Ten years ago, Li Ning was the first to call out "Li Ning born in the 90s", but he accidentally went to the bottom; ten years later, "China Li Ning" became popular and became a new star in the eyes of young people.
Across the desert and mountains, Li Ning, who was thirty years old, went to Dunhuang for a silk road runway show. Four days later (August 29), the new autumn and winter products on the show went live on Tmall Super Brand Day.
With sales exceeding 100 million yuan in a single day, Li Ning became the record-breaker of Tmall’s super-brand daily apparel category, and once again found its bright moment.
But such a transcript, in the eyes of Qian Wei, executive director and co-CEO of Li Ning Group, is only "at the foot of the mountain", at most "half the mountain" level, and there is still a long way to go before the summit.
1
1990-2010
The great development of Chinese sports brands. Li Ning's golden age of racing and enclosing the land <br> Domestic sports brands sprouted in the 1980s and 1990s.
In 1989, the Olympic champion Li Ning retired and established the "Li Ning" brand of the same name. The following year, Li Ning Co., Ltd. came out. Followers followed closely. In 1991, the industrial brand Fengdeng Shoe Factory was renamed "PEAK Peak". In the same year, Anta and Kinglake were established one after another, and domestic sports brands were prospering.
Domestic sports brands have been established and entered the millennium. Beijing has successfully bid for the Olympics. The potential of China's sports market has exploded. Domestic sports brands have entered the golden decade. With the popularity of the founder and a series of sponsorships to national delegations, Li Ning took the lead in making the name. Subsequently, product brands from various countries competed for popular spokespersons, and brand advertisements dominated major TV stations.
Successful marketing strategies have brought about steadily increasing revenues, expansion ambitions of domestic sports brands, and wave after wave of "listings". Li Ning was listed on the Hong Kong Stock Exchange in 2004, Anta, Xtep, and 361 Degrees followed suit, while Hongxing Erke chose the Singapore IPO.
Domestic sports brands set off a "market wave"
The 2008 Beijing Olympics attracted the attention of the world, and the domestic sports brand industry reached its first peak. This year, Li Ning, whose sales channels were mainly distributors and supplemented by direct sales, had increased the number of stores from 1985 in 2003 to 6,245.
In addition to quickly seizing channels through a distribution model, the "Chinese Sportsmanship" brought by the founder Li Ning continuously strengthened the Li Ning brand's potential through sponsoring the four Olympic Games in 1992, 1996, 2000 and 2004. At the opening ceremony of the 2008 Beijing Olympics, Li Ning personally lit the Olympic torch, which was the beginning of the Li Ning brand's popularity in the world.
Channels and marketing work in both directions. In the ten years since 2001, Li Ning's revenue CAGR reached 33% and net profit CAGR reached 41%. In 2009, its market share in the Chinese market reached 9.8%, surpassing Adidas, second only to Nike, and firmly established as the dominant domestic sports brand.
2
2011-2014
The industry is in a deep downturn and it is difficult to extricate itself from Li Ning's inventory crisis. <br> The Beijing Olympics has gone through the hustle and bustle of the sports wave, and the domestic sports brands have tasted the bitter fruit of blind expansion and extensive management.
On the one hand, the model of distribution as the mainstay and direct sales as the auxiliary, lack of control and feedback on the terminal channels, which led to the inability of the brand to fully grasp the sales situation, and blind expansion eventually led to an inventory crisis.
On the other hand, agents have control of terminal sales resources, and the brand's sole responsibility for the bottom line terms can easily lead to inventory backlogs, difficulties in recovering accounts receivable, and further deterioration of financial conditions.
Domestic sports brands that have shifted to price wars due to inventory pressure have also encountered internal and external attacks. Inside, there is the siege of Putian's "fake brand shoes" on the low-end front; outside, Adidas, Nike, etc. control the mid- to high-end market.
Crisis is everywhere, and the drums of war thunder and thunder. Li Ning, who is the No. 1 domestic sports brand, is no exception.
