据李宁(02331.HK)公告，2026年1月18日，李宁（中国）认购金额为人民币7亿元之广发银行结构性存 款；2026年1月19日，李宁（北京）认购金额为人民币2.6亿元之中国银行结构性存款；2026年1月19 日，李宁（北京）认购金额为人民币2.4亿元之中国银行结构性存款；2026年1月21日，上海李宁认购金 额为人民币5亿元之中国银行结构性存款；及2026年1月26日，李宁童装认购金额为人民币2亿元之招商 银行结构性存款。 ...

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（ ...

1月24日，游客从故宫文创空间内走出。 近日，故宫博物院携手中国奥委会官方合作伙伴李宁创办的全 新的故宫文创特色展示空间在御花园扮戏楼亮相。这是继中国国家队故宫文创空间后，故宫打造的第二 个与体育运动结合的展示空间，以"守护中国文化"为主题场景，借科技、创新与拼搏精神融合之力，推 动传统文化现代表达。 新华社记者 金良快 摄 1月24日，游客在故宫文创空间内选购商品。 近日，故宫博物院携手中国奥委会官方合作伙伴李宁创办 的全新的故宫文创特色展示空间在御花园扮戏楼亮相。这是继中国国家队故宫文创空间后，故宫打造的 第二个与体育运动结合的展示空间，以"守护中国文化"为主题场景，借科技、创新与拼搏精神融合之 力，推动传统文化现代表达。 新华社记者 金良快 摄 1月24日，游客在故宫文创空间内选购商品。 近日，故宫博物院携手中国奥委会官方合作伙伴李宁创办 的全新的故宫文创特色展示空间在御花园扮戏楼亮相。这是继中国国家队故宫文创空间后，故宫打造的 第二个与体育运动结合的展示空间，以"守护中国文化"为主题场景，借科技、创新与拼搏精神融合之 力，推动传统文化现代表达。 新华社记者 金良快 摄 来源：新华网 ...

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]

Core Viewpoint - The signing of the Chinese Olympic Committee by Li Ning in the first half of 2025 marks the beginning of a new product and marketing cycle for the company, with potential for stock price increase if there is improvement in revenue or profit in the medium to long term [1] Industry Trends - The demand for sports footwear and apparel remains resilient, with increasing diversification and specialization in sports participation among residents [2] - The market size for sports apparel in China is projected to reach 260.2 billion yuan by 2024, with a CAGR of 9% expected from 2025 to 2029 [2] Brand Highlights - The Olympic cycle is expected to enhance the company's brand strength, with increased sponsorship in niche categories [2] - Li Ning has signed with the Chinese Olympic Committee in the first half of 2025, aiming to boost brand awareness through diverse Olympic marketing [2] - The company is increasing support for running and basketball categories, with a growing number of marathon sponsorships and events in niche sports like badminton and pickleball [2] Product Highlights - Professional running shoes are driving growth, with running and training categories showing strong performance [3] - In the first half of 2025, the revenue shares for running, basketball, training, and lifestyle products were 34%, 17%, 16%, and 29% respectively, with running and training categories each growing by 15% [3] - The company is focusing on core products like Feidian, Chitu, and Chaoying to drive sales, while also enhancing R&D for the training series [3] Channel Highlights - The company has 4,821 franchise stores and 1,278 direct-operated stores as of the first half of 2025, with plans to open Olympic gold standard and outdoor series specialty stores [3] - E-commerce revenue grew by 7% year-on-year to 4.3 billion yuan, accounting for 29% of total revenue, indicating a stable growth strategy in the e-commerce channel [3] Profit Forecast and Investment Suggestions - The company is projected to achieve net profits of 2.742 billion, 2.901 billion, and 3.302 billion yuan for 2025 to 2027, with growth rates of -9%, +5.8%, and +13.8% respectively [4] - The current market valuation corresponds to a PE ratio of 17 times for 2026, with potential for valuation improvement as the company's Olympic marketing strategy and product optimization progress [4]

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [9]. Core Insights - The current inventory replenishment cycle in the U.S. apparel industry is characterized by weak elasticity due to several factors, including K-shaped consumer spending, misalignment in brand recovery rhythms, and constraints faced by comprehensive sports brands [3][6]. - Despite the transition from inventory destocking to replenishment, the expected rebound in manufacturing performance and market response has not materialized as anticipated [6][19]. - The report forecasts limited replenishment elasticity in the near term, with potential improvements in terminal demand expected after the current interest rate cycle concludes [3][8]. Summary by Sections Introduction - The report discusses the weak momentum in the current manufacturing replenishment cycle, noting that the U.S. apparel industry has transitioned to a phase of active replenishment after reducing inventory to healthy levels since Q1 2023 [6][17]. Analysis of Weak Replenishment Cycle - **Macro Perspective**: U.S. consumer spending is experiencing K-shaped differentiation, where high-income households support overall consumption while lower-income households face suppressed purchasing power and willingness to spend [7][32]. - **Brand Perspective**: The misalignment in recovery rhythms among brands has diluted overall replenishment elasticity, with brands like Adidas and Deckers already undergoing several quarters of replenishment without strong retail catalysts [7][30]. - **Industry Perspective**: The growth potential in the sports category is diminishing due to factors such as slowing penetration rates, reduced technological innovation, and diminishing returns from direct-to-consumer (DTC) strategies [7][30]. Future Replenishment Elasticity Expectations - In the short term, historical inventory cycles suggest that mature brands may experience shorter replenishment periods, while growth-oriented brands could see longer cycles [8][19]. - The report indicates that after the current interest rate cycle, retail demand may improve, leading to a more resilient growth trajectory for top brands transitioning into replenishment phases [8][19]. - Recommended stocks include Crystal International and Shenzhou International, with a focus on companies like Wah Lee and Yue Yuen [8][19].