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Li Ning Group will set its eyes on mainstream market
Mar '11
Li Ning Company Limited, one of the leading sports brand enterprises in China, announces its results for the year ended 31 December 2010. Revenue grew by 13.0% to RMB9,478.5 million. Profit attributable to equity holders recorded a year-on-year growth of 17.4% and fetched to RMB1,108.5 million, while earnings per share increased by 16.6% to RMB105.84 cents.

The Board of Directors has resolved to recommend payment of a final dividend of RMB19.97 cents per ordinary share. Including the interim dividend of RMB22.15 cents per ordinary share already paid during the year, total payout for the year amounted to RMB42.12 cents per ordinary share (2009: RMB36.12 cents).

In 2010, the Group's core brand, the LI-NING brand achieved revenue of RMB8,734,294,000, accounting for 92.1% of the Group's total revenue and representing an increase of 13.5% as compared with 2009, which was broadly in line with the overall industry growth for the year. Among the different product categories, equipment products recorded a faster growth, which was attributable to the higher sales growth achieved by badminton products than the industry's average.

"In 2010, we continued to strengthen our core competencies in branding, product, sales channel and supply chain management. Nonetheless, the increasingly competitive market, growing sophistication of consumers and rapid urban development in China prompted changes in the sporting goods industry in China. This posed challenges to brand owners and instigated reforms to their business models.

"To meet today's consumer needs and to capture the value-driven mainstream market, based on our analysis of the development trends for the sporting goods industry in China, we must take proactive steps to initiate changes in order to enable the Group to enjoy long term, sustainable growth," said Mr. Li Ning, Chairman of the Group.

Mr. Li concluded, "Some 10 years ago, the Group found itself at a similar cross-road that called for decisive action on the direction of the Group's future development. Although the process went through twists and turns, the success of the changes laid a foundation for the Group's subsequent decade-long spectacular growth and reinforced the LI-NING brand's market position today.

"In light of the changes China and international markets are experiencing today, we once again find ourselves in a critical moment in history when we must rise up to meet the challenges and capitalise on the opportunities available to us."

"2011 marks a year during which the Group will initiate adjustments to the implementation of its business strategy. Notwithstanding the difficulties and challenges that lay ahead, with our clearly defined objectives, our unrelenting implementation and the uncompromising efforts of our team, we firmly believe that our investments, contributions and commitment to reform will translate into a firm footing to support another stage of rapid growth in the forthcoming development cycle, while realizing our goal of becoming a world-class sports brand. Let's 'Make the Change'!"

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Li Ning Company Limited

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