Core Insights - Chinese sports goods are experiencing strong export momentum globally, driven by brand building, supply chain efficiency, and cost-performance advantages [1][6] - The international market demand for sports goods is gradually recovering post-2023 inventory destocking, particularly in the US and Europe, boosting categories like treadmills and fitness equipment [1][6] Industry Overview - The sports goods industry encompasses a wide range of products used in sports activities, including fitness equipment, competition gear, and outdoor sports items [4] - The industry has entered its fourth development stage, marked by a shift from traditional wholesale models to more refined strategies [5] Export Performance - In 2024, China's sports goods export value is projected to reach $28.396 billion, a year-on-year increase of 6.77%, with the first half of 2025 showing a continued upward trend at $14.901 billion, up 1.56% [1][6] - Major export destinations for 2025 include the US, Japan, and the UK, with the US being the largest market at $4.465 billion, despite a 3.7% decline from the previous year [7] Market Segmentation - While traditional exports like sports shoes and apparel are declining, fitness equipment such as treadmills is experiencing growth, with treadmill exports reaching $698 million in the first half of 2025, up 12.75% [9] - The shift towards smart fitness devices is gaining traction, driven by innovations in technology and changing consumer preferences [12] Competitive Landscape - International brands like Nike and Adidas dominate the high-end market, while Chinese brands such as Anta and Li Ning are increasingly competitive through innovation and quality improvements [12] - Anta and Li Ning are actively expanding their international presence, with Anta entering Southeast Asia and the US markets [10][11] Future Trends - The industry is witnessing a shift towards brand building and independent innovation as companies move from OEM to ODM and OBM models [12] - Emerging markets in Southeast Asia and Latin America present significant growth opportunities for Chinese sports goods companies [13] - The trend towards smart products is expected to continue, enhancing user experience and meeting consumer demands for health and fitness [13]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 李寧有限公司 | | | | | | 呈交日期: | 2025年10月2日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 02331 | 說明 | | | | | 多櫃檯證券代號 | 82331 | RMB 說明 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,0 ...

Core Insights - The recent financial policies introduced on September 24, 2024, present unprecedented development opportunities for brokerage and wealth management businesses [1] - The traditional wealth management model, which focuses on product configuration, faces challenges in the current market environment, necessitating a shift towards customer demand insight and long-term investment strategies [2][3] Investor Demand Evolution - There is a noticeable shift in investor demographics, with the proportion of investors under 30 years old increasing by 10 percentage points to nearly 40% [2] - New investors show a stronger preference for equity investments, with over 80% engaging in on-market equity transactions, surpassing older clients by five percentage points [2] - More than 25% of new investors have participated in ETF trading, indicating a significant structural difference in investment preferences compared to older investors [2] - New investors exhibit a clearer awareness of financial planning, with a higher proportion of their total assets allocated to financial products, particularly fixed-income products [2] Wealth Management Transformation - Brokerage firms face challenges from market competition and changing investor behaviors, leading to declining commission rates and reduced profit margins [3] - The rise of financial technology intensifies competition among institutional investors, increasing demand for specialized services [3] Strategic Adaptations by Brokerages - Brokerages, including Huafu Securities, are adapting by optimizing business models, shifting from transaction-based commission structures to asset-based and advisory service models [4] - There is a focus on expanding client bases to include institutional, high-net-worth, and corporate clients while enhancing digital capabilities [4] - The company is developing a client-centric investment advisory model, emphasizing independent advice and long-term wealth management [5] Revenue Growth through Client Engagement - As commission rates decline, brokerages must focus on developing client relationships and providing differentiated services to drive revenue growth [6] - Strategies include personalized services for high-net-worth clients and tailored investment solutions based on client needs [6] Future Wealth Management Focus - The future of wealth management should prioritize customer demand insight, scientific asset allocation, long-term investment support, and technological empowerment to achieve sustainable wealth growth [7]

