Core Viewpoint - The "Li Ning Cup" China-ASEAN Pickleball Open Tournament commenced in Nanning, Guangxi, featuring teams from China and ASEAN countries such as Vietnam, Thailand, the Philippines, and Brunei, promoting friendship through sports [2]. Group 1 - The tournament aims to strengthen ties between China and ASEAN nations through sportsmanship and friendly competition [2]. - Li Ning, the chairman of Li Ning Group, participated in the opening ceremony by serving the first ball [2]. - The event showcases various teams, highlighting the participation of athletes from different countries, including the Philippines and Thailand [4][9].

Group 1 - The core viewpoint of the report indicates that despite overall pressure on discretionary consumption in 2025, Li Ning (02331) is expected to achieve slightly better-than-previous market expectations in its operations, with significant elasticity if consumer demand recovers [1][2] - The company launched a new store format and product line, with the opening of its first "Dragon Store" in Beijing's Sanlitun Taikoo Li and the introduction of the new Honor Gold Standard product series, which aims to enhance brand identity and cater to urban middle-class needs [1] - The new store and product offerings are expected to attract new consumer demographics and meet emerging demands, aligning with the upcoming Olympic partnership [1] Group 2 - The company is projected to see slight revenue growth in 2025, driven by categories like badminton, with improved expense ratios anticipated in the second half of 2025 due to ongoing channel optimization [2] - The major shareholder has increased their stake from 10.53% at the end of 2024 to 14.27% by the end of 2025, reflecting confidence in the company's long-term development [3] - 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 set at 25.41 HKD, maintaining a "buy" rating [4]

Core Viewpoint - Despite the overall pressure on discretionary consumption in 2025, the company is expected to achieve slightly better-than-expected operational results, with significant potential for recovery in consumer demand [1]. Group 1: New Store and Product Launch - The company launched a new store format and product line, marking the beginning of a new Olympic cycle with the opening of the first "Dragon Store" in Beijing's Sanlitun Taikoo Li and the release of the new Honor Gold Label product series [2]. - The "Dragon Store" is designed around three themes: "Award Moments," "Competition Moments," and "Life Moments," aiming to enhance consumer experience and brand identity [2]. - The new Honor Gold Label series differentiates itself from existing products by integrating professional sports technology with minimalist design, catering to urban middle-class needs across various scenarios [2]. Group 2: Financial Performance and Forecast - In a challenging environment for discretionary consumption, the company is projected to see slight revenue growth driven by categories like badminton, with improved expense ratios expected in the second half of 2025 [3]. - The company maintains a strong inventory structure, with 82% of mid-year inventory being new products within six months, and a channel sell-through ratio of only four months [3]. - The major shareholder has increased their stake from 10.53% at the end of 2024 to 14.27% by the end of 2025, reflecting confidence in the company's long-term development [4]. Group 3: Earnings Predictions and Investment Recommendations - 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 set at 25.41 HKD based on a 24x valuation for 2025 [5]. - The company maintains a "Buy" rating, indicating a positive outlook based on competitive dynamics and business tracking [5].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company is expected to see new developments in the upcoming Olympic cycle, with the launch of new store formats and product lines aimed at enhancing brand engagement and meeting diverse consumer needs [2][9]. - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 have been slightly adjusted to 0.95, 1.07, and 1.22 RMB respectively, with a target price set at 25.41 HKD based on a 24x valuation for 2025 [3][10]. - The company has shown resilience in a challenging consumer environment, with expectations for slight revenue growth driven by specific product categories and improved operational efficiency [9]. Financial Summary - Revenue projections for the company are as follows: - 2023: 27,598 million RMB - 2024: 28,676 million RMB (growth of 3.9%) - 2025: 29,101 million RMB (growth of 1.5%) - 2026: 30,640 million RMB (growth of 5.3%) - 2027: 32,747 million RMB (growth of 6.9%) [4]. - Operating profit and net profit forecasts indicate a decline in 2025, with operating profit expected to be 3,331 million RMB and net profit at 2,465 million RMB, before recovering in subsequent years [4]. - The company’s gross margin is projected to remain stable, with estimates of 48.8% in 2025 and gradually increasing to 49.2% by 2027 [4]. - The price-to-earnings (P/E) ratio is forecasted to be 18.6 in 2025, decreasing to 14.6 by 2027, indicating a potential improvement in valuation over time [4].

