing terminal execution efficiency through a new operational execution team and a closed-loop management system[70] Human Resources and Corporate Responsibility - The workforce increased to 4,672 employees as of June 30, 2023, up from 4,610 at the end of 2022, indicating growth in human resources[78] - The company has committed to the UN Global Compact, aligning its operations with principles related to human rights, labor standards, environment, and anti-corruption[76] - The company is continuously improving its supplier social responsibility evaluation system to manage social risks and enhance brand value chain collaboration[76] Future Outlook - The company plans to allocate 40% of the net proceeds for international business expansion and infrastructure investment, with an expected utilization timeframe before December 31, 2026[52] - The company is committed to contributing to the development of mass sports in China, aiming to create long-term development space and provide value to society and the industry[79] - The global economic downturn is easing, with major economies experiencing a decline in inflation, while the recovery in manufacturing and commodity trade remains challenging[79]