Core 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]

2025 年 3 月 31 日 公司研究 24 年表现平稳，25 年将加大投入、促品牌力向上 ——李宁（2331.HK）2024 年业绩点评 买入（维持） 当前价：17.16 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 25.85 | | --- | --- | | 总市值(亿港元)： | 443.55 | | 一年最低/最高(港元)： | 12.56/24.60 | | 近 3 月换手率： | 109.8% | 股价相对走势 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 李宁 恒生指数 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | ...

Investment Rating - The report maintains a BUY rating for Li Ning with a new target price of HK$ 19.81, reflecting an upside of 15.4% from the current price of HK$ 17.16 [3][17]. Core Insights - Li Ning's FY24 results were in line with market expectations, with a slight improvement in 4Q24 operating numbers. The company has provided conservative guidance for FY25E, targeting flat sales growth and a high single-digit net profit margin [1][14]. - The management anticipates stable growth in average selling price (ASP) and volume for FY25E, with a focus on improving the lifestyle segment while maintaining growth in running and basketball categories [1][12]. - The report indicates that the worst may be over for Li Ning, as early trends in 1Q25E show improvement, despite the high current valuation [1][14]. Financial Summary - FY24 revenue reached RMB 28.7 billion, a 4% year-on-year increase, while net profit fell by 5% to RMB 3.0 billion, resulting in a net profit margin of 10.5% [2][14]. - For FY25E, revenue is expected to remain flat at RMB 28.7 billion, with a projected net profit of RMB 2.67 billion, reflecting a decline of 11.3% year-on-year [2][12]. - The report revises down net profit forecasts for FY25E and FY26E by 23% and 20%, respectively, due to slower retail sales growth and increased advertising and promotion expenses [1][12]. Earnings Revision - The report shows a significant downward revision in earnings estimates, with FY25E revenue revised down by 5% to RMB 28.68 billion and net profit adjusted down by 22.9% to RMB 2.67 billion [12][13]. - Gross profit margin is expected to improve slightly to 49.6% in FY25E, while operating profit margin is projected to decline to 11.6% due to increased A&P expenses [12][16]. Market Position and Performance - Li Ning's market capitalization is approximately HK$ 44.9 billion, with a P/E ratio of 16x for FY25, which is considered relatively high [5][17]. - The company has a shareholding structure with significant stakes held by Viva China Holdings (10.4%) and GIC Pte Ltd. (5.0%) [6]. Sales Growth and Channel Performance - The report highlights that retail sales growth rebounded to high single digits in 4Q24, improving from a mid-single-digit decline in 3Q24 [14]. - Management expects improvements in retail discounts and a better channel mix, particularly with online sales, which typically yield higher operating margins [1][12]. Segment Performance - For FY25E, management projects a decline in clothing sales by 3% while expecting growth in shoe sales by 1.7% and equipment sales by 5% [16]. - The report indicates that the company is focusing on enhancing its lifestyle segment while maintaining its core categories of running and basketball [1][16].

Core Viewpoint - Li Ning's 2024 financial report shows a revenue of 28.676 billion RMB, a 3.9% year-on-year increase, but a net profit decline of 5.5% to 3.013 billion RMB, attributed to impairment of investment properties. The overall gross margin improved to 49.4% [1][2][3]. Financial Performance - Revenue for 2024 reached 28.676 billion RMB, up from 27.598 billion RMB in 2023, reflecting a 3.9% increase [3]. - Net profit decreased to 3.013 billion RMB from 3.187 billion RMB, marking a 5.5% decline [3]. - Gross margin improved by 1 percentage point to 49.4% [3]. - EBITDA increased by 3.6% to 6.379 billion RMB [3]. - Basic earnings per share fell by 5.1% to 116.98 RMB [3]. Market Strategy - Li Ning emphasizes a "single brand, multiple categories" strategy, focusing on core categories such as running, basketball, and training, which accounted for 64% of retail sales in 2024 [4][5]. - The company aims to deepen its core categories while maintaining its professional sports brand positioning [4][5]. Product Performance - Retail sales for running increased by 25%, contributing 28% to total retail sales, with over 10.6 million pairs sold [5]. - Basketball retail sales declined by 21%, as the company aims to protect the core value of the category [6][7]. Channel Management - Li Ning's offline retail faced challenges, with daily customer traffic down 10% to 20%, leading to a slight decrease in overall offline retail sales [14]. - The company closed 123 main brand stores while increasing Li Ning YOUNG stores by 40, resulting in a total of 7,585 sales points [15]. - E-commerce sales increased by 2 percentage points to 31% of total revenue, with direct online sales growing by 10% to 20% [15]. R&D and Inventory Management - R&D expenditure accounted for 2.4% of total revenue, with total investment exceeding 3.5 billion RMB over the past decade [17]. - Inventory turnover days increased by one day to 64 days, maintaining a leading position in the industry [18]. Future Outlook - The company anticipates stable revenue growth for 2025, with net profit margins expected to increase in the high single digits [19]. - Li Ning has become the official sportswear partner for the Chinese Olympic Committee from 2025 to 2028, which may enhance its brand reputation and market opportunities [19].

