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Li Ning stock: key metrics
2331.HKLi Ning had an operating margin of 13.2% and a return on invested capital (ROIC) of 22.6% in fiscal 2025.
Margins show how much of revenue is left over, returns on capital how hard the invested money works.
Margins
- Gross margin
- Operating margin
- Net margin
Figures as a table
| Year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| 2006 | 47.4% | 12.7% | 9.3% |
| 2007 | 47.9% | 14.0% | 10.9% |
| 2008 | 48.1% | 14.4% | 10.8% |
| 2009 | 47.3% | 16.0% | 11.3% |
| 2010 | 47.3% | 16.3% | 11.7% |
| 2011 | 46.1% | 7.1% | 4.3% |
| 2012 | 37.8% | −23.6% | −29.4% |
| 2013 | 44.5% | −2.9% | −6.7% |
| 2014 | 44.6% | −7.9% | −11.6% |
| 2015 | 45.0% | 2.2% | no data |
| 2016 | 46.2% | 4.8% | no data |
| 2017 | 47.1% | 5.0% | 5.8% |
| 2018 | 48.1% | 7.4% | 6.8% |
| 2019 | 49.1% | 11.1% | 10.8% |
| 2020 | 49.1% | 15.2% | 11.7% |
| 2021 | 53.0% | 22.8% | 17.8% |
| 2022 | 48.4% | 18.9% | 15.7% |
| 2023 | 48.4% | 12.9% | 11.5% |
| 2024 | 49.4% | 12.8% | 10.5% |
| 2025 | 49.0% | 13.2% | 9.9% |
Returns on capital
- ROE
- ROIC
- ROA
Figures as a table
| Year | ROE | ROIC | ROA |
|---|---|---|---|
| 2006 | 21.1% | 40.0% | 13.6% |
| 2007 | 27.1% | 52.9% | 17.0% |
| 2008 | 38.0% | 51.2% | 16.6% |
| 2009 | 35.3% | 51.7% | 17.6% |
| 2010 | 32.9% | 51.7% | 16.9% |
| 2011 | 11.1% | 16.4% | 5.3% |
| 2012 | −100.0% | −42.2% | −32.8% |
| 2013 | −14.6% | −5.0% | −6.5% |
| 2014 | −40.0% | −15.2% | −12.9% |
| 2015 | no data | 2.7% | no data |
| 2016 | no data | 12.0% | no data |
| 2017 | 10.2% | 15.9% | 7.0% |
| 2018 | 12.3% | 27.9% | 8.2% |
| 2019 | 21.1% | 59.3% | 11.9% |
| 2020 | 19.6% | 72.0% | 11.6% |
| 2021 | 19.0% | 78.6% | 13.2% |
| 2022 | 16.7% | 28.5% | 12.1% |
| 2023 | 13.1% | 14.6% | 9.3% |
| 2024 | 11.5% | 17.8% | 8.4% |
| 2025 | 10.6% | 22.6% | 7.8% |
Data status and sources
- Price
- Closing price of 13 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = HK$7.8782, $1 = CN¥6.6683)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Strong, published since 7 Nov 2026 (in the score history since 16 Oct 2026)
- Valuation signal Undervalued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.