Hong Kong · Delayed Price · Currency is HKD Li Ning Company Earnings Call Transcripts
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% year-on-year to CNY 14.817 billion, with net profit margin at 11.7%. Footwear and accessories drove growth, while apparel declined. Cautious outlook for the second half due to higher expected expenses and persistent weak consumer 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.