Li Ning Past Earnings Performance

Past criteria checks 2/6

Li Ning has been growing earnings at an average annual rate of 19.5%, while the Luxury industry saw earnings growing at 15.2% annually. Revenues have been growing at an average rate of 18.2% per year. Li Ning's return on equity is 11.6%, and it has net margins of 10.8%.

Key information

19.5%

Earnings growth rate

18.1%

EPS growth rate

Luxury Industry Growth	11.5%
Revenue growth rate	18.2%
Return on equity	11.6%
Net Margin	10.8%
Last Earnings Update	30 Jun 2024

Recent past performance updates

Recent updates

Revenue & Expenses Breakdown

How Li Ning makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

SZSC:2331 Revenue, expenses and earnings (CNY Millions)
Date	Revenue	Earnings	G+A Expenses
30 Jun 24	27,925	3,018	10,805
31 Mar 24	27,762	3,102	10,560
31 Dec 23	27,598	3,187	10,316
30 Sep 23	27,506	3,591	9,660
30 Jun 23	27,414	3,996	9,017
31 Mar 23	26,609	4,030	8,711
31 Dec 22	25,803	4,064	8,404
30 Sep 22	25,294	4,151	8,126
30 Jun 22	24,784	4,238	7,848
31 Mar 22	23,678	4,124	7,537
31 Dec 21	22,572	4,011	7,227
30 Sep 21	20,522	3,494	6,744
30 Jun 21	18,473	2,977	6,261
31 Mar 21	16,465	2,338	5,761
31 Dec 20	14,457	1,698	5,262
30 Sep 20	14,126	1,543	5,248
30 Jun 20	13,796	1,387	5,234
31 Mar 20	13,833	1,443	5,305
31 Dec 19	13,870	1,499	5,377
30 Sep 19	12,961	1,370	5,085
30 Jun 19	12,053	1,242	4,794
31 Mar 19	11,282	978	4,591
31 Dec 18	10,511	715	4,388
30 Sep 18	10,051	655	4,237
30 Jun 18	9,591	595	4,086
31 Mar 18	9,232	555	3,936
31 Dec 17	8,874	515	3,785
30 Sep 17	8,645	446	3,676
30 Jun 17	8,416	376	3,567
31 Mar 17	8,216	316	3,480
31 Dec 16	8,015	256	3,393
30 Sep 16	7,757	172	3,308
30 Jun 16	7,499	89	3,223
31 Mar 16	7,294	23	3,145
31 Dec 15	7,089	-43	3,067
30 Jun 15	6,097	-308	2,927
31 Mar 15	6,072	-569	3,160
31 Dec 14	6,047	-830	3,393
30 Sep 14	6,391	-787	3,488
30 Jun 14	6,055	-793	3,410
31 Mar 14	5,940	-592	3,160
31 Dec 13	5,824	-392	2,910

Quality Earnings: 2331 has high quality earnings.

Growing Profit Margin: 2331's current net profit margins (10.8%) are lower than last year (14.6%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: 2331's earnings have grown by 19.5% per year over the past 5 years.

Accelerating Growth: 2331's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 2331 had negative earnings growth (-24.5%) over the past year, making it difficult to compare to the Luxury industry average (15.7%).

Return on Equity

High ROE: 2331's Return on Equity (11.6%) is considered low.

Return on Assets

Return on Capital Employed

Discover strong past performing companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/20 06:56
End of Day Share Price	2024/12/20 00:00
Earnings	2024/06/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Li Ning Company Limited is covered by 75 analysts. 32 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Jiaying Huang	Barclays
Vineet Kulbandu Sharma	Barclays
William Bratton	BNP Paribas Securities (Asia)

Li Ning Past Earnings Performance

Past criteria checks 2/6

Key information

Recent past performance updates

First half 2024 earnings released: EPS: CN¥0.76 (vs CN¥0.81 in 1H 2023)

Li Ning Company Limited to Report First Half, 2024 Results on Aug 15, 2024

Full year 2023 earnings released: EPS: CN¥1.23 (vs CN¥1.55 in FY 2022)

Full year 2023 earnings released: EPS: CN¥1.23 (vs CN¥1.55 in FY 2022)

Li Ning Company Limited to Report Fiscal Year 2023 Results on Mar 19, 2024

First half 2023 earnings released: EPS: CN¥0.81 (vs CN¥0.84 in 1H 2022)

Recent updates

Li Ning Company Limited Announces Change of Principal Place of Business in Hong Kong

First half dividend of HK$0.41 announced

First half 2024 earnings released: EPS: CN¥0.76 (vs CN¥0.81 in 1H 2023)

