The bottom line inched up just 1% to RMB 4,063,834,000 ($603.2 mm) last year from RMB 4,010,881,000, despite 14% revenue growth to RMB 25,803,383,000 ($3,830.1 mm) from $22,572,281,000. China’s Zero-Covid policies impacted local sportswear brands last year as well as international brands, holding revenue gains to a more modest pace compared to 2021’s strong bounce-back from pandemic lows. Looking ahead, the company is optimistic that China’s economy will recover in 2023 now that Zero-Covid has been lifted.

Footwear provided all of the growth last year, increasing 42% to RMB 13,478.6 million boosted ... Log in to view full article.