Core Insights - Li Ning brand officially entered JD Instant Delivery on December 5, 2025, marking a significant step in its multi-channel strategy to meet the immediate needs of sports enthusiasts across various demographics and product categories [1][6] Group 1: Strategic Initiatives - The collaboration with JD Instant Delivery allows consumers to experience "online ordering, nearby store shipping, and delivery in as fast as 9 minutes," enhancing the shopping experience [1][3] - Li Ning's entry into the instant retail sector is a proactive response to consumer demand for immediate access to sports equipment, covering a wide range of sports including running, basketball, and outdoor activities [3][4] Group 2: Service and Experience - Li Ning has established service standards and systems for its instant retail business to ensure a consistent and high-quality service experience across different platforms [4] - The brand is focused on enhancing user experience and service efficiency in collaboration with JD Instant Delivery, aiming to provide a more convenient and quality shopping experience for consumers [6]

Core Insights - Li Ning officially launched its presence on JD Instant Delivery, covering nearly 100 cities and 1,000 stores nationwide, offering a shopping experience where products can be delivered in as fast as 9 minutes [1][3] - This collaboration aligns with Li Ning's strategy of "single brand, multiple categories, and multi-channels," ensuring comprehensive coverage of all categories and age groups on a core instant retail platform [1][3] Group 1 - Li Ning's entry into the instant retail sector is a proactive response to consumer demand for immediate access to products [3] - Consumers can purchase a wide range of sports equipment through the JD app, catering to various scenarios such as emergency outfit changes [3][5] - The partnership with JD Instant Delivery allows Li Ning to overcome traditional retail limitations, creating a new instant retail experience characterized by "immediate sports, immediate delivery" [3][5] Group 2 - Instant retail is becoming a significant emerging channel in the retail business and is a crucial part of Li Ning's multi-channel operation model [5] - Li Ning has established service standards and systems for its instant retail business to ensure a consistent and high-quality service experience across different platforms [5] - The brand is continuously improving its after-sales support system to provide consumers with a seamless and reassuring experience [5] Group 3 - Li Ning has always focused on user-centric approaches, aiming to provide the most advanced and convenient sports and shopping experiences [7] - The entry into JD Instant Delivery signifies the completion of Li Ning's full presence on core instant retail platforms [7] - Moving forward, Li Ning plans to collaborate with JD Instant Delivery to enhance service efficiency and improve user experience, creating a more convenient and high-quality shopping experience for consumers [7]

Core Insights - Li Ning brand officially enters JD's instant delivery service, marking a significant step in its multi-channel strategy for instant retail [1] - The collaboration allows consumers to purchase a wide range of sports equipment through the JD app, catering to various needs such as emergency changes and preparation [1] - Li Ning has established service standards and systems for its instant retail business to ensure a consistent and high-quality consumer experience across different platforms [1] Summary by Categories Business Strategy - Li Ning's entry into JD's instant delivery service signifies the completion of its core platform coverage in the instant retail sector [1] - This move aligns with Li Ning's strategy of "single brand, multiple categories, and multi-channels" [1] Consumer Experience - Consumers can now enjoy an instant shopping experience with orders delivered in as fast as 9 minutes [1] - The partnership with JD allows for a one-stop shopping experience for various sports categories, addressing the core consumer demand for immediate availability [1] Service Standards - Li Ning has developed a service standard and system for its instant retail operations to ensure uniform service quality across platforms [1]

Group 1: Company Expansion and Sponsorship - Li Ning has signed a sponsorship deal with the Chinese Fencing Association, becoming the official sponsor of the Chinese national fencing team, showcasing specialized sports equipment for the team [1][2] - This sponsorship is part of Li Ning's broader Olympic concept sponsorship strategy, which includes partnerships with various national sports teams [2][3] - The reported cost for the partnership with the Chinese Olympic Committee for the 2025-2028 period is approximately 800 million yuan, but actual investments will exceed this amount due to additional marketing and channel expenses [3][4] Group 2: Financial Performance and Market Challenges - Li Ning's retail sales have seen a mid-single-digit decline in the third quarter, contrasting with Nike's 10% drop in revenue in the Greater China region [4] - For the first half of the year, Li Ning reported a revenue increase of 3.3% to 14.82 billion yuan, while net profit attributable to shareholders fell by 11% to 1.74 billion yuan [4][5] - The company is prioritizing inventory management and may increase discounts to maintain healthy inventory levels amid external market pressures [5] Group 3: Future Outlook - Despite current challenges, Li Ning's increased investment in Olympic sponsorship reflects the company's confidence in future growth [6]

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11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12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 | | ...

Core Insights - Li Ning has officially launched its first outdoor store "COUNTERFLOW" in Beijing, marking a significant step in its outdoor market strategy [1] - The outdoor category will become an independent segment starting in early 2024, leveraging Li Ning's comprehensive resources and expertise [2] - The company aims to capitalize on the rising trend of "pan-outdoor" activities in China, focusing on light outdoor experiences [1][3] Group 1 - The "COUNTERFLOW" store integrates retail, experience, and community interaction, showcasing a wide range of outdoor products [1] - Li Ning's outdoor products emphasize professional protective features combined with Eastern aesthetic design [2] - The store features a dedicated "outdoor community corner" for organizing offline outdoor activities, connecting urban outdoor enthusiasts [1] Group 2 - Li Ning's outdoor category is positioned in the light outdoor mass market, targeting high-frequency scenarios such as hiking, camping, and urban commuting [1] - The company has developed proprietary technologies for outdoor gear, including a unique rainproof nano-technology in collaboration with national research institutions [2] - Future plans include continuous innovation in professional technology and design, aiming to elevate outdoor lifestyles to a more mainstream and quality-focused level [3]

