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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.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%, despite a challenging macro environment and higher effective tax rate.
Gross profit margin decreased by 0.4 percentage points to 50.0%, reflecting deeper discounts, channel mix shifts, and increased promotional activity.
Operational focus remained on stability, core product investment, channel optimization, and digital transformation.
Strategic partnerships with the Chinese Olympic Committee and product innovation in running, badminton, and basketball supported brand momentum.
Interim dividend declared at RMB33.59 cents per share with a 50% payout ratio.
Financial highlights
EBITDA margin was 23.7%, with EBITDA at RMB3.51 billion (+2.0% YoY); operating profit margin was 16.5% (+1.5% YoY), and basic EPS was 67.4 RMB cents, down 11% year-over-year.
Net operating cash inflow was RMB2.41 billion; cash and cash equivalents rose to RMB11.8 billion as of 30 June 2025.
No outstanding borrowings; net cash position improved to RMB19.191 billion, with banking facilities of RMB14.74 billion available.
Inventory turnover was 61 days, improving by 1 day year-over-year; cash conversion cycle steady at 31 days.
Interim dividend payout ratio at 50% to sustain shareholder returns.
Outlook and guidance
Full-year revenue target maintained at flat, with net profit margin expected in high single digits; management remains cautious but optimistic, focusing on sustainable long-term growth.
Continued focus on product innovation, channel efficiency, digital transformation, and prudent risk management.
Plans to accelerate R&D, expand in women’s, outdoor, and youth sports, and deepen Olympic marketing.
Cautious outlook for H2 due to higher expenses, Olympic sponsorship costs, and persistent weak consumer demand.
Provide update on HK$1.95B loan lawsuit
Detail reasons for 33.3% effective tax rate rise
Outline use of remaining top-up placing proceeds
H2 margin pressure mitigation plan?
Basketball category recovery strategy?
DTC channel share decline's long-term impact?
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Next Li Ning Company Limited earnings date
H2 202527 Mar, 2026
Next Li Ning Company Limited earnings date
H2 202527 Mar, 2026
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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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