陈晶晶认为，从适配度看，安踏若竞购彪马，更符合其多品牌、全球化路径，关键在于是否与其国际市 场发展战略协同；而李宁仍处主业调整期，在国际治理、组织重构及跨文化整合方面挑战更大，贸然出 手风险较高。 优他国际品牌投资管理有限公司CEO、时尚产业投资人杨大筠对《证券日报》记者表示："如果说收购 狼爪只是安踏的一道'开胃菜'，那么将彪马纳入麾下无疑是一顿丰盛的'大餐'。彪马更具战略价值，更 适合用来布局一盘全球化'大棋'。" 杨大筠进一步分析认为，在中国纺织服装品牌出海的进程中，运动板块是最关键的突破口，而安踏已是 该赛道中少数具备全球布局能力的中国企业。尽管欧洲运动市场由阿迪达斯主导，但收购PUMA仍被视 为切入该区域最高效的路径之一，也是当前少数能与阿迪达斯形成抗衡格局的可行选项。 近日，市场有消息称，安踏体育用品有限公司(以下简称"安踏")正考虑参与对德国运动品牌彪马 (PUMA)的潜在竞购，并有可能联合私募股权机构共同推进。据悉，除安踏外，李宁有限公司(以下简 称"李宁")、日本亚瑟士等也被视为可能的竞购方。 11月28日，针对相关传闻，安踏对《证券日报》记者回应称："不对市场传闻发表评论。"李宁方面则重 ...

体育用品行业的并购风云再度涌起，近期有消息指出，安踏体育正评估收购德国运动品牌彪马（Puma）的可能性。或受该消息影响，彪马股价暴涨超 18%，单日涨幅创近期新高。 据市场消息，作为彪马持股29%的最大股东，法国皮诺家族旗下的Artémis集团已启动战略评估，不仅聘请专业顾问梳理出售方案，更与多家潜在买家展开 初步接触。除安踏外，李宁、日本亚瑟士等企业也被卷入竞购传闻。 然而，截至11月28日，多个被传闻提及的公司均已作出回应。亚瑟士在官方声明中否认有意收购彪马的媒体报道，称该说法并无事实依据，目前公司并未就 收购彪马进行任何洽谈或制定相关计划。安踏集团方面向有关媒体表示，"不评论市场传闻。"李宁公司则回应称，公司未就上述传闻所提及的交易进行任何 实质性谈判或评估。一切重大信息请以本公司官方公告为准。 彪马困局 据了解，彪马是1948年在德国创立的运动品牌，作为全球知名运动品牌之一，它在运动时尚领域具有较高影响力，曾长期稳居全球运动品牌第三的位置，仅 次于耐克和阿迪达斯。据GYbrand全球品牌研究院发布的2025年全球运动品牌价值排行榜显示，在运动品牌领域，耐克、阿迪达斯、露露乐蒙占据前三的位 置，中国品牌 ...

霸王茶姬向香港东华三院捐款50万港元，并捐赠1000条毛毯； 据不完全统计，截至11月28日下午3点，参与捐赠的快消企业有： 安踏集团捐赠总额3000万港元（含1000万港元现金及2000万港元防寒装备）；波司登捐赠3000万港元； 农夫山泉捐赠1000万港元现金及500万港元物资； 李宁集团捐赠2000万港元现金及装备； 特步集团捐赠2000万港元现金及装备； 361°集团捐赠1500万港元现金及装备； 喜茶捐赠500万港元； 茶百道捐赠500万港元； 蜜雪冰城捐赠2000万港元； 香港新界大埔区宏福苑五级火灾发生后，内地多家快消企业迅速响应，第一时间启动捐赠行动，以现 金、物资等形式支援当地救援工作及受灾同胞安置，用实际行动传递企业担当。 温氏股份捐赠现金及物资共计4000万港元； 伊利集团联合中国红十字基金会捐赠1000万港元； 周大福集团捐赠2000万港元，并为受灾居民提供临时住宿、食物等支援； 老铺黄金捐赠1000万港元； 百胜中国携旗下品牌捐赠300万元人民币； 海天调味食品股份有限公司捐赠1000万港元。 （文章来源：中国经营报） ...

李宁品牌创始人、李宁集团董事长李宁先生作为广西人，回到家乡倍感亲切。他在致辞中表示："匹克 球不仅是一项竞技运动，更融合了趣味性与社交性，承载着人们对健康生活方式的共同追求。愿所有选 手在桂林的山水之间全力以赴、尽享比赛，展现最佳竞技状态。" 开幕式后，两项总决赛正式打响，团体赛将于27—28日进行，单项赛的争夺将于29—30日展开。 此外，本次"李宁杯"中国匹克球城市挑战赛总决赛签位增至48签，充分彰显了赛事规模的持续扩大与参 与热度的不断攀升。为吸引更多群体参与，本次比赛特设三个"常青组"赛事，在打破年龄壁垒、吸引不 同年龄组别的选手参与匹克球运动的同时，也推动了全民健身从口号变为可持续的生活方式。 来源：中国日报网 中国日报11月28日电， 2025"李宁杯"中国匹克球巡回赛总决赛（CPC-2000）暨中国匹克球城市挑战赛 总决赛（CPC-T2000）于27日在桂林国际会展中心隆重开幕。 开幕式在热情洋溢的民族歌舞表演中拉开帷幕。桂林市委副书记罗试坚登台致欢迎辞。他表示："两项 国内顶级匹克球总决赛连续落户桂林，体现了国家体育总局对桂林的高度信任与支持，也为推动桂林群 众体育与竞技体育协同发展提供了重要 ...

