中新网北京12月27日电 12月27日，2025年"李宁杯"新闻界羽网匹邀请赛在北京举行，比赛包含羽毛 球、网球、匹克球三项运动，300多名媒体人齐聚赛场。 12月27 日，2025年"李宁杯"新闻界羽网匹邀请赛在北京举行。供图 本次比赛是首次将羽毛球、网球、匹克球三项球类运动融合、同期举办的媒体邀请赛事，在赛事组织模 式和参与方式上进行了创新探索。经过紧张激烈的角逐，网球项目冠军由王欣/陈丰摘得，卜多门/闫丛 笑收获亚军，季军则被曹晓磊/丁冬霞收入囊中；匹克球冠军由季嘉东/梁金雄捧得，毕然/张晓夏摘得亚 军，宫平/张伟获得季军。 与此同时，羽毛球比赛共有33支媒体代表队参与，抖音代表队获得冠军，阿里一队获得亚军，百度一队 收获季军，金台小队获得第四名，大鹏羽球俱乐部队、BRTV好点队、总台欢乐羽球一队、快手队并列 第五。 颁奖仪式上，奥运冠军张楠、世界冠军徐晨作为嘉宾为各个项目的冠亚季军颁奖。 据介绍，此次赛事为媒体人组建了一次兼具健康、交流与欢乐的聚会，让运动成为连接彼此、展现精神 风貌的重要方式。谈起比赛初衷，赛事发起人之一梁金雄说，希望媒体朋友们从这三项球类运动中更好 地锻炼身体，丰富自身文体生活，从 ...

Investment Rating - The report maintains an "Outperform" rating for Li Ning (02331.HK) [5][7] Core Insights - The Chinese sports and outdoor footwear and apparel market is projected to reach approximately 440 billion RMB by 2025, with a current growth rate of around 6% [1][15] - The company has experienced significant growth in the past, with net profit reaching 4 billion RMB in 2021, but has faced challenges since 2022, leading to a slowdown in revenue growth [2] - Li Ning is focusing on optimizing inventory and channels, with expectations for a rebound in profitability and brand strength due to new product launches and marketing strategies [2][4] Industry Overview - The sports industry is expanding, with a shift towards niche segments. The market structure is changing, with professional sports categories growing faster than fashion sports [1][15] - The competitive landscape is becoming more fragmented, with the market share of the top 10 brands decreasing from 76% in 2019 to 68% in 2025, indicating a rise in domestic brands [1][24] Company Performance Review - Li Ning's revenue growth slowed to single digits from 2022 to 2024 due to inventory and channel issues, but is expected to recover in 2025 with improved profitability [2][4] - The company has seen a significant increase in its direct channel profit margins, which are expected to rise from around 10% in 2023 to mid-double digits in 2025 [3] Product Cycle and Category Expansion - The company is shifting focus from basketball and lifestyle products, which have seen a decline, to running shoes, which are expected to grow at a rate of 25%-45% in 2023-2024 [3][31] - New product lines, including the "Super Capsule" technology for running shoes, are anticipated to drive growth [3][33] Marketing Strategy - Li Ning plans to increase its marketing expenditure from below 10% to low double digits starting in 2025, focusing on Olympic sponsorships and enhancing visibility in running and basketball categories [4][58] - The company is leveraging social media to boost brand engagement and visibility, with significant increases in post frequency and follower counts [4][70] Financial Forecast - The company is projected to achieve net profits of 2.4 billion RMB, 2.7 billion RMB, and 3.1 billion RMB for 2025, 2026, and 2027, respectively, reflecting a recovery trajectory [8][39] - The estimated reasonable valuation range for the company is between 21.20 and 22.30 HKD, corresponding to a PE ratio of approximately 19-20 times for 2026 [7][39]

