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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement , make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement . LI NING COMPANY LIMITED 李寧 有限公司 ( Incorporated in the Cayman Islands with limited liability ) ( Stock Code : 2331 ) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2021 FINANCIAL HIGHLIGHTS Net profit attributable to equity holders increased by 187 % to RMB1,962 million , and the net profit margin raised from 11.1 % to 19.2 % : Revenue increased by 65 % to RMB10,197 million Gross profit margin expanded 6.4 percentage points to 55.9 % Enhanced operating leverage help drove operating profit margin expanded 10.4 percentage points to 24.9 % Operating cash flow increased by over 590 % to RMB3,325 million . Significant improvement in working capital continued : Gross average working capital improved ( reduced ) by over 10 % while revenue increased by 65 % Cash conversion cycle further improved ( shortened ) by 17 days ( 2020 H1 : 30 days / 2021 H1 : 13 days ) OPERATIONAL HIGHLIGHTS The retail sell - through for the overall platform increased by low - nineties , including online and offline channels . Channel inventory declined mid - single - digit with improved aging structure , notwithstanding the above retail sell - through expansion , the inventory turnover has still been greatly improved . Offline channel new product sell - through increase accelerated to mid - nineties : Improvement in retail discount rate recorded high - single - digit percentage points Sell - out rate : Both 6 - month and 3 - month improved by approximately 21 percentage points -1-