赛场上的数据十分抢眼2025年厦马赛场，特步跑鞋穿着率达42.8%，耐克Vaporfly系列仅占19%；破三选手中超50%脚踏160X家族，安踏C202 GT、李宁 飞电3 Ultra、361°飞飚等国产旗舰如利剑出鞘。三年来，这些品牌顶级碳板鞋已迭代三代，XTEP ACE中底能量回馈率85%碾压耐克ZoomX 80%，单只 186克的极致轻量化象征中国制造的水准。 西方跑鞋的"价格高原"成因 当张伟被儿子拽进特步门店，直接就从跑鞋墙上摘走了160X 3.0 PRO，这款2022年上市时标价1299元的碳板跑鞋，曾因#特步凭什么敢卖千元#的质疑冲上 热搜，如今却成了中学生体考的"神鞋"。"爸！穿它我能快10秒！"少年指着海报上何杰两破马拉松破纪录的瞬间——脚下一抹特步橙正撕裂终点线。 长期以来在运动跑鞋领域，一些西方国际品牌如耐克（Nike）、阿迪达斯（Adidas）、昂跑（On）等，其产品价格长期居高不下，形成了所谓的"价格高 原"。这背后有着复杂且多元的成因。 一方面从品牌营销角度来看，国际品牌历经多年甚至百年发展，积累了深厚的品牌历史底蕴。以耐克为例，自1964年创立以来，通过不断赞助体育赛事和 明星运 ...

Group 1 - The core viewpoint of the article highlights the evolving role of sports in society, as discussed by renowned athletes Li Ning and Li Lingwei during the "Olympics and Me" public lecture at Beijing Sport University [1][2] - The public lecture is part of a series launched by the Chinese Olympic Academy, aimed at interpreting the core values of the Olympic spirit through insights from industry experts [1] - Li Ning emphasized that sports have taken on various responsibilities throughout different stages of China's social development, reflecting a richer role in areas such as physical fitness, economic stimulation, and education [2] Group 2 - Li Ning shared his personal journey from being an Olympic champion to transitioning into the business sector, highlighting the challenges he faced in understanding finance, sales, and human resources when starting his company [3] - He advised contemporary youth to embrace challenges and learn from failures, emphasizing the importance of self-belief and resilience in overcoming obstacles [3] - The dialogue also touched on the historical context of sports in China, noting that the initial focus was on enhancing public health, which evolved to include national image and international diplomacy as the country developed [2]

Summary of Li Ning Co. (2331.HK) Corporate Day Insights Company Overview - **Company**: Li Ning Co. (2331.HK) - **Industry**: Consumer & Leisure Key Points and Arguments 1. Financial Guidance and Performance - Management reiterated FY2025 guidance with expectations of flat year-over-year sales and a net profit margin (NPM) growth at high single digits (HSD%) [2][7] - The company anticipates challenges to gross profit margin (GPM) due to ongoing discount pressures throughout the year [2][10] 2. Sales Trends - Year-to-date (YTD) trading and operational expenditure (OPEX) investments are largely on track, with inventory levels under control [2] - Positive growth in online and offline sales was recorded in April, while offline sales declined initially but turned positive during May and the Dragon Boat Festival [2][10] - Discounts have deepened, with management expecting similar trends during the 618 festival [2][10] 3. Category Performance - The adult business is expected to see small positive growth, while adjustments in the kids' wear segment and the international business transitioning to a joint venture (JV) will offset this growth [2] - The running category showed over 20% year-over-year growth in Q1 2025, driven by the popularity of core products [11] - The outdoor category is identified as a growth driver, with expectations of low to mid-single digit (LSD-MSD%) contribution for the year [11] 4. Store Network and Strategy - Plans to close 10-20 directly-operated adult stores while increasing distributor stores by 30-40 to target third-tier cities [10] - The company aims to net open 100 Li Ning Young stores in 2025, focusing on higher-tier cities through direct-to-consumer (DTC) channels [10] 5. Marketing and Sponsorship - Marketing efforts will focus on events and athlete sponsorships, particularly in relation to the Milan Winter Olympics in 2026 [10] 6. Shareholder Returns - The company has been gradually increasing shareholder returns and sees potential for further improvement, considering dividends based on free cash flow (FCF) [12] 7. Risks and Valuation - The current price target is set at HK$14.5, with a neutral rating based on a 12x 2026E price-to-earnings (P/E) ratio [13] - Key risks include slower or higher-than-expected same-store sales growth (SSSG), promotional activities, and operational expenditures on brand investments [13] 8. Additional Insights - The company is facing challenges in the basketball and lifestyle categories, with unclear demand trends among younger consumers [11] - The management expects a decrease in store-related right-of-use (ROU) asset impairments in 2025, although investment property impairments may vary based on asset revaluation [10] Conclusion Li Ning Co. is navigating a complex retail environment with a focus on maintaining sales growth amidst discount pressures. The company is strategically adjusting its store network and enhancing its marketing efforts to bolster its position in key categories while managing shareholder expectations through potential returns.