据了解，李宁集团将充分发挥在品牌、研发、运动资源等方面的核心优势，与北京市体育局强大的平台 价值相结合，在竞技体育、青少年培养、赛事赋能、科技研发及体育文化弘扬等方面全力投入，打造政 企合作典范，为北京国际赛事名城建设和体育产业发展注入新动能。 除战略合作协议外，北京市先农坛体育运动技术学校、北京市什刹海体育运动学校、北京市木樨园体育 运动技术学校、北京市芦城体育运动技术学校、北京射击学校分别与李宁集团签署了合作备忘录，旨在 为体操、乒乓球、羽毛球、跳水、射击等多支北京优秀运动队提供专业装备、科技赋能及综合保障支 持，助力提升竞技体育核心竞争力。 战略合作框架下，李宁集团与北京市体育局签署了《北京市青少年后备人才培养合作备忘录》，通过此 项合作，深度支持北京市青少年品牌赛事活动，夯实三大球青训基础，激发青少年运动热情，完善体育 后备人才储备体系。 中新网北京12月25日电 "从体育来讲，北京一直在发展，无论是竞技水平的提升，包括大众体育出现很 多冠军。过去一年，各种比赛在北京举办，为推动首都体育产业发展起到非常大的作用。"当被问及如 何看待北京体育近年来的发展时，李宁集团董事长李宁这样说道。 在这位奥运冠军看 ...

据主办方介绍，此次合作旨在推动首都体育事业高质量发展，助力体育强国建设。双方将建 立"1+N+1"合作体系，在竞技体育、青少年培养、赛事赋能、科技研发及体育文化等领域深度协同。签 约现场，李宁集团还与北京市五所重点体校签署合作备忘录，为体操、乒乓球、羽毛球等多支北京优秀 运动队提供专业装备及综合保障。 在战略合作框架下，李宁集团与北京市体育局签署了《北京市青少年后备人才培养合作备忘录》。此项 合作将深度支持北京市青少年品牌赛事活动，夯实三大球青训基础，激发青少年运动热情，完善体育后 备人才储备体系。 北京市体育局副局长葛军表示，北京正从"双奥之城"向"国际赛事名城"迈进，此次合作是立足长远的深 度融合。李宁集团执行董事李麒麟强调，集团将充分发挥品牌与研发优势，与北京市体育局平台价值结 合，打造政企合作典范，为北京体育产业发展注入新动能。 来源：中国青年报客户端 中国青年报客户端北京12月25日电（中青报·中青网记者 梁璇）北京市体育局与李宁集团于12月25日在 北京签署战略合作协议，双方合作从单点项目支持升级为全方位战略协同。北京市体育局局长于庆丰、 李宁集团董事长李宁出席仪式。 ...

转自：北京日报客户端 12月25日，北京市体育局与李宁集团战略合作签约仪式在北京市木樨园体育运动技术学校举行。此次签 约标志着双方的合作关系从以往的单点项目支持，升级为全方位、多层次、可持续的深度战略协同，共 同推动首都体育事业高质量发展。 北京市体育局局长于庆丰，李宁集团董事长李宁出席仪式并见证签约。双方代表签署《战略合作协 议》。 签约仪式前，北京市体育局与李宁集团主要负责人及代表举行了座谈交流，双方围绕如何将战略共识转 化为务实成果深入交换意见，共同回顾了彼此深厚的合作渊源与牢固的信任基础。李宁表示，品牌将依 托成为中国奥委会官方合作伙伴的新契机，全力为北京国际体育交流与文化建设赋能。于庆丰表示，此 次合作是"老友新约"，标志着双方关系从项目支持升级为政企同心、共建共赢的全方位战略协同。 在签约仪式上，北京市体育局副局长葛军在致辞中表示，北京正处在从"双奥之城"向"国际赛事名城"迈 进的关键时期，此次合作是一次立足长远、优势互补的深度融合。双方应建立高效顺畅的沟通推进机 制，通过创新的"1+N+1"合作体系，在支持竞技体育发展、"奔跑吧·少年"赛事升级、体育人才培养及实 习就业基地共建等方面深化系统协同 ...

