Li Ning Group's net profit decreases by 8% in H1

On August 16, Li Ning Group announced its interim results for 2024. As of June 30, 2024, the group's revenue was 14.345 billion RMB, an increase of 2.3% year-on-year. The net profit attributable to shareholders was 1.952 billion RMB, down 8.0% from the previous year. Operating profit decreased by 3.0% to 2.4 billion RMB, while gross profit increased by 5.8% to 7.24 billion RMB, and the gross profit margin rose by 1.6% to 50.4%.

In terms of sales channels, 14.097 billion RMB of revenue came from the Chinese market, with overseas revenue accounting for 1.7%. Specifically, sales revenue from domestic franchised dealers was 6.59 billion RMB, a slight decrease of 2.0% year-on-year, while direct sales revenue was 3.5 billion RMB, up 2.7% year-on-year. E-commerce channel sales revenue was 4.0 billion RMB, up 10.2% from last year.

As of the end of the reporting period, the number of Li Ning stores (including the core Li Ning brand and Li Ning YOUNG) was 7,677, an increase of 9 stores from December 31, 2023. This includes 4,744 franchised dealers, an increase of 2 from the end of 2023; 1,495 directly operated retail stores, a decrease of 3 from the end of 2023; and 1,438 Li Ning YOUNG stores, an increase of 10 from the end of 2023.