李宁(02331) - 2023 - 年度业绩

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]