Core Insights - Li Ning has officially launched its first outdoor store "COUNTERFLOW" in Beijing, marking a significant step in its outdoor market strategy [1][3] - The outdoor category is positioned to target the light outdoor mass market, focusing on hiking, camping, and urban commuting [3][6] - Li Ning aims to integrate professional outdoor protection with Eastern aesthetic expressions, enhancing its product competitiveness [4][6] Group 1 - The "COUNTERFLOW" store combines retail, experience, and community interaction, showcasing a full range of outdoor products [1] - The store features exclusive collections and a community corner for organizing outdoor activities, connecting urban outdoor enthusiasts [1][3] - Li Ning outdoor products leverage advanced technology, including a unique nano-technology for waterproofing, enhancing their functionality [4] Group 2 - Li Ning outdoor will become an independent category starting in early 2024, supported by the company's comprehensive resources [3][6] - The brand's strategy includes continuous innovation in professional technology and design, aiming to elevate outdoor lifestyles to a more mainstream and quality-focused level [6] - Li Ning's outdoor narrative is differentiated through the integration of Eastern elements in design and thematic events planned for 2024 and 2025 [4]

Group 1 - The first independent store of Li Ning's outdoor brand COUNTERFLOW has officially opened in Beijing's Chaoyang Joy City, marking a significant step in the brand's strategy to tap into the mass outdoor lifestyle market [2][3] - The store features a minimalist and transparent design, utilizing materials like gravel, cement, and metal to enhance the outdoor aesthetic, and showcases a full range of Li Ning outdoor products for various scenarios including light outdoor travel, suburban camping, and urban commuting [2] - Li Ning aims to establish a long-term and deep connection with a broader urban customer base through this store, which serves as a core model for expanding its presence in the mass outdoor market [2][3] Group 2 - The store's design is inspired by Eastern landscape aesthetics combined with urban fashion, aligning well with the young, active, and quality-conscious demographic that frequents Chaoyang Joy City [3] - Li Ning's outdoor brand focuses on four key styles: functional outdoor, relaxed leisure, trendy fashion, and minimalist business, allowing for versatile outfit combinations across different settings [2]

Core Insights - The 2025 "Li Ning Cup" China Pickleball Tour Finals showcased the sport's growth and potential, highlighting its competitive spirit and social impact [1][14] - The event attracted a record number of participants and international competitors, indicating a strong grassroots foundation and increasing global interest in pickleball [3][6] Event Scale and Participation - A record 1,057 participants registered for the finals, demonstrating the sport's popularity [3] - The event featured 56 foreign athletes from 17 countries, enhancing its international profile and cultural exchange [3] Competition and Organization - The finals included over 1,000 matches across team and individual formats, held in two major venues, showcasing efficient event organization [3] - A professional judging team from the China Tennis Association ensured fair play, with 42 referees supporting the event [5] Cultural and Tourism Integration - The event integrated sports with local tourism, offering free entry to 20 scenic spots for participants, promoting the beauty of Guilin [6] - Special tours for foreign athletes highlighted the city's attractions, enhancing its global image [6] Media Coverage and Public Engagement - The event received extensive media coverage, with CCTV broadcasting key matches for a total of 36 minutes, setting a new record for pickleball events in China [6] - Multiple media outlets provided live coverage, increasing public awareness and interest in the sport [6] Community and Brand Interaction - The "Finals Carnival" connected athletes with the local community, featuring fashion shows and cultural performances that enriched the event experience [7][9] - Local businesses showcased their products at a vibrant sports market, boosting local consumption and engagement [9] Future Prospects and Development - The successful organization of the finals is seen as a foundation for future events, with plans for continued growth in the sport across various cities [13][14] - The integration of technology in the event, such as real-time scoring systems, aims to enhance the spectator experience and set new standards for future competitions [13]

Core Insights - The simultaneous opening of outdoor stores by Li Ning, Decathlon, and Nike reflects a strategic shift in China's outdoor sports industry from rapid growth to focused development [3][6][20] Industry Overview - The high-performance outdoor apparel market in China is projected to exceed 120 billion yuan, with a compound annual growth rate of approximately 15.5% over the next four years [3] - Outdoor activities have transitioned from a novelty to a mainstream lifestyle, with a 250% year-on-year increase in search volume for "outdoor hiking" during this year's National Day holiday [6] Retail Strategy - The role of physical stores has evolved from mere sales points to "experience catalysts" and "brand portals," emphasizing the need for specialized and focused brand images in the outdoor sector [7][11] - Li Ning's first outdoor store, "COUNTERFLOW," integrates outdoor protection technology with unique Eastern aesthetics, targeting the light outdoor market with products for hiking, camping, and urban commuting [9][12] - Decathlon's outdoor concept store features experiential projects like balance challenges and bouldering, aiming to create a "nearby outdoor scene" in urban areas [9][11] Brand Differentiation - Li Ning has shifted to an independent outdoor category, emphasizing professional outdoor protection and Eastern aesthetic design, marking a significant strategic move [12][14] - Decathlon's outdoor concept reflects its strategy of "professional accessibility," offering a range of products for various skill levels while maintaining cost-effectiveness through a global integrated R&D system [14][16] - Nike's ACG brand is transitioning from a trend-based approach to a focus on professional outdoor performance, with new products showcased at recent trade events [16][20] Market Evolution - The current store strategies of these three giants indicate a shift in the Chinese outdoor sports market from product competition to a focus on experience and ecosystem [20] - The competition in the outdoor market is expected to evolve into a dual focus on professionalism and experience, driving the industry towards greater specialization and maturity [20]