Group 1 - The People's Bank of China indicates there is still room for interest rate cuts this year, with the current average reserve requirement ratio at 6.3% [6] - Xiaomi launches a 7-year low-interest car purchase policy for its new electric SUV, with monthly payments starting at 2,593 yuan [10] - The Philippines announces visa-free entry for Chinese citizens starting January 16, 2026, allowing a stay of up to 14 days [10] Group 2 - Xunlei restarts litigation against former CEO Chen Lei, claiming he secretly siphoned off company assets, seeking 200 million yuan in damages [10] - Golden Dragon Fish plans to transfer 50% stakes in its Shanghai and Kunshan subsidiaries to Mars China for a total consideration of 60 million USD [11] - SF Express and Jitu Express announce a strategic mutual shareholding agreement, with a total investment amounting to 8.3 billion HKD [8] Group 3 - Wang's Restaurant announces the closure of 102 stores, representing 30% of its total outlets, while ensuring all employees will receive their wages and customers can refund their prepaid cards [1] - The luxury brand Hermès responds to the controversy over an 18,000 yuan yo-yo, stating it is a new product with thoughtful design [4] - The Louvre Museum increases ticket prices for non-European Economic Area visitors by approximately 45% to fund infrastructure upgrades [13] Group 4 - KKR completes fundraising of 2.5 billion USD for a private credit fund focused on high-quality credit assets in the Asia-Pacific region [21] - TSMC forecasts Q1 2026 revenue between 34.6 billion to 35.8 billion USD, indicating a 4.4% quarter-over-quarter increase [17] - Li Ning reports a low single-digit decline in retail sales for the fourth quarter, with a total of 6,091 sales points in China [18]

研究报告 Research Report 15 Jan 2026 李宁 LI NING (2331 HK) 4Q25 营运表现点评：4Q25 流水符合预期，上调 25 年净利率指引 4Q25 Operating Review: GMV in Line with Expectations; 25E Net Profit Margin Guidance Raised [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$19.55 目标价 HK$22.30 HTI ESG 0.8-2.2-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$50.53bn / US$6.48bn 日交易额 (3 个月均值) US$42.39mn 发行股票数目 2,585mn 自由流通股 (%) 86% 1 年股价最高最低值 HK$20.28-HK$13.96 注：现价 HK$19.55 为 20 ...

证券研究报告|港股公司点评报告 [Table_Date] 2026 年 01 月 15 日 [Table_Title] Q4 流水承压，关注新店型和新产品发展 [Table_Title2] 李宁(2331.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 2331 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 20.28/14.52 | | 目标价格(港元)： | | 总市值(亿港元) | 505.33 | | 最新收盘价(港元)： | 19.55 | 自由流通市值(亿港元) | 505.33 | | | | 自由流通股数(百万) | 2,584.81 | [Table_Summary] 事件概述 李宁发布最新运营状况，25Q4 李宁（不包括李宁 YOUNG）流水同比实现低单位数下降，其中线下/电商分 别为中单位数下降/持平，零售/批发分别为低单位数下降/中单位数下降。 大股东持续增持，李宁/李麒麟先生持股比例由年初的 10.7%/10.6%提升至 14.8%/14.4%，回购价格在 14.96-1 ...

