作为国内最早创立的体育用品品牌之一，李宁依然是那个能够不断创造新可能的长青"选手"。2024年在市场的压力测试下，李宁仍能成功"接住"挑战，这背 后公司究竟做对了哪些事情？ 专业性为基做强"单品牌" 过去几十年里，科技对于体育竞技产生了深刻的影响。而对于李宁来说，立足于独特的运动员基因，持续加大品牌专业能力投入，以运动科技创新不断提升 品牌价值，同样也是其面对市场波动仍能处变不惊、稳健发展的制胜法宝之一。 根据最新财报，2024年李宁继续深耕跑步、篮球、综训、羽毛球、乒乓球和运动生活六大核心品类。其中，跑步品类零售流水增长了25%。跑步品类近年作 为各大运动服饰品牌的"兵家必争之地"。李宁之所以能在此延续强劲增长势头，与其愈发深厚的科技壁垒有着重要关联。就拿最能体现品牌专业实力的鞋类 来说，以"李宁䨻"等科技打造的三款核心跑鞋"超轻"、"赤兔"、"飞电"年内合计销量突破了1060万双。 面对近年来不断变化的消费市场环境，李宁以稳健经营为核心，在战略选择上紧紧锚定"单品牌，多品类，多渠道"这一