Net income attributable to shareholders soared 77% to RMB 908.3 million ($140.8 mm) in 2021 from RMB 513.0 million, on 23% higher revenues of RMB 10,013.2 million ($1,552.7 mm) from RMB 8,171.9 million at the Chinese sportswear brand. Gross margin expanded by 260 basis points to 41.7% for the year, partially due to an inventory buyback from retailers in the prior year, which was sold off at reduced prices. SG&A was up 19% in yuan, on 23% higher selling and distribution expenses and 13% growth in general and administrative expenses, but still leveraged 90 b.p. on the higher top line. ... Log in to view full article.