LI NING(02331) 华夏时报·2025-03-31 09:34Core Viewpoint - Li Ning Company reported a steady revenue growth of 3.9% for the fiscal year ending December 31, 2024, reaching 28.68 billion RMB, with a net profit of 3.01 billion RMB, reflecting a positive outlook on the future of the sports goods sector in China [1] Financial Performance - The company achieved a gross profit of 14.16 billion RMB, with a gross margin increase of 1 percentage point to 49.4% and a net profit margin of 10.5% [2] - Operating cash flow generated a net amount of 5.27 billion RMB, up 12.4% year-on-year, with total cash and cash equivalents increasing by 2.06 billion RMB to 7.5 billion RMB [2] Strategic Focus - Li Ning's performance is supported by a "single brand" strategy and long-term investment in technology, enhancing its core competitiveness through collaboration with top athletes [2][4] - The company emphasizes a "single brand, multi-category, multi-channel" strategy, focusing on professional sports attributes and technological innovation [2] Product Development - The footwear segment contributed 50% of total revenue, with sales exceeding 14.3 billion RMB, and core running shoe IP sales surpassing 10.6 million pairs [4][6] - Li Ning invested over 3.5 billion RMB in R&D from 2015 to 2024, with a 9.3% increase in R&D spending in 2024, outpacing revenue growth [4] Marketing Initiatives - In 2024, Li Ning launched the "In My Name" marketing campaign, collaborating with national gold medal athletes to enhance brand connection with sports enthusiasts [3] Market Expansion - The company is expanding into new categories such as outdoor sports, tennis, and pickleball, with positive market feedback in 2024 [7] - Li Ning's running category saw a retail sales growth of 25%, with significant sales increases in its core running shoe series [6] Channel Management - Li Ning optimized its channel layout and inventory management, maintaining a stock turnover period of 64 days, which is better than the industry average [10] - The company closed inefficient stores while upgrading quality outlets, increasing its sales points to 7,585 by the end of 2024 [8] E-commerce Strategy - The company capitalized on the e-commerce recovery, achieving a 10% to 20% growth in direct e-commerce sales [9]