机构：华兴证券 研究员：姜雪烽 预计1H25 营收与归母净利润分别同比+2%/ -16%：1）当前李宁跑鞋矩阵表现良好，但篮球品类仍承 压，短期缺乏催化剂，我们预计李宁2Q/1H25 流水同比增长1%-2%。由于春/夏换季所涉及产品差异相 对有限，李宁上半年营收增速与流水增速基本趋同，我们预计1H25 营收同比增长2.0%至146.3 亿元。 2）销售承压下，2Q25 零售折扣可能有所加深，我们预计1H25 毛利率同比下降0.5pct 至49.9%；费用摊 销效应也将有所减弱，预计归母净利率同比下降2.4pcts 至11.2%，对应归母净利润同比下滑16.0%至16.4 亿元。 区间交易逻辑不变：李宁去年在扩张承压下，大幅加深商品宽度驱动增长（宽度增加35%-40%、深度下 降高单位数），但今年在更高基数之下继续加宽风险收益比可能有所降低，尤其库存管理难度势必继续 增加。今年产品端除跑鞋与篮球鞋矩阵的常规迭代与继续丰富以SOFT 系列为代表的性价比产品以外， 李宁将进一步完善户外尤其轻户外系列产品线，秋冬季将推出更多软/硬壳与户外鞋履，未来至年底户 外品类有望导入~5,000 家门店。虽然流水占比有望翻倍提升 ...

Group 1 - The core viewpoint of the article highlights the strategic partnership between Beijing Humanoid Robot Innovation Center Co., Ltd. and Li Ning (China) Sports Goods Co., Ltd. aimed at exploring the frontiers of humanoid robot sports science and technological breakthroughs [1] - The collaboration includes the establishment of a "Humanoid Robot Sports Science Joint Laboratory" at the Li Ning Sports Science Research Center, indicating a commitment to research and development in the field [1] - The partnership aims to promote the transformation of scientific research achievements and lead the integration of intelligent sports and the robotics industry [1]

2025 年 7 月 11 日 耐用消费品及服装: 中性 证券研究报告 / 业绩预览报告 李宁 (2331 HK, 买入, 目标价: HK$19.30) 预计 1H25 营收与利润端分别同比+2%/ -16% 预计 1H25 营收与归母净利润分别同比+2%/ -16%：1）当前李宁跑鞋矩阵表现良好，但篮 球品类仍承压，短期缺乏催化剂，我们预计李宁 2Q/1H25 流水同比增长 1%-2%。由于春/ 夏换季所涉及产品差异相对有限，李宁上半年营收增速与流水增速基本趋同，我们预计 1H25 营收同比增长 2.0%至 146.3 亿元。2）销售承压下，2Q25 零售折扣可能有所加深， 我们预计 1H25 毛利率同比下降 0.5pct 至 49.9%；费用摊销效应也将有所减弱，预计归母 净利率同比下降 2.4pcts 至 11.2%，对应归母净利润同比下滑 16.0%至 16.4 亿元。 区间交易逻辑不变：李宁去年在扩张承压下，大幅加深商品宽度驱动增长（宽度增加 35%- 40%、深度下降高单位数），但今年在更高基数之下继续加宽风险收益比可能有所降低， 尤其库存管理难度势必继续增加。今年产品端除跑鞋与篮球鞋矩阵的常规迭 ...

Core Insights - The article discusses the challenges and strategies of digital transformation in companies, particularly in the context of AI integration, highlighting that while 74% of Chinese companies believe AI will change digital systems, only 13% have seen measurable financial returns [1][4] - Li Ning Company exemplifies effective digital transformation by closely aligning technology innovation with business needs, showcasing a structured approach to integrating AI into retail operations [1][5] Group 1: Digital Transformation Challenges - Despite significant investments in digital infrastructure, there is a disparity between the costs and the business benefits realized by companies [1] - Only 36% of companies have adopted generative AI at scale, indicating a gap in implementation versus potential [1] Group 2: Li Ning's Approach to AI Integration - Li Ning has developed a "digital store manager," an AI tool that assists store managers by providing operational insights and decision-making support [3][4] - The company emphasizes retail operations as a core area for AI application, aiming to reduce operational pressure and enhance efficiency for store staff [4][5] Group 3: Technology and Business Alignment - Li Ning's technology innovation is driven by business needs, with a focus on creating a "Technology Organization Process" (TOP) that involves cross-departmental collaboration to identify how technology can improve business processes [5][6] - The company is adapting to consumer trends by enhancing content supply and personalizing marketing efforts through AI capabilities [8][9] Group 4: AI as a Growth Driver - Li Ning has set specific KPIs for its IT innovation center, focusing on the number of AI employees, growth drivers, and cost reduction [10][11] - The company has established three main business areas for AI application: product design to marketing, retail operations, and organizational talent management [11][12] Group 5: Evolving Role of Technology Teams - The technology team at Li Ning is transitioning from a support role to a business partnership role, emphasizing collaboration with business units to prioritize technology development [13][14] - The company is fostering a culture of AI integration across all business touchpoints, aiming to enhance operational efficiency and drive growth [14]

