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Leading Chinese sportswear brand selling athletic apparel, footwear and equipment.
Leading Chinese sportswear brand selling athletic apparel, footwear and equipment.
Sells through a mix of company-run stores, franchised and distributor-run stores, and online channels, across categories such as running and basketball. Founded by the Olympic gymnast Li Ning, it repositioned from 2018 toward fashion-led designs aimed at younger Chinese buyers, and the Chinese mainland carries nearly all sales.
In one line: China's Nike.
Moat: narrow (brand, distribution). Strong domestic brand equity (Olympic ties) and a large retail/franchise network, though weaker globally than Nike/Adidas.
Headquarters: Beijing, China · Founded: 1990 · Employees: 5,152
Size Li Ning (2331.HK) is a Hong Kong Consumer Discretionary company (Apparel/Footwear) with a market value of $5.10B, the 250th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$15.48 on 6 Nov 2026.
Performance Over six months the shares fell 20.9%, against +5.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 6.6% over the last twelve months (peer median +5.5%); the operating margin is 13.4% (peer median 12.1%).
Valuation It trades at 14.4× forward earnings against a peer median of 16.2× (10th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.9 points above its cost of capital (11.5% WACC).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$33.6B | HK$32.1B | HK$31.1B | HK$30.5B | HK$30.0B |
| Revenue growth | — | +3% | +2% | +2% | — |
| Gross profit | HK$16.3B | HK$15.7B | HK$14.2B | HK$13.7B | HK$13.7B |
| EBITDA | HK$5.93B | HK$5.83B | HK$6.04B | HK$5.75B | HK$6.36B |
| Net income | HK$3.38B | HK$3.18B | HK$3.27B | HK$3.52B | HK$4.73B |
| Free cash flow | HK$3.43B | HK$5.12B | HK$4.83B | HK$3.56B | HK$2.62B |
| Capital expenditure | HK$1.54B | HK$1.39B | HK$1.63B | HK$2.23B | HK$2.46B |
| Total debt | n/a | HK$2.33B | HK$2.12B | HK$2.85B | HK$2.48B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Li Ning 2331.HK | $5.10B | -21% | +7% | 13% | 14.4× | -5.4% |
| Anta Sports 2020.HK | $28.2B | +2% | +17% | 21% | 12.5× | -0.7% |
| Nike NKE | $57.3B | -13% | -1% | 9% | 30.4× | 7.0% |
| adidas ADS.DE | $33.2B | +19% | +8% | 9% | 18.3× | 3.5% |
| Xtep International 1368.HK | $1.27B | -16% | +10% | 10% | 7.7× | -10.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2331.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +24.8% | +11.6% | 4th highest of 21 |
| 6-month return | -20.9% | +5.4% | 2nd lowest of 21 |
| Distance from 52-week high | -32.9% | -12.2% | 3rd lowest of 21 |
| Revenue growth (TTM) | +6.6% | +5.5% | 10th highest of 21 |
| Operating margin | 13.4% | 12.1% | 10th highest of 21 |
| Forward P/E | 14.4× | 16.2× | 10th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -5.4% | 7.4% | 4th least demanding of 20 |
| Growth delivered (Del g) | +14.6% | +11.4% | 5th highest of 20 |
| Hurdle (Req g minus delivered) | -20.0 pp | -1.7 pp | 4th least demanding of 20 |
| ROIC minus cost of capital | +8.9 pp | +2.5 pp | 10th highest of 21 |
| EV / EBITDA | 4.3× | 11.7× | cheapest of 17 |
| Net debt / EBITDA | -2.5× | 1.7× | 3rd least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Li Ning 2331.HK | Hong Kong | $5.10B | -21% | +7% | 13% | 14.4× | -5.4% | +14.6% |
| Abc-mart 2670.T | Japan | $5.03B | +20% | +4% | 17% | 16.2× | -10.0% | +11.4% |
| Burberry BRBY.L | United Kingdom | $5.38B | -4% | -2% | 7% | 28.8× | 19.1% | +0.6% |
| Fosun International 0656.HK | Hong Kong | $4.82B | +11% | -1% | 3% | 12.9× | 10.6% | +4.1% |
| Youngor Fashion 600177.SS | China | $5.69B | +10% | -5% | -3% | 12.8× | 23.3% | +0.1% |
| HLA 600398.SS | China | $4.47B | -6% | +7% | 11% | 14.3× | -13.1% | +3.8% |
| Puma PUM.DE | Germany | $4.42B | +4% | -19% | -6% | n/a | n/a | n/a |
| Ermenegildo Zegna ZGN | United States | $5.96B | +7% | +11% | 9% | 31.1× | 20.3% | +11.3% |
| Page Industries PAGEIND.NS | India | $4.22B | -4% | +8% | 19% | 46.8× | 27.7% | +13.1% |
| Kontoor Brands KTB | United States | $4.21B | +5% | +16% | 13% | 13.2× | 1.1% | +8.5% |
| K.P.R. Mill KPRMILL.NS | India | $4.21B | +19% | +6% | 18% | 34.8× | 29.9% | +13.3% |
| PVH PVH | United States | $4.15B | +1% | +2% | 8% | 8.1× | 2.5% | +4.6% |
| Gildan Activewear GIL.TO | Canada | $6.48B | -40% | +40% | 15% | 6.8× | 6.5% | +13.7% |
| Brunello Cucinelli BC.MI | Italy | $6.61B | +4% | +10% | 18% | 37.8× | 20.6% | +20.9% |
| Birkenstock BIRK | United States | $6.64B | -5% | +20% | 24% | 13.9× | 7.4% | +19.9% |
| Bosideng International 3998.HK | Hong Kong | $6.64B | +3% | +8% | 18% | 10.3× | -10.8% | +14.2% |
| Crocs CROX | United States | $6.94B | +47% | +1% | 23% | 9.6× | 1.1% | +23.9% |
| Huali Industrial 300979.SZ | China | $7.09B | +6% | -10% | 14% | 19.7× | -4.4% | +12.4% |
| Columbia Sportswear COLM | United States | $3.61B | +12% | 0% | 8% | 16.2× | 4.6% | +6.3% |
| FIGS FIGS | United States | $3.29B | +37% | +25% | 10% | 54.0× | 25.5% | +19.1% |
| V.F VFC | United States | $8.01B | +7% | -2% | 8% | 16.6× | 11.1% | +0.8% |