Ge Long Hui·2026-03-19 13:57Core Viewpoint - Li Ning (02331.HK) reported a revenue increase of 3.2% to RMB 29.598 billion for the fiscal year 2025, with a net profit margin of 9.9% and a proposed final dividend of RMB 0.2336 per share [1] Group 1: Financial Performance - Revenue for the fiscal year 2025 rose by 3.2% to RMB 29.598 billion, with a gross margin of 49% [1] - Operating cash inflow was RMB 4.852 billion, and net profit attributable to equity holders was RMB 2.936 billion [1] - The average operating capital as a percentage of revenue was 7.7%, with a cash conversion cycle of 37 days, an increase of 2 days from the previous year [1] Group 2: Revenue Breakdown - The licensed distributor channel continued to be a core pillar, with revenue growth of 6.3%, accounting for 46.6% of total revenue [1] - E-commerce revenue increased by 5.3% as the company deepened its online marketing efforts and explored emerging e-commerce opportunities [1] - Retail channel performance was under pressure due to adjustments in store layout and shifts in consumer scenarios [1] Group 3: Retail Performance - Overall retail sales (including online and offline) remained flat year-on-year, with offline new product sales accounting for 83% of total offline sales [2] - The inventory turnover ratio over four months indicated healthy inventory levels and age structure [2]