Core Viewpoint - 2024 is a significant year for sports, with Li Ning demonstrating strong financial performance and brand improvement, positioning itself for future growth as a new sponsor for the Chinese Olympic Committee [1][8]. Financial Performance - Li Ning achieved revenue of 28.676 billion RMB, a year-on-year increase of 3.9% [2]. - The net profit reached 3.013 billion RMB, with a net profit margin of 10.5% [2]. - Gross profit was 14.156 billion RMB, up 6.0% from the previous year, with an overall gross margin of 49.4%, an increase of 1 percentage point [2]. Operational Highlights - Li Ning's operating cash flow was 5.27 billion RMB, a year-on-year increase of 12.4%, indicating strong risk resilience and efficient supply chain management [3]. - The inventory turnover days were 64 days, with a cash cycle of 35 days, reflecting healthy inventory management [3]. - R&D expenditure increased by 9.4%, outpacing revenue growth, highlighting a commitment to innovation and product competitiveness [3]. Strategic Focus - Li Ning is deepening its focus on professional fields and product categories, enhancing brand value and long-term competitiveness [5]. - The company is concentrating on six core categories: basketball, running, fitness, badminton, table tennis, and sports lifestyle, with a comprehensive product layout [6]. - In basketball, Li Ning launched several successful models, including the "伽马" series, which topped annual basketball shoe rankings [6]. Brand and Market Positioning - Li Ning became the official strategic partner of the Chinese Men's Professional Basketball League in 2024, enhancing its brand recognition [7]. - The company has achieved significant success in running, with retail sales increasing by 25% year-on-year, and has sold over 10.6 million running shoes [6][7]. - The upcoming Olympic cycle starting in 2025 is expected to further strengthen Li Ning's brand image and market position [8]. Conclusion - Li Ning's solid performance reflects a strategic recalibration, focusing on operational quality, technological depth, and brand potential, setting the stage for a new growth cycle [8][9].

Core Insights - Anta Sports has achieved a significant milestone by surpassing 70 billion yuan in annual revenue for the first time, reaching 70.826 billion yuan in 2024, maintaining its position as the leading brand in the Chinese market for three consecutive years [2] - The company faces challenges due to a slowdown in industry growth and pressure on consumer confidence, prompting a need for strategic innovation and brand positioning to sustain growth [2][3] Group 1: Brand Performance - Anta and FILA are the two main brands under Anta Sports, contributing 47.3% and 37.6% to the revenue respectively, with revenues of 33.52 billion yuan and 26.63 billion yuan, reflecting year-on-year growth of 10.6% and 6.1% [3] - The company acknowledges that maintaining high growth rates is increasingly difficult at their current scale, yet achieving over 10% growth for Anta and high single-digit growth for FILA is considered a significant accomplishment [3] Group 2: Innovation and Strategy - Anta Sports emphasizes the importance of innovation across its brands, focusing on product, category, and brand innovation as key drivers for growth in a competitive market [3][4] - The company is exploring new store formats for the Anta brand, including six new types aimed at enhancing retail experiences and driving sales [4][5] Group 3: Market Positioning and Challenges - FILA is facing challenges due to its full direct sales model, which increases costs, and competition from brands that are opting for discount strategies [6] - Despite these challenges, FILA aims to maintain its high-end positioning and focus on quality growth, with plans to enhance its product matrix and retail upgrades [6] Group 4: Multi-Brand Strategy - Anta Sports employs a multi-brand strategy, including brands like DESCENTE and KOLON SPORT, with a focus on outdoor and professional sports categories [7] - The company differentiates its brands by targeting various consumer segments, ensuring that competition among its brands does not cannibalize market share but rather competes against other brands in the market [7]

