中國健身風潮助李寧公司告別虧損

Li Ning, the Chinese sportswear brand, made a small profit last year, ending three years of annual losses.

中國運動服飾品牌李寧去年實現小額利潤，結束了持續三年的年度虧損。

The company — a familiar name on the Chinese high street — reported net profit attributable to equity holders of Rmb14m ($2.2m), after a Rmb781m loss in 2014. Revenue grew 17 per cent to nearly Rmb7.1bn and the debt to equity ratio fell to 109.7 from 198.3 in 2014.

該公司（中國商業街上一個熟悉的品牌）報告，歸屬於股權持有者的淨利潤達到1400萬元人民幣（合220萬美元），而2014年錄得7.81億元人民幣虧損。營收增長17%，至近71億元人民幣，而負債與股權之比從2014年的198.3降至109.7。

Shares in Li Ning were up more than 7 per cent in Hong Kong yesterday morning before closing up 1 per cent.

李寧股價昨日上午在香港上漲逾7%，收盤上漲1%。

The brand, named after an Olympic gymnast, has struggled to shake off its reputation for cheap sports shoes. But over the past three years it has restructured, clearing out inventory at distributors, closing thousands of stores and increasing the percentage of directly run outlets and ecommerce sales.

以奧運會體操明星李寧命名的這個品牌，一直在艱難擺脫廉價運動鞋的名聲。但在過去三年間，該公司進行了重組，清理了經銷商的庫存，關閉了數千家門店，提升了直接運營網點和電子商務銷售的百分比。

In a filing to the Hong Kong stock exchange Li Ning said the rising popularity of sports and fitness on the mainland — amid “supportive” national policies — had helped retail, wholesale and ecommerce outlets to record double-digit revenue growth.

在提交給香港交易所(HKEx)的監管申報文件中，李寧公司表示，中國內地在國家政策的支持下，運動和健身日益流行，推動零售、批發和電商網點錄得兩位數的營收增長。

Li Ning, which is backed by private equity group TPG Capital and GIC, the Singapore wealth fund, had said in January it expected to break even.

背後有私人股本集團TPG Capital和新加坡政府投資公司(GIC)出資的李寧公司曾在今年1月表示，它預期實現盈虧平衡。

Ben Cavender of China Market Research said that while Beijing’s healthy living push had helped, Li Ning had done “at least some of the necessary work needed to optimise performance”.

中國市場研究(China Market Research)的本•卡文德(Ben Cavender)表示，雖然中國政府的健康生活宣傳有所幫助，但李寧公司做了“至少一部分優化績效所需的必要工作”。

Gross inventory fell 20 per cent as a net 300 direct points of sale were added.

總庫存下降20%，同時淨增300個直接銷售網點。

“Running has become a craze among the increasingly affluent and health- conscious Chinese people,” Nielsen said in a recent report. “Consumers are willing to invest a lot in the sport.”

“在中國日益富裕和具有健康意識的人士中間，跑步已成爲風靡一時的活動，”研究機構尼爾森(Nielsen)在最近一份報告中表示。“消費者願意在這項運動上投入許多資金。”

Chen Ke, a Shanghai-based retail partner at Roland Berger, warned that competition was set to increase.

諮詢公司羅蘭貝格(Roland Berger)常駐上海的零售業合夥人陳科警告稱，競爭勢必會加劇。