LI NING(HK:02331) Di Yi Cai Jing·2025-03-28 10:58Core Insights - The sports consumer goods sector has shown strong performance in 2024, with most companies reporting positive results amid market opportunities [1] Company Performance - Li Ning's revenue for 2024 reached 28.676 billion yuan, a 3.9% increase from 27.598 billion yuan in 2023; gross profit was 14.156 billion yuan, up 6% from 13.352 billion yuan [1] - Li Ning's profit attributable to equity holders decreased to 3.013 billion yuan from 3.187 billion yuan in 2023 [1] - Anta, the largest player in the sector, reported a revenue increase of 13.6% to 70.826 billion yuan and a net profit increase of 16.5% to 11.927 billion yuan [1] - Xtep International's revenue grew by 6.5% to 13.577 billion yuan, with a profit increase of 20.2% to 1.238 billion yuan [1] - 361 Degrees reported a revenue of 10.07 billion yuan, a 19.6% increase, with profit attributable to equity holders rising by 19.5% to 1.149 billion yuan [1] Strategic Focus - Li Ning's CEO emphasized a strategy of "steady operation, solid foundation, and pragmatic development," indicating a focus on maintaining gross margins rather than aggressive scaling [2] - The company aims to control unnecessary costs while investing in key areas such as enhancing brand recognition and core competitiveness through increased marketing expenditures [2] - The running category showed significant growth, with retail sales increasing by 25% last year, prompting Li Ning to expand its business opportunities in this segment [3] Market Trends - The overall retail sales of consumer goods in 2024 grew by 3.5%, with sports and entertainment products seeing an impressive growth of 11.1% [3]