Net income increased 13% in 2020 to RMB 1,698,484,000 ($246.1 mm) from RMB 1,499,143,000 as sales climbed 4% to RMB 14,456,971,000 ($2,094.9 mm) from RMB 13,869,630,000. Excluding a one-time financial gain last year, the bottom line was up 34%. The Chinese sportswear brand benefitted from increased consumer interest in exercise and fitness there after lockdown orders lifted. Footwear and apparel sales both increased 4%, to RMB 6,338.2 million and RMB 7,365.2 million, respectively, while the smaller equipment business grew 12% to RMB 753.6 million. Nearly all of Li Ning’s sales are in the PRC, but its small international business declined ... Log in to view full article.