Group 1 - The core point of the article highlights the significant sponsorship deal between top badminton player An Se-young and Yonex, valued at 10 billion KRW (approximately 53 million RMB) over four years, setting a new record for badminton athlete sponsorships [1] - Other notable Korean players, Seo Seung-jae and Kim Won-ho, have also signed with Yonex for annual sponsorships of 2.2 billion KRW and 1.5 billion KRW respectively, both for four-year terms [1] - Li Ning attempted to secure An Se-young with an offer of 3.5 billion KRW annually, indicating a competitive landscape for athlete endorsements in badminton [1] Group 2 - The badminton market is experiencing a surge in demand, with the global market size reaching 7.148 billion RMB in 2023 and projected to grow to 10.506 billion RMB by 2029 [7] - The price of badminton shuttlecocks has doubled from approximately 95 RMB to 190 RMB per dozen, driven by increased material costs and rising demand for the sport [3][4] - The participation rate in badminton in China is high, with 250 million people engaged in the sport, making it the most popular racket sport in the country [6] Group 3 - Yonex has a dominant position in the badminton industry, signing a total of 37 athletes, including top stars like Lin Dan and Lee Chong Wei, which enhances its brand visibility and market share [11] - The company reported a record net sales of 138.2 billion JPY for the fiscal year ending March 2025, with an 18.8% year-on-year growth [12] - Over 70% of Yonex's sales come from overseas, with a significant portion from the Asian market, particularly China, due to its sponsorship of the national badminton team [13] Group 4 - Li Ning is shifting its focus back to professional sports, including badminton, after a period of emphasizing fashion and lifestyle branding, indicating a strategic pivot to regain market influence [10] - The competitive landscape is intensifying, with emerging brands challenging established players like Li Ning and Yonex, necessitating innovation and strategic adjustments to maintain market share [14]

今年以来，中国运动服饰市场竞争白热化。其中，瑜伽服赛道竞争最激烈。据报道，中国电商与品牌 运营公司宝尊在7月初已完成对英国高端瑜伽服品牌Sweaty Betty在中国市场业务的收购。明星瑜伽品 牌Alo Yoga也以轻奢质感逐步扩大中国市场占有率。 中国瑜伽服装市场规模大 瑜伽品类凭借其对女性健康生活方式的精准触达，在中国市场展现出强劲的增长动能。据中研普华产 业研究院报告，截至2024年底，中国瑜伽相关市场规模已突破800亿元，年复合增长率保持在15%以 上。 这一增长趋势吸引了众多企业入局，其中，lululemon在中国区的销售额持续增长，侧面反映出瑜伽服 这一品类依旧"受宠"。据其最新财报，2024财年三季度全球净营收24亿美元，实现了9%的同比增长， 中国市场的净营收达到3.18亿美元，同比增长近40%。 瑜伽服装作为高端运动服饰的竞争要地，中国市场被多个品牌看作"潜力股"。服装业内人士分析，中 国瑜伽服装市场正经历从高速增长到精耕细作的关键转型期，本土品牌在中高端市场积极部署，并逐 渐获取话语权。 本土品牌更注重服装多场景设计 被安踏收购后的MAIA ACTIVE，更聚焦瑜伽领域的产品策略与核心城市 ...

Core Insights - The definition of "luxury" has evolved beyond material possessions, encompassing a narrative system involving history, identity, art, and culture, with Western luxury brands dominating this space [1][2] - Chinese craft and art brands face challenges in establishing a strong narrative to compete in the global high-end market, despite having a rich historical background [3][4] Group 1: Western Luxury Brand Strategies - Western luxury brands like LVMH and Chanel leverage their historical craftsmanship and cultural narratives to build brand credibility and identity [2] - These brands often emphasize their long-standing traditions and artistic connections, which enhance their cultural capital and consumer appeal [2] Group 2: Challenges for Chinese Craft Brands - Chinese craft brands possess a long history but struggle with narrative construction, leading to a perception of their products as mere collectibles rather than luxury items [4][7] - The lack of a compelling story and brand identity hinders the ability of Chinese craft brands to penetrate the high-end market [4][7] Group 3: Building a New Luxury Narrative - To succeed, Chinese craft brands must draw inspiration from their cultural heritage while adopting contemporary design and global expressions to create a new luxury narrative [7][9] - Successful examples include Qeelin, which integrates traditional Chinese symbols with modern aesthetics, and brands like "观夏" that create a blend of traditional and modern experiences [8][9] Group 4: Globalization and Cultural Mission - The globalization of Chinese craft brands is not only a commercial endeavor but also a cultural mission, emphasizing the importance of storytelling in the luxury context [10] - Brands should utilize global communication mechanisms to transform local culture into an internationally understood luxury experience [9][10]

