LI NING(02331) 新京报·2025-04-01 05:04Core Insights - In 2024, Li Ning reported a revenue increase of 3.9% to 28.676 billion yuan, while net profit attributable to shareholders decreased by 5.46% to 3.013 billion yuan, indicating a relatively stable performance compared to competitors like Anta Sports and Xtep International [1][2] - The company's management emphasized a strategy of "steady operation, solid foundation, and pragmatic development," aiming to balance growth and profitability [1][2][5] Financial Performance - Li Ning's revenue for 2024 reached 28.676 billion yuan, a 3.9% year-on-year increase, while net profit fell by 5.46%, a slight improvement from the previous year's decline of 21.58% [2] - The gross profit margin improved by 1 percentage point to 49.4%, although it remains lower than Anta Sports but higher than Xtep International and 361 Degrees [2][4] Business Strategy - The company is focusing on the running category, which saw a 21% growth in 2024, building on a 40% increase in 2023, while intentionally reducing investment in the basketball category due to a 21% decline in sales [3][5] - Li Ning's online sales grew by 10.27%, while direct operating income decreased by 0.35% due to store closures in underperforming locations [3][4] Inventory and Channel Management - Li Ning's inventory management has improved, with a stock turnover period of 64 days, significantly better than competitors [4] - The total number of sales points decreased to 7,585, with a net reduction of 83 stores, while the number of Li Ning YOUNG stores increased [4] Investment in Sports Resources - The company is increasing investment in sports resources, including a partnership with the Chinese Olympic Committee, to enhance brand recognition and product competitiveness [5][6] - Research and development expenditure rose to 676 million yuan, accounting for 2.4% of total revenue, reflecting a commitment to innovation [6] Future Outlook - Li Ning aims to maintain stable revenue and high single-digit net profit margins in 2025, with continued investment in brand building and core categories [6]