李宁(02331) - 2024 - 年度财报

Financial Performance - Revenue for 2024 increased by 3.9% to RMB 28.68 billion compared to RMB 27.60 billion in 2023[14] - Gross profit rose by 6.0% to RMB 14.16 billion, with a gross margin of 49.4%, improving by 1 percentage point from the previous year[14] - Profit attributable to equity holders was RMB 3.01 billion, resulting in a net profit margin of 10.5%[14] - Operating cash inflow reached RMB 5.27 billion, up from RMB 4.69 billion in 2023, indicating healthy cash flow management[14] - The overall operating profit for 2024 was RMB 3.68 billion, slightly up from RMB 3.56 billion in 2023[8] - The return on equity for equity holders was 11.9%, down from 13.1% in the previous year, indicating a need for strategic adjustments[8] - The net profit attributable to equity holders was RMB 3,012,918 thousand, down 5.5% from RMB 3,186,910 thousand in the previous year[24] - Basic earnings per share decreased to RMB 116.98, a decline of 5.1% from RMB 123.21 in 2023[24] - The income tax expense for the year ended December 31, 2024, was RMB 1,096,691,000, with an effective tax rate of 26.7%, compared to 25.1% in 2023[41] Asset and Liability Management - Total non-current assets decreased to RMB 15.18 billion from RMB 20.55 billion in 2023, while current assets increased to RMB 20.53 billion from RMB 13.65 billion[8] - The debt-to-equity ratio improved to 36.8% from 40.2% in the previous year, reflecting better financial stability[8] - The accumulated inventory provision as of December 31, 2024, was RMB 166,817,000, an increase from RMB 134,727,000 in 2023, indicating a rise in inventory value[43] - The accumulated expected credit loss provision as of December 31, 2024, was RMB 45,678,000, relatively stable compared to RMB 45,738,000 in 2023, with trade receivables provision increasing to RMB 41,658,000 from RMB 38,215,000[44] Revenue Streams and Sales Performance - E-commerce revenue grew by 10.3% due to deep channel development and cost control optimization, while distributor revenue increased by 2.6%[27] - Revenue from footwear reached RMB 14,300,341,000, accounting for 49.9% of total revenue, while apparel revenue decreased by 2.9% to RMB 12,050,245,000[28] - Direct sales accounted for 24.0% of total revenue, down from 25.0% in 2023, while e-commerce sales increased to 29.0% from 27.3%[29] - The overall sales cost for the year was RMB 14,519,540,000, with a gross margin of 49.4%, up from 48.4% in 2023, reflecting improved discount strategies in retail stores[32] Innovation and Product Development - The company focused on enhancing technology research and innovation to improve operational efficiency and consumer experience[13] - The company launched six innovative technologies and three new products, including the "绝影3" running shoes and "龙雀" racing shoes, enhancing its competitive edge in the sports market[17] - The introduction of the new midsole technology "超䨻" showcases the company's dual innovation capabilities in materials and processes, significantly improving product performance[67] - The company has established a strong lineup of six proprietary innovative technologies, enhancing its competitive edge in professional sports technology[66] Marketing and Brand Strategy - The company plans to strengthen its "single brand, multiple categories, and multi-channels" strategy to enhance brand competitiveness and expand into international markets[18] - The company aims to strengthen its brand value through diversified global marketing activities, focusing on six core categories while expanding into emerging sports and niche categories[70] - The company has implemented a new retail business model, enhancing digital and omnichannel capabilities to efficiently convert private traffic and steadily improve sales performance[92] Corporate Governance and Management - The board of directors is committed to high standards of corporate governance, ensuring compliance with legal and regulatory requirements[101] - The board consists of seven members, including three executive directors and four independent non-executive directors, ensuring a balanced composition with diverse expertise[109] - The company has adopted a board diversity policy, considering various factors such as gender, age, and professional experience to achieve sustainable development[110] - The company has established a comprehensive risk management and internal control system based on the COSO framework, aimed at enhancing operational efficiency and compliance[148] Environmental, Social, and Governance (ESG) Initiatives - The company achieved a MSCI ESG rating upgrade to BBB in 2024, reflecting steady progress in ESG initiatives[184] - The company is committed to green and low-carbon operations, aligning with the national "30-60" carbon peak and carbon neutrality strategy[184] - The group aims for sustainable development by integrating responsible practices across the entire value chain, including product design, procurement, production, marketing, and waste management[186] - The company has established an ESG management committee led by the executive director and co-CEO to oversee long-term ESG strategies and goals[180] Employee and Community Engagement - The company emphasizes equal employment and career development opportunities for all qualified employees[111] - The group emphasizes employee welfare by optimizing compensation structures and enhancing workplace safety and health programs[189] - The company actively participates in charitable activities to improve overall social welfare and promote sports culture[192] - The group will provide full social insurance and supplementary medical insurance benefits to employees as part of its commitment to SDG1 (No Poverty)[194]