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Li Ning Company
Li Ning Company (2331) investor relations material
Li Ning Company 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 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.
EBITDA rose 2.0% year-over-year to RMB3.51 billion, with an EBITDA margin of 23.7%.
Interim dividend of RMB33.59 cents per share declared, with a 50% payout ratio.
Maintained strong cash reserves and focused on core product categories, brand development, and prudent expense control.
Financial highlights
Operating profit increased 1.5% year-over-year to RMB2.44 billion; operating profit margin was 16.5%.
Net operating cash inflow was RMB2.411 billion; cash and equivalents rose to RMB11.8 billion.
Basic EPS was 67.4 RMB cents, down 11% year-over-year.
Inventory turnover was 61 days, improving by 1 day year-over-year; cash conversion cycle steady at 31 days.
Net cash position improved to RMB19.191 billion, up 5.7% from year-end 2024.
Outlook and guidance
Focus on product innovation, channel optimisation, digital transformation, and long-term growth.
Plans to accelerate R&D, expand in women’s, outdoor, and youth sports, and deepen Olympic marketing.
Cautious outlook for the second half due to higher expected expenses, including Olympic sponsorships.
Continued focus on prudent management, channel efficiency, and sustainable long-term growth.
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 earnings date
H2 202527 Mar, 2026
Li Ning Company
Next Li Ning Company 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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