根据公告，五次认购分别为李宁（中国）认购7亿元广发银行结构性存款，李宁（北京）分别认购2.6亿 元、2.4亿元中国银行结构性存款，上海李宁认购5亿元中国银行结构性存款，李宁童装认购2亿元招商 银行结构性存款。上述交易因在12个月内完成，合并计算后最高适用比率超5%但低于25%，符合上市 规则下的须予披露交易标准。 本次认购使用集团闲置内部资金，属库务管理范畴，旨在提升闲置资金使用效率。 观点网讯：1月26日，李宁发布公告称，旗下四家间接全资附属公司于2026年1月18日至26日期间，先后 五次认购三家银行的结构性存款产品，合计金额19亿元，相关交易构成须予披露交易。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

(iii)于2026年1月19日，李宁(北京)认购金额为人民币2.4亿元的中国银行结构性存款II;(iv)于2026年1月21 日，上海李宁(公司的间接全资附属公司)认购金额为人民币5亿元的中国银行结构性存款III;及(v)于2026 年1月26日，李宁童装(公司的间接全资附属公司)认购金额为人民币2亿元的招商银行结构性存款。 李宁(02331)发布公告，(i)于2026年1月18日，李宁(中国)(公司的间接全资附属公司)认购金额为人民币7 亿元的广发银行结构性存款;(ii)于2026年1月19日，李宁(北京)(公司的间接全资附属公司)认购金额为人 民币2.6亿元的中国银行结构性存款I; ...

Group 1 - The company Li Ning has made several significant investments in structured deposits with various banks, totaling approximately RMB 19 billion [1] - On January 18, 2026, Li Ning (China) subscribed to a structured deposit of RMB 700 million with Guangfa Bank [1] - On January 19, 2026, Li Ning (Beijing) subscribed to two structured deposits with China Bank, amounting to RMB 260 million and RMB 240 million respectively [1] - On January 21, 2026, Shanghai Li Ning subscribed to a structured deposit of RMB 500 million with China Bank [1] - On January 26, 2026, Li Ning Children's Wear subscribed to a structured deposit of RMB 200 million with China Merchants Bank [1]

智通财经APP讯，李宁(02331)发布公告，(i)于2026年1月18日，李宁(中国)(公司的间接全资附属公司)认 购金额为人民币7亿元的广发银行结构性存款;(ii)于2026年1月19日，李宁(北京)(公司的间接全资附属公 司)认购金额为人民币2.6亿元的中国银行结构性存款I; (iii)于2026年1月19日，李宁(北京)认购金额为人民币2.4亿元的中国银行结构性存款II;(iv)于2026年1月21 日，上海李宁(公司的间接全资附属公司)认购金额为人民币5亿元的中国银行结构性存款III;及(v)于2026 年1月26日，李宁童装(公司的间接全资附属公司)认购金额为人民币2亿元的招商银行结构性存款。 ...

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） 須予披露交易 理財產品認購事項 理財產品認購事項 董事會宣佈，(i)於 2026 年 1 月 18 日，李寧（中國）（本公司之間接全資附屬公司）認 購金額為人民幣 7 億元之廣發銀行結構性存款；(ii)於 2026 年 1 月 19 日，李寧（北京） （本公司之間接全資附屬公司）認購金額為人民幣 2.6 億元之中國銀行結構性存款 I； (iii)於 2026 年 1 月 19 日，李寧（北京）認購金額為人民幣 2.4 億元之中國銀行結構性 存款 II；(iv)於 2026 年 1 月 21 日，上海李寧（本公司之間接全資附屬公司）認購金額 為人民幣 5 億元之中國銀行結構性存款 III；及(v)於 2026 年 1 月 26 日，李寧童裝（ ...

Group 1 - The Palace Museum has launched a new cultural and creative display space in collaboration with Li Ning, an official partner of the Chinese Olympic Committee, located in the Yuhuayuan Theater [2][3][5] - This new space is the second one created by the Palace Museum that integrates sports with cultural elements, following the National Team Palace Museum creative space [2][3][5] - The theme of the new display space is "Guarding Chinese Culture," aiming to promote the modern expression of traditional culture through technology, innovation, and the spirit of perseverance [2][3][5]

Group 1 - The Palace Museum has launched a new cultural and creative space in collaboration with Li Ning, integrating traditional culture with modern expressions through technology and innovation [1][4] - The new space features a co-branded series that incorporates elements from the Palace Museum's artifacts, allowing consumers to experience Eastern aesthetics through wearable products [3][4] - The collaboration between the Palace Museum and Li Ning began in 2019, aiming to present cultural symbols through everyday products, and will expand with a focus on cultural IP development and experiential innovation [4] Group 2 - The new cultural space is located in the Imperial Garden and is the second area to combine sports with cultural exhibitions, following the previous collaboration with the national team [1][4] - The partnership will also feature a dedicated exhibition area at the "China House" during the Milan Winter Olympics in 2026, highlighting the ongoing commitment to cultural exchange [4]