Core Concept - Li Ning Outdoor launched new products and outdoor footwear under the theme "Explore the Earth and Mountains" in 2025, aiming to connect with diverse outdoor scenarios and inspire a collective exploration spirit among the public [1][22]. Product Launch and Themes - The theme "Explore the Earth and Mountains" is inspired by historical sites such as Shanhaiguan, Yanmen Pass, and Yumenguan, promoting a sense of cultural heritage and exploration [1][5]. - The product line includes outdoor footwear and apparel designed for urban leisure, suburban outings, and wilderness adventures, emphasizing both functionality and cultural significance [1][12]. Brand Engagement and Community Involvement - Li Ning invited various outdoor enthusiasts and influencers to participate in the "Explore the Earth and Mountains" initiative, fostering a deep emotional connection between the brand and the public [3][5]. - The initiative aims to make outdoor exploration accessible to a broader audience, transforming it from a niche activity into a lifestyle embraced by many [5][22]. Immersive Experience and Events - An immersive outdoor narrative space was created in Chongqing, featuring the theme "Explore the Earth and Mountains," which connects the brand's spirit with the daily lives of the public [8][12]. - The exhibition, part of the Chongqing Consumption Festival, showcased new outdoor products and was attended by government officials and public figures, highlighting the brand's community engagement [10][12]. Product Features and Innovations - Li Ning's outdoor products incorporate advanced technology and design, such as waterproof and breathable materials, ensuring comfort and performance in various environments [12][13]. - The product range includes versatile items like the three-in-one jacket and specialized footwear, catering to both urban and outdoor activities while maintaining a focus on Eastern aesthetics [12][20]. Future Outlook - Li Ning Outdoor aims to continue expanding its product offerings and experiential scenarios, reinforcing its identity as a partner for explorers and promoting a shared spirit of adventure among consumers [22].

Core Viewpoint - The report from Guosheng Securities indicates that the high-performance outdoor apparel market in mainland China is expected to grow at a compound annual growth rate (CAGR) of 16% from 2024 to 2029, signaling a shift towards a more specialized and diversified development phase in the domestic sportswear market [1][4]. Industry Analysis - The sports industry in the U.S. and Japan has seen significant growth due to a combination of historical factors, including economic recovery, increased consumer spending, and government policies that promote sports participation. This has led to a resilient demand for sports apparel, with U.S. gym memberships rising by 3.7% to 68.9 million in 2022 and outdoor activity participation increasing by 4.1% in 2023 [2]. - In China, the participation in running and outdoor activities has surged since 2022, driven by heightened health awareness. The high-performance outdoor apparel market is projected to grow at a CAGR of 16% from 2024 to 2029, indicating a trend towards more specialized and diverse consumer needs [4]. Competitive Factors - For international sports brands like Nike and Adidas, product strength and brand value are crucial for development. Nike is currently in a destocking phase, while Adidas is benefiting from a strong product strategy that includes the development of professional sports products and effective marketing campaigns [3]. - Domestic sports brands in China are increasingly focusing on product and brand-driven expansion. Companies like Anta, Li Ning, and Xtep are investing 2-3% of their revenue in R&D, leading to significant advancements in professional products. Brand image is further enhanced through sponsorship of professional events and athletes [4]. Recommended Companies - Anta Sports (02050) is highlighted for its strong performance and group operational capabilities, with a projected PE ratio of 18 times for 2025. - Li Ning (02331) is recommended for its long-term earnings potential, with a projected PE ratio of 17 times for 2025. - Xtep International (01368) is noted for its leading position in the running sector, with a stable performance from its main brand and growth potential from its new brand Saucony, projected at a PE ratio of 11 times for 2025. - Other companies to watch include 361 Degrees (01361) and Tabo (06110) [5].

