Core Insights - Li Ning Company reported a 3.9% increase in revenue for the fiscal year 2024, reaching 28.676 billion RMB, with a gross margin improvement to 49.4% and a net profit of 3.013 billion RMB, reflecting a net profit margin of 10.5% [1][5][6] - The company continues to focus on a "single brand, multiple categories, and multiple channels" strategy, with significant investment in product innovation and brand building [1][6] Financial Performance - Revenue from footwear increased by 6.8% to 14.3 billion RMB, contributing 49.9% to total revenue, while apparel revenue decreased by 2.9% to 12.05 billion RMB, contributing 42.0% [2][3] - Equipment and accessories revenue saw a substantial growth of 29.3% to 232.5 million RMB, increasing its contribution to 8.1% [2][3] Market Dynamics - The Chinese market revenue grew by 3.98% to 28.14 billion RMB, while overseas market revenue remained stable at 531 million RMB, accounting for 1.9% of total revenue [5][6] - The number of sales points for Li Ning brand stores decreased by 83 to 7,585, indicating a slight contraction in physical retail presence [5] Competitive Landscape - Anta Group remains the industry leader with a revenue of 70.826 billion RMB, a 13.6% year-on-year increase, and has crossed the 100 billion RMB mark in total revenue when including its subsidiary Amer Sports [1][6] - Xtep achieved a record net profit of 1.238 billion RMB, growing 20.2% year-on-year, while 361 Degrees reported a 19.5% revenue increase, reaching 10.07 billion RMB [1][6] Strategic Focus - Li Ning emphasizes the importance of product innovation, with core running shoe sales surpassing 10.6 million pairs, and increased R&D spending to 676 million RMB, representing 2.4% of total revenue [1][2] - The company is actively optimizing its channel structure, with e-commerce revenue growing by 10.3% to 8.3 billion RMB, while retail channel revenue slightly declined by 0.3% to 6.88 billion RMB [1][4]
李宁去年净赚30亿，营收不及安踏，增速落后特步、361度