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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.
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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