Group 1: Financial Performance - The company reported a revenue of 14.82 billion yuan for the first half of the year, representing a year-on-year increase of 3.3% [1] - The net profit for the same period was 1.74 billion yuan, with a net profit margin of 11.7% [1] - Cash generated from operating activities amounted to 2.41 billion yuan, with total cash and cash equivalents reaching 11.8 billion yuan, an increase of 4.3 billion yuan compared to the end of 2024 [1] Group 2: Inventory and Sales Performance - The company maintained a channel inventory turnover ratio of 4 months, with inventory turnover days at 61 days, indicating a healthy inventory structure [1] - Professional sports categories accounted for over 60% of total revenue, with footwear products making up 56% of the revenue [1] - Sales of professional running shoes exceeded 14 million pairs, with the core running shoe series achieving total sales of over 5.26 million pairs [1] Group 3: Marketing and Partnerships - The company became the official partner of the Chinese Olympic Committee and the Chinese sports delegation for 2025-2028, launching a marketing campaign titled "China Glory, Li Ning Together" [2] - The signing of player Yang Hanshen, who was selected 16th overall in the NBA draft, is expected to enhance the brand's long-term momentum in basketball [2] - The company has established partnerships with major events like the Beijing Half Marathon and has collaborated with the National Space Administration to integrate aerospace technology into sports innovation [3]

Core Insights - Li Ning Company reported a revenue of 14.82 billion yuan for the first half of 2025, representing a year-on-year increase of 3.3% [1] - The company's gross profit reached 7.41 billion yuan, up 2.5% year-on-year, with an overall gross margin of 50.0% [1] - Net profit for the period was 1.74 billion yuan, resulting in a net profit margin of 11.7% [1] Sales Performance - The total sales volume of Li Ning's professional running shoes exceeded 14 million pairs in the first half of the year [1] - The core running shoe matrix, including the "Ultra Light," "Red Rabbit," and "Flying Electric" series, demonstrated strong product competitiveness, with total sales of over 5.26 million pairs [1] - The "Red Rabbit 8 PRO" model became the champion in the competitive running shoe category on platforms like Tmall, achieving sales of 2.3 million pairs in the first half [1]