Net income more than doubled to RMB 1,499,139,000 ($217.0 mm) in 2019 from RMB 715,263,000 on 32% higher revenues of RMB 13,869,630,000 ($2,007.8 mm) at the Chinese sneaker and apparel brand, up from RMB 10,510,898,000. Gross margin expanded 100 basis points to 49.1% on improving product margins and less discounting. Distribution expenses leveraged 320 b.p. on tighter control of advertising and other marketing spending but administrative expenses jumped RMB 288 million, or 50 b.p. as a percent of revenue, on higher staff costs, professional fees and other office-related expenses. The vast majority of revenues come from the PRC, but international ... Log in to view full article.