（原标题：李宁户外发布「行天地 探河山」主题系列） 李宁户外近日正式发布以「行天地 探河山」为主题的2025年度系列产品，通过融合东方美学与现代户 外功能设计，持续深化品牌在户外运动领域的战略布局。 在品牌传播层面，李宁集结中国乒乓球运动员、品牌代言人孙颖莎，纪录片导演周轶君，青年演员胡先 煦共同担任「李宁河山行者」，通过他们的个人影响力传递「追本溯源，逆流而上」的东方探索精神。 为进一步强化品牌叙事，李宁户外于9月20日至29日在重庆解放碑打造沉浸式户外主题展览。这一线下 体验空间延续「行天地 探河山」的核心概念，为消费者构建起连接产品功能与文化内涵的实体场域。 业内观察指出，李宁户外此次通过产品研发、文化叙事与体验空间的三维联动，不仅丰富了品牌在户外 领域的产品矩阵，更展现出其以东方视角重塑户外生活美学的战略意图。这一系列举措将有助于品牌在 快速增长的中国户外运动市场中建立差异化竞争优势。 该系列产品涵盖城市休闲、近郊出行与山野纵行等多重场景，展现出李宁户外对中国人户外生活方式的 全新解读。作为系列的重要组成部分，李宁户外联合中国地图出版社集团共同推出「李宁户外河山路 书」，将产品体验与文化探索有机结合。 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the sportswear sector, including Anta Sports, Li Ning, and Xtep International, indicating a positive outlook for their long-term growth potential [4][8]. Core Insights - The sportswear industry is experiencing resilience in demand despite economic fluctuations, driven by increased health awareness and government policies promoting sports participation [1][13]. - In the U.S. and Japan, the growth of the sports industry is attributed to historical factors, including economic recovery, government support, and major sporting events like the Olympics [1][20]. - In China, the running and outdoor segments are key growth drivers, with a projected compound annual growth rate (CAGR) of 16% for high-performance outdoor apparel from 2024 to 2029 [3][30]. Summary by Sections Industry Analysis - The U.S. fitness club membership increased by 3.7% to 68.9 million in 2022, and outdoor activity participation among Americans aged 6 and above grew by 4.1% in 2023 [1][19]. - Japan's sports consumption has been steadily increasing, supported by economic recovery and the Tokyo Olympics, with a focus on low-barrier sports like running and fitness [20][25]. Competitive Factors - Product strength and brand value are critical for leading international sports brands like Nike and Adidas, which focus on product development and brand building [2][32]. - Domestic brands in China, such as Anta and Li Ning, are enhancing their product innovation and brand image through sponsorships and professional athlete endorsements [3][37]. Investment Recommendations - The report highlights Anta Sports as a key player with strong operational capabilities and a projected price-to-earnings (PE) ratio of 18 times for 2025 [4][8]. - Li Ning is recommended for its long-term earnings potential, with a PE ratio of 17 times for 2025, while Xtep International is noted for its stable performance and growth prospects in the running segment, with a PE ratio of 11 times for 2025 [4][8].

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel sector, including Anta Sports, Li Ning, and others, while recommending "Add" for Chow Tai Fook and Chao Hong Ji [5][11]. Core Insights - Inditex, the parent company of Zara, reported a stable performance for FY2025H1, with revenue growth of 1.6% year-on-year to €18.4 billion, and a net profit increase of 0.8% to €2.8 billion [1][16]. - The report highlights the resilience of the sportswear segment, which is expected to outperform the overall apparel market, with a healthy inventory turnover ratio of 4-5 [3][22]. - Long-term growth strategies for Inditex include enhancing brand positioning, customer service, and sustainable practices, with a projected 5% increase in total sales area from 2025 to 2026 [2][21]. Summary by Sections Textile and Apparel - Inditex's FY2025H1 revenue reached €18.4 billion, with a 5.1% increase on a currency-neutral basis, and a gross margin of 58.3% [1][16]. - The company reported a healthy inventory level of €3.466 billion, up 3.1% year-on-year, indicating strong inventory management [1][18]. Sportswear Segment - The sportswear sector is expected to show robust growth, with key companies like Anta Sports and Li Ning recommended for their strong performance and growth potential [25][38]. - The report notes that the sportswear segment's revenue for H1 2025 increased by 9.1% to ¥65.9 billion, with a net profit growth of 8.2% to ¥10.54 billion [34]. Jewelry Sector - The jewelry market is facing challenges, with gold jewelry consumption down 27% and 24% in Q1 and Q2 2025, respectively [37]. - Companies with strong product differentiation and brand power, such as Chow Tai Fook and Chao Hong Ji, are expected to outperform the industry [23][38]. Manufacturing Sector - The textile manufacturing sector is experiencing a shift due to new tariff policies, with companies like Shenzhou International recommended for their stable performance and valuation [24][38]. - The report indicates that the manufacturing segment's revenue grew by 2.7% in H1 2025, while net profit declined by 9.8% [10][36].

