Hong Kong · Delayed Price · Currency is HKD Li Ning Company Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 2.8% year-on-year to RMB 15.24 billion, with net profit margin at 11.9% and gross margin at 50.9%. Apparel led growth, while footwear and accessories faced headwinds. Full-year outlook is cautious, with low single-digit revenue growth targeted.
Fiscal Year 2025
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Revenue grew 3.2% to RMB 29.6 billion, led by running and badminton, while net profit margin was 9.9%. Gross margin slipped to 49% amid higher marketing costs, but cash flow and liquidity remained strong. High single-digit revenue growth is targeted for 2026.
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Revenue grew 3.3% to CNY 14.817 billion, with net profit margin at 11.7% and strong cash flow. Footwear and badminton segments drove growth, while apparel and basketball faced headwinds. Management remains cautious for the second half amid higher expenses and weak demand.
Fiscal Year 2024
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Revenue rose 3.9% to RMB 28.68 billion with net profit margin at 10.5% and gross margin up to 49.4%. E-commerce and professional categories drove growth, while offline traffic declined. 2025 revenue is expected to remain flat, with continued investment in brand and core categories.
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Revenue rose 2.3% to RMB 14.345 billion with net profit at RMB 1.952 billion and gross margin up to 50.4%. E-commerce and running categories drove growth, while offline sales faced pressure. Full-year outlook is cautious, with low single-digit revenue growth expected.
Fiscal Year 2023
Fiscal Year 2022
Fiscal Year 2021
Fiscal Year 2020
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FY2020 revenue grew 4.2% and net margin rose 260 bps to 11.7%, with positive operating cash flow despite pandemic pressures. FY2021 guidance called for mid-20s revenue growth and ~100-bps margin improvement.
Fiscal Year 2019
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2019 revenue grew 32%, with adjusted operating margin at 11.4%, net margin at 9.1%, and operating cash flow up 110% to CNY 3.5bn. Coronavirus uncertainty prompted withdrawal of revenue guidance and a focus on cost, inventory, and cash control.
Fiscal Year 2018
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FY2018 revenue rose 18% to CNY 10.5bn and net profit increased 39% to CNY 715m, with stronger margins, cash flow and retail sell-through. FY2019 targets high-teens revenue growth and a 7.5%-8% net margin, while prioritizing China and execution.
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H1 revenue rose 18% to CNY 4.7bn and reported net profit grew 42% to CNY 269m, with margin gains and stronger cash flow. Mid-teens growth and a 6.5%-7% net margin remained the FY outlook, tempered by macro and Q4 uncertainty.