The fall of the altar: historical problems to be solved, the radical self-help strategy made mistakes in the early stage, Li Ning followed the general trend of the industry and laid a large number of distribution channels to seize the market. The rapid expansion of stores and the obvious lag in sales. Due to the weak management capability of the terminal stores, the inventory backlog has been aggravated, and the tide of store closures followed.
In the midst of crises, Li Ning's aggressive "self-help" strategy made Li Ning worse. In 2010, Zhang Zhiyong, then the CEO of Li Ning, launched a rebranding plan: to change the brand logo, and the slogan was replaced by "Everything is possible" with "Make the change".
At the same time, Li Ning converted the target consumer group to the "post-90s" and proposed the goal of becoming one of the world's top five sports brands within 10 years, directly benchmarking international brands.
As soon as the new logo and slogan came out, the previous backlog of goods instantly changed to the old models, and the inventory pressure multiplied. The embarrassing thing is that the new products did not hit the hearts of old customers, and failed to impress the sharp taste of the new customers of the "post-90s". The sales channels have encountered serious obstacles. By 2012, Li Ning's inventory over 7 months had reached 66%, a year-on-year increase of 20%.
In order to benchmark international brands, since April 2010, Li Ning has raised prices three times in a row, and the prices are close to Adidas and Nike. The cumulative price increase of footwear products reached 25.9%, and the cumulative increase of clothing products reached 36.5%. In the reality that products lack unique competitiveness, blind price increases have further caused sales difficulties, increased inventory accumulation, and formed a vicious circle.
Difficult reforms: Pushing the channel revival plan, with profit as the primary goal. After experiencing the ultimate loss after the IPO, and a series of internal strife, Li Ning urgently needs a thorough reform. Former CEO Zhang Zhiyong announced his resignation, and Jin Zhenjun, who had led Daphne's successful transformation, took over as Li Ning's new CEO.
Difficult reforms kicked off. In 2012, Li Ning launched the channel revival plan, which made improving the channel's inventory mix and restoring channel profitability to a healthy level as the company's primary goal.
The first step is to clear inventory. In June 2012, Li Ning's accounts receivable were 2.5 billion yuan and the inventory was 1.138 billion yuan. In order to promote the circulation and sales of new products in the channel, it spent 1.8 billion yuan to buy back old inventory from the terminal. By 2014, Li Ning's inventory structure has improved significantly, with the proportion of new products in the warehouse reaching 57%.
Shortening the aging of accounts receivable is the second step. Li Ning's approach is to use bad debts and inventory to offset accounts payable. By 2015, the proportion of Li Ning's accounts receivable for more than 90 days has dropped to 46%, and the financial risk is controllable.
The third trick is to change channels, expand direct business, strengthen terminal control, and transform from a wholesaler to a retailer. In 2014, Li Ning (main brand) owned 1202 directly-operated stores, with sales accounting for 37%, which was a significant increase from 22% in 2012 (631 stores).
At the same time, Li Ning has established a big data center to collect data from 80% of the stores, and conduct test marketing of products in stores through quick response, improve the production and replenishment capabilities of the supply side, and promote the retail-oriented model of "production based on sales".
Adjusting product positioning, taking the mid-end as a breakthrough, and grasping the mass market is the fourth move. Li Ning strengthened its product research and development efforts and developed star products with Chinese characteristics, such as "Li Ning bow" and "Li Ning arc" shock-absorbing running shoes.
The star product "Li Ning Bow" with the latest technology
After the above series of reforms, although Li Ning has not completely reversed the performance loss dilemma by 2014, in terms of gross profit margin, the channel reform and adjustment have basically been completed, and the profitability is gradually returning to blood.
3
2015-present
The strong recovery of the domestic sports brand market Li Ning bottomed out and rebounded to a high light <br> Domestic per capita GDP and per capita disposable income have risen year by year, the Engel coefficient has fallen, consumer demand has upgraded, and the demand for mid-to-high-end sports goods has increased.
