李寧(02331.HK)上半年純利上升187%至19.62億元
格隆匯8月13日丨李寧(02331.HK)發佈公告，截至2021年6月30日止六個月，收入上升65%至101.97億元人民幣；毛利率上升6.4個百分點至55.9%；經營槓桿增強，帶動經營利潤率上升10.4個百分點至24.9%；權益持有人應佔淨溢利上升187%至19.62億元人民幣，淨利率由11.1%提高至19.2%；經營現金流增長超過590%至33.25億元人民幣。運營資金狀況持續顯著改善，平均運營資金總額改善(下降)超過10%，收入上升65%。現金循環週期進一步改善(縮短)17天(2020上半年：30天╱2021上半年：13天)。
報告期間，整體零售流水(包括線上及線下)錄得90%-100%低段增長。渠道庫存錄得中單位數下降，庫齡結構改善，儘管上述零售流水擴張，庫存週轉仍大幅改善。新品線下零售流水加速錄得90%-100%中段增長：終端零售折扣改善錄得高單位數個百分點；售罄率：6個月及3個月均改善約21個百分點。
2021年上半年，集團根據消費者的個性化需求，持續優化營銷策略，務求提升顧客的消費體驗，進一步聚焦李寧式體驗價值。與此同時，爲了強化品牌及產品內核，集團致力打造專業口碑，緊貼潮流，與時俱進。隨着科技研發、設計能力、產品質量等多方面的提升，國產品牌受到國內消費者的關注與認同。受益於此，過去半年，集團主要運營指標顯著優化，收入大幅增長，盈利能力進一步提升。截至2021年6月30日，李寧牌(包含李寧核心品牌及李寧YOUNG)常規店、旗艦店、中國李寧時尚店、工廠店、多品牌集合店的銷售點數量爲6,745個，較2020年12月31日淨減188個；經銷商63家(包括中國李寧時尚店渠道)，較2020年12月31日淨減2家。
報告期內，集團收入較2020年同期上升65.0%，增幅顯著。本期，得益於中國政府的有效疫情防控，國內疫情形勢相對穩定，集團針對疫情期間的各項銷售改善舉措持續獲得回報。同時，得益於國內消費者對健康生活的要求提升、對國產運動品牌的充分肯定和大力支持，集團2021年上半年各渠道收入均錄得可喜成績：(1)直營店鋪大多建立在國內二線以上城市，去年同期受疫情影響尤爲明顯。本期，隨着疫情受到有效控制，及消費者對國產品牌的青睞，線下終端銷售獲得較快的復甦，直接經營銷售流水大幅增加88.5%；(2)電子商務渠道是消費者需求的快速反應渠道，近年來不斷在該渠道及產品的投入與建設獲得了消費者的認可，本期收入亦獲得77.8%的高速增長；及(3)由於銷售流水顯著增加，使特許經銷商訂貨量大幅增加，從而銷售收入增長47.7%，凸顯經銷商對國內市場及品牌的信心。
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