来源：新华网 新华网北京6月5日电（刘品彤）6月3日，2025年服贸会"高管谈服贸"系列采访活动走进李宁公司。活动 实地走访了位于北京经济技术开发区的北京李宁中心，探索李宁公司在科技创新与绿色环保方面的前沿 实践。 从实验室到生产线：环保科技的"全链路魔法" 图为北京 李宁中心园区内的李宁运动科学研究中心。新华网 毕尚宏 摄 在北京李宁中心旗舰店内，一双双"会呼吸的跑鞋"揭开环保科技的神秘面纱。鞋面采用的䨻丝科技，提 取自蓖麻油等生物基材料，这种"源于自然"的创新让超1000万双跑鞋兼具透气性与可持续性。 李宁中心园区内的门店。新华网 毕尚宏 摄 图为北京 在产品染色工艺环节，李宁秉持对水资源的节约理念，采用"自然而染"的无水染色技术，单件产品节水 40升。而采用传统植物染色匠艺的服装，从植物中萃取天然色彩，以蓝颜色为例，使用植物染色工艺能 使电力消耗降低42.2%，水耗降低53.4%。 令人震撼的当属一款全降解专业运动鞋，埋入土壤中180天的降解周期演示了"从自然中来，到自然中 去"的循环。作为国内首个联合合作伙伴攻克可降解橡胶大底技术的品牌，李宁通过20年的持续研发投 入和不断突破技术难关，让专业运动鞋告 ...

Core Viewpoint - Li Ning Company has achieved LEED v4.1 O+M:EB Platinum certification for its Shenzhen Li Ning Center, highlighting its commitment to sustainability and energy efficiency [1][2] Group 1: Certification and Achievements - The Shenzhen Li Ning Center is recognized with LEED certification, a prestigious global green building certification that only 5% of buildings worldwide achieve [1] - The center has upgraded its central air conditioning system and implemented VRV multi-split technology, resulting in a 30% increase in energy efficiency and an annual electricity saving of 490,000 kWh [1] Group 2: Management Innovations - The center has introduced waste classification management measures, significantly improving the recycling rate of recoverable resources [1] - It has established a smart energy management system that utilizes algorithm optimization for precise energy supply matching while meeting energy demands [1] Group 3: Environmental and Community Engagement - The landscaping at the center retains transplanted trees and uses locally sustainable plants to create an eco-friendly landscape [1] - The center integrates Li Ning's brand ethos with a 2,800 square meter sports-themed park, fostering community engagement through activities focused on sports, culture, and environmental awareness [1][2] Group 4: Sustainable Development Strategy - Li Ning Company has embedded sustainability into its corporate strategy, covering areas such as eco-friendly products, green operations, supply chain management, employee care, and social responsibility [2] - The company actively explores practices in energy management, clean energy application, and energy conservation across its operational sites [2]