On the other hand, according to the plan of the State Sports General Administration, it is estimated that by 2035, the number of people in the country who regularly participate in physical exercise will reach more than 630 million, and a huge market is being formed.
Li Ning and other domestic sports brand giants went to the warm sun, and the recovery signal sounded "dididi".
In 2015, Mr. Li Ning returned to serve as Li Ning's CEO, restarted the "Anything Is Possible" brand slogan, and established the company's strategic transformation from a sports equipment provider to an "Internet + sports life experience" provider.
Focusing on the "single brand, multi-category, multi-channel" strategy, and through the "channel + product + retail operation capability" retail system, Li Ning is back on the growth track, and has reached a bright moment with the new brand "China Li Ning".
To open up channels and grasp offline channels both online and offline, Li Ning emphasized the importance of direct sales by closing small stores and opening large stores, focusing on high-level markets, and strengthening the layout beyond the first-line, first-line and second-line. In 2019, the Li-Ning brand (including Li-Ning YOUNG) had a total of 7,550 stores, including 5,157 dealership stores and 1,292 directly-operated stores.
In addition, Li Ning closed loss-making and low-efficiency stores, refurbished old stores, and continuously improved the store efficiency of existing stores; newly opened stores were mainly large stores, and focused on continuing to increase the proportion of directly-operated stores, thereby improving overall channel quality and continuing to improve retail Operational ability and profitability.
It is also worth mentioning that Li Ning has also strengthened the analysis of markets at all levels and combined different consumer groups to optimize the store image and category matrix, implement differentiated product coverage, and refine the operating standards of various types of stores.
Li Ning has realized the online coverage of differentiated products through channels. Since 2015, Li Ning has been vigorously developing e-commerce channels, achieving online and offline channel integration and interoperability, and online channel revenue has achieved remarkable results.
Focus on products, R&D and marketing
After 2015, Li Ning focused on the five core categories of basketball, running, training, badminton and sports fashion, and increased market competitiveness through continuous product innovation.
*Differentiated characteristic research and development. In 2017, Li Ning's "Yushuai 11th Generation" basketball shoes were shortlisted for the world's most influential design award-the International Golden Compasses Award, which sparked heated discussions in the basketball shoe circle; in 2019, the independent product line "Counterflow-Retro", launched " Popular products such as "ALIEN Interstellar" and "Light Wheel".
*Professional and fashionable. Li Ning uses his original Re-fit technology to create the "fit" series of "Wukong" shoes, which are more comfortable and stylish.
From the data point of view, with the improvement of the competitiveness of new products, Li Ning's product retail flow, the proportion of new products has increased year by year, and the product development strategy has begun to show results.
* Smash marketing and demand. Aiming at the five core categories, targeted marketing resources were invested to tap potential consumer demand. In 2018, "Sonic VI" basketball shoes used NBA and CBA for matching marketing. Running shoes "chase the wind" and "Tomahawk" products were promoted in conjunction with marathon events, and the effect was quite fruitful.
* Combine hot spots to earn popularity. By combining with trend hotspots, creating topics and enhancing brand recognition. In 2018 New York Fashion Week, Li Ning combined Chinese elements with Western silhouettes with the theme of "Enlightenment" to reproduce the retro trend of the 90s.
Li Ning's "Enlightenment" subject at New York Fashion Week received excellent reviews
* Cross-border cooperation to create potential energy. Through cross-industry cooperation, entertainment elements, etc., by attracting artists and opinions to endorse the product, tap the fan economy and increase influence. In 2019, Li Ning sponsored the People's Square of the National Day 70th Anniversary Military Parade and launched related products*** sales, and the brand potential increased.
Control costs and spend a small amount of money to do big things Since 2015, Li Ning has significantly reduced advertising and sponsorship costs. Turning to relatively cheap and powerful social media promotion, Li Ning himself also opened Weibo to increase the brand's exposure to young consumer groups.
