Group 1 - The Hang Seng Index opened down by 0.64% [1] - The Hang Seng Tech Index fell by 0.97% [1] - Companies such as NetEase, Xiaomi Group, and JD Group experienced declines of over 2% [1] Group 2 - Li Ning saw an increase of nearly 8% [1] - Contemporary Amperex Technology Co., Ltd. (CATL) rose by over 3% [1]

Group 1 - The core viewpoint of the report indicates that Li Ning's sales and net profit for the second half of last year increased by 3% and 13% year-on-year, respectively, exceeding market expectations by 4% and 28% [1] - The growth in sales is primarily attributed to a year-on-year increase of 8% in wholesale sales, which was above the market expectation of a 3% increase [1] - The report highlights that the second half of 2025 marks the first fiscal report since the second half of 2022 to show a year-on-year recovery in net profit, making the guidance for 2026 crucial [1] Group 2 - The target price for Li Ning is maintained at HKD 18, with a rating of "Hold" [1]

Group 1 - The core viewpoint of the report indicates that Li Ning's sales and net profit for the second half of last year increased by 3% and 13% year-on-year, respectively, exceeding market expectations by 4% and 28% [1] - The sales growth was primarily driven by a year-on-year increase of 8% in wholesale sales, which was above the market expectation of a 3% increase [1] - The report highlights that the second half of 2025 will be the first half-year financial report since the second half of 2022 to show a year-on-year recovery in net profit growth, making the guidance for 2026 crucial [1] Group 2 - The target price for Li Ning is maintained at HKD 18, with a rating of "Hold" [1]

Core Viewpoint - Daiwa's report indicates that Li Ning's 2025 fiscal year performance will significantly exceed market and the firm's estimates [1] Group 1: Financial Performance - Revenue for the second half of 2025 is projected to be 14.8 billion, representing a year-on-year increase of 3.3%, which is 3.8% to 4.2% higher than the firm's and market forecasts [1] - Gross margin is expected to be 47.9%, aligning with the firm's estimates but exceeding market expectations by 0.3 percentage points [1] Group 2: Business Drivers - The outperformance is primarily attributed to the company's franchise/wholesale business, likely driven by a strong rebound in performance in the fourth quarter of 2025 [1] Group 3: Investment Rating - The firm maintains a "Buy" rating on Li Ning [1]

集团围绕跑步、篮球、综训、羽毛球、乒乓球及运动休闲六大核心品类持续发力，并把握新兴领域机 遇，积极拓展户外、网球、匹克球等细分运动品类。年内，集团持续以科技创新赋能产品升级，加大专 业运动资源投放，围绕夯实专业运动、引领运动时尚、弘扬东方美学三大方向，开展多维度市场营销活 动，推动品牌心智认同不断提升，持续扩大品牌影响力。 李宁(02331)绩后高开近8%，截至发稿，涨7.85%，报21.3港元，成交额1351.49万港元。 消息面上，3月19日，李宁宣布集团截至2025年12月31日止年度的经审核综合业绩。2025年集团收入达 295.98亿元人民币，较2024年同期上升3.2%。毛利为144.89亿元人民币，较2024年同期上升2.4%，集团 整体毛利率为49.0%。年内，集团权益持有人应占溢利为29.36亿元人民币，权益持有人应占溢利率为 9.9%；权益持有人应占权益回报率为10.9%。每股基本收益为113.91分人民币。 值得一提的是，年内，开设全球首家李宁"龙店"，并推出"荣耀金标"系列产品，将顶级稀缺运动资源转 化为品牌声誉与市场认可的动力，持续强化消费者对李宁专业实力与产品可靠性的心智认知。 ...

Geopolitical Tensions and Energy Market - Energy markets are experiencing volatility due to escalating tensions in the Middle East, particularly following Israeli airstrikes on Tehran and missile launches from Iran towards Israel [2][8] - WTI Crude prices are currently around $93.50, with Saudi Arabia warning that prices could surge to $180 per barrel if the conflict leads to a prolonged energy shock [2][8] - The U.S. is considering releasing sanctioned Iranian crude to mitigate rising prices and cool the "war premium" in energy markets [3] Chinese Monetary Policy and Market Reactions - The People's Bank of China (PBOC) has maintained the 1-year Loan Prime Rate at 3.00% and the 5-year LPR at 3.50%, reflecting a commitment to stability in monetary policy [4][8] - The yuan has been fixed at 6.8898, marking its strongest level since April 2023, which is seen as supportive for Hong Kong-listed equities [4][5] Semiconductor Industry Developments - A co-founder of Super Micro Computer (SMCI) has been charged with conspiring to export high-end Nvidia (NVDA) chips to China, indicating increased regulatory scrutiny in the tech sector [6][8] - This legal development is expected to exert downward pressure on server manufacturers and AI-related stocks as U.S. national security interests clash with global tech supply chains [6] Market Performance of Consumer Brands - Li Ning Company Limited (2331) experienced a stock price increase of over 10%, signaling renewed investor confidence in Chinese consumer brands [5][8] - CK Hutchison Holdings (0001) is also anticipated to have a positive trading session, with shares expected to open 1.8% higher, supported by the stabilization of the yuan [5]

