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 ...

机构：中金公司 研究员：林骥川/杨润渤/宋习缘 公司近况 李宁品牌全球首家龙店在12 月14 日于北京三里屯太古里开业，同时李宁推出全新荣耀金标系列产品， 我们认为，此举是公司在奥运产品矩阵布局上的进一步强化。 龙店展示品牌新形象。李宁龙店将李宁品牌具有代表性的设计符号与传统文化链接，同时也强调了李宁 品牌作为中国奥委会官方合作伙伴的身份。门店内李宁围绕"领奖时刻"、"竞技时刻"、"生活时刻"三大 主题为消费者全面诠释品牌文化与产品专业性。 推出全新荣耀金标系列，满足消费者多功能多场景穿搭需求。李宁荣耀金标系列将李宁的专业运动科技 与消费者日常通勤需求相融合，以时尚简约的设计为消费者的日常都市通勤提供新的高品质选择。我们 认为，荣耀金标系列将会丰富李宁的产品矩阵，在强调核心运动功能性产品外，辐射更多的消费者。 核心产品顺利迭代。在全新产品系列之外，李宁在近日还推出了新的跑鞋中底科技"超胶囊"，同时也推 出了核心跑鞋产品"飞电"、"赤兔"的全新版本。李宁赞助的运动员在2025 年频繁登上东京半马1、瓦伦 西亚马拉松2等国内外顶级赛事的领奖台，展现了强大的整体实力。我们认为核心功能性的持续迭代， 能够让李宁持续在 ...

港股止跌，整个早盘都维持在中轴附近窄幅盘整，大消费和科技小幅收红，互联网和医疗走了和寂寞。 大消费探底回升后震荡上行，截止午盘小涨0.32%。其中李宁都在4.37%，申洲国际上涨2.26%，石药集 团、老铺黄金、药明生物、泡泡玛特等股涨幅均在1%上方；创科实业、小鹏汽车、地平线等股逆势绿 盘。 科技股开盘一直围绕中轴盘整，截止午盘小涨0.14%。其中美团上涨1.21%，京东集团、阿里巴巴、腾 讯控股、中芯国际等股均小幅收涨；比亚迪股份、网易等股逆势小跌。 恒生医疗走了个寂寞，其中石药集团上涨1.9%，药明生物上涨1.68%，百济神州、信达生物、三生制药 等股均小幅收涨；康方生物、中国生物、京东健康、翰森制药等股均小幅收跌。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ ...

IT之家 12 月 17 日消息，我的华为 App 活动页面显示，华为鸿蒙电脑家庭存储文档同步体验官活动今启招募（2025 年 12 月 17 日~2025 年 12 月 31 日）。 IT之家整理活动重点内容如下（活动路径：我的华为-首页-活动-体验官-鸿蒙电脑家庭存储文档同步体验官招募）： 报名时间：2025 年 12 月 17 日~2025 年 12 月 31 日 活动形式：线上邀约公测体验 入选标准： 鸿蒙电脑系统已升级 HarmonyOS 6 的华为家庭存储用户优先； 积极反馈产品体验问题与建议，并愿意配合工作人员复现日常发现的问题，帮助提升产品体验； 认真填写招募问卷并按时提交，完成华为"我是体验官"招募报名。 审核说明：招募活动结束后工作人员将对问卷进行人工审核，审核通过后，您将收到入选通知； 本次问卷需在 2025 年 12 月 31 日前提交完成。华为"我是体验官"将根据您提交的问卷信息进行专项匹配与审核，请您如实填写本次问卷。 *本次招募活动对所有用户开放,欢迎大家踊跃报名参与,我们将根据报名信息! 名車。 审核说明 报名方式 66 T 7 E 1 -- 积极反馈产品体验问题与建议,并愿意 ...

Core Insights - Li Ning has opened its first "Loong Store" in Beijing, themed "Dragon Glory Begins," marking a significant branding initiative that integrates Olympic elements into its retail strategy [1] Group 1: Store Opening and Branding - The "Loong Store" represents a new retail format for the Li Ning brand, emphasizing its connection to Chinese cultural symbols and sports [1] - The store opening coincides with the launch of the new "Honor Gold Standard" product series, which features the Chinese Olympic Committee's commercial emblem alongside the Li Ning brand logo [1] Group 2: Historical Context and Partnerships - Li Ning has a longstanding relationship with the Olympics, having incorporated the "CHINA Dragon" element into the design of the Chinese sports delegation's uniforms since the 2000 Sydney Olympics [1] - The company has been selected again as the official sportswear partner for the Chinese sports delegation for the 2025-2028 Olympic Games [1]

2025年12月14日，李宁品牌以"龙耀开启"为主题在北京地标性商圈三里屯太古里隆重举行全球首家龙店 开业及全新荣耀金标产品系列正式发布仪式。 龙店（LI-NING LOONG STORE），是李宁品牌倾力打造的全新店型。自2000年悉尼奥运会，李宁品牌 首次将"CHINA 龙"元素融入中国体育代表团领奖服设计，此后连续七届奥运会为中国国家乒乓球队打 造"龙服"战袍。 2025年1月，李宁重新获得2025年—2028年中国体育代表团体育服装合作企业征集项目。此次，全新荣 耀金标产品系列正式发布，新品首次将象征着中国体育荣耀与体育精神的中国奥委会商用徽记与李宁品 牌标志联合运用于荣耀金标产品系列。 （文章来源：中国经营报） ...