Core Viewpoint - Li Ning Company regards ESG (Environmental, Social, and Governance) as a core long-term strategy, emphasizing the importance of sustainable development through governance, product innovation, and comprehensive operational practices [1][3]. Group 1: ESG Implementation - The company has established a governance model led by top management, integrating ESG into daily operations and decision-making processes [3]. - Li Ning focuses on product innovation by utilizing sustainable materials, such as bio-based fibers extracted from castor oil, and implementing biodegradable technologies [3][5]. - A comprehensive operational model is in place, connecting green products, supplier management, employee welfare, and social responsibility to support sustainable development [3]. Group 2: Long-term Value Creation - Li Ning aims to create both commercial and social value, balancing shareholder returns with contributions to sustainable consumption and environmental stewardship [3]. - The slogan "Every step forward" reflects the company's commitment to long-termism and the pursuit of challenging yet correct actions in sustainability [3]. Group 3: Technological Innovation - The company launched China's first fully biodegradable professional sports shoes in May 2024, showcasing a breakthrough in environmental and technological integration [5]. - Over 190 million plastic bottles have been transformed into recycled yarn for use in sports apparel, demonstrating significant progress in sustainable product applications [5]. Group 4: Employee Engagement and Culture - Li Ning's employee care system, which combines health and humanistic concern, aims to enhance team cohesion and collaboration through various sports clubs and community activities [5]. - The company integrates ESG principles into its talent strategy by fostering a culture of sustainability, building capabilities through specialized recruitment, and incorporating ESG metrics into performance evaluations [7]. Group 5: Future Collaborations - Li Ning looks forward to the 2025 China International Fair for Trade in Services, aiming to connect with top research institutions and enhance collaboration in professional and environmentally friendly product development [8][9].

李宁集团副总裁宋春涛介绍，李宁公司在 ESG 领域的探索起步较早，已持续投入20年。从2006 － 2019年的初期探索，尝试开发环保产品并完善管理 体系；到2020-2023年进入体系化布局阶段，成立 ESG 管委会，在环保产品全链路开发取得成果；再到2024 年至今的加速推进、平台化发展阶段，建 立环保科技平台，推出全降解鞋、使用无水染色技术等，努力获得外部认可，如明晟ESG评级升至 BBB水平。 宋春涛强调，作为一家具有社会责任感的企业，李宁公司将ESG及可持续发展视为自身专业进化道路上的主动选择，致力于在社会效益与商业价值创造上实 现最大化发展，并回馈社会与自然。李宁的ESG核心理念体现在四个维度：高层引领、长期深耕、产品创新以及全链路驱动。 在高层引领方面，李宁公司的可持续发展口号是"每一步都向前"，愿景是实现产品和运营的可持续性，最终达成员工、企业、社会与自然的和谐发展。宋春 涛介绍说："公司构建了完整的ESG治理架构，董事会为最高决策机构，制定ESG战略方向与策略重点，各部门负责人参与其中，确保ESG目标融入公司经 营与运营管理。" 中国经济网北京6月5日讯（记者 周宇宁）2025年服贸会"高管 ...

