Before the market opened on March 28, Chinese sportswear giant Li-Ning Company Limited (HK: 02331), listed in Hong Kong, announced its full-year financial results for 2024. During the year, the company continued to focus on its core strategy of “single brand, multi-category, multi-channel,” achieving a 3.9% year-on-year revenue increase to RMB 28.676 billion [approx. USD 3.97 billion]. Gross profit margin rose by 1 percentage point to 49.4%.
In terms of profitability, net profit attributable to shareholders declined by 5.5% year-on-year to RMB 3.013 billion [approx. USD 417 million], with net profit margin falling by 1 percentage point to 10.5%. Meanwhile, net operating cash inflow rose by 12.4% to RMB 5.268 billion [approx. USD 729 million].
In 2024, the company increased its research and product development expenditure to RMB 676 million [approx. USD 93.5 million], raising its share of total revenue from 2.2% to 2.4%.
Li-Ning has built a technology platform incorporating six proprietary innovations, including “Carbon Core,” “Fast Curve System,” “Super弜,” “GCU,” “BOOM+,” and “Extreme BOOM Silk.” These technologies span four dimensions—midsole, outsole, upper, and structure—and support a wide variety of sports categories.
As of the close of trading on March 28, Li-Ning’s stock price rose slightly by 0.35% to HKD 17.16 per share, with a current total market capitalization of approximately HKD 44.4 billion [approx. USD 5.67 billion].
By Product Category:
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Footwear: Revenue rose 6.8% year-on-year to RMB 14.3 billion [approx. USD 1.98 billion], increasing its contribution to total revenue from 48.5% to 49.9%, reinforcing its position as the company’s largest product category.
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Apparel: Revenue fell 2.9% year-on-year to RMB 12.05 billion [approx. USD 1.67 billion], with its share of total revenue dropping from 45.0% to 42.0%.
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Equipment and Accessories: Revenue grew 29.3% year-on-year to RMB 2.325 billion [approx. USD 322 million], increasing its contribution from 6.5% to 8.1%.
By Sales Channel:
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Wholesale: By strengthening partnerships with distributors, optimizing product supply, offering more competitive product assortments, and improving coordination efficiency, the company achieved a 2.6% year-on-year increase in wholesale revenue to RMB 12.96 billion [approx. USD 1.79 billion].
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Retail: Due to macroeconomic pressure and intensified market competition, the company adjusted its retail strategy, leading to a slight 0.3% year-on-year decrease in retail revenue to RMB 6.88 billion [approx. USD 953 million].
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E-commerce: Thanks to deepened development of online channels, economies of scale, and improved cost control, e-commerce revenue rose 10.3% year-on-year to RMB 8.3 billion [approx. USD 1.15 billion].
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As of December 31, 2024, the number of Li-Ning branded stores (including Li-Ning core brand, Li-Ning YOUNG, regular stores, flagship stores, China Li-Ning fashion stores, factory outlets, and multi-brand concept stores) stood at 7,585, a net decrease of 83 compared to December 31, 2023. The number of distributors (including those for China Li-Ning fashion stores) was 41, a net decrease of 5 from the end of 2023.
By Region:
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Chinese Mainland Market: Revenue rose 3.98% year-on-year to RMB 28.14 billion [approx. USD 3.9 billion].
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Overseas Markets: Revenue remained roughly flat at RMB 531 million [approx. USD 73.5 million], accounting for 1.9% of total revenue.
In 2024, Li-Ning remained focused on its six core product categories—running, basketball, fitness, badminton, table tennis, and sports lifestyle—while actively expanding into emerging and niche segments, including outdoor sports, golf, tennis, and pickleball. Highlights from each category include:
Running Category:
Throughout the year, the company upgraded its three core running shoe IPs—”Super Light,” “Chitu,” and “Feidian.” Combined, the three series achieved sales exceeding 10.6 million pairs.
With top athlete performance as its core driver, the Group established an innovative R&D system and launched the flagship product “Longque.” The new “Feidian 5 ULTRA” running shoe was successfully introduced at the BOOM+ launch event and helped athletes secure victories at major marathon events. Addressing segmented market demands, the company also launched its first women-specific running shoe, “Jinghong,” featuring the “CLOUD LITE” midsole.
