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facing the Chinese sporting goods industry. Goldman Sachs Gao Hua issued a


facing the Chinese sporting goods industry. Goldman Sachs Gao Hua issued a

 HK $ 4.33. And said that Li Ning longer than expected recovery, sponsor CBA is not value for money, on the company's profitability deteriorated again disappointed. Sporting goods industry, "structural" saturation effect, Li Ning Company in 2011 began a more substantial decline in performance. Li Ning, the 2011 report shows that in 2011 the annual income of 8.929 billion yuan, a 5.8% decrease compared with 2010; EBIT plus depreciation and amortization of 891 million yuan, compared with 49.4 percent reduction in 2010; equity holders of the overflow profit of 3.86 billion, down 65.2% compared with 2010. Li Ning's performance decline is mainly due to the structural difficulties facing the Chinese sporting goods industry. Goldman Sachs Gao Hua issued a
 report that Chinese sports brand is facing a series of structural problems such as: low-end slow growth in demand; competition from Nike and Adidas's global brand name; low brand equity, such as the toms shoes mens lack of differentiation. Reports, periodic excess channel inventory problems are causing the industry has deteriorated trade data expected future quarters will still be disappointed. The sporting goods industry reports China Merchants Securities (600,999, stock it) May 14 release also pointed out that Li Ning, Anta, 361 °, Olympic and other sporting goods companies jointly announced the 2011 annual report reflects the decline in sales growth, profitability declined, inventory exacerbate the problem of industry phenomenon. Domestic sporting goods 
market growth from 20% annual growth in 2011 down to about 13% of the estimated 2012 market growth will slow to around 5-8%. Report that the current inventory backlog is not a real market saturation, but a "structural" saturation. First, clean up the inventory but effective slow  cheap toms shoes start to see all the sporting goods company's annual report 2011 can be seen, such as Anta, 361 degrees, Olympic, special steps compared with other similar companies, Li Ning, the highest gross margin in 2011, but the net profit margin is far lower the other four companies. 2011 annual report, the Li Ning Company in 2011 gross profit was 411,451.3 million, compared to 448,159.9 million in 2010 fell 8.19 percent; but the operating deductions distribution costs, administrative expenses other


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qinoce .
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