Core Viewpoint - Badminton is a popular sport with low risk and high skill, increasingly adopted in schools, leading to a rise in badminton racket market demand. Technological advancements in racket design and materials enhance user experience, expanding the market significantly. The Chinese badminton racket market is projected to grow from approximately 2.553 billion yuan in 2024 to 3.79 billion yuan by 2030, driven by health consciousness and sports popularity [1][17]. Industry Overview - The badminton racket typically consists of the racket head, shaft, handle, and the joint between the shaft and frame. The development of rackets has focused on reducing weight, increasing frame stiffness, improving shaft elasticity, and minimizing air resistance [3][10]. - The badminton racket market is expected to reach approximately 5.55 billion yuan globally in 2024, with projections of growth to 8.24 billion yuan by 2030, fueled by rising health awareness and fitness culture [16]. Key Parameters of Badminton Rackets - Important parameters include racket length, weight, handle thickness, frame cross-section, head shape, balance point, shaft stiffness, maximum tension, and materials used. The standard length for international rackets is 665mm, with most domestic rackets being 675mm [6][9]. - The materials used in rackets have evolved from wood to aluminum and now to advanced composites like carbon fiber, which offers superior strength and lightweight properties [14][26]. Industry Development History - The design of badminton rackets has evolved from simple wooden designs focused on durability to modern rackets made from lightweight materials like carbon fiber, enhancing performance and aesthetics [10][20]. Industry Chain - The upstream of the badminton racket industry includes raw material suppliers (carbon fiber, graphene, titanium alloys, etc.), the midstream involves manufacturing processes (frame molding, handle processing, etc.), and the downstream consists of sales channels (sports specialty stores, e-commerce, supermarkets) [12]. Competitive Landscape - Major domestic brands in the badminton racket market include Li Ning, Victor, and Hong Shuangxi, while international brands like Yonex and Kawasaki dominate the high-end market. The competition is intensifying as brands increase R&D investments to enhance product performance and quality [20][21]. Future Trends - Material technology upgrades will drive high-end development, with a focus on optimizing composite materials and integrating smart technologies into rackets for enhanced user experience [26][27]. - The market is expected to see segmentation, with high-end products led by international brands and local brands focusing on mid-range offerings, catering to diverse consumer needs [28].

北京商报讯（记者 徐慧）绿色环保正在成为中国领先运动品牌李宁最亮丽的底色。6月3日，2025年服贸会"高管谈服贸"系列采访活动走进李宁公司。李宁 集团副总裁宋春涛介绍，李宁公司以"高层引领、长期深耕、产品创新、全链路驱动"为ESG核心理念，让企业的可持续发展真正实现可持续。 2024年5月，李宁公司首次对外展示全降解鞋，实现全鞋降解率超80%，成为中国专业运动鞋全降解领域的先行者，李宁也成为最早在专业运动鞋上做到全 降解的中国运动品牌。 宋春涛坦言，可持续发展之路注定是一条充满挑战的道路。比如，大规模生产和工业化制造带来的成本降低往往依赖于化工类材料，因此，替代化工类材料 的选择本身就是一个难题，需要多种尝试、不断试错。即使找到了更环保的材料，如何从试验室推向量产也是一个极具挑战的环节，只有将生产成本降到一 个合理的水平，才能实现大规模推广、使用和售卖。在此过程中，企业需要在追求利润和履行社会责任之间找到平衡。 李宁公司的环保产品涵盖四大模块，以四个"自然"为核心：源于自然（采用生物基生产原料）、自然而染（创新制作染色工艺）、自然新生（推动回收再利 用）、回归自然（生态循环突破全降解技术）。 近年来，李宁公司 ...

Core Viewpoint - The central government is taking action to address the issue of "black mouths" on the internet that harm businesses, with a two-month nationwide campaign aimed at rectifying malicious attacks and marketing practices against companies [1][2][3]. Group 1: Government Actions - The Central Cyberspace Administration of China launched a two-month campaign to tackle four major issues, including malicious defamation and harmful marketing practices against enterprises [1]. - The campaign aims to protect the legitimate rights and interests of businesses and entrepreneurs, which are crucial for high-quality economic development [2][3]. - New regulations and guidelines have been established to clarify the handling of online infringement information related to enterprises, enhancing legal frameworks to combat misleading and defamatory content [3][4]. Group 2: Company Responses - Companies like Pang Donglai and Huiyuan Juice have publicly responded to false information, emphasizing their operational transparency and commitment to legal recourse against defamation [1][2]. - Li Ning has also taken legal action against malicious rumors, asserting its rights and defending its brand reputation [4]. - The proactive stance of these companies in addressing online misinformation is seen as a necessary step to maintain their market positions and protect their interests [4].