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Li Ning Company Limited (2331) investor relations material

Li Ning Company Limited H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary22 Aug, 2025

Executive summary

  • Revenue grew 3.3% year-over-year to RMB14.817 billion for the six months ended 30 June 2025, with net profit at RMB1.737 billion and a net profit margin of 11.7%.

  • Net profit attributable to equity holders declined 11% year-over-year, with basic EPS at 67.4 RMB cents.

  • Gross profit margin decreased by 0.4 percentage points to 50.0% due to channel mix and increased promotional activity.

  • Operational focus remained on stability, core product investment, and channel optimization amid a challenging consumer environment.

  • Interim dividend of RMB33.59 cents per share declared, with a 50% payout ratio.

Financial highlights

  • Operating profit increased 1.5% year-over-year to RMB2.44 billion; EBITDA margin was 23.7%.

  • Net operating cash inflow was RMB2.41 billion; cash and equivalents rose to RMB11.8 billion, with total cash including time deposits at RMB19.2 billion.

  • Inventory turnover was 61 days; cash conversion cycle steady at 31 days.

  • Effective tax rate rose to 33.3%, impacting net profit.

  • No outstanding borrowings; banking facilities of RMB14.74 billion remain undrawn.

Outlook and guidance

  • Focus remains on product innovation, channel optimisation, and digital transformation to drive long-term growth.

  • Plans to accelerate R&D, expand in women's, outdoor, and youth sports, and deepen Olympic marketing.

  • Prudent approach to business quality, efficiency, and risk management amid macro uncertainties.

  • Full-year revenue target maintained at flat, with net profit margin expected in high single digits.

  • Cautious outlook for H2 due to higher expenses, Olympic sponsorship costs, and persistent weak consumer demand.

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Frequently asked questions

Li Ning Company Limited, founded by former Chinese Olympic gymnast Li Ning in 1989, has grown into a prominent sportswear and sports equipment company. The company's extensive product portfolio includes sports footwear, apparel, and accessories for both sport and leisure purposes. Li Ning operates through a mix of franchised, self-operated retail outlets, and online channels, marketing its products under its own brand. The company also manages a manufacturing facility in Nanning, Guangxi. Li Ning is headquartered in Beijing, China, and its shares are listed on the Hong Kong Stock Exchange.

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