香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 LI NING COMPANY LIMITED 李 寧 有 限 公 司 （於開曼群島註冊成立之有限公司） 股份代號：2331（港幣櫃台）及 82331（人民幣櫃台） 二零二五年第四季度最新運營狀況 二零二五年第四季度最新運營狀況 本公告乃李寧有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會（「董 事會」）自願發出，以提供以下之集團業務運營情況。 截至2025年12月31日，於中國，李寧銷售點數量（不包括李寧YOUNG）共計6,091個，較 上一季末淨減少41個，本年迄今淨減少26個。在淨減少的26個銷點售中，零售業務淨減 少59個，批發業務淨增加33個。 截至2025年12月31日，於中國，李寧YOUNG銷售點數量共計1,518個，較上一季末淨增加 38個，本年迄今淨增加50個。 本公司股東及潛在投資者須注意， 本公司股東及潛在投資者須注意，此公告是根據本集團未經審計的運營資料編制 此公告是 ...

Market Review - In December, the A-share textile and apparel sector underperformed the broader market, with textile manufacturing outperforming branded apparel. Since January, the sector has shown stronger performance, with textile manufacturing up by 5.1% and branded apparel up by 4.5% [1][15] - Key companies that have led in stock price increases since January include Under Armour (12.5%), New Australia (11.9%), and Geely (11.0%) [1] Brand Apparel Insights - Retail sales of clothing in November grew by 3.5% year-on-year, but the growth rate slowed down, decreasing by 2.8 percentage points compared to the previous month [2] - E-commerce growth in December declined, indicating weak overall apparel consumption demand, primarily due to early release of consumer demand during the "Double 11" shopping festival, rising temperatures, and the delayed Spring Festival peak season [2] - Outdoor apparel categories showed strong growth, with sportswear and outdoor apparel growing by 6% and 10% respectively, while home textiles and personal care categories saw declines [2] - Notable brands with strong growth in the sportswear category include Lululemon (10%) and Descente (6%) [2] Textile Manufacturing Insights - In December, Vietnam's textile exports increased by 8.4% year-on-year, while footwear exports rose by 4.3%, marking a positive turnaround in growth rates [3] - The prices of cotton showed slight increases and decreases, with domestic cotton prices rising by 4.2% and international prices falling by 1.0% in December [3] - Wool prices continued to rise, with a month-on-month increase of 4.4% and a year-on-year increase of 39.9% [3] - Companies in Taiwan showed significant revenue differentiation in December, with overall strong performance driven by World Cup demand, leading to increased order visibility and production capacity expansion [3] Investment Recommendations - Focus on brands with favorable market conditions and recovering upstream orders. The report is optimistic about the recovery of high-end consumption and the growth of the light luxury sports and outdoor segments [5][8] - Recommended brands include Anta Sports, Li Ning, and Xtep International, which are expected to benefit from the ongoing trends in high-end and outdoor apparel [5][8] - In textile manufacturing, companies like Shenzhou International and Weixing Co. are highlighted for their potential benefits from tariff reductions and Nike's recovery [9]

Core Viewpoint - The article discusses the evolving consumer behavior in China, contrasting it with Japan's "lost three decades," emphasizing a trend towards selective consumption upgrades rather than a decline in consumption quality [1][2]. Group 1: Consumer Behavior Trends - The Chinese online consumption brand index (CBI) reached 62.65 in Q3 2025, showing a 4.4% increase year-on-year and a 0.92% increase compared to the same quarter in 2024, indicating a stable growth in consumer preference for high-quality brands [2][4]. - The CBI reflects the proportion of consumers purchasing high-quality branded goods, suggesting that consumers are not entering a "consumption menopause" but are instead actively seeking quality [3][4]. - The trend of "selective consumption upgrade" is evident, where consumers pursue cost-effectiveness for necessities while being willing to pay a premium for emotional and experiential products [5][6]. Group 2: Brand Performance and Market Dynamics - Brands like DJI and Pop Mart have shown significant growth, with DJI entering the top ten for the first time, indicating a shift towards innovative products that create new demand rather than relying on price competition [7][16]. - The CBI report highlights that brands achieving high scores are not necessarily those known for low prices but those that create unique experiences and emotional value for consumers [7][18]. - The report indicates a seasonal pattern in consumer behavior, with higher CBI scores during promotional periods, but the third quarter's performance reflects a solid foundation for brands in non-promotional times [12][14]. Group 3: Platform Strategies and Market Evolution - E-commerce platforms like Taobao are shifting their focus towards supporting quality brands and original merchants, moving away from price wars to fostering product quality and service [24][25]. - The growth in the CBI index is attributed to a strategic shift in platform policies that encourage brands to enhance their value proposition rather than compete solely on price [25][26]. - The article emphasizes that a market balanced between daily sales and promotional periods is more resilient, indicating that brands are building long-term value rather than relying on short-term sales spikes [26][28].