In running apparel, the Group leveraged its “SHELL” technology platform and “AT” apparel tech system to launch the conceptual “Longque Set,” which helped drive end-user sales.
Basketball Category:
Under the theme “CBA-Proven Performance,” the Group introduced a new basketball performance lineup, with the “Gamma” basketball shoe emerging as the year’s top performance model. For the CBA 2024–2025 season, Li-Ning launched the “Flash 11” basketball shoe and a commemorative “Classic Edition Jersey” honoring the 30th anniversary of the CBA.
The latest “Way of Wade 11” basketball shoe was released during the unveiling of Dwyane Wade’s statue, with a limited “Statue Edition” colorway sparking a buying frenzy. Leveraging the popularity of Team Wade player D’Angelo Russell, the Group introduced a new DLO lifestyle shoe, further enriching the Way of Wade product line.
The “Ranger” series focused on basketball culture and urban streetwear, tapping into China’s local street culture market through IPs like “Chang’an Youth” and “Dominating Zhongyuan,” attracting youth consumers interested in street style.
Fitness Category:
In 2024, the Group continued to study women’s activewear preferences, positioning Li-Ning Women’s Fitness around outdoor scenarios. Protective outerwear emerged as a key sales driver. For men’s fitness, the brand emphasized multi-scenario training experiences and successfully launched functional pants that sold over one million units.
Badminton Category:
In badminton footwear, classic lines such as “Blade MAX,” “Thunder,” “Yun Ting,” and “Falcon” remained strong sellers in the professional market. The new “Zhanji 2.0” shoes featured a carbon fiber upper combined with ultra-fine, low-stretch synthetic materials. The “Yingsu SE” model continued the lightweight design ethos, further diversifying the badminton footwear lineup.
In equipment, Li-Ning launched the low-drag “Fengying 900 NEW” racket frame, significantly enhancing performance for speed-type rackets. In the second half of the year, Li-Ning also introduced its first professional tennis and pickleball products, which received initial positive market feedback.
Table Tennis Category:
In 2024, the Group launched the “Qilin Light 1” table tennis shoe, combining a TPU yarn upper with Li-Ning’s proprietary tear-resistant midsole material. Additionally, it released updated versions including the “Qilin 3.0” and “Eagle Eye 2.0 PE.”
Sports Lifestyle Category:
In its Chinese cultural series, the Group continued to enrich the “Rising Prosperity” collection themed around Lunar New Year. It also launched a “Chinese Colors” series, drawing inspiration from traditional literature and painting to design cultural T-shirts under themes like “Qingluan,” “Ningzhi,” “Yuebai,” and “Bishan.”
The Sports-Inspired series continued to merge fashion trends with athletic lifestyles. The Group’s “SOFT” sports lifestyle footwear line maintained high sales growth for the second consecutive year, with annual sales surpassing 2.5 million pairs.
The LPL e-sports collection continued to center around League of Legends events, using IP-based products and marketing to capture the attention of younger consumers. In 2024, multiple LPL team jerseys recorded over RMB 10 million [approx. USD 1.38 million] in sales revenue, solidifying Li-Ning’s leadership in the e-sports sector.
In July 2024, “China Li-Ning” launched a new designer platform called “Chuang,” aimed at bringing together global creative talent to support the transformation of innovative concepts and promote Eastern aesthetics while setting new fashion trends.
The “LI-NING 1990” collection continued to focus on golf, while also launching new lifestyle shoes such as the retro “Xuanji” runner, the “Duxing” commuter running shoe, and the fashion-forward “Lueying” runner, all of which received positive market responses.
Outdoor Category:
In line with its “multi-category” strategy, the Group made a bold entry into the outdoor market in 2024. Targeting younger consumers, especially light hikers, the segment also catered to outdoor lifestyle enthusiasts and urban professionals with an affinity for nature.
New product developments included several standout IP products. The “Xingchuan” hiking shoe features a “ship-cabin style midsole structure,” “support system wrap,” and “BOOM Technology.” The “Wanlongjia BREATH” jacket combines Eastern aesthetic elements with “dual-breathable nanotechnology for heavy rain protection,” meeting professional outdoor needs while reflecting Chinese cultural values.
｜Source: Official Financial Report
｜Image Credit: Courtesy of Li-Ning Company
｜Editor: LeZhi