After several years of hard work, Li Ning has successfully controlled advertising and publicity costs, and the proportion of advertising expenditure in revenue has shrunk by 14.8 percentage points; after 2018, this figure has been lower than that of rival Anta.
In terms of optimizing the supply chain and carrying out refined management of the supply chain, Li Ning optimized the supply structure based on futures, established a quick-response commodity operation model, and improved terminal consumption capabilities.
At the same time, the use of big data technology to establish a demand forecasting model, explore and explore the matching of store goods and consumer demand, and improve the efficiency of a single store. Optimize orders, improve delivery efficiency, and improve overall supply chain efficiency.
In terms of logistics, Li Ning has created a direct distribution model for NDC, a national logistics center, to deliver goods to stores, speeding up the launch of new products, shortening the time from delivery of goods to stores, and improving logistics efficiency.
Following the trend, Li Ning's performance has returned to a high point. The return on net assets has increased from -34% in 2014 to 23% in 2019, and the market share ranks second among domestic sports brands, second only to Anta.
According to the latest information from the Hong Kong Stock Exchange, as of Wednesday's close, Li Ning's share price has risen 4.54% to 49.5 Hong Kong dollars, up 115% since the beginning of this year, and its market value has exceeded 120 billion Hong Kong dollars to 123.2 billion Hong Kong dollars, a record high.
Ten years of change, Nirvana is reborn. Behind Li Ningxin's highlights is the result of the perfect cooperation between products, channels, and supply chain, and none of them can be done without. In the new decade, continuing to strike with precision may be the way for it to climb to the top of its target. ·Li Ning's wrong answers may be copied again in the industry ·A pair of AJ 40,000 dollars, you think you just bought shoes · Putting on Danbinu’s "war boots" and striding forward, more fashionable ·Intent to return to A shares, where did Peak’s IPO story tell ·36 models of inline skates failed to pass the strength evaluation of some samples ·Jiangnan Commoner & Baiwangyun: New retail of clothing chain enterprises Nike launches anti-epidemic inspirational short film NBA superstar James Dan ·Zara has lost another appeal against the brand that loves plagiarism. Do you like it? ·A tribute to the angel in white, Peak donated 1,000 bimodal poles and 2.0 hundred ·Pinduoduo transformed into "Dewu" and started the life of AJ and Coconut
Across the desert and mountains, Li Ning, who was thirty years old, went to Dunhuang for a silk road runway show. Four days later (August 29), the new autumn and winter products on the show went live on Tmall Super Brand Day.
With sales exceeding 100 million yuan in a single day, Li Ning became the record-breaker of Tmall’s super-brand daily apparel category, and once again found its bright moment.
But such a transcript, in the eyes of Qian Wei, executive director and co-CEO of Li Ning Group, is only "at the foot of the mountain", at most "half the mountain" level, and there is still a long way to go before the summit.
1
1990-2010
The great development of Chinese sports brands. Li Ning's golden age of racing and enclosing the land <br> Domestic sports brands sprouted in the 1980s and 1990s.
In 1989, the Olympic champion Li Ning retired and established the "Li Ning" brand of the same name. The following year, Li Ning Co., Ltd. came out. Followers followed closely. In 1991, the industrial brand Fengdeng Shoe Factory was renamed "PEAK Peak". In the same year, Anta and Kinglake were established one after another, and domestic sports brands were prospering.
Domestic sports brands have been established and entered the millennium. Beijing has successfully bid for the Olympics. The potential of China's sports market has exploded. Domestic sports brands have entered the golden decade. With the popularity of the founder and a series of sponsorships to national delegations, Li Ning took the lead in making the name. Subsequently, product brands from various countries competed for popular spokespersons, and brand advertisements dominated major TV stations.