Li Ning Company Limited Announces Interim Dividend for the Six Months Ended 30 June 2024, Payable on 11 September 2024

Li Ning Company Limited to Report First Half, 2024 Results on Aug 15, 2024

Li Ning Company Limited Approves Final Dividend for the Year Ended 31 December 2023, Payable on 28 June 2024

Li Ning Company Limited Announces Change of Composition of Remuneration Committee

Upcoming dividend of CN¥0.19 per share

Now 24% undervalued

Investor sentiment improves as stock rises 15%

Full year 2023 earnings released: EPS: CN¥1.23 (vs CN¥1.55 in FY 2022)

Final dividend of CN¥0.19 announced

Full year 2023 earnings released: EPS: CN¥1.23 (vs CN¥1.55 in FY 2022)

Li Ning Company Limited Proposes Ordinary Final Cash Dividend for the Year Ended 31 December 2023, Payable on June 28, 2024

Li Ning Company Limited, Annual General Meeting, Jun 13, 2024

Investor sentiment improves as stock rises 18%

Li Ning Company Limited to Report Fiscal Year 2023 Results on Mar 19, 2024

New minor risk - Share price stability

Investor sentiment deteriorates as stock falls 15%

Investor sentiment deteriorates as stock falls 24%

Upcoming dividend of HK$0.40 per share at 2.0% yield

First half 2023 earnings released: EPS: CN¥0.81 (vs CN¥0.84 in 1H 2022)

Now 21% undervalued after recent price drop

Li Ning Company Limited to Report First Half, 2023 Results on Aug 10, 2023

Now 22% undervalued after recent price drop

New major risk - Earnings quality

Li Ning Company Limited Declares Final Dividend for the Year Ended 31 December 2022

Upcoming dividend of CN¥0.46 per share at 1.1% yield

Full year 2022 earnings released: EPS: CN¥1.55 (vs CN¥1.60 in FY 2021)

Independent Non Executive Director recently sold HK$2.2m worth of stock

Li Ning Company Limited Appoints Wang Yajuan as an Independent Non-Executive Director

Investor sentiment improved over the past week

Insufficient new directors

Investor sentiment improved over the past week

Insufficient new directors

Investor sentiment deteriorated over the past week

Insufficient new directors

First half 2022 earnings released: EPS: CN¥0.84 (vs CN¥0.79 in 1H 2021)

Li Ning Company Limited to Report Q2, 2022 Results on Aug 11, 2022

Li Ning Company Limited Appoints Zhao Dong Sheng as Chief Financial Officer

Independent Non Executive Director recently sold HK$5.1m worth of stock

Li Ning Company Limited Announces Retirement of Tsang, Terence Wah-Fung as Chief Financial Officer

Li Ning Company Limited Approves to Declare and Pay A Final Dividend for the Year Ended 31 December 2021, Payment Date 30 June 2022

Upcoming dividend of CN¥0.46 per share

Investor sentiment improved over the past week

Full year 2021 earnings released: EPS: CN¥1.60 (vs CN¥0.69 in FY 2020)

Investor sentiment deteriorated over the past week

Investor sentiment deteriorated over the past week

Investor sentiment deteriorated over the past week

Independent Non Executive Director recently sold HK$10.0m worth of stock

Independent Non Executive Director recently sold HK$18m worth of stock

First half 2021 earnings released: EPS CN¥0.79 (vs CN¥0.28 in 1H 2020)

Independent Non-Executive Director Jing Shyh Su has left the company

Independent Non Executive Director recently sold HK$8.9m worth of stock

Li Ning Company Limited Provides Group Earnings Guidance for the Six Months Ending June 30, 2021

Upcoming dividend of CN¥0.20 per share

Full year 2020 earnings released: EPS CN¥0.69 (vs CN¥0.62 in FY 2019)

Independent Non Executive Director recently sold HK$1.6m worth of stock

Full year 2020 earnings released: EPS CN¥0.69 (vs CN¥0.62 in FY 2019)

Li Ning Company Limited Recommends Payment of a Final Dividend for the Year Ended 31 December 2020, Payable on 11 June 2021

Li Ning Company Limited, Annual General Meeting, Jun 11, 2021

Li Ning Company Limited to Report Fiscal Year 2020 Results on Mar 18, 2021

New 90-day low: HK$41.00

Investor sentiment deteriorated over the past week

Independent Non Executive Director recently sold HK$169k worth of stock

New 90-day high: HK$54.70

New 90-day high: HK$51.95

Founder recently sold HK$41m worth of stock

New 90-day high: HK$48.25