Upcoming Dividend • Jun 08
Upcoming dividend of CN¥0.23 per share Eligible shareholders must have bought the stock before 15 June 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Hong Kong dividend payers (6.9%). Lower than average of industry peers (5.1%). Reported Earnings • Apr 23
Full year 2025 earnings released: EPS: CN¥1.14 (vs CN¥1.17 in FY 2024) Full year 2025 results: EPS: CN¥1.14 (down from CN¥1.17 in FY 2024). Revenue: CN¥29.6b (up 3.2% from FY 2024). Net income: CN¥2.94b (down 2.6% from FY 2024). Profit margin: 9.9% (in line with FY 2024). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Luxury industry in Hong Kong. Declared Dividend • Mar 21
Final dividend of CN¥0.23 announced Shareholders will receive a dividend of CN¥0.23. Ex-date: 15th June 2026 Payment date: 29th June 2026 Dividend yield will be 3.1%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is well covered by both earnings (50% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 31% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: CN¥1.14 (vs CN¥1.17 in FY 2024) Full year 2025 results: EPS: CN¥1.14 (down from CN¥1.17 in FY 2024). Revenue: CN¥29.6b (up 3.2% from FY 2024). Net income: CN¥2.94b (down 2.6% from FY 2024). Profit margin: 9.9% (in line with FY 2024). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in Hong Kong. 공고 • Mar 20
Li Ning Company Limited, Annual General Meeting, Jun 11, 2026 Li Ning Company Limited, Annual General Meeting, Jun 11, 2026, at 11:00 China Standard Time. 공고 • Mar 09
Li Ning Company Limited to Report Fiscal Year 2025 Results on Mar 19, 2026 Li Ning Company Limited announced that they will report fiscal year 2025 results on Mar 19, 2026 공고 • Nov 27
Anta Sports Reportedly Exploring Bid for Puma Chinese sportswear maker ANTA Sports Products Limited (SEHK:2020) is among firms exploring a potential takeover of German sportswear brand PUMA SE (XTRA:PUM), Bloomberg News reported on November 27, 2025. Hong Kong-listed Anta has been working with an adviser to evaluate a bid for Puma, and the company may team up with a private equity firm if it decides to move forward with an offer, the Bloomberg report said, citing people familiar with the matter. Other potential bidders could include Chinese sportswear group Li Ning Company Limited (SEHK:2331), which has been discussing financing options with banks as it takes an early look at Puma, according to the report. Puma may also attract interest from Japanese sportswear company ASICS Corporation (TSE:7936), the report said. Anta Sports, Puma, and Asics did not immediately respond to Reuters‘ requests for comment. Li-Ning said in an emailed statement to Reuters that the company “has not engaged in any substantive negotiations or evaluations regarding the transaction mentioned in the news”, adding that the company continues to focus on the growth and development of its brand. Puma’s biggest shareholder Artemis, the privately-owned holding company that controls Gucci owner Kering, has said it is considering all options for its 29% stake, though a source close to the firm told Reuters in September it would not sell at the market value then. Puma’s market valuation is currently at EUR 2,520 million ($2,920 million), according to LSEG data. The Pinault family, which controls Artemis, acquired its Puma stake in 2018 from Kering when the luxury group transformed into a pure luxury player focused on brands like Gucci and Saint Laurent. Buy Or Sell Opportunity • Nov 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.1% to CN¥16.00. The fair value is estimated to be CN¥20.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has declined by 15%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 7.2% per annum over the same time period. 공고 • Aug 26
Pinault Family Reportedly Seeks Potential Buyers for Puma The Pinault family has reached out to potential buyers of PUMA SE (XTRA:PUM) after the German sports brand lost about half of its market value in the past year, according to people familiar with the matter. The billionaire family, which owns a 29% stake in Frankfurt-listed Puma through Artemis, is working with advisers, possibly with a view to triggering a sale of the company, the people said, asking not to be identified because the deliberations are private. They have reached out to prospective bidders including ANTA Sports Products Limited (SEHK:2020) and Li Ning Company Limited (SEHK:2331) to gauge interest in buying Puma, the people said, adding they have also sounded out other sportswear firms in the US, as well as sovereign wealth funds in the Middle East. Puma shares surged as much as 20% in German trading following the report, the most since October 2001. It has a market value of about EUR 3.3 billion. The family is likely to seek a sizable premium in any deal, the people said. Artemis is also the controlling shareholder of Kering. Deliberations are ongoing and there is no guarantee a transaction will happen, the people said. A spokesperson for Puma declined to comment, while representatives for Artemis, Anta and Li Ning didn't respond to requests seeking comment. Declared Dividend • Aug 25
First half dividend of HK$0.37 announced Shareholders will receive a dividend of HK$0.37. Ex-date: 3rd September 2025 Payment date: 16th September 2025 Dividend yield will be 3.1%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 37% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 공고 • Aug 22
Li Ning Company Limited Announces Interim Dividend for the Six Months Ended June 30, 2025, Payable on September 16, 2025 Li Ning Company Limited announced interim dividend of RMB 0.3359 per share for the six months ended June 30, 2025. Ex-dividend date: September 3, 2025. Record date: September 8, 2025. Payment date: September 16, 2025. Reported Earnings • Aug 22
First half 2025 earnings released: EPS: CN¥0.67 (vs CN¥0.76 in 1H 2024) First half 2025 results: EPS: CN¥0.67 (down from CN¥0.76 in 1H 2024). Revenue: CN¥14.8b (up 3.3% from 1H 2024). Net income: CN¥1.74b (down 11% from 1H 2024). Profit margin: 12% (down from 14% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Luxury industry in Hong Kong. Buy Or Sell Opportunity • Aug 21
Now 20% undervalued Over the last 90 days, the stock has risen 20% to CN¥16.65. The fair value is estimated to be CN¥20.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 4.2% per annum over the same time period. 공고 • Aug 11
Li Ning Company Limited to Report First Half, 2025 Results on Aug 21, 2025 Li Ning Company Limited announced that they will report first half, 2025 results on Aug 21, 2025 Board Change • Jul 23
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Yajuan Wang was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