Successful marketing strategies have brought about steadily increasing revenues, expansion ambitions of domestic sports brands, and wave after wave of "listings". Li Ning was listed on the Hong Kong Stock Exchange in 2004, Anta, Xtep, and 361 Degrees followed suit, while Hongxing Erke chose the Singapore IPO.
Domestic sports brands set off a "market wave"
The 2008 Beijing Olympics attracted the attention of the world, and the domestic sports brand industry reached its first peak. This year, Li Ning, whose sales channels were mainly distributors and supplemented by direct sales, had increased the number of stores from 1985 in 2003 to 6,245.
In addition to quickly seizing channels through a distribution model, the "Chinese Sportsmanship" brought by the founder Li Ning continuously strengthened the Li Ning brand's potential through sponsoring the four Olympic Games in 1992, 1996, 2000 and 2004. At the opening ceremony of the 2008 Beijing Olympics, Li Ning personally lit the Olympic torch, which was the beginning of the Li Ning brand's popularity in the world.
Channels and marketing work in both directions. In the ten years since 2001, Li Ning's revenue CAGR reached 33% and net profit CAGR reached 41%. In 2009, its market share in the Chinese market reached 9.8%, surpassing Adidas, second only to Nike, and firmly established as the dominant domestic sports brand.
2
2011-2014
The industry is in a deep downturn and it is difficult to extricate itself from Li Ning's inventory crisis. <br> The Beijing Olympics has gone through the hustle and bustle of the sports wave, and the domestic sports brands have tasted the bitter fruit of blind expansion and extensive management.
On the one hand, the model of distribution as the mainstay and direct sales as the auxiliary, lack of control and feedback on the terminal channels, which led to the inability of the brand to fully grasp the sales situation, and blind expansion eventually led to an inventory crisis.
On the other hand, agents have control of terminal sales resources, and the brand's sole responsibility for the bottom line terms can easily lead to inventory backlogs, difficulties in recovering accounts receivable, and further deterioration of financial conditions.
Domestic sports brands that have shifted to price wars due to inventory pressure have also encountered internal and external attacks. Inside, there is the siege of Putian's "fake brand shoes" on the low-end front; outside, Adidas, Nike, etc. control the mid- to high-end market.
Crisis is everywhere, and the drums of war thunder and thunder. Li Ning, who is the No. 1 domestic sports brand, is no exception.
The fall of the altar: historical problems to be solved, the radical self-help strategy made mistakes in the early stage, Li Ning followed the general trend of the industry and laid a large number of distribution channels to seize the market. The rapid expansion of stores and the obvious lag in sales. Due to the weak management capability of the terminal stores, the inventory backlog has been aggravated, and the tide of store closures followed.
In the midst of crises, Li Ning's aggressive "self-help" strategy made Li Ning worse. In 2010, Zhang Zhiyong, then the CEO of Li Ning, launched a rebranding plan: to change the brand logo, and the slogan was replaced by "Everything is possible" with "Make the change".
At the same time, Li Ning converted the target consumer group to the "post-90s" and proposed the goal of becoming one of the world's top five sports brands within 10 years, directly benchmarking international brands.
As soon as the new logo and slogan came out, the previous backlog of goods instantly changed to the old models, and the inventory pressure multiplied. The embarrassing thing is that the new products did not hit the hearts of old customers, and failed to impress the sharp taste of the new customers of the "post-90s". The sales channels have encountered serious obstacles. By 2012, Li Ning's inventory over 7 months had reached 66%, a year-on-year increase of 20%.
In order to benchmark international brands, since April 2010, Li Ning has raised prices three times in a row, and the prices are close to Adidas and Nike. The cumulative price increase of footwear products reached 25.9%, and the cumulative increase of clothing products reached 36.5%. In the reality that products lack unique competitiveness, blind price increases have further caused sales difficulties, increased inventory accumulation, and formed a vicious circle.