格隆汇11月28日｜李宁(2331.HK)等体育用品商传出有意参与竞购德国同业Puma，但花旗分析师Xiaopo Wei认为，监于李宁的"单一品牌、多品类、多元化渠道"策略，该公司在中期内可能不会收购外国品 牌。花旗维持其对中国运动服饰行业的排序，先是安踏(2020.HK)，其次是滔搏(6110.HK) ，然后是李 宁；3只股票评级均为"买入"。 另外，拥有Onitsuka Tiger品牌的日本体育用品公司Asics回应称，媒体有关公司有意收购Puma的说法毫 无根据，公司没有这方面的讨论或计划。 德国运动品牌Puma的大股东法国皮诺(Pinault)家族正与顾问合作，就出售其29%持股接触潜在买家。有 媒体早前引述知情人士称，安踏是考虑潜在竞购Puma的公司之一，正在与顾问合作评估竞购方案。如 果安踏决定推进竞购，可能会与一间私募股权公司合作。至于李宁已在与银行商讨融资方案，对Puma 进行初步评估。据悉，Asics亦可能对Puma有兴趣。 ...

Group 1: Incident Overview - A major fire occurred in Hong Kong's Tai Po district, resulting in 94 fatalities, including one firefighter, and 76 injuries, with 11 being firefighters [1] - The Hong Kong government established a relief fund with an initial allocation of 300 million HKD to assist affected residents [1] Group 2: Corporate Donations - Alibaba Group announced a donation of 20 million HKD for immediate relief efforts and additional support for affected families [2] - Tencent Charity Foundation pledged a total of 30 million HKD, including an initial 10 million HKD and an additional 20 million HKD to the relief fund [2] - ByteDance (Hong Kong) and Baidu each committed 10 million HKD for emergency relief and community recovery efforts [2] Group 3: Additional Corporate Contributions - Various companies, including NetEase, Xiaomi, and Kuaishou, each donated 10 million HKD to support emergency relief and community recovery [3] - Anta Group and Bosideng Group each contributed 30 million HKD, while Li Ning Group and Xtep Group donated 20 million HKD each for disaster relief [4][5][6] - Other companies like 361°, Chow Tai Fook, and Nongfu Spring also made significant contributions, totaling millions in cash and supplies [7][8] Group 4: Broader Industry Response - Multiple sectors, including automotive, real estate, and finance, participated in the relief efforts, with companies like Chery Automobile and BYD each donating 10 million HKD [9][10] - Financial institutions and logistics companies, such as Didi and SF Express, also pledged substantial amounts for emergency aid and recovery efforts [15]

Summary of Li Ning Company Conference Call Company Overview - **Company**: Li Ning Company - **Date**: November 27, 2025 Key Points Industry and Market Conditions - The retail environment remains challenging, particularly in offline channels, with no significant improvement noted in November compared to previous quarters [2][5][3] - The company is facing pressure on discount levels due to lower-than-expected consumer spending, leading to deeper discounts in Q4 compared to the previous year [6][3] Sales and Inventory Management - Li Ning has utilized the Double Eleven promotional event to reduce channel inventory, achieving a target inventory-to-sales ratio of 4-5 months by year-end [2][3] - Despite efforts, overall retail growth has declined in the second half of the year, with running categories performing well while basketball and lifestyle segments are under pressure [12][13] Future Store and Product Strategy - The company plans to maintain or slightly increase the number of stores next year, focusing on optimizing existing store structures and enhancing efficiency [7][11] - New product launches will include outdoor categories and Olympic-related products, alongside the introduction of a new running shoe technology called "Super Pump Capsule" [8][2] Marketing and Sponsorship - Following its partnership with the Olympic Committee, Li Ning will increase marketing efforts and expenditures, focusing on major events such as the Winter Olympics and Milan Fashion Week [10][23] - The marketing budget is expected to rise, with a more aggressive approach to sponsorship in sports like running, basketball, and badminton [10][24] Product Performance and Adjustments - The running and fitness categories are projected to perform well in 2025, with double-digit growth expected in the first half, despite a slowdown in the third quarter [13][12] - Basketball and lifestyle categories are anticipated to decline, with plans to adjust product designs and introduce street basketball shoes to improve performance [13][12] Organizational Changes - Li Ning has implemented a category manager system to optimize management processes and better meet consumer demands, focusing on comprehensive performance metrics [18][19] Outdoor and Specialty Products - The outdoor product line is positioned to meet everyday commuting and light outdoor needs, utilizing high-quality materials and technology [21][20] - The company has introduced a new line of trail running shoes under the "Dilu" brand, with ongoing technological upgrades [22][21] Future Plans and Market Expansion - Li Ning is exploring opportunities in the lower-tier markets, with a focus on increasing store density and offering cost-effective products [14][4] - The company is also developing plans for Olympic-themed stores, known as "Dragon Stores," which will feature a full range of Olympic products [15][16] Dividend Policy - Li Ning plans to maintain a dividend payout ratio of no less than 50% [17] Conclusion - Li Ning is navigating a challenging retail environment with strategic adjustments in inventory management, marketing, and product offerings. The focus on optimizing existing stores and expanding into lower-tier markets reflects a proactive approach to sustaining growth amidst market pressures [2][3][12]