Core Viewpoint - Longxing Tianxia, a professional sports footwear manufacturer backed by major brands like Li Ning and Anta, has officially initiated its A-share listing process, aiming to list on the Shanghai Stock Exchange despite facing challenges such as high customer concentration and competitive pressures in the industry [1]. Group 1: Company Performance - Longxing Tianxia has shown steady growth in its financial performance, achieving a revenue of 4.211 billion yuan in 2023, with a net profit of 207 million yuan. The company expects a revenue increase of 32.71% to 5.588 billion yuan in 2024, with net profit rising to 278 million yuan [2][3]. - The company’s revenue structure indicates that running shoes are the primary source of income, contributing 2.068 billion yuan in 2024, accounting for 37% of total revenue [3]. Group 2: Production and Capacity - Longxing Tianxia has established a global production network with 27 factories across China, Vietnam, and Indonesia, employing a total of 27,458 staff, including 12,324 foreign employees. The company produced nearly 50 million pairs of footwear in 2024 [5]. - The company has been shifting production capacity overseas, with the sales proportion from its Vietnam base increasing from 25.68% in 2023 to 39.32% in 2024 [5]. Group 3: Industry Context - The Chinese sports footwear manufacturing industry has seen significant growth, with market size increasing from 23.4 billion yuan in 2019 to 47.8 billion yuan in 2023, reflecting a compound annual growth rate of 19.6%. The industry is expected to continue growing, potentially exceeding 70 billion yuan by 2028 [5]. - The industry is characterized by high competition and a trend towards specialization, which presents both opportunities and challenges for manufacturers like Longxing Tianxia [9]. Group 4: Customer Concentration and Risks - Longxing Tianxia faces risks associated with high customer concentration, with the top five clients accounting for 86.74% of revenue in 2023 and 88.86% in 2024. Li Ning is the largest client, contributing 24.76% of sales [7]. - The company’s gross profit margin has declined from 19.18% in 2023 to 17.56% in 2024, indicating pressure on profitability [10]. Group 5: Strategic Goals and IPO Plans - The primary goal of Longxing Tianxia's IPO is to leverage capital market resources to overcome development bottlenecks and expand production capacity in Vietnam and Indonesia, while also investing in smart and digital factory upgrades [11]. - The company acknowledges the risks associated with the IPO process, including the possibility of not passing the review or failing to issue shares, which could impact its market position [11].

Core Insights - Haglöfs, a Swedish outdoor brand, opened its first VASA concept store in Shanghai, marking its significant return to the Chinese market and the establishment of its 21st offline store in the country [1][3] - The brand aims to expand rapidly, with plans to open 25 stores by the end of 2025 and 50 stores by mid-2026, alongside launching flagship stores on major e-commerce platforms [3][10] - The Chinese outdoor market is projected to grow from 598.9 billion yuan in 2025 to 896.3 billion yuan by 2030, indicating a favorable environment for outdoor brands [3] Company Strategy - Haglöfs emphasizes a "one brand, one voice" strategy, avoiding limited editions and maintaining consistent pricing across online and offline channels to build consumer trust [11][13] - The brand's product pricing ranges from 2,000 yuan to over 6,000 yuan, positioning itself in the mid-to-high-end market, directly competing with premium brands like Arc'teryx [9][10] - The partnership with Li Ning's subsidiary, which holds a 50% stake in a joint venture for Haglöfs' operations in China, allows for resource sharing and operational flexibility [10][14] Market Dynamics - The outdoor market in China has seen a shift from niche to mainstream, with over 400 million participants in outdoor activities, indicating a growing consumer base [15][19] - Haglöfs faces intense competition from established brands like Anta and The North Face, as well as emerging domestic brands that are rapidly gaining market share [17][19] - The brand's unique selling proposition lies in its alignment with the trend of "outdoor lifestyle," appealing to consumers seeking both functionality and style [19] Expansion Plans - The VASA concept store in Shanghai is strategically located in a high-end shopping district, targeting affluent consumers and enhancing brand visibility [5][6] - Future store openings will focus on first-tier and new first-tier cities, leveraging current low commercial real estate rents to optimize expansion costs [13][14] - The brand aims to capture a significant market share by establishing a strong presence in key urban centers, supported by Li Ning's established retail network [19][20]

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12月31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1月6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 | | 1,000,000,000 | | 增加 / 減少 ( ...

