Industry | Financial Report Interpretation: Steady Recovery In the third year, the 27-year-old Li Ning can start the rush mode?

This year is the third year since Li Ning began turning losses into profit in 2015. It is also Li Ning's own return to the company's management for the third year. Li Ning has delivered such an interim performance answer sheet: Revenue is 3.996 billion yuan, an increase of 11.1% over the same period of last year. Net profit 1.89 billion yuan, a year-on-year increase of 66.8%, and gross margins rose one percentage point to 47.7%.

After the financial report was released on the morning of August 11, Li Ning’s stock price went down all the way. At the close, it was down 3.93% to close at HK$5.86. However, it is undeniable that the once-made sports brand, Big Brother, is trying to adjust to seek a steady development.

“A few years ago when I reformed Li Ning, I hope Li Ning could be freed from homogeneity and hope to give himself a new direction of growth. After all, this is based on Li Ning’s athletic career. I also hope to be able to Sports genes continue in our company to create Li Ning's product experience, purchase experience and sports experience,” Li Ning, currently chairman and acting CEO of Li Ning Company, expressed at this year’s China International Sporting Goods Expo.

As Li Ning proposed in its financial report, building and providing Li Ning-style experience value and consolidating its brand image through digital operations are the core development priorities of the company. "Experience" and "digitalization" are two key words that Li Ning has adjusted in the future. This is also reflected in all links such as products, channels and retail sales.

â–² In the first half of this year, the new Basketball Association Chairman Yao Ming visited Li Ning Company.

In terms of products, Li Ning does not want to miss the process of turning sporting goods into sports and leisure. Running and basketball, as the two most important categories of Li Ning at present, are aimed at the two different consumer fields: professional sports and mass leisure. Li Ning promoted the quarterly main products of running shoes from single to multiple models to meet the needs of different levels. Online marketing was combined with holidays. For example, "ultra-light 14" running shoes appeared in the WeChat circle of friends.

The basketball category also incorporates more fashion, street, and cultural elements, such as the street basketball "BAD FIVE" series and Wade apparel products. Different from the main sports and leisure basketball clothing, Li Ning basketball shoes is aimed at the professional sports market and this year began to control the number of listed shoes.

At the end of June this year, Li Ning and the Houston Rockets of the NBA reached a cooperation to add a heavy resource to their basketball category. The focus of the cooperation between the two sides is youth basketball. In addition, Li Ning also holds resources such as the junior high school and CUBA league, and the “First World War” grassroots league. Campus basketball, street culture, this is Li Ning's future basketball development direction.

In addition to adding fashion elements to each category, Li Ning launched its first sports fashion store in July. In this shop on Wangfujing Pedestrian Street, flowers, urban collections, and products with the theme of “black and white” give this product line the “Shamrock” in the shadow of Adidas.

â–² Li Ning is located in Wangfujing sports fashion shop

In terms of channels, Li Ning currently has 6,329 sales outlets, which has decreased by 111 since the beginning of this year. This is the result of active adjustments.

Li Ning's stores generally exhibit these three forms:
· One is the flagship store opened in the core business district of the city. These stores have a full range of products and focus on consumer experience, such as Xi'an Xiaozhai SEG store and the Shanghai World Expo source flagship store. When Wade came to China in July, he chose The two stores;
· The other category is the category of running shops, basketball stores, Wade stores, etc. to enhance the professional characteristics of the product;
· There is also an Ole factory shop for optimizing inventory, which has reached 40 currently.

In addition, Li Ning's e-commerce channel has also achieved impressive results. In the first half of the year, e-commerce accounted for Li Ning's revenue from the 12.8% increase in the same period last year to 18.2%, reaching 720 million yuan, an increase of 58% year-on-year.

In the marketing field, Li Ning, a 27-year-old brand, hopes to use digital power to avoid brand aging. In the first half of this year, Li Ning’s advertising and marketing expenses accounted for a year-on-year increase of 1.2 percentage points to 790 million yuan.

This point, Li Ning himself can be described as personally. He secretly opened Weibo in 2015, and many Li Ning employees were unaware of it. The sculpture of Li Ning in Montreux, Switzerland, is more handsome than his own. Standing beside Yao Ming, he forms the “most affective height difference”. Everyone is happy to take a selfie. The five-year-old boss has shaped himself as a net red. .

