LI NING(HK:02331) Cai Jing Wang·2025-03-28 02:42Core Insights - Li Ning Group reported a revenue of 28.676 billion RMB for the year ending December 31, 2024, representing a 3.9% increase compared to 27.598 billion RMB in 2023 [1] - The gross profit reached 14.156 billion RMB, up 6.0% from 13.352 billion RMB in the previous year, with an overall gross margin of 49.4%, an increase of 1 percentage point from 48.4% in 2023 [1] Group Strategy and Innovation - The company continues to focus on a "single brand, multiple categories, and multiple channels" core strategy, achieving significant progress in product innovation, brand building, and channel optimization through ongoing R&D and technological innovation [1] - In 2024, the company made breakthroughs in technology R&D, launching a new midsole technology called "Super," which has evolved from a "single technology" to a platform with four major technologies over six years, enhancing the application of sports technology and improving product matrix and series iteration capabilities [1] Product and Marketing Focus - The company remains dedicated to six core categories: running, basketball, cross-training, badminton, table tennis, and sports lifestyle, with the running category experiencing a retail sales growth of 25% [1] - Li Ning Group is actively expanding into emerging sports and niche categories such as outdoor sports, golf, tennis, and pickleball [1] Channel and Retail Operations - The company is consolidating and enhancing operational efficiency in high-tier markets while accelerating expansion into emerging markets [2] - In retail operations, the company is advancing a high-profit, high-efficiency single-store operation model, standardizing and quantifying core store indicators, and aligning them with management goals across various functions to improve overall operational efficiency [2] Children's Apparel Business - The Li Ning YOUNG brand has completed the restructuring of its youth product matrix, focusing on the core competitiveness of clothing and accessories while actively expanding into emerging markets [2] - The company is also committed to improving single-store efficiency, building clearance channels, promoting product turnover, and expanding its customer base [2]