Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Insights - The company has experienced a mid-single-digit decline in retail sales for the third quarter ending September 30, 2025, with offline channels seeing a high single-digit decline, while e-commerce recorded a high single-digit growth [1] - The company has strengthened its brand through partnerships with the Chinese Olympic Committee and has showcased its products at various international sporting events, enhancing its visibility and cultural representation [2] - The company has expanded its instant retail capabilities by partnering with Meituan, allowing for a rapid delivery service across nearly a hundred cities, catering to diverse consumer needs [3] - The profit forecast for 2025-2027 remains unchanged, with expected revenues of 29.1 billion RMB, 30 billion RMB, and 31.1 billion RMB, and net profits of 2.5 billion RMB, 2.7 billion RMB, and 2.9 billion RMB respectively [4] Summary by Sections Retail Performance - As of September 30, 2025, the company had 6,132 sales points in China, with a net increase of 33 points from the previous quarter, despite a net decrease in retail points [1] Brand Development - The company has been appointed as the official sportswear partner for the Chinese Olympic Committee for the 2025-2028 period, showcasing its commitment to cultural representation and sportsmanship [2] Instant Retail Expansion - The company has launched its products on the Meituan platform, enhancing its distribution strategy and providing a quick delivery service to meet consumer demands [3] Financial Forecast - The company maintains its earnings forecast for 2025-2027, projecting steady revenue and profit growth [4]

Group 1 - The chairman of the company, Li Ning, increased his stake in Li Ning Company Limited (02331) by acquiring 13.236 million shares at a price of HKD 16.7716 per share, totaling approximately HKD 222 million [1] - Following the acquisition, the total number of shares held by Li Ning is approximately 36.38 million, representing a holding percentage of 14.07% [1]

Core Viewpoint - The chairman of the company, Li Ning, has increased his shareholding in Li Ning Company Limited (02331) by acquiring 13.236 million shares at a price of HKD 16.7716 per share, totaling approximately HKD 222 million, which reflects a strong commitment to the company's future growth [1] Summary by Category Shareholding Activity - On October 31, the chairman Li Ning purchased 13.236 million shares [1] - The acquisition price was HKD 16.7716 per share, leading to a total investment of around HKD 222 million [1] - Following this transaction, the chairman's total shareholding increased to approximately 36.38 million shares, representing a 14.07% ownership stake in the company [1]

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10月31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11月4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 - Pickleball is gaining popularity in the U.S. but struggles to achieve the same level of recognition in China, where it is still considered a niche sport [11][17][23] - The sport was originally designed to be less intense, making it more accessible for beginners and older adults, which may contribute to its slower adoption among younger demographics [5][23] - The growth of pickleball in the U.S. has been fueled by celebrity endorsements and the establishment of professional leagues, which has not yet occurred in China [14][15][17] Group 1: Popularity and Market Dynamics - Pickleball has seen a tenfold increase in players in the U.S. over two years, growing from under 5 million to over 50 million [11][12] - The global pickleball equipment market is projected to grow from $1.61 billion in 2024 to $3.1 billion by 2032, with a CAGR of 10.3% [14] - In the U.S., 26,000 tennis courts have been converted to pickleball courts since 2020, indicating a shift in recreational preferences [14] Group 2: Challenges in China - In China, pickleball is still a small market, with only 4% of Li Ning's revenue coming from niche sports, including pickleball [17] - The number of dedicated pickleball courts in Beijing is limited, with fewer than 100 available, most of which are repurposed from other sports facilities [21] - Despite a surge in sales during events like the Tmall 618, pickleball remains a niche sport compared to more established sports like badminton and table tennis [17][21] Group 3: Social Aspects and User Engagement - Pickleball is perceived as a social sport, attracting players of varying skill levels, which may enhance its appeal among casual participants [23][24] - However, the sport faces challenges in retaining players as many find it difficult to establish regular playing partners, limiting long-term engagement [26][27] - The cost of playing pickleball can be perceived as high, particularly in urban areas, which may deter some potential players despite the sport's low entry barriers [27][28]

Core Points - The 2025 Li Ning Li Yongbo Cup 3V3 Badminton National Finals concluded on November 2 in Beijing, with Zhejiang Xinshengda Badminton Club winning the championship [1][3] - The event featured 21 preliminary rounds, culminating in a final match where Zhejiang Xinshengda defeated their opponent 2:1 [3] - The 3V3 badminton format originated from a training method used by the national badminton team and has evolved into a platform connecting badminton enthusiasts over 16 years [3] Event Highlights - Li Yongbo, the event's initiator and trophy donor, expressed hopes for the future integration of technology into the event to enhance its growth [3][5] - The finals included a technology interactive experience area presented by the Li Ning Sports Science Research Center, featuring activities like speed challenges and agility tests [5] - The event aims to promote the development of badminton in China and expand its reach [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a decline in sales for Q3, with a focus on promoting Olympic and technology-related marketing initiatives. The short-term sales impact from these initiatives is expected to be limited, but there is optimism for long-term brand recovery [8] - The company’s total revenue for 2023 is projected at 27,598 million, with a year-on-year growth of 6.96%. However, net profit is expected to decline by 21.58% to 3,187 million [1] - The company is increasing its store count, with 6,132 main brand stores and 1,480 young brand stores as of the end of Q3 [8] Financial Summary - Revenue projections for the upcoming years are as follows: 28,676 million in 2024, 28,834 million in 2025, 30,529 million in 2026, and 32,074 million in 2027, with growth rates of 3.90%, 0.55%, 5.88%, and 5.06% respectively [1] - The forecasted net profit for 2025 is 2,313 million, reflecting a significant decline of 23.24% compared to the previous year, with a gradual recovery expected in subsequent years [1] - The earnings per share (EPS) is projected to be 1.17 in 2024, 0.89 in 2025, 1.00 in 2026, and 1.13 in 2027 [1] Market Data - The closing price of the company's stock is 16.95 HKD, with a market capitalization of approximately 39,948.28 million HKD [5] - The company has a price-to-earnings (P/E) ratio of 12.46 for the current price and latest diluted earnings [1]