Core Viewpoint - The article discusses the strategic significance of the Swedish outdoor brand Haglöfs, referred to as "火柴棍" (matchstick), for Li Ning's multi-brand operation capabilities in the high-end outdoor market [3][5]. Group 1: Company Overview - Haglöfs has opened its first VASA concept store in Shanghai, marking its 21st store in mainland China, and is a flagship project under a joint venture between Li Ning's family-controlled company and Ryan Capital [4][5]. - Li Ning Group reported a revenue of 14.817 billion yuan for the first half of 2025, a year-on-year increase of 3.3%, with a market capitalization of approximately 44.2 billion yuan and a price-to-sales ratio of about 1.5 times [5]. - In comparison, Anta Group achieved a revenue of 38.544 billion yuan, a 14.3% year-on-year increase, with a market capitalization of around 200.6 billion yuan and a price-to-sales ratio of 2.6 times [5]. Group 2: Market Positioning - The outdoor market is characterized by clear segmentation, with high-end brands like Arc'teryx and Patagonia dominating consumer perception, while domestic brands like KAILAS are also making strides [9][10]. - Haglöfs needs to establish its positioning in a crowded market, where it faces challenges in brand recognition and competition from both international and domestic brands [10][23]. Group 3: Market Trends - The outdoor sports participation in China has surpassed 400 million, indicating a shift from niche to mass consumption, with significant growth in the ice and snow industry and climbing market [24][25][26]. - The online sales growth of sports and outdoor apparel has consistently outpaced the overall apparel market, highlighting a favorable trend for these segments [27]. Group 4: Strategic Challenges - Haglöfs faces challenges in brand recognition, as it is perceived as a second-tier brand internationally, which may hinder its market penetration in China [23]. - Li Ning's multi-brand strategy has shown mixed results, with the performance of acquired brands like Clarks and Bossini under scrutiny, raising questions about the operational capabilities of Li Ning in managing diverse brands [35][39]. Group 5: Future Outlook - The success of Haglöfs is crucial for Li Ning's high-end strategy, as it could enhance Li Ning's competitive position against Anta in the multi-brand landscape [45]. - However, the future of Haglöfs in the Chinese market remains uncertain due to challenges in brand recognition, intense competition, and the operational effectiveness of its parent company [45].

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。 LI NING COMPANY LIMITED 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） 二零二五年第四季度最新運營狀況 二零二五年第四季度最新運營狀況 本公告乃李寧有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會（「董 事會」）自願發出，以提供以下之集團業務運營情況。 截至2025年12月31日，於中國，李寧銷售點數量（不包括李寧YOUNG）共計6,091個，較 上一季末淨減少41個，本年迄今淨減少26個。在淨減少的26個銷點售中，零售業務淨減 少59個，批發業務淨增加33個。 截至2025年12月31日，於中國，李寧YOUNG銷售點數量共計1,518個，較上一季末淨增加 38個，本年迄今淨增加50個。 本公司股東及潛在投資者須注意， 本公司股東及潛在投資者須注意，此公告是根據本集團未經審計的運營資料編制 此公告是 ...

Market Review - In December, the A-share textile and apparel sector underperformed the broader market, with textile manufacturing outperforming branded apparel. Since January, the sector has shown stronger performance, with textile manufacturing up by 5.1% and branded apparel up by 4.5% [1][15] - Key companies that have led in stock price increases since January include Under Armour (12.5%), New Australia (11.9%), and Geely (11.0%) [1] Brand Apparel Insights - Retail sales of clothing in November grew by 3.5% year-on-year, but the growth rate slowed down, decreasing by 2.8 percentage points compared to the previous month [2] - E-commerce growth in December declined, indicating weak overall apparel consumption demand, primarily due to early release of consumer demand during the "Double 11" shopping festival, rising temperatures, and the delayed Spring Festival peak season [2] - Outdoor apparel categories showed strong growth, with sportswear and outdoor apparel growing by 6% and 10% respectively, while home textiles and personal care categories saw declines [2] - Notable brands with strong growth in the sportswear category include Lululemon (10%) and Descente (6%) [2] Textile Manufacturing Insights - In December, Vietnam's textile exports increased by 8.4% year-on-year, while footwear exports rose by 4.3%, marking a positive turnaround in growth rates [3] - The prices of cotton showed slight increases and decreases, with domestic cotton prices rising by 4.2% and international prices falling by 1.0% in December [3] - Wool prices continued to rise, with a month-on-month increase of 4.4% and a year-on-year increase of 39.9% [3] - Companies in Taiwan showed significant revenue differentiation in December, with overall strong performance driven by World Cup demand, leading to increased order visibility and production capacity expansion [3] Investment Recommendations - Focus on brands with favorable market conditions and recovering upstream orders. The report is optimistic about the recovery of high-end consumption and the growth of the light luxury sports and outdoor segments [5][8] - Recommended brands include Anta Sports, Li Ning, and Xtep International, which are expected to benefit from the ongoing trends in high-end and outdoor apparel [5][8] - In textile manufacturing, companies like Shenzhou International and Weixing Co. are highlighted for their potential benefits from tariff reductions and Nike's recovery [9]