Difficult reforms: Pushing the channel revival plan, with profit as the primary goal. After experiencing the ultimate loss after the IPO, and a series of internal strife, Li Ning urgently needs a thorough reform. Former CEO Zhang Zhiyong announced his resignation, and Jin Zhenjun, who had led Daphne's successful transformation, took over as Li Ning's new CEO.
Difficult reforms kicked off. In 2012, Li Ning launched the channel revival plan, which made improving the channel's inventory mix and restoring channel profitability to a healthy level as the company's primary goal.
The first step is to clear inventory. In June 2012, Li Ning's accounts receivable were 2.5 billion yuan and the inventory was 1.138 billion yuan. In order to promote the circulation and sales of new products in the channel, it spent 1.8 billion yuan to buy back old inventory from the terminal. By 2014, Li Ning's inventory structure has improved significantly, with the proportion of new products in the warehouse reaching 57%.
Shortening the aging of accounts receivable is the second step. Li Ning's approach is to use bad debts and inventory to offset accounts payable. By 2015, the proportion of Li Ning's accounts receivable for more than 90 days has dropped to 46%, and the financial risk is controllable.
The third trick is to change channels, expand direct business, strengthen terminal control, and transform from a wholesaler to a retailer. In 2014, Li Ning (main brand) owned 1202 directly-operated stores, with sales accounting for 37%, which was a significant increase from 22% in 2012 (631 stores).
At the same time, Li Ning has established a big data center to collect data from 80% of the stores, and conduct test marketing of products in stores through quick response, improve the production and replenishment capabilities of the supply side, and promote the retail-oriented model of "production based on sales".
Adjusting product positioning, taking the mid-end as a breakthrough, and grasping the mass market is the fourth move. Li Ning strengthened its product research and development efforts and developed star products with Chinese characteristics, such as "Li Ning bow" and "Li Ning arc" shock-absorbing running shoes.
The star product "Li Ning Bow" with the latest technology
After the above series of reforms, although Li Ning has not completely reversed the performance loss dilemma by 2014, in terms of gross profit margin, the channel reform and adjustment have basically been completed, and the profitability is gradually returning to blood.
3
2015-present
The strong recovery of the domestic sports brand market Li Ning bottomed out and rebounded to a high light <br> Domestic per capita GDP and per capita disposable income have risen year by year, the Engel coefficient has fallen, consumer demand has upgraded, and the demand for mid-to-high-end sports goods has increased.
On the other hand, according to the plan of the State Sports General Administration, it is estimated that by 2035, the number of people in the country who regularly participate in physical exercise will reach more than 630 million, and a huge market is being formed.
Li Ning and other domestic sports brand giants went to the warm sun, and the recovery signal sounded "dididi".
In 2015, Mr. Li Ning returned to serve as Li Ning's CEO, restarted the "Anything Is Possible" brand slogan, and established the company's strategic transformation from a sports equipment provider to an "Internet + sports life experience" provider.
Focusing on the "single brand, multi-category, multi-channel" strategy, and through the "channel + product + retail operation capability" retail system, Li Ning is back on the growth track, and has reached a bright moment with the new brand "China Li Ning".
To open up channels and grasp offline channels both online and offline, Li Ning emphasized the importance of direct sales by closing small stores and opening large stores, focusing on high-level markets, and strengthening the layout beyond the first-line, first-line and second-line. In 2019, the Li-Ning brand (including Li-Ning YOUNG) had a total of 7,550 stores, including 5,157 dealership stores and 1,292 directly-operated stores.
In addition, Li Ning closed loss-making and low-efficiency stores, refurbished old stores, and continuously improved the store efficiency of existing stores; newly opened stores were mainly large stores, and focused on continuing to increase the proportion of directly-operated stores, thereby improving overall channel quality and continuing to improve retail Operational ability and profitability.
It is also worth mentioning that Li Ning has also strengthened the analysis of markets at all levels and combined different consumer groups to optimize the store image and category matrix, implement differentiated product coverage, and refine the operating standards of various types of stores.