Core Insights - The article emphasizes the importance of integrating cultural symbols, sports spirit, core technology, and key market segments for brands to maintain a competitive edge in the market during the Year of the Horse [1][34] - The marketing strategies of various sports brands during the Year of the Horse are highlighted, showcasing their efforts to avoid homogenization and find a balance between cultural deconstruction and brand expression [5][34] Group 1: Cultural Significance of the Horse - The preference for the "Horse" symbol among sports brands is rooted in its rich cultural connotations and strong spiritual symbolism, representing speed, endurance, and success [2][4] - The Horse's image resonates deeply with consumers, making it an effective marketing symbol that connects emotionally and culturally [2][4] Group 2: Marketing Strategies - Brands are employing three main marketing strategies: cultural empowerment, emotional resonance, and product performance linkage [5][13] - Cultural empowerment involves leveraging traditional symbols and values associated with the Horse to create meaningful marketing narratives [5][7] - Emotional resonance focuses on connecting the Horse's spirit with consumers' experiences and attitudes towards life and sports [13][15] Group 3: Product Integration - Brands are integrating the Horse's imagery and spirit into their product designs, enhancing the emotional and cultural value of their offerings [4][9] - Examples include PUMA's "Puma Power" series and Anta's collaboration with Xu Beihong's "Galloping Horses" painting, showcasing a blend of traditional art and modern sports aesthetics [7][9] Group 4: Future Marketing Opportunities - The Year of the Horse in 2026 is anticipated to be a significant marketing opportunity, particularly with the integration of the Horse theme into marathon events [28][30] - The alignment of the Horse's symbolism with the endurance and spirit of marathon running presents a unique marketing angle for brands [30][32] - The potential for "Horse Year × Marathon" marketing strategies could lead to innovative product offerings and deeper consumer engagement [32][34]

Group 1: Market Reaction and Investment Opportunities - The Chinese U23 men's football team achieved a historic victory, defeating Vietnam 3-0, which triggered a surge in "football concept stocks" in the capital market, including companies like Tsinghua Tongfang and Inpai [1] - The victory is seen as a catalyst for a valuation recovery in the football industry, signaling a potential market shift as the 2026 World Cup approaches, which is expected to be a "football year" with significant economic implications [1][2] - The unexpected rise of the U23 team is accelerating interest in the football market, with amateur player numbers nearly doubling to 980,000 in 2025, indicating a growing commercial demand [2] Group 2: Industry Growth and Projections - China's sports event market is projected to reach nearly 40 billion yuan by 2025, while the broader outdoor sports industry is expected to exceed 3 trillion yuan [3] - The demand for artificial turf in football fields is anticipated to grow significantly, with over 54% of future demand coming from renovations rather than new constructions [4] - The Chinese sports apparel market is expected to reach $27 billion by 2026, driven by companies like Anta and Li Ning, which are focusing on youth leagues and national team sponsorships [4] Group 3: Technological Integration and AI in Football - The upcoming 2026 World Cup presents a complex challenge for event services, with an increase in teams and matches, necessitating advanced technology for logistics and audience engagement [6] - Lenovo, as a technology partner for the World Cup, is leveraging AI to enhance various aspects of the event, including tactical analysis and real-time officiating support [6][7] - The global sports market for AI is projected to grow from $1.2 billion in 2024 to $4.7 billion by 2034, indicating a significant opportunity for tech companies in the sports sector [7] Group 4: Policy Support and Long-term Outlook - The Chinese government's "14th Five-Year Plan" emphasizes the role of the sports industry in boosting domestic demand and economic resilience, with a target of over 70,000 football fields by 2025 [8] - The development of a grassroots competition system is underway, with urban leagues being established across 16 provinces, fostering a non-commercial growth model that supports the entire industry chain [8] - Analysts caution that while the football industry shows promise, the path to monetization remains complex, with future growth likely stemming from the integration of sports and technology [9]

Core Viewpoint - Li Ning's Q4 2025 operational data shows a decline in overall channel revenue, with a drop in low and mid-tier sales in offline channels, while e-commerce remains flat [1] Group 1: Operational Performance - Q4 all-channel revenue has decreased, with low-tier sales declining in direct channels and mid-tier sales declining in wholesale channels [1] - E-commerce channel performance remained stable, indicating a potential area of resilience amidst overall declines [1] Group 2: Market Outlook - Short-term retail and discount pressures are anticipated, with expectations of better overall retail performance during the October holidays, but challenges expected in November and December [1] - The overall discounting trend is expected to deepen, indicating ongoing competitive pressures in the industry [1] Group 3: Future Projections - Li Ning is expected to stabilize and recover from the bottom, with new running shoe technologies anticipated to boost sales in Q1 2026 [1] - The expansion of Li Ning's Glory and outdoor product lines, along with new store formats, may attract a broader consumer base and enhance brand momentum [1] - Projected net profit for Li Ning from 2025 to 2027 is estimated at 2.7 billion, 2.9 billion, and 3.1 billion yuan, reflecting a year-on-year change of -10%, +5%, and +7% respectively, with corresponding PE ratios of 18, 17, and 16 times [1]