Core Insights - The year 2025, initially perceived as a low point for sports marketing, has unexpectedly become a pivotal year for brands to refocus on the Chinese market, driven by the emergence of significant sports events and athlete IPs [1][10] - The transition period between major global sports events has led to a reshuffling of marketing resources, particularly with the Chinese Olympic Committee's partnership changing hands from Anta to Li Ning for the 2025-2028 cycle, valued at approximately 800 million yuan [1][2] Group 1: National Team Sponsorships - Anta has taken over sponsorship rights for the Chinese 3x3 basketball national team and has renewed contracts with various national teams, marking a strategic shift in the competitive landscape of sports marketing [2][6] - The competition for national team sponsorships has intensified, with brands focusing on narrative strategies and deepening their presence in specific sports to prepare for upcoming major events [2][4] Group 2: Athlete Endorsements - The phenomenon of athlete endorsements has gained traction, with table tennis player Sun Yingsha signing over 20 brand deals across various sectors, highlighting the growing commercial value of athletes beyond their sports achievements [4][10] - Emerging athletes like Zhao Xintong and Liu Jingyang are also becoming attractive options for brands, leveraging their recent successes to create compelling marketing narratives [4][6] Group 3: Grassroots and Community Events - The rise of community-oriented events, such as the "Super League," has attracted numerous brands, creating a vast marketing landscape that allows for targeted engagement with diverse audience segments [6][7] - Local events and niche sports competitions are gaining visibility, with brands utilizing these platforms to connect with participants and enhance brand recognition [6][7] Group 4: Media Rights and Broadcasting - The competition for sports broadcasting rights is intensifying, with companies like China Mobile Migu securing exclusive media rights for major leagues and events, indicating a shift in how sports content is distributed [7][8] - Platforms are differentiating themselves through user engagement and ecosystem integration, which is expected to escalate with the upcoming Winter Olympics and World Cup [8][10] Group 5: International Marketing Strategies - Chinese brands are increasingly recognizing the importance of international sports marketing, with companies like TCL and Haier expanding their global sponsorships and focusing on tailored marketing strategies for specific regions [10][12] - The approach to international marketing is becoming more systematic, with brands aligning their strategies with local market needs and preferences [10][12] Group 6: Winter Sports Marketing - The upcoming 2026 Winter Olympics is prompting brands to ramp up their marketing efforts in winter sports, with a focus on leveraging popular athletes and events to enhance brand visibility [12] - The sustainability of regional events and the exploration of new athlete IPs are becoming key themes for sports marketing participants as they prepare for a competitive landscape [12]

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） 持續關連交易 設定年度上限 根據限制性股份獎勵計劃，本公司可向受託人支付相關款項，以於公開市場購買股份。 於本公告日期，本公司關連人士佔限制性股份獎勵計劃之權益總額約61.87%。根據上 市規則第14A.12(1)(b)條，受託人（以信託之受託人身份）為本公司關連人士之聯繫人。 因此，根據上市規則第14A章，本公司根據限制性股份獎勵計劃向受託人支付相關款 項以購買股份構成本公司之持續關連交易。 董事會已議決就限制性購買年期採納數目年度上限15,000,000股股份及相關款項年度 上限300,000,000港元。由於有關限制性股份獎勵計劃項下之持續關連交易之該等年度 上限的上市規則所載的適用百分比率全部均低於5%，故有關交易須遵守上市規則項下 的申報、 ...

Summary of Li Ning Company Conference Call Industry Overview - The Chinese sports and outdoor market is experiencing a trend of decentralization in market concentration, with the CR2 dropping from 38% in 2019 to 24% in 2025, and CR10 decreasing from 76% to 68%, indicating rapid growth of niche brands and a shift in market share from international to domestic brands since 2021 [2][5] - The overall performance of the sports and outdoor industry is expected to stabilize in 2025, with growth rates around 6-7%, a decline from the 15-20% compound growth seen from 2014 to 2019. Professional categories are outperforming fashion categories, with running, outdoor, and badminton products showing faster growth [3] Company Performance and Strategy - Li Ning Company has gone through three phases: benefiting from the "Guochao" trend from 2019-2021, facing operational issues from 2022-2024, and starting to show positive signs in 2025, such as recovering direct channel profit margins and increased marketing investments [2][8] - The company has signed with the Chinese Olympic Committee, launched the "Super Pump Capsule" running shoes, increased marketing exposure at marathon events, and opened new stores featuring Olympic elements to improve operations and brand image [2][9] - The Li Ning family increased their stake in the company from 11.23% to 14.27%, involving over 1 billion yuan, and a stock incentive plan was announced with a vesting period from 2026 to 2029, indicating a solid bottom and preparation for a new growth cycle [2][10] Financial Health - Li Ning's financial status is strong, with stable EBITDA, high net cash exceeding 19 billion yuan, and a significant dividend increase reflecting financial strength and shareholder return intentions [4][11] - The revenue forecast for 2025 is estimated between 20.09 billion to 29.3 billion yuan, with footwear accounting for 55%, apparel 35%, and accessories 9% [7] Product Category Performance - The running category has become the largest segment, accounting for 34%, while the sports lifestyle category is at 29%. The basketball category has seen a decline, necessitating a repositioning strategy [4][12] - Li Ning's basketball products face competition from Nike, with the brand's share fluctuating. The running shoes, particularly the "Chitu" series, have shown significant growth, but the basketball segment requires revitalization [6][12] Marketing and Brand Strategy - Li Ning has increased its marketing expense ratio to over 10% to enhance brand image and consumer engagement, leveraging Olympic sponsorships and new product technologies [4][19] - In the recent Shanghai Marathon, Li Ning shoes had a 22.2% usage rate among runners under 3 hours, significantly up from 1.8% the previous year, showcasing effective marketing strategies [20] Future Outlook - The company anticipates a gradual recovery in revenue growth, with predictions of a 10-15% profit increase driven by new product launches and improved gross margins [23] - Li Ning's valuation is projected at 19-20 times earnings, reflecting market expectations for its future growth potential despite current challenges [24]