Core Insights - The emergence of Ning Coffee, an independent coffee brand incubated by Li Ning, marks a strategic shift from being a supplementary service to an independent brand, creating a composite space that integrates coffee, sports, and social interaction [2] - The rapid growth of the coffee market in China reflects a structural change in consumer behavior, particularly among younger demographics, with coffee becoming a social currency and lifestyle symbol [3][11] Group 1: Market Trends - The Chinese coffee consumer base is projected to exceed 500 million by 2024, with individuals aged 18-35 making up over 68% of this demographic [3] - Coffee consumption is increasingly viewed as a lifestyle choice, with factors such as aesthetic spaces and social sharing driving demand among younger consumers [3][11] Group 2: Strategic Moves by Traditional Brands - Various traditional companies, including China Post and Tongrentang, are entering the coffee market to connect with younger consumers and reshape their brand identities [2][5] - The strategy of integrating coffee into their offerings allows these companies to extend their brand influence beyond their core products, creating a lifestyle brand image [7][9] Group 3: Business Model and Profitability - Coffee serves as a low-cost entry point for traditional businesses to enhance user engagement and increase customer lifetime value (LTV) [6][7] - The cost of producing a cup of coffee is typically under 10 yuan, while selling prices range from 25 to 40 yuan, resulting in high profit margins of 60%-70% [6] Group 4: Consumer Engagement and Brand Experience - The introduction of coffee in retail spaces aims to extend customer dwell time and create opportunities for secondary purchases, enhancing overall customer experience [6][9] - Companies like Li Ning and Huawei are leveraging coffee to foster community engagement and enhance brand loyalty, transforming their retail environments into immersive lifestyle spaces [7][9] Group 5: Challenges and Considerations - Despite the apparent opportunities, not all companies possess the operational capabilities required for the food and beverage sector, leading to potential pitfalls in execution [10] - The coffee market is becoming increasingly competitive, with over 250,000 coffee shops projected in China by the end of 2024, necessitating a unique value proposition for traditional brands to avoid becoming mere background players [10]

Investment Rating - The report maintains a "Buy" rating for several companies in the textile and apparel sector, including Anta Sports, Li Ning, and Shenzhou International, with specific price-to-earnings (PE) ratios for FY2026 [9][30]. Core Insights - Fast Retailing's FY2026 Q1 results exceeded expectations, with revenue increasing by 14.8% to 1,027.7 billion JPY, operating profit up 31% to 205.6 billion JPY, and net profit rising 11.7% to 147.4 billion JPY. The company has revised its FY2026 earnings forecast, expecting revenue growth of 11.7% to 3,800 billion JPY and operating profit growth of 17.9% to 650 billion JPY [1][12]. - The sports footwear and apparel sector shows strong resilience amid a volatile environment, with long-term growth potential. Recommended stocks include Anta Sports and Li Ning, with current PE ratios of 14 and 18, respectively [3][18]. - The apparel manufacturing sector is expected to see improved orders in 2026, with recommendations for Shenzhou International and Huayi Group, which are entering a capacity release cycle [3][30]. Summary by Sections Weekly Topic - Fast Retailing's FY2026 Q1 report shows significant growth across all regions, particularly in the Uniqlo division, which has seen revenue and operating profit increases [1][12]. Weekly Viewpoint - The report emphasizes the resilience of the sports footwear and apparel sector, recommending high-quality stocks such as Anta Sports and Li Ning, while also highlighting the potential for recovery in manufacturing stocks like Shenzhou International and Huayi Group [3][18]. Weekly Market Performance - The textile and apparel sector outperformed the market, with the textile manufacturing sector up 2.9% and brand apparel up 2.88% [22]. Recent Reports - The report anticipates stable retail demand in 2025, with a focus on the performance of key companies in the textile and apparel sector [27][28]. Key Company Announcements - The report includes updates on share buybacks and other corporate actions from companies like Jian Sheng Group, indicating ongoing strategic financial management [31]. Industry News - ASICS and FILA have launched new marketing campaigns, reflecting the industry's focus on brand engagement and consumer connection [32]. Raw Material Trends - Cotton prices have shown a year-on-year increase, with domestic cotton prices higher than international prices, indicating potential cost pressures for manufacturers [33][34].

机构：东方证券 研究员：施红梅/伍云飞 25年度大股东的持续增持也反映了对公司长期发展的信心。25年年内公司大股东非凡领越多次增持公司 股份，持股比例由2024年末的10.53%提升至25年末的14.27%。我们认为这也从一个侧面反映了大股东 对公司长期发展的信心。 近期公司推出新店型和新产品，奥运新周期开启新征程。25年12月，李宁品牌在北京地标性商圈三里屯 太古里举行全球首家"龙店"开业及全新荣耀金标产品系列正式发布仪式，这是公司25年开启与中国奥委 会官方合作后的又一重要事件。此次以"龙"命名的新店型，将围绕"领奖时刻"、"竞技时刻"、"生活时 刻"三大主题为消费者打造专属产品与体验。我们认为新的龙店对于强化品牌深厚的体育精神和民族荣 誉感将发挥积极的作用。伴随龙店正式推出的荣耀金标系列，与品牌原有的产品风格具有明显差异，通 过融合专业运动科技与极简设计，将产品拓展至通勤、商务和轻运动等更多元化的场景，十分契合城市 中产的需求。我们认为在新奥运合作周期下，新店型和新产品的集中推出有望给公司带来新人群和新需 求。 风险提示 25年可选消费整体承压之下，我们预计公司经营仍有望实现略超之前市场预期的可能，后续 ...