Compared with the low-key of previous years, Li Ning himself not only played Weibo, but also tried live broadcasting, even on the stage of “Lang Reader”, and ran a thick Guangxi accent, the entrepreneur reading from Liuzhou to the world. Ba Jin's "Be a Warrior".

"The real warriors dare to challenge and challenge themselves," Li Ning himself wrote on Weibo.

Returning to Li Ning’s latest financial report for the first half of 2017, one of the most dazzling figures was gross margin. The 47.7% level increased by 1 percentage point year-on-year. This is the second highest among domestic sports brands after Anta achieved last year. 48.4%, the latter largely benefited from the promotion of its brand Fila. In the first six months of this year, Li Ning's main brand sales accounted for as high as 99.2%. In other words, Li Ning's gross margin has established a leading edge.

Currently, the Li Ning brand's revenue for the first half of the year reached 3.967 billion yuan, up 11.6% year-on-year, and EBITDA plus depreciation and amortization was 372 million yuan, up 29.2% year-on-year. After formulating the strategy of “focusing on core brands” in 2012, the proportion of income of Li Ning brand has been rising.

In the eyes of the industry, Li Ning has a higher brand premium, but this does not mean that Li Ning will not face the ceiling crisis of the main brand. Therefore, Li Ning also began to rearrange its own brand matrix.

In October last year, Li Ning won the professional dance sports brand Danskin's business in mainland China and Macau. This is Li Ning's only brand acquisition since 2008.

In the first half of this year, Danskin refined the product line, including the Dansfit fashion sports series, the pure fashion series Danslife with certain functional fabrics, and the high-end fashion series Danslux and the ballet series Dance. Sports life and women are Danskin's two main directions. Danskin will also open 3-5 sales outlets in the fourth quarter of this year.

Two months after winning Danskin, Li Ning also made a big move in the multi-brand area. But this time, Li Ning chose to give up. In December last year, Li Ning completed the sale of a 10% stake in Red Cross to a wholly-owned subsidiary in China, bringing a revenue of RMB 313 million to the Group in 2016.

This year, Li Ning has also launched a new sub-brand, Li Ning YOUNG. For children aged 3-14, it has already opened about 20 outlets in 14 provinces. Li Ning himself also expects children's wear to become an important growth point for the company's future.

In addition, Li Ning’s previous focus strategy was “focusing on the core market”, namely the domestic market. In the first half of the year, Li Ning’s revenue in the Chinese market reached 3.905 billion yuan, accounting for 97.7% of the total revenue, and its percentage increased by nearly 10 percentage points. This is a huge increase. At the same time, Li Ning, which has consolidated its base camp, is also seeking a breakthrough in the international market.

At present, Li Ning's international business covers 46 countries including Asia, Europe and the Americas. In the first half of the year, Li Ning’s official Facebook and Instagram formally went online, and sponsored the Iranian Tractor Sazi Tabriz FC football club, Indonesian badminton star Liliyana NATSIR and others. It can be seen that Li Ning may have more layout overseas.

In the third year of the recovery, Li Ning regained some of its strength and regained the same strength and began to actively seek changes.

Li Ning himself is the same. He was happy to accept all new things. He visited Europe this year to visit technology companies. According to his statement at this year's China International Sporting Goods Expo, "China's consumption is upgrading, helping our Chinese companies to do more value-added, more technological content products."

But another set of data also reflects some of Li Ning’s current needs for improvement. Taking the example of important inventory turnover days as an example, although it has declined, it still stands at 85 days, far higher than the 61 days at the end of last year. On marketing resources, whether to continue its CBA sponsorship is also a matter of choice.

According to Li Ning's statement in the financial report, Li Ning is currently in a steady upward phase. However, this is still a company that has just turned a profit in less than 3 years. There is still a huge gap between Anta's annual net profit of more than 2 billion yuan. The giant Li Ning wants to really wake up and send out his own wrath, still waiting for more efforts.

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1. Upholstered beds
Credit: Africa Studio, Shutterstock

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In a home or breeder's facility, however, puppies are usually born in homemade or purchased boxes with sides that keep them warm and secure until they can see, hear and walk independently. As dogs get older, they still like the comfort of knowing they are safe, just as they did when they were babies.

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Our favourite upholstered beds.
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Every dog and owner can benefit from a raised dog bed. This bed will keep your dog off the ground so they don't sleep on any pressure points. Raised dog beds are breathable, easy to clean and maintain and most can be used indoors and outdoors. Even young pups will love snuggling up in the yard or on a raised bed when camping.

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