Sportswear seller Li Ning Co. Ltd. (2331.HK) on Thursday reported its annual revenue rose 3.2% to 29.6 billion yuan ($4.29 billion) last year, but its profit for the year slipped 3.2% to 2.94 billion yuan. The company’s gross profit rose 2.4% to 14.49 billion yuan, but its financing income plunged 31% to 297 million yuan year-on-year, resulting in the overall profit decline.
Li Ning said growing domestic demand under China’s new 15th Five-Year Plan will become pivotal for economic growth, with the nation’s sports industry entering a new phase driven by government-led policies, upgraded consumption demand, and technological innovation. The company pledged to capitalize on this opportunity.
Shares of Li Ning opened up 7.9% at HK$21.30 on Friday. The stock is up over 60% from its 52-week low.
By Lau Chi Hang
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