1月9日，"李宁杯"中国—东盟匹克球公开赛在广西南宁开赛，多支来自中国的队伍及来自越南、泰国、 菲律宾、文莱等东盟国家的球队将在赛场上挥拍较量，以球会友，共叙中国和东盟各国情谊。图为开赛 仪式现场。中新社记者 陈冠言 摄 图为李宁 集团董事长李宁为比赛开球。中新社记者 陈冠言 摄 图为比赛 现场。中新社记者 陈冠言 摄 图为选手 图为来自 菲律宾的选手进行赛前练习。中新社记者 陈冠言 摄 进行赛前练习。中新社记者 陈冠言 摄 图为来自 泰国的选手在比赛中挥拍击球。中新社记者 陈冠言 摄 图为选手 挥拍击球。中新社记者 陈冠言 摄 挥拍击球。中新社记者 陈冠言 摄 图为选手 ...

25年度大股东的持续增持也反映了对公司长期发展的信心 25年年内公司大股东非凡领越多次增持公司股份，持股比例由2024年末的10.53%提升至25年末的 14.27%。该行认为这也从一个侧面反映了大股东对公司长期发展的信心。 预测与投资建议 基于行业竞争态势和对公司业务的跟踪，该行小幅调整其盈利预测，预计25-27年EPS分别为0.95、1.07 和1.22元(原预测分别为0.92、1.05和1.20元)，参考可比公司，给予2025年24倍的估值，目标价为25.41港 元(1人民币=1.11港币)，维持"买入"评级。 东方证券发布研报称，2025年可选消费整体承压之下，预计李宁(02331)经营仍有望实现略超之前市场 预期的可能，后续消费若复苏，公司弹性相对较大。目标价为25.41港元(1人民币=1.11港币)，维持"买 入"评级。 东方证券主要观点如下： 近期公司推出新店型和新产品，奥运新周期开启新征程 25年12月，李宁品牌在北京地标性商圈三里屯太古里举行全球首家"龙店"开业及全新荣耀金标产品系列 正式发布仪式，这是公司25年开启与中国奥委会官方合作后的又一重要事件。此次以"龙"命名的新店 型，将围绕"领 ...

智通财经APP获悉，东方证券发布研报称，2025年可选消费整体承压之下，预计李宁(02331)经营仍有望 实现略超之前市场预期的可能，后续消费若复苏，公司弹性相对较大。目标价为25.41港元（1人民币 =1.11港币），维持"买入"评级。 25年度大股东的持续增持也反映了对公司长期发展的信心 25年年内公司大股东非凡领越多次增持公司股份，持股比例由2024年末的10.53%提升至25年末的 14.27%。该行认为这也从一个侧面反映了大股东对公司长期发展的信心。 预测与投资建议 基于行业竞争态势和对公司业务的跟踪，该行小幅调整其盈利预测，预计25-27年EPS分别为0.95、1.07 和1.22元（原预测分别为0.92、1.05和1.20元），参考可比公司，给予2025年24倍的估值，目标价为 25.41港元（1人民币=1.11港币），维持"买入"评级。 风险提示：消费复苏低于预期、行业竞争日趋激烈、新产品和新新渠道推广不及预期等。 东方证券主要观点如下： 近期公司推出新店型和新产品，奥运新周期开启新征程 25年12月，李宁品牌在北京地标性商圈三里屯太古里举行全球首家"龙店"开业及全新荣耀金标产品系列 正式发布 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company is expected to see new developments in the upcoming Olympic cycle, with the launch of new store formats and product lines aimed at enhancing brand engagement and meeting diverse consumer needs [2][9]. - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 have been slightly adjusted to 0.95, 1.07, and 1.22 RMB respectively, with a target price set at 25.41 HKD based on a 24x valuation for 2025 [3][10]. - The company has shown resilience in a challenging consumer environment, with expectations for slight revenue growth driven by specific product categories and improved operational efficiency [9]. Financial Summary - Revenue projections for the company are as follows: - 2023: 27,598 million RMB - 2024: 28,676 million RMB (growth of 3.9%) - 2025: 29,101 million RMB (growth of 1.5%) - 2026: 30,640 million RMB (growth of 5.3%) - 2027: 32,747 million RMB (growth of 6.9%) [4]. - Operating profit and net profit forecasts indicate a decline in 2025, with operating profit expected to be 3,331 million RMB and net profit at 2,465 million RMB, before recovering in subsequent years [4]. - The company’s gross margin is projected to remain stable, with estimates of 48.8% in 2025 and gradually increasing to 49.2% by 2027 [4]. - The price-to-earnings (P/E) ratio is forecasted to be 18.6 in 2025, decreasing to 14.6 by 2027, indicating a potential improvement in valuation over time [4].