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Li Ning Co Maori Still Occupies The First &Nbsp, But Net Profit Is Helpless.

2012/4/1 19:14:00 17

Li Ning Co's 30 annual report shows:

Net profit

The gross profit margin dropped to 46.1%, down 65.2% from a year ago.

So far, the five major sporting goods companies, including Lining and Anta, have all announced their earnings in 2011. Data show that the growth rate of performance has generally slowed down.

Li Ning Co Maori still occupies the first net profit but has no choice but to bottom.

Lining 2011 Annual report shows that: the annual operating income of 8 billion 929 million yuan, a decrease of nearly 500 million yuan over the previous year.

Meanwhile, gross margin dropped by 8.02 percentage points to 46.1%, at five.

Sports

The commodity business is still in the top place. However, Lining has not been effectively controlled in the case of no significant increase in revenue but a slight decrease of 5.8%. The total cost of distribution and administrative expenses has increased by 3% to 3 billion 223 million yuan over the previous year.

One liter and one drop make Lining net profit only 386 million yuan, less than half of PEAK sports net profit 780 million yuan of the top five sports brands, but reluctantly bottom.

Inventory turnover is the slowest and stock pressure is increasing.

Lining annual report data show that in 2011, the average stock turnover time of Lining in 2011 was 73 days, an increase of 21 days compared with the 52 days of last year, almost twice as fast as that of Anta sports, which had the fastest turnover rate. The inventory of high inventory made Lining upset; the report showed that Lining's inventory was 1 billion 133 million yuan, an increase of 40.64% over that of 2010.

In addition, Lining's retail store in 2011 reached 8255, a net increase of 340, calculated by a single store income of 10 billion 816 million yuan, down 9.68% compared to the same period.

In addition, the higher inventory of Lining's inventory in 2011 increased to 188 million yuan, a 63.48% increase compared with the same period in 2010.

Brand competition intensified, Anta pressed on to Lining

Among the five major sports brands

Lining

And Anta is undoubtedly in the first camp.

XTEP

360 degree

and

Peak

There are obvious advantages. However, Lining's original steps and even no rise or fall will give Anta a chance to surpass.

Anta realized revenue of 8 billion 904 million yuan in 2011, only 25 million yuan less than Lining.

Anta

Revenue grew 20.2% year-on-year.

At the same time, Anta net profit reached 1 billion 730 million yuan, far ahead of Lining's 386 million yuan, ranking the top five local sports brands.

According to the 2011 Annual Reports of three other local sporting goods companies, in 2011, XTEP international, PEAK and PEAK sports achieved revenues of 5 billion 540 million yuan, 5 billion 568 million yuan and 4 billion 650 million yuan respectively, representing 24.28%, 14.84% and 9.4% respectively over the same period last year.

The number of retail outlets of the three companies is larger than that of Lining and Anta in the first camp. XTEP, 31st and PEAK retail stores increased by 565, 602 and 582 respectively, while Lining and Anta increased 340 and 229 respectively.

Overall slowdown in industry is still facing greater challenges in 2012.

In terms of industry, CIC pointed out in the industry research report that the sporting goods industry in 2012 is still challenging. Local brands are still cleaning up inventory, pricing difficulties, consumer demand turning and too many stores, making these brand operations still difficult.

H shares, as of 30, Hong Kong stocks closed, Lining

Price of stock

Slipped 4.4%, closed at 8.26 yuan / share, Anta fell 0.61% to 8.10 Hong Kong dollars, XTEP international rose 6.02% to 3.52 Hong Kong dollars, 31st degree slightly increased 0.43%, reported 2.36 Hong Kong dollars, PEAK sports fell 0.53% to 1.88 Hong Kong dollars.