Core Insights - The 2025 Shanghai International Sports Culture and Sports Goods Expo has commenced, showcasing over 200 domestic and international brands [1] - The expo is a key event in the 2025 Shanghai Sports Consumption Festival, with the city's sports industry output projected to reach 316.9 billion yuan in 2024, nearly doubling since the beginning of the 14th Five-Year Plan [1] - The sports industry's added value is expected to exceed 100 billion yuan, accounting for 1.9% of the city's GDP [1] Group 1 - The theme of this year's expo is "Explore More," transforming the experience from merely viewing exhibits to interactive participation [1] - Major international brands such as NIKE, HOKA, and BROOKS are featured alongside local brands like Li Ning and UTO, highlighting a blend of global and domestic influences [1] - The expo includes innovative areas such as a trail running zone that simulates outdoor conditions and a technology sports area with VR/AR equipment for immersive experiences [1] Group 2 - The "Shanghai Marathon Zone" serves as a popular attraction, providing a one-stop service for runners and showcasing the history and culture of the marathon [2] - The expo extends its impact through the "ticket root economy," allowing attendees to enjoy discounts and experiences across various city landmarks with their tickets [2] - Since the launch of the consumption festival in May, the sports industry merchant transaction volume has increased by 13.89% year-on-year, indicating strong market growth [2]

Core Viewpoint - Anta Sports is evaluating a potential acquisition of Puma, which is currently facing significant operational challenges, including a more than 50% decline in stock price this year and a downward revision of its 2025 guidance, anticipating operational losses [1][2][9]. Group 1: Acquisition Interest - Multiple Asian sports brands, including Anta Sports, Li Ning, and Asics, are showing interest in acquiring Puma, reflecting their ambition for international expansion [4][7]. - Anta's potential acquisition of Puma could serve as a gateway to the Western market, given Anta's strong track record in revitalizing underperforming assets [7]. - Li Ning has stated that it has not engaged in any substantial negotiations regarding the acquisition of Puma as mentioned in the news [7]. Group 2: Puma's Operational Challenges - Puma is undergoing a "reset period" due to a sharp decline in sales post-pandemic, weakened brand appeal, and high inventory levels, compounded by increasing competition in the sports apparel market and tariff impacts [6][9]. - The company reported a double-digit decline in quarterly sales, acknowledging challenges such as weak brand momentum and high inventory levels [9]. - In July, Puma revised its 2025 guidance, now expecting a low double-digit percentage decline in sales, a significant shift from previous expectations of low to mid-single-digit growth [9]. - The new CEO, Arthur Hoeld, has initiated a turnaround plan that includes layoffs, narrowing the product range, and improving marketing operations [9][11].

陷入困境的德国运动品牌——Puma正引发潜在收购者关注。 11月27日，据媒体报道，安踏体育等多家公司正考虑收购Puma，消息推动该公司股价周四早盘飙升14%，成为市场焦点。该股本月早些时候触及 逾10年来最低点，今年迄今跌幅超过50%。 报道援引知情人士称，安踏体育正在评估对这家运动服饰制造商的潜在收购。另外，中国运动品牌李宁和日本亚瑟士也可能对Puma表现出兴趣。 值得注意的是，这一收购传闻出现之际，Puma正处于自称的"重置期"，应对疫情后销售增长急剧下滑、品牌吸引力减弱和高库存等多重挑战，并 在日益激烈的运动服饰市场和关税冲击中艰难前行。 多家亚洲巨头瞄准收购机会 据报道，安踏体育、李宁和亚瑟士等亚洲运动品牌巨头均可能对收购Puma表现出兴趣。这些潜在买家的兴趣反映出亚洲运动品牌寻求国际扩张的 雄心。 分析师Felix Dennl指出，对于安踏而言，收购Puma可能成为进入西方市场的门户，考虑到这家中国公司在扭转表现不佳资产方面的强劲记录。不 过他也表示： "一方面，安踏已通过持有Amer Group的股份获得了广泛的国际市场敞口，因此Puma预期为投资组合增加的额外价值并不完全清楚。" 而李宁在一份 ...