上周末，北京王府井湾里·WellTown超级奥莱店开业。李宁的现身并不意外，"意外"的是李宁咖啡店——宁咖啡的"全新亮相"。 与此前藏身于品牌门店内部、作为附属体验存在的咖啡服务不同。一次的宁咖啡拥有了独立门头和完整客座区，并首次走进奥莱这样高度市场化、竞争充 分的商圈场景。表面看，这是一次门店形态的升级；但放在时间维度里看，它更像是李宁在咖啡这件事上，终于从"试试看"，走向了"要不要做成"。 据咖门报道，这家新店试营业期间，单日营业额将近2万元，也创下了品牌最高的单店业绩。 同样是做咖啡，为什么这一次的「宁咖啡」和三年前，明显不一样了？ 时间线拉回到2022年，当你注册咖啡商标，咖啡只是零售体验的一部分。 公开信息显示，李宁在2022年完成了"宁咖啡"相关商标的注册，并陆续在部分门店中引入咖啡服务。但从当时的呈现方式来看，李宁并未急于把咖啡当作 一门独立生意来经营。事实上，2022年左右，正是企业扎堆儿跨界入局咖啡赛道的一个时间点。 彼时，在具体操作上，宁咖啡更多以"消费满额赠饮"或"到店免费喝一杯"的形式出现，往往被设置在门店的一角，与试衣区、休息区共同构成一种更舒适 的购物环境。咖啡在这一阶段承担的，并 ...

Investment Rating - The report maintains a "Strong Buy" rating for Li Ning [4] Core Views - Since Q4 2025, the company has accelerated its layout in new products and channels, with positive market feedback on new running shoes featuring the latest super-bounce capsule technology [1][8] - The company has opened its first outdoor specialty store and a flagship store in Beijing, indicating a strategic expansion into new market segments [3] - With channel inventory returning to a healthy level, the company is expected to see a turnaround in operations in 2026, supported by aggressive marketing and major events [1][10] Inventory and Product Structure - As of Q3 2025, the channel inventory has decreased to a controllable level of 4-5 months, with 82% of inventory being new products under 6 months [2] - The product structure is healthy, with 77% of the company's inventory also consisting of new products under 6 months [2] Store Expansion - The total number of Li Ning stores reached 6,132 by the end of Q3 2025, with a net increase of 33 stores from the previous quarter [3] - The company has also increased its focus on outdoor and premium product lines, with new store openings catering to diverse consumer needs [3] Financial Performance and Projections - Total revenue for 2023 is projected at 27,696 million yuan, with a growth rate of 6%, while 2025 revenue is expected to remain flat at 28,744 million yuan [9][24] - Net profit for 2025 is estimated at 2,395 million yuan, reflecting a decline of 21% year-on-year, but is expected to recover in subsequent years [9][24] - The report anticipates a gradual recovery in revenue growth starting in 2026, driven by new product launches and enhanced marketing efforts [10] Shareholder Activity - The controlling shareholder has been actively increasing their stake in the company, which is seen as a positive signal for corporate governance and long-term investment value [10][11]

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of HKD 19.00 and a fair value of HKD 20.22 [5]. Core Insights - The launch of the Honor Gold Standard product series and the new "Dragon Store" concept is expected to drive brand performance growth. The Dragon Store aims to create a space that integrates product experience, emotional resonance, and cultural exchange, while the Honor Gold Standard series focuses on multifunctional and versatile designs for various scenarios [9]. - The company anticipates that the synergy between the Honor Gold Standard series and the Dragon Store will contribute to revenue growth in 2026, targeting high-quality consumer segments with diverse needs [9]. - Profit forecasts indicate that the company's net profit attributable to shareholders is expected to be CNY 2.472 billion in 2025, CNY 2.634 billion in 2026, and CNY 2.828 billion in 2027, with a reference PE of 18 times for 2026 [9]. Financial Summary - Main revenue projections for the company are as follows: - 2023: CNY 27,598 million - 2024: CNY 28,676 million - 2025: CNY 28,986 million - 2026: CNY 30,325 million - 2027: CNY 32,871 million - The growth rates for main revenue are projected at 7.0% for 2023, 3.9% for 2024, 1.1% for 2025, 4.6% for 2026, and 8.4% for 2027 [4]. - The company's EBITDA is forecasted to be CNY 5,814 million in 2023, declining to CNY 5,631 million in 2025, and then increasing to CNY 6,736 million by 2027 [4]. - The net profit attributable to shareholders is projected to decline from CNY 3,187 million in 2023 to CNY 2,472 million in 2025, before recovering to CNY 2,828 million in 2027 [4]. - The report also highlights key financial ratios, including a projected ROE of 9.0% in 2025 and an EV/EBITDA ratio of 6.4 in 2025 [4].

