Core Viewpoint - Li Ning Company Limited (02331.HK) is scheduled to hold a board meeting on March 19, 2026, to approve the annual performance announcement for the year ending December 31, 2025, and to consider the proposal for the final dividend distribution if applicable [1] Group 1 - The board meeting will take place on a Thursday [1] - The meeting will focus on the approval of the company's annual performance announcement [1] - The meeting will also consider the proposal for the distribution of the final dividend [1]

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） 董事會會議日期 李寧有限公司（「本公司」）董事會（「董事會」）謹此公佈，本公司將於2026年3月 19日（星期四）舉行董事會會議，藉以（其中包括）批准發佈本公司及其附屬公司截至 2025年12月31日止年度的全年業績公告，以及考慮派發末期股息之建議（如適用）。 承董事會命 李寧有限公司 公司秘書 戴嘉莉 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。 香港，2026 年 3 月 9 日 於本公告日期，本公司的執行董事為李寧先生、高坂武史先生和李麒麟先生；本公司的 獨立非執行董事為顧福身先生、王亞非女士、陳振彬博士和王雅娟女士。 LI NING COMPANY LIMITED ...

Investment Rating - The investment rating for the company is "Buy" with a current price of HKD 20.46 and a fair value of HKD 24.99 [6]. Core Views - The company has announced a new brand ambassador, Bai Lu, to promote women's sports, enhancing its marketing strategy and targeting a broader consumer base [4][9]. - The company is expected to leverage the upcoming Los Angeles Olympic cycle to boost brand and performance momentum [9]. - Continuous improvement in quality and efficiency is anticipated, with increased investment in R&D and marketing while controlling other expenses to enhance profitability [4]. Financial Forecast - The company's projected revenue for 2023 is CNY 27.598 billion, with a growth rate of 7.0%. By 2027, revenue is expected to reach CNY 33.331 billion, reflecting a growth rate of 7.7% [5]. - The forecasted net profit attributable to shareholders for 2025 is CNY 2.593 billion, with a decline of 13.9%, followed by a recovery to CNY 3.100 billion by 2027 [5]. - The earnings per share (EPS) is projected to be CNY 1.00 in 2025, increasing to CNY 1.20 by 2027 [5]. Profitability Metrics - The EBITDA for 2023 is estimated at CNY 5.814 billion, with a slight decline expected in the following years, reaching CNY 7.262 billion by 2027 [5]. - The return on equity (ROE) is projected to decrease from 13.1% in 2023 to 9.5% in 2025, before recovering to 10.2% by 2027 [5]. - The company maintains a healthy gross margin, expected to be around 49.4% by 2027 [14].

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The overall demand for sports footwear and apparel remains weak, with no clear turning point observed in January orders. Retail performance in the US and UK shows some resilience, while demand in continental Europe and Japan remains weak. Growth is primarily driven by high-end consumption, with mass apparel recovery expected to take more time. Export performance is improving in Vietnam, while China's export remains under pressure [2][6][24] - The upstream manufacturing sector shows strong performance certainty, with retail sales of apparel brands improving. The US Supreme Court's rejection of Trump's tariff policy is favorable for the manufacturing sector. The performance of upstream manufacturing is expected to be more certain in the first half of 2026, while the downstream sports supply chain is on a recovery path. Retail sales growth for apparel brands in January and February is promising, and sentiment in the sector is likely to improve [7][32] Summary by Sections Manufacturing Performance - In January, the revenue growth for major footwear manufacturers varied: Yuanyuan Group's revenue increased by 0.6% year-on-year, while Fengtai's revenue decreased by 1.8%, Zhijiang International's by 3.3%, and Yuchi-KY's by 5.1%. For apparel manufacturers, Ruhong's revenue grew by 7.6%, while Juyang's revenue fell by 19.2% [5][17] Demand Analysis - Retail demand in January showed resilience in the US and UK, with the US maintaining low positive growth and the UK showing relative stability. France's retail remains near zero growth, Germany shows some recovery, while Japan's growth is significantly weakening. The US consumer confidence index continues to decline, indicating that growth is mainly supported by high-end consumption, with mass apparel consumption recovery lagging [6][24][27] Upstream and Downstream Insights - The manufacturing sector is expected to recover in 2026, with strong performance certainty driven by rising material prices. Recommended stocks include Xin'ao Co. and others with strong earnings potential. The A-share market is expected to see continued destocking in 2025, with a potential for profit optimization in 2026. Recommended stocks include Mercury Home Textiles and others focusing on high-end apparel [32][33]