智通财经APP获悉，3月19日，李宁有限公司（"李宁"或本"公司"，连同附属公司，总称本"集团"；香港联交所股份代号：02331（港币 柜台）及82331（人民币柜台））今天宣布集团截至2025年12月31日止年度（"年内"）的经审核综合业绩。 业绩符合预期，经营底盘稳固，现金保持充沛 2025年，集团持续提升产品科技性能、优化渠道效率、深化品牌专业心智，全年经营情况保持稳健。年内，集团收入达295.98亿元人民 币，较2024年同期上升3.2%。毛利为144.89亿元人民币，较2024年同期上升2.4%，集团整体毛利率为49.0%。 年内，集团权益持有人应占溢利为29.36亿元人民币，权益持有人应占溢利率为9.9%；权益持有人应占权益回报率为10.9%。每股基本 收益为113.91分人民币。董事会建议派发截至2025年12月31日止年度的末期股息每股普通股23.36分人民币，连同于2025年9月派付的中 期股息每股普通股33.59分人民币，截至2025年12月31日止年度的全年股息将为每股普通股56.95分人民币，全年派息比率为50%。 现金流管理方面，年内经营活动产生的现金净额为48.52亿元人民币。于2 ...

Core Viewpoint - Li Ning (02331.HK) reported a revenue increase of 3.2% to RMB 29.598 billion for the fiscal year 2025, with a net profit margin of 9.9% and a proposed final dividend of RMB 0.2336 per share [1] Group 1: Financial Performance - Revenue for the fiscal year 2025 rose by 3.2% to RMB 29.598 billion, with a gross margin of 49% [1] - Operating cash inflow was RMB 4.852 billion, and net profit attributable to equity holders was RMB 2.936 billion [1] - The average operating capital as a percentage of revenue was 7.7%, with a cash conversion cycle of 37 days, an increase of 2 days from the previous year [1] Group 2: Revenue Breakdown - The licensed distributor channel continued to be a core pillar, with revenue growth of 6.3%, accounting for 46.6% of total revenue [1] - E-commerce revenue increased by 5.3% as the company deepened its online marketing efforts and explored emerging e-commerce opportunities [1] - Retail channel performance was under pressure due to adjustments in store layout and shifts in consumer scenarios [1] Group 3: Retail Performance - Overall retail sales (including online and offline) remained flat year-on-year, with offline new product sales accounting for 83% of total offline sales [2] - The inventory turnover ratio over four months indicated healthy inventory levels and age structure [2]

Core Viewpoint - Li Ning Company Limited reported its 2025 financial results, showing a modest growth in revenue and profit, aligning with market expectations [1] Financial Performance - Revenue for 2025 reached RMB 29.598 billion, an increase of 3.2% year-on-year [1] - Gross profit amounted to RMB 14.489 billion, reflecting a year-on-year growth of 2.4% [1] - Net profit attributable to equity holders was RMB 2.936 billion, with a net profit margin of 9.9% [1] Cash Position - The company’s net cash increased by RMB 1.810 billion year-on-year, totaling RMB 19.974 billion [1] Dividend Distribution - The board proposed a final dividend of RMB 0.2336 per ordinary share for the year ending December 31, 2025 [1] - Including the interim dividend of RMB 0.3359 per ordinary share paid in September 2025, the total dividend for the year will be RMB 0.5695 per ordinary share [1] - The total dividend payout ratio for the year is set at 50% [1]

| 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 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 李寧有限公司 | | 股份代號 | 02331 | | 多櫃檯股份代號及貨幣 | 82331 RMB | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年12月31日止年度的末期股息 | | | 公告日期 | 2026年3月19日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.2336 RMB | | 股東批准日期 | 2026年6月11日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 有待公佈 | | 匯率 | 有待公佈 | | 除淨日 | 2026年 ...