3月28日，李宁发布2024年全年业绩，公司实现收入286.76亿元(人民币，下同)，同比增加3.9%；毛利 141.56亿元，同比增加6.02%；股东应占溢利30.13亿元；每股基本收益116.98分；拟派发末期股息每股 20.73分，同比增长11.8%，全年股息为58.48分，同比增加6.8%，全年派息比率为50%。 在香港举行的业绩交流会上，公司执行主席兼联席行政总裁李宁表示，2024年是体育大年，公司继续聚 焦 "单品牌、多品类、多渠道" 的核心战略，通过持续的研发和科技创新，推动产品力的升级，同时在 产品创新、品牌建设、渠道优化等多方面取得显著进展。 "李宁品牌将始终秉持'以体育精神服务大众'的核心价值观，致力于成为源自中国并被世界认可的、具 有时尚性的专业运动品牌，成为中国消费者的首选。"李宁说。 据介绍，2024年，公司继续专注于跑步、篮球、综训、羽毛球、乒乓球和运动生活六大核心品类，同时 积极拓展新兴运动及细分品类，如户外运动、高尔夫、网球和匹克球等，继续以科技创新能力赋能产品 力升级，并从夯实专业运动心智、展现运动时尚美学、传承中国文化价值三大立足点出发，积极通过多 元全域的市场营销活动，强 ...

Core 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]

睿远基金旗下产品披露2024年年报。 赵枫管理的睿远均衡价值三年持有首次买入阿里巴巴、中国平安，分众传媒也重新被买回，并大幅增持 李宁。 从年报披露具体信息来看，赵枫管理的睿远三年期持有混合A基金，隐形持仓股（持仓第11-20）分别 为：阿里巴巴－Ｗ、青岛啤酒股份、中国平安、三峰环境、宏发股份、中通快递－Ｗ、李宁、碧桂园服 务、分众传媒、圆通速递。 较中报数据，其中6家公司均已更替，宝钢股份、华润啤酒、宁波银行、海康威视、益丰药房、 协鑫科 技退出，阿里巴巴－Ｗ、中国平安、三峰环境、宏发股份、李宁、分众传媒新进其中。 赵枫对2025年中国资本市场保持乐观预期，其认为： 1.从估值角度看，中国权益资产的回报水平已经非常有吸引力。2024年中国国债到期收益率一路下行， 到年底10年期国债到期收益率跌到1.7%以下，并在开年一直在低位徘徊，相对应沪深300指数2024的预 期股息回报率在3%左右，港股有一众优质公司的股息率达到高个位数以上。 2.从大类资产比较来看，长期国债到期收益率低于1.7%，住宅租金回报率大约低于1.5%，考虑到权益类 资产的盈利成长能力，权益资产是被明显低估的。 3.全球来看，中国作为全球第 ...

Core Insights - Li Ning Group reported a revenue of 28.676 billion RMB for the year ending December 31, 2024, representing a 3.9% increase compared to 27.598 billion RMB in 2023 [1] - The gross profit reached 14.156 billion RMB, up 6.0% from 13.352 billion RMB in the previous year, with an overall gross margin of 49.4%, an increase of 1 percentage point from 48.4% in 2023 [1] Group Strategy and Innovation - The company continues to focus on a "single brand, multiple categories, and multiple channels" core strategy, achieving significant progress in product innovation, brand building, and channel optimization through ongoing R&D and technological innovation [1] - In 2024, the company made breakthroughs in technology R&D, launching a new midsole technology called "Super," which has evolved from a "single technology" to a platform with four major technologies over six years, enhancing the application of sports technology and improving product matrix and series iteration capabilities [1] Product and Marketing Focus - The company remains dedicated to six core categories: running, basketball, cross-training, badminton, table tennis, and sports lifestyle, with the running category experiencing a retail sales growth of 25% [1] - Li Ning Group is actively expanding into emerging sports and niche categories such as outdoor sports, golf, tennis, and pickleball [1] Channel and Retail Operations - The company is consolidating and enhancing operational efficiency in high-tier markets while accelerating expansion into emerging markets [2] - In retail operations, the company is advancing a high-profit, high-efficiency single-store operation model, standardizing and quantifying core store indicators, and aligning them with management goals across various functions to improve overall operational efficiency [2] Children's Apparel Business - The Li Ning YOUNG brand has completed the restructuring of its youth product matrix, focusing on the core competitiveness of clothing and accessories while actively expanding into emerging markets [2] - The company is also committed to improving single-store efficiency, building clearance channels, promoting product turnover, and expanding its customer base [2]