Core Viewpoint - Li Ning has signed a partnership with rising actress Bai Lu to promote women's participation in sports, aligning with the brand's philosophy of breaking boundaries and exploring diverse possibilities in contemporary women's sports [1][3][11] Group 1: Brand and Partnership - Bai Lu, a non-traditional achiever with high national recognition and industry acclaim, embodies the spirit of perseverance and continuous breakthrough, resonating with Li Ning's brand message of "everything is possible" [3][11] - The collaboration aims to strengthen emotional connections with a new generation of female consumers, promoting confidence and empowerment through sports [5][11] Group 2: Campaign and Activities - The annual theme for Li Ning in 2026 is "Let’s See What I Can Do," encouraging individuals to express themselves and break through challenges in both life and sports [7] - The first major initiative following the partnership is a women's sports lifestyle campaign, focusing on female sports experiences and encouraging women to explore diverse possibilities in sports [7][9] Group 3: Product Development - To support women's sports needs, Li Ning is launching a professional product matrix covering running, cross-training, and sports lifestyle, tailored to meet the diverse demands of contemporary women [9][11]

Core Viewpoint - The company is strategically positioned for growth with the recent acquisition of COC rights, entering a new phase of professional sports competition, and is expected to benefit from the upcoming Olympic cycle [1] Group 1: Product Cycle and Market Position - The company has shifted its product focus from the "Guochao" trend to professional categories like running and fitness, with running category revenue growth expected to approach 20% by H1 2025, making it the largest category at 34% [1] - Historical data shows that the company achieved a 36.7% CAGR during the last Olympic cycle, indicating strong potential for brand value and channel efficiency through Olympic marketing [1] Group 2: Channel Structure and Sales Performance - The company is transitioning from scale expansion to structural optimization, with a net reduction of 26 stores expected by the end of 2025, while e-commerce revenue is projected to grow by 10.3% in 2024, reaching 8.31 billion yuan [1] - Despite short-term sales pressure, the company is enhancing store efficiency and balancing risks through a mix of direct sales and e-commerce [1] Group 3: Financial Performance and Profitability Outlook - The company anticipates an 8.3% CAGR in revenue from 2021 to 2024, although net profit is under pressure, with a projected decline of 11% in H1 2025 [2] - The company is adjusting its profit forecasts, expecting revenues of 29.1 billion, 30 billion, and 31.1 billion yuan for 2025-2027, with corresponding net profits of 2.66 billion, 2.95 billion, and 3.28 billion yuan [2]

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: | 2026年2月28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: | 2026年3月4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 | | | | | | | FF301 第 1 頁 共 10 頁 v 1.2.0 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 1,000,000,000 增加 / 減少 (-) 0 HKD 0 本月底結存 10,000,000,000 HKD 0.1 HKD 1,000,000,000 II. 已發行股 ...

Summary of Key Points from Conference Call Records Industry Overview - The data pertains to the footwear and apparel industry, specifically focusing on sales performance on the Douyin platform for January and February. Key Insights and Arguments - **Overall Sales Growth**: Most footwear and apparel brands reported positive sales growth for January and February, as indicated by the sales index from the Douyin platform [1][1]. - **Outdoor Brands Performance**: - Strong growth observed in outdoor brands, with notable performances: - Decathlon: +75% - Camel: +44% - Mobi Garden: +350% - Salomon: +117% - Wilson: +318% - Descente: +10% - KAILAS: +71% - LeFay: +96% - BERSHKA: +109% - KOLON: +79% - Arc'teryx: -13% - Pathfinder: +36% [1][1]. - **Sports Brands Performance**: - Overall positive performance in the sports brand sector: - Anta: +26% - Fila: +34% - Li Ning: +42.2% - Xtep: +39% - Adidas: +48% - Nike: +3% - Lululemon: +90% - Saucony: -17% - 361 Degrees: +16% [2][2]. - **Home Textile Sector**: - Mixed results in the home textile industry: - Luolai: +51% - Mercury Home Textile: +6% - Fuanna: +224% - Atour Planet: +31% [2][2]. - **Men's Apparel Sector**: - Strong performance noted in the men's clothing sector: - Hazzys: +55% - Baoxini: +104% - Biyinlefen: +279% - Hailan Home: +54% - Jiumuwang: +49% - Lilang: +73% [3][3]. - **Casual Wear and Children's Apparel**: - Casual wear showed weaker performance: - Uniqlo: +0.4% - Semir: +1.8% - Taiping Bird: +10.5% - Le Temps: -42% - Balabala: +30% [4][4]. Additional Important Information - The sales data is derived from the sales index, which is based on transaction-related data from the Douyin platform, and may not accurately reflect actual sales figures, indicating potential discrepancies [1][1].

Group 1 - The core point of the article is that American Capital Group has increased its stake in Li Ning Company Limited by acquiring 922,000 shares at an average price of HKD 22.4111 per share, totaling approximately HKD 20.663 million [1] - After the acquisition, American Capital Group's total shareholding in Li Ning is approximately 129 million shares, representing a 5.01% ownership stake [1]

Group 1 - The Capital Group Companies, Inc. increased its stake in Li Ning Company Limited by purchasing 922,000 shares at an average price of HKD 22.4111 per share, totaling approximately HKD 20.663 million [1] - Following this transaction, The Capital Group's total shareholding in Li Ning rose to 129,430,893 shares, which represents an increase in ownership from 4.97% to 5.01% [1]