Core Viewpoint - The article discusses the evolving consumer behavior in China, contrasting it with Japan's "lost three decades," emphasizing a trend towards selective consumption upgrades rather than a decline in consumption quality [1][2]. Group 1: Consumer Behavior Trends - The Chinese online consumption brand index (CBI) reached 62.65 in Q3 2025, showing a 4.4% increase year-on-year and a 0.92% increase compared to the same quarter in 2024, indicating a stable growth in consumer preference for high-quality brands [2][4]. - The CBI reflects the proportion of consumers purchasing high-quality branded goods, suggesting that consumers are not entering a "consumption menopause" but are instead actively seeking quality [3][4]. - The trend of "selective consumption upgrade" is evident, where consumers pursue cost-effectiveness for necessities while being willing to pay a premium for emotional and experiential products [5][6]. Group 2: Brand Performance and Market Dynamics - Brands like DJI and Pop Mart have shown significant growth, with DJI entering the top ten for the first time, indicating a shift towards innovative products that create new demand rather than relying on price competition [7][16]. - The CBI report highlights that brands achieving high scores are not necessarily those known for low prices but those that create unique experiences and emotional value for consumers [7][18]. - The report indicates a seasonal pattern in consumer behavior, with higher CBI scores during promotional periods, but the third quarter's performance reflects a solid foundation for brands in non-promotional times [12][14]. Group 3: Platform Strategies and Market Evolution - E-commerce platforms like Taobao are shifting their focus towards supporting quality brands and original merchants, moving away from price wars to fostering product quality and service [24][25]. - The growth in the CBI index is attributed to a strategic shift in platform policies that encourage brands to enhance their value proposition rather than compete solely on price [25][26]. - The article emphasizes that a market balanced between daily sales and promotional periods is more resilient, indicating that brands are building long-term value rather than relying on short-term sales spikes [26][28].

Core Insights - The emergence of Ning Coffee, an independent coffee brand incubated by Li Ning, marks a strategic shift from being a supplementary service to an independent brand, creating a composite space that integrates coffee, sports, and social interaction [2] - The rapid growth of the coffee market in China reflects a structural change in consumer behavior, particularly among younger demographics, with coffee becoming a social currency and lifestyle symbol [3][11] Group 1: Market Trends - The Chinese coffee consumer base is projected to exceed 500 million by 2024, with individuals aged 18-35 making up over 68% of this demographic [3] - Coffee consumption is increasingly viewed as a lifestyle choice, with factors such as aesthetic spaces and social sharing driving demand among younger consumers [3][11] Group 2: Strategic Moves by Traditional Brands - Various traditional companies, including China Post and Tongrentang, are entering the coffee market to connect with younger consumers and reshape their brand identities [2][5] - The strategy of integrating coffee into their offerings allows these companies to extend their brand influence beyond their core products, creating a lifestyle brand image [7][9] Group 3: Business Model and Profitability - Coffee serves as a low-cost entry point for traditional businesses to enhance user engagement and increase customer lifetime value (LTV) [6][7] - The cost of producing a cup of coffee is typically under 10 yuan, while selling prices range from 25 to 40 yuan, resulting in high profit margins of 60%-70% [6] Group 4: Consumer Engagement and Brand Experience - The introduction of coffee in retail spaces aims to extend customer dwell time and create opportunities for secondary purchases, enhancing overall customer experience [6][9] - Companies like Li Ning and Huawei are leveraging coffee to foster community engagement and enhance brand loyalty, transforming their retail environments into immersive lifestyle spaces [7][9] Group 5: Challenges and Considerations - Despite the apparent opportunities, not all companies possess the operational capabilities required for the food and beverage sector, leading to potential pitfalls in execution [10] - The coffee market is becoming increasingly competitive, with over 250,000 coffee shops projected in China by the end of 2024, necessitating a unique value proposition for traditional brands to avoid becoming mere background players [10]