Company Overview - Li Ning, founded in 1990 by the "Prince of Gymnastics" Li Ning, is a professional sports brand focusing on athletic and leisure footwear, apparel, accessories, and equipment, successfully listed in Hong Kong in 2004 [2] - The company emphasizes enhancing product experience, sports experience, and purchasing experience, creating the "Li Ning Experience Value" [2] - Li Ning has a history of sponsoring major sports events, including the Asian Games and the Olympic Games, and will partner with the Chinese Olympic Committee for sports apparel from 2025 to 2028 [2] - The company has been recognized for its ESG practices, achieving a MSCI ESG rating of BBB and ranking 15th in the "Kantar BrandZ Top 50 Sustainable Brands" list in 2024 [2] Quality Control Practices - Li Ning views product quality as essential, implementing strict quality supervision throughout the production process [3] - The company has established a joint inspection team that conducts quarterly quality audits of warehouses and requires suppliers to sign compliance declarations [3] - Products undergo testing based on national standards before market release, with immediate corrective actions for any non-compliant products [3] After-Sales and Material Quality Monitoring - Li Ning has a robust customer complaint management system, continuously updating processes based on legal changes to ensure effective resolution of quality issues [4] - The company operates a central laboratory equipped with 292 advanced instruments for comprehensive material testing across various dimensions [4] - In 2024, Li Ning participated in 11 national and industry standard consultations and is committed to reducing product carbon footprints through the application of eco-friendly technologies [4]

Company Overview - Li Ning, founded in 1990 by the "Prince of Gymnastics" Li Ning, is a professional sports brand focusing on athletic and leisure footwear, apparel, accessories, and equipment, successfully listed in Hong Kong in 2004 [2] - The company emphasizes enhancing product experience, sports experience, and purchasing experience, creating the "Li Ning Experience Value" [2] - Li Ning has a history of sponsoring major sports events, including the Asian Games and the Olympic Games, and will partner with the Chinese Olympic Committee for sports apparel from 2025 to 2028 [2] - The company has been recognized for its ESG practices, achieving a MSCI ESG rating of BBB and ranking 15th in the "Kantar BrandZ Sustainable Brands Top 50" list in 2024 [2] Quality Control Practices - Li Ning views product quality as essential, implementing strict quality supervision throughout the production process [3] - A joint inspection team conducts quarterly quality audits of warehouses, and suppliers must sign compliance declarations and undergo random testing to ensure safety and environmental standards [3] - During the product launch phase, Li Ning adheres to national standards for product testing, including appearance checks and anti-counterfeiting measures, with immediate actions taken for non-compliant products [3] After-Sales and Material Quality Monitoring - The company has established a customer complaint management system with clear procedures and continuously updates its policies based on legal changes [4] - An online quality identification system and a professional after-sales team provide technical support to consumers, ensuring timely resolution of quality issues [4] - Li Ning's central laboratory is equipped with 292 advanced instruments for comprehensive testing of raw materials, with quarterly inspections to isolate and dispose of non-compliant materials [4] Industry Standards and Environmental Commitment - In 2024, Li Ning participated in 11 national and industry standard consultations and 4 group standard consultations [4] - The company is committed to reducing product carbon footprints and developing green low-carbon products through the application of eco-friendly technologies like 䨻 Technology and GCR [4] - Expert commentary highlights Li Ning's dedication to quality, emphasizing rigorous quality supervision from product development to after-sales support, establishing a solid foundation for consumer trust [4]