Financial Data and Key Metrics Changes - Overall business trend is in line with expectations, with online performance outperforming offline channels. Offline pressure remains significant due to high base last year, with no clear signs of relief observed [2][9] - Inventory is at a healthy level, with a sell-through ratio of approximately four months at the end of Q1, and new products accounting for 80%-90%, aiding in discount optimization and gross margin improvement [10] Business Line Data and Key Metrics Changes - Running category showed the best growth in Q1, followed by fitness, while basketball faced pressure due to high market penetration and intense competition [4][11] - The company plans to launch more new products in the second half of the year, including the second generation of the Lu series and outdoor products featuring anti-rain dual-channel nano technology [5][12] Market Data and Key Metrics Changes - Sales of running shoes and basketball shoes in lower-tier cities met expectations, with a core price range of 400-600 RMB [7][20] - The children's business faced pressure in Q1, with plans to open 150 new stores throughout the year [21] Company Strategy and Development Direction - The technology showcase is the first step in the Olympic cycle marketing activities, with more technology and product launches planned [5][11] - The company aims to optimize business fundamentals such as discounts, sell-through rates, and inventory in the basketball category, while also focusing on expanding into new demographics, particularly youth through basketball training and event sponsorship [19][22] Management's Comments on Operating Environment and Future Outlook - Management noted that offline traffic pressure is primarily due to a decrease in customer flow, with expectations for some relief in the second half of the year [10][17] - The company emphasizes quality over quantity in sales, prioritizing profit and discount management rather than aggressive clearance sales [18] Other Important Information - The design team structure is stable, categorized by product lines, with clear KPIs and incentive mechanisms for designers [8][15] - The company maintains a flexible shipping schedule for distributors, with no changes to ordering methods and return policies [6][15] Q&A Session Summary Question: How is the company's recent operating situation? What are the differences between online and offline performance? - The overall business trend is in line with expectations, with online performance outperforming offline. Offline market pressure is significant due to last year's high base, with no clear signs of relief currently [9] Question: What is the current inventory situation? How does inventory level affect gross margin? - Inventory is at a very healthy level, with a sell-through ratio of about four months and a high freshness of new products, aiding in overall discount optimization and gross margin recovery [10] Question: How is the performance of footwear and apparel categories in Q2? Which key products performed well? - The marketing focus for footwear this year is strong, especially in functional categories, with running showing the best growth in Q1 [11] Question: What are the key products and marketing plans for the second half of the year? - The company will launch the second generation of the Lu series and introduce outdoor fabric technology, with more outdoor products planned for release [12] Question: How does the company view the performance of the basketball category and future plans? - The basketball category has seen slower growth recently due to high penetration and intense competition, with a focus on optimizing business fundamentals and introducing new products [19]
李宁经营跟踪电话会