Group 1 - The 2025 Total Energy Li Ning Li Yongbo Cup 3V3 Badminton National Finals was held at the Li Ning Center in Beijing, with Zhejiang Xinxing Badminton Club winning the championship by defeating their opponent 2:1 [1] - A survey report released by Li Ning at the finals indicated that 86.63% of badminton enthusiasts can reach the nearest venue within 15 minutes, and 70.55% frequently participate in events [1] - The report also highlighted that 73.66% of participants consider "professional organization processes" as a core factor in evaluating their event experience [1] Group 2 - The event featured a technology interactive experience area presented by the Li Ning Sports Science Research Center, which included activities like speed challenges and agility challenges, allowing amateur players to interact with world champions [1] - The integration of professional technology equipment into the event provided participants with enjoyment and precise assessments of their performance [1]

Core Insights - The "Double Eleven" shopping festival has intensified competition in the sports market, with major brands offering significant discounts to attract consumers [1][11] - Nike leads the sales rankings on Tmall, promoting discounts with slogans like "Not just 50% off," while other brands like Adidas and Anta are also heavily discounting their products [1][2] Discount Strategies - Nike's flagship model, Vaporfly 4, is priced at approximately 1409 yuan after discounts, with a discount rate of about 8.3% on Taobao and 20% on JD [7][8] - Adidas's Adios Pro4 shows weaker discounting, with rates around 9.1% on Taobao and 9.3% on JD, while remaining at full price on Douyin [7][8] - Anta's C202 6Pro and Li Ning's Feidian 5 Elite offer more substantial discounts, with rates of 8.5% and 6.9% respectively, indicating a trend of greater discounts from domestic brands [8][9] Market Performance - Overall, domestic brands appear to be offering more significant discounts compared to international competitors like Nike and Adidas, which are struggling to maintain their market positions [9][11] - Li Ning reported a decline in retail sales, while Nike's revenue in Greater China fell by 10% to 1.512 billion USD [11][12] - Adidas experienced a 10% revenue growth in Greater China, but still faces pressure as its growth rate has slowed [11][12] Competitive Landscape - The market share of Adidas in China has decreased from 15% in 2021 to 8.7% in 2024, while Nike's share has also declined but remains the highest at 16.2% [12] - Anta and Li Ning have seen slight increases in market share, indicating a shift towards domestic brands [12] - The intense discounting strategies reflect the pressure on major brands to maintain sales amidst a challenging market environment [13][15]

Core Viewpoint - The article discusses the intense discounting strategies employed by major sports brands during the "Double Eleven" shopping festival, highlighting the competitive landscape and the challenges faced by these companies in terms of sales growth and market share [1][7][9]. Discount Strategies - Nike leads the discounting efforts with a slogan "Not just 50% off," offering shoes at prices as low as 200+ yuan, creating a comprehensive discount matrix across channels [1] - Adidas focuses on popular items with a "starting from 50% off" strategy on Tmall, along with additional coupons [1] - Anta promotes discounts of up to 60% off on Tmall, while Li Ning offers similar discounts across multiple platforms, with JD.com providing additional member discounts [1] - Li Ning appears to have the largest overall discounting strategy among the brands [1][5]. Price Comparisons - Nike's flagship Vaporfly 4 is priced at 1409 yuan after discounts, with a discount rate of approximately 8.3% [3] - On JD.com, the same shoe can be purchased for 1369 yuan, reflecting a discount rate as low as 80% [4] - Adidas's Adios Pro4 shows weaker discounting, with rates around 9.1% to 9.3% across platforms [4]. - Anta's C202 6Pro has varying prices across platforms, with JD.com offering it at 1359 yuan after discounts [4]. - Li Ning's Feidian 5 Elite shows significant discounting, with rates as low as 6.9% [5]. Sales Performance - Li Ning reported a decline in retail sales, with a mid-single-digit percentage drop in the third quarter [7]. - Nike's revenue in Greater China fell by 10% to 15.12 billion yuan for the latest fiscal quarter [7]. - Anta showed slight positive growth, but overall growth is under pressure [7]. - Adidas experienced a 10% revenue increase in Greater China, but still faces growth challenges [8]. Market Share Dynamics - Adidas's market share in China has decreased from 15% in 2021 to 8.7% in 2024, while Nike's share has slightly declined from 18.1% to 16.2% [8]. - Anta's market share increased from 9.8% to 10.5%, and Li Ning's share rose from 9.3% to 9.4% [8]. - The competitive dynamics among these brands correlate with their discounting strategies during the "Double Eleven" event [8]. Industry Challenges - The article highlights that the intense discounting reflects broader challenges in the industry, with sales contraction becoming a prevailing theme [7][9]. - Frequent discounting has impacted the financial performance of these companies, with Anta's gross margin declining by 0.7 percentage points [9]. - The rise of domestic brands has eroded the pricing power of established players like Nike [9].