Core Viewpoint - Li Ning Company reported a revenue of 14.82 billion RMB for the first half of 2025, reflecting a year-on-year increase of 3.3%, with a net profit of 1.74 billion RMB and a net profit margin of 11.7% [1] Financial Performance - Revenue reached 14.82 billion RMB, up 3.3% year-on-year - Gross profit was 7.41 billion RMB, with a gross margin of 50.0% - Net profit stood at 1.74 billion RMB, with a net profit margin of 11.7% [1] R&D Investment - R&D investment increased by 8.7% year-on-year, totaling over 3.8 billion RMB in the last decade - The company has enhanced its ability to convert technological research into product applications [1][2] Product Development - The introduction of "超䨻科技" technology in new products has been well-received in the market - The "越影5 PRO" running shoes are the first to feature this technology, enhancing the company's product lineup [2] Market Segmentation and Growth - The company focuses on six core categories: running, basketball, cross-training, badminton, table tennis, and sports leisure - Running, basketball, and cross-training categories accounted for 67% of retail sales [2] Sales Performance - The running category saw a retail sales increase of 15%, with over 14 million pairs of professional running shoes sold - The company’s running shoes achieved a 61.35% market share among runners completing the Beijing Half Marathon in under 90 minutes [3] Operational Efficiency - Li Ning Company maintains a channel inventory turnover ratio of 4 months, with an inventory turnover period of 61 days - The company emphasizes systematic inventory management to ensure healthy channel inventory levels [5] Channel Strategy - The company is optimizing its channel structure by collaborating with top commercial entities and expanding into emerging markets - As of June 30, 2025, the total number of Li Ning stores reached 7,534 [4]

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].

作为国内最早创立的体育用品品牌之一，李宁依然是那个能够不断创造新可能的长青"选手"。2024年在市场的压力测试下，李宁仍能成功"接住"挑战，这背 后公司究竟做对了哪些事情？ 专业性为基做强"单品牌" 过去几十年里，科技对于体育竞技产生了深刻的影响。而对于李宁来说，立足于独特的运动员基因，持续加大品牌专业能力投入，以运动科技创新不断提升 品牌价值，同样也是其面对市场波动仍能处变不惊、稳健发展的制胜法宝之一。 根据最新财报，2024年李宁继续深耕跑步、篮球、综训、羽毛球、乒乓球和运动生活六大核心品类。其中，跑步品类零售流水增长了25%。跑步品类近年作 为各大运动服饰品牌的"兵家必争之地"。李宁之所以能在此延续强劲增长势头，与其愈发深厚的科技壁垒有着重要关联。就拿最能体现品牌专业实力的鞋类 来说，以"李宁䨻"等科技打造的三款核心跑鞋"超轻"、"赤兔"、"飞电"年内合计销量突破了1060万双。 面对近年来不断变化的消费市场环境，李宁以稳健经营为核心，在战略选择上紧紧锚定"单品牌，多品类，多渠道"这一核心主线，以科技创新为引擎不断强 化自身"专业运动"的品牌定位及竞争优势。 在智通财经看来，李宁深谋远虑的战略定力，辅以 ...