Investment Rating - The report maintains a "Buy" rating for several companies in the textile and apparel sector, including Anta Sports, Li Ning, and Shenzhou International, with specific price-to-earnings (PE) ratios for FY2026 [9][30]. Core Insights - Fast Retailing's FY2026 Q1 results exceeded expectations, with revenue increasing by 14.8% to 1,027.7 billion JPY, operating profit up 31% to 205.6 billion JPY, and net profit rising 11.7% to 147.4 billion JPY. The company has revised its FY2026 earnings forecast, expecting revenue growth of 11.7% to 3,800 billion JPY and operating profit growth of 17.9% to 650 billion JPY [1][12]. - The sports footwear and apparel sector shows strong resilience amid a volatile environment, with long-term growth potential. Recommended stocks include Anta Sports and Li Ning, with current PE ratios of 14 and 18, respectively [3][18]. - The apparel manufacturing sector is expected to see improved orders in 2026, with recommendations for Shenzhou International and Huayi Group, which are entering a capacity release cycle [3][30]. Summary by Sections Weekly Topic - Fast Retailing's FY2026 Q1 report shows significant growth across all regions, particularly in the Uniqlo division, which has seen revenue and operating profit increases [1][12]. Weekly Viewpoint - The report emphasizes the resilience of the sports footwear and apparel sector, recommending high-quality stocks such as Anta Sports and Li Ning, while also highlighting the potential for recovery in manufacturing stocks like Shenzhou International and Huayi Group [3][18]. Weekly Market Performance - The textile and apparel sector outperformed the market, with the textile manufacturing sector up 2.9% and brand apparel up 2.88% [22]. Recent Reports - The report anticipates stable retail demand in 2025, with a focus on the performance of key companies in the textile and apparel sector [27][28]. Key Company Announcements - The report includes updates on share buybacks and other corporate actions from companies like Jian Sheng Group, indicating ongoing strategic financial management [31]. Industry News - ASICS and FILA have launched new marketing campaigns, reflecting the industry's focus on brand engagement and consumer connection [32]. Raw Material Trends - Cotton prices have shown a year-on-year increase, with domestic cotton prices higher than international prices, indicating potential cost pressures for manufacturers [33][34].

Core Viewpoint - The company has launched a new store format and product line, marking a significant event in its partnership with the Chinese Olympic Committee, with the opening of the first "Dragon Store" and the release of the new Honor Gold product series [1] Group 1: New Store and Product Launch - The "Dragon Store" is themed around "Award Moments," "Competition Moments," and "Life Moments," aimed at creating exclusive products and experiences for consumers [1] - The Honor Gold series significantly differs from the brand's previous product styles, integrating professional sports technology with minimalist design to cater to urban middle-class needs [1] Group 2: Financial Performance and Market Outlook - Despite overall pressure on discretionary consumption in 2025, the company is expected to achieve slightly better-than-expected performance, driven by categories like badminton [2] - The company maintains a strong inventory structure, with 82% of mid-2025 inventory being new products with a sales ratio of only four months [2] - Continuous share buybacks by the major shareholder reflect confidence in the company's long-term development, increasing their stake from 10.53% to 14.27% by the end of 2025 [2] Group 3: Earnings Forecast and Investment Recommendation - The earnings per share (EPS) forecasts for 2025-2027 have been slightly adjusted to 0.95, 1.07, and 1.22 yuan respectively, with a target price of 25.41 HKD based on a 24x valuation for 2025 [2]