Market Overview - The US CPI annual rate decline has led to a rise in US stocks, boosting risk market sentiment [1] - The Hang Seng Index opened higher and closed up 0.75%, with the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.68% and 1.12% respectively [1][2] Sector Performance - Major technology stocks saw collective gains, with Tencent up 1.49%, Kuaishou up 1.45%, and Meituan up 1.28% [4] - Pharmaceutical stocks were active, with WuXi AppTec and other related stocks rising [2] - Gaming stocks continued to rise, with MGM China leading with a 6.6% increase [2][5] - AI-driven demand boosted optical fiber and cable stocks, with Yangtze Optical Fiber rising 12% [2] - Automotive, wind power, education, photovoltaic, insurance, and Apple-related stocks also experienced gains [2] Notable Stock Movements - Xpeng Motors rose 7.65%, Horizon Robotics up 7.04%, and Li Auto up 3.81% [4][10] - Electronic cigarette stocks saw significant increases, with China Tobacco Hong Kong up 6.68% [5] - Chinese brokerage stocks rose, with China International Capital Corporation up over 4% [7] - Intelligent driving concept stocks surged, with Youjia Innovation up 31.22% [8] Weak Performers - Heavy machinery stocks faced declines, with China National Heavy Duty Truck Group down over 6% [13] - Gold and precious metal stocks were weak, with several companies experiencing declines of over 2% [16] - Oil stocks also fell, with China Petroleum & Chemical Corporation down 1.52% [15] Capital Flows - Southbound funds recorded a net purchase of HKD 3.371 billion, with net selling from Shanghai-Hong Kong Stock Connect and net buying from Shenzhen-Hong Kong Stock Connect [18] Market Outlook - CITIC Securities suggests that after a strong performance in September, Hong Kong stocks are undergoing a mid-term adjustment, with quality assets entering a high-value zone [18]

标题2：国潮之后，李宁靠"户外"找新故事 2020年以来，随着户外消费的火热，李宁也尝试推出户外功能服饰。另外，2023年，李宁家族关联的莱 恩资本收购北欧著名户外运动品牌火柴棍，也从侧面进一步反映出李宁在户外赛道的不断尝试。在上述 提及的多次试水下，2024年度财报中，李宁首次将户外作为单独品类列出。 李宁在户外领域的布局步伐开始提速了。 在服装产业分析师马岗看来，李宁的户外之路是比较坎坷的。较早聚焦多元化的李宁在主品牌升级的过 程中出现了一些问题，导致户外品类没有做起来。如今户外品类独立开店，意味着其不再是一个从属于 主品牌的品类，而是一个独立运营的户外业务。要客研究院院长周婷也表示，户外品类独立开店意味着 品牌在该品类将会投入更多预算，以达到更高预期，此品类或成为品牌未来重要的增长点之一。 近期，李宁在北京朝阳大悦城（000031）落地了首家户外品类独立店——COUNTERFLOW溯。在这家 户外门店，李宁舍弃了常规门店惯用的"中国红"，而是以"瓷青绿"为主基调，更贴合其主打为户外爱好 者服务的主旨。户外品类以独立店形式首次登场，标志着李宁进一步加码户外市场布局。就在三个月 前，李宁披露的2025年中期 ...