Li Ning Company Limited (HKG:2331)
Hong Kong · Delayed Price · Currency is HKD 12.57
-0.01 (-0.08%)
Sep 18, 2026, 4:08 PM HKT
Li Ning Company Cash Flow Statement
Financials in millions CNY. Fiscal year is January - December.
Millions CNY. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Net Income | 3,015 | 2,936 | 3,013 | 3,187 | 4,064 | 4,011 |
Depreciation & Amortization | 1,347 | 1,332 | 1,817 | 1,860 | 1,425 | 1,118 |
Other Amortization | 43.84 | 43.84 | 40.9 | 36.5 | 28.75 | 22.58 |
Loss (Gain) From Sale of Assets | -20.23 | -25.15 | -31.92 | 34.35 | 15.98 | 19.1 |
Asset Writedown & Restructuring Costs | 500.33 | 701.14 | 610.66 | 334.95 | - | - |
Loss (Gain) From Sale of Investments | -12.52 | -49.44 | -57.32 | -85.15 | -194.38 | -120.37 |
Loss (Gain) on Equity Investments | -215.23 | -257.9 | -256.3 | -377.97 | -201.16 | -159.22 |
Stock-Based Compensation | 97.02 | 72.78 | 77.7 | 183.46 | 239.3 | 33.06 |
Provision & Write-off of Bad Debts | 5.25 | -3.27 | 8.7 | -20.59 | -23.11 | -19.9 |
Other Operating Activities | -179.15 | -60.79 | -376.04 | -433.63 | -307.44 | 795.19 |
Change in Accounts Receivable | 2.36 | -380.82 | 192.24 | -164.59 | -94.38 | -284.92 |
Change in Inventory | -253.97 | -87.43 | -137.11 | -79.36 | -682.09 | -407.81 |
Change in Accounts Payable | 28.61 | 276.56 | -164.66 | 205.37 | -14.86 | 372.15 |
Change in Unearned Revenue | 10.54 | 0.48 | -184.02 | 300.45 | -93.75 | 59.7 |
Change in Other Net Operating Assets | -974.52 | 353.54 | 715.52 | -292.91 | -248.15 | 1,087 |
Operating Cash Flow | 3,394 | 4,852 | 5,268 | 4,688 | 3,914 | 6,525 |
Operating Cash Flow Growth | -31.41% | -7.90% | 12.37% | 19.79% | -40.02% | 136.14% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Capital Expenditures | -1,319 | -1,222 | -1,431 | -1,927 | -2,044 | -1,761 |
Sale of Property, Plant & Equipment | 6.33 | 14.94 | 10.14 | 3.06 | 7.72 | 6.02 |
Cash Acquisitions | - | - | -1,813 | - | -13.27 | -1,298 |
Sale (Purchase) of Intangibles | -47.43 | -63.89 | -72.21 | -88.13 | -73.68 | -42.75 |
Sale (Purchase) of Real Estate | -3.76 | -5.47 | - | -12.05 | -65.41 | -137.77 |
Investment in Securities | 633.91 | 6,784 | 1,846 | -888.09 | -7,683 | -3,538 |
Other Investing Activities | 954.82 | 1,127 | 619.84 | 463.33 | 390.32 | 231.97 |
Investing Cash Flow | 225.1 | 6,634 | -839.62 | -2,449 | -9,481 | -6,539 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Short-Term Debt Issued | - | 5,920 | 5,006 | 2,500 | 600 | - |
Total Debt Issued | 8,410 | 5,920 | 5,006 | 2,500 | 600 | - |
Short-Term Debt Repaid | - | -5,920 | -5,006 | -2,500 | -600 | - |
Long-Term Debt Repaid | - | -728.32 | -856.08 | -872.24 | -627.43 | -501.01 |
Lease Payments | -770.51 | -728.32 | -856.08 | -872.24 | -627.43 | -501.01 |
Total Debt Repaid | -9,181 | -6,648 | -5,862 | -3,372 | -1,227 | -501.01 |
Net Debt Issued (Repaid) | -770.51 | -728.32 | -856.08 | -872.24 | -627.43 | -501.01 |
Issuance of Common Stock | - | - | 3.92 | 7.42 | 96.72 | 8,667 |
Repurchase of Common Stock | - | - | - | -1,159 | -158.61 | - |
Common Dividends Paid | -1,468 | -1,400 | -1,444 | -2,175 | -1,195 | -515.2 |
Other Financing Activities | -32.46 | -26.83 | -28.18 | -18.56 | -3.39 | -55.01 |
Financing Cash Flow | -2,271 | -2,155 | -2,324 | -4,217 | -1,887 | 7,596 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Foreign Exchange Rate Adjustments | -143.48 | -112.51 | -49.33 | 39.79 | 92.58 | -24.93 |
Net Cash Flow | 1,205 | 9,218 | 2,055 | -1,938 | -7,363 | 7,558 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Free Cash Flow | 2,075 | 3,629 | 3,837 | 2,761 | 1,869 | 4,765 |
Free Cash Flow Growth | -42.25% | -5.42% | 38.99% | 47.70% | -60.77% | 119.64% |
Free Cash Flow Margin | 6.91% | 12.26% | 13.38% | 10.00% | 7.24% | 21.11% |
Free Cash Flow Per Share | 0.80 | 1.40 | 1.48 | 1.06 | 0.71 | 1.88 |
Levered Free Cash Flow | 1,619 | 2,717 | 3,236 | 1,769 | 835.86 | 4,215 |
Unlevered Free Cash Flow | 1,705 | 2,797 | 3,334 | 1,869 | 899.88 | 4,255 |
Free Cash Flow After Leases | 1,305 | 2,901 | 2,981 | 1,888 | 1,242 | 4,264 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Cash Interest Paid | 32.46 | 26.83 | 28.18 | 16.01 | 3.39 | - |
Cash Income Tax Paid | 1,219 | 1,220 | 1,274 | 1,155 | 1,316 | 456.33 |
Change in Working Capital | -1,187 | 162.34 | 421.96 | -31.05 | -1,133 | 826.14 |