李宁 20250703 摘要 李宁公司二季度线上线下销售额均出现负增长，主要受端午假期、降雨、 台风及 618 提前预售等客观因素影响，整体流水趋势未完全符合预期， 同时线上线下折扣同比去年加深，反映终端消费力疲软和市场竞争激烈。 李宁公司正优化门店结构，2024 年净关店 201 家，2025 年计划净关 10-20 家，侧重提升现有门店效率；批发渠道计划净开 30-40 家，渗透 空白商圈。通过产品调整，如推出性价比更高的 Soft 系列，并根据市场 层级调整组货结构，综合优化门店效率。 李宁公司 COC 营销重点围绕荣耀系列产品线，该系列对标奥运会，包含 国旗款式。2025 年上半年已开展小型营销活动，主要投入集中在下半 年，围绕冬奥会进行预热和营销，预计全年 AMP 费用率将从去年的 9.5%上升到低双位数水平。 李宁公司新产品以休闲通勤装备为主，定价略高于普通产品，主打大众 市场。跑步品类表现引领，篮球品类表现较差，下跌幅度较大。公司对 篮球品类采取主动控量措施，以期逐步回归与大盘更趋近的节奏。 李宁公司直营渠道中低效店和亏损店的占比情况如何？今年开关店计划是什么 样的趋势？ 低效店和亏损店具体数字 ...

Industry Overview - Sunscreen clothing is designed to block direct exposure to ultraviolet rays, similar to the function of sun umbrellas, and has gained popularity since its introduction in the U.S. in 2007 and later in China [1][8] - The market for sunscreen clothing in China is projected to grow from 45.9 billion yuan in 2016 to 80.8 billion yuan in 2024, with expectations to reach 95.8 billion yuan by 2026 [1][8] Product Classification - Sunscreen clothing can be categorized into three types: colorful cotton fabric clothing, sunscreen fabric with added agents, and special materials like reflective silver fabric [2] Industry Status - The sunscreen market in China has rapidly expanded, becoming the second-largest consumer market globally, with a market share of 16.2% by 2024, up from 6.4% in 2008 [6] - The compound annual growth rate (CAGR) for sunscreen products in China over the past five years is 8.8%, significantly higher than Japan and South Korea [6] Competitive Landscape - The sunscreen clothing market is witnessing increased competition, with various brands entering the market, including established brands like Bosi Deng and Decathlon, as well as new entrants focusing on sunscreen products [10] - The market features a mix of established brands and "white label" products, with some white label sunscreen clothing achieving significant sales on e-commerce platforms [10][13] Key Companies - Major players in the sunscreen clothing market include Bosi Deng, Ternua, and other brands that have expanded their product lines to include sunscreen clothing [19][17] - Ternua reported revenues of 15.92 billion yuan in 2024, with a year-on-year growth of 14.44% [17] Development Trends - The market for sunscreen clothing is expected to continue expanding, with a projected CAGR of 13.6% and a shift towards diverse consumer scenarios [21] - Domestic brands are gaining market share, with Bosi Deng's sunscreen clothing sales increasing from 100 million yuan in 2022 to 1 billion yuan in 2024 [22] - Price competition is intensifying, with a focus on high cost-performance ratios, as the mainstream price range for sunscreen clothing shifts to 100-200 yuan [23]

Core Viewpoint - Nomura analysts predict that Li Ning's sales are likely to rebound in the second half of the year due to a lower comparative base, despite a decline in sales from May to June [1] Group 1: Sales Performance - Li Ning's sales experienced a decrease during the period from May to June [1] - The anticipated sales recovery is attributed to a lower comparative base in the second half of the year [1] Group 2: Brand Recognition - Recent operational improvements, such as brand ambassador Yang Hansheng's breakthrough in the NBA, are expected to enhance Li Ning's brand recognition in the long term [1] Group 3: Analyst Ratings - Nomura maintains a neutral rating on Li Ning with a target price of HKD 16.20 [1]