A huge gain in investment income powered the Chinese sportswear maker to an RMB 1,810,545,000 ($262.4 mm) profit for the fiscal year ended Mar. 31, up fivefold from RMB 366,333,000 last year, on a 28% increase in revenues to RMB 1,969,607,000 ($285.5 mm) from RMB 1,540,813,000. Investment income was up 269% to RMB 2,094.6 million, while the apparel segment alone generated a profit of RMB 9.8 million against a loss of RMB 40.8 million in FY20. Gross margin expanded 150 basis points to 67.0%, while distribution expenses leveraged 120 b.p. and administrative expenses leveraged 150 b.p.

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