Li Ning has realized the online coverage of differentiated products through channels. Since 2015, Li Ning has been vigorously developing e-commerce channels, achieving online and offline channel integration and interoperability, and online channel revenue has achieved remarkable results.
Focus on products, R&D and marketing
After 2015, Li Ning focused on the five core categories of basketball, running, training, badminton and sports fashion, and increased market competitiveness through continuous product innovation.
*Differentiated characteristic research and development. In 2017, Li Ning's "Yushuai 11th Generation" basketball shoes were shortlisted for the world's most influential design award-the International Golden Compasses Award, which sparked heated discussions in the basketball shoe circle; in 2019, the independent product line "Counterflow-Retro", launched " Popular products such as "ALIEN Interstellar" and "Light Wheel".
*Professional and fashionable. Li Ning uses his original Re-fit technology to create the "fit" series of "Wukong" shoes, which are more comfortable and stylish.
From the data point of view, with the improvement of the competitiveness of new products, Li Ning's product retail flow, the proportion of new products has increased year by year, and the product development strategy has begun to show results.
* Smash marketing and demand. Aiming at the five core categories, targeted marketing resources were invested to tap potential consumer demand. In 2018, "Sonic VI" basketball shoes used NBA and CBA for matching marketing. Running shoes "chase the wind" and "Tomahawk" products were promoted in conjunction with marathon events, and the effect was quite fruitful.
* Combine hot spots to earn popularity. By combining with trend hotspots, creating topics and enhancing brand recognition. In 2018 New York Fashion Week, Li Ning combined Chinese elements with Western silhouettes with the theme of "Enlightenment" to reproduce the retro trend of the 90s.
Li Ning's "Enlightenment" subject at New York Fashion Week received excellent reviews
* Cross-border cooperation to create potential energy. Through cross-industry cooperation, entertainment elements, etc., by attracting artists and opinions to endorse the product, tap the fan economy and increase influence. In 2019, Li Ning sponsored the People's Square of the National Day 70th Anniversary Military Parade and launched related products*** sales, and the brand potential increased.
Control costs and spend a small amount of money to do big things Since 2015, Li Ning has significantly reduced advertising and sponsorship costs. Turning to relatively cheap and powerful social media promotion, Li Ning himself also opened Weibo to increase the brand's exposure to young consumer groups.
After several years of hard work, Li Ning has successfully controlled advertising and publicity costs, and the proportion of advertising expenditure in revenue has shrunk by 14.8 percentage points; after 2018, this figure has been lower than that of rival Anta.
In terms of optimizing the supply chain and carrying out refined management of the supply chain, Li Ning optimized the supply structure based on futures, established a quick-response commodity operation model, and improved terminal consumption capabilities.
At the same time, the use of big data technology to establish a demand forecasting model, explore and explore the matching of store goods and consumer demand, and improve the efficiency of a single store. Optimize orders, improve delivery efficiency, and improve overall supply chain efficiency.
In terms of logistics, Li Ning has created a direct distribution model for NDC, a national logistics center, to deliver goods to stores, speeding up the launch of new products, shortening the time from delivery of goods to stores, and improving logistics efficiency.
Following the trend, Li Ning's performance has returned to a high point. The return on net assets has increased from -34% in 2014 to 23% in 2019, and the market share ranks second among domestic sports brands, second only to Anta.
According to the latest information from the Hong Kong Stock Exchange, as of Wednesday's close, Li Ning's share price has risen 4.54% to 49.5 Hong Kong dollars, up 115% since the beginning of this year, and its market value has exceeded 120 billion Hong Kong dollars to 123.2 billion Hong Kong dollars, a record high.
Ten years of change, Nirvana is reborn. Behind Li Ningxin's highlights is the result of the perfect cooperation between products, channels, and supply chain, and none of them can be done without. In the new decade, continuing to strike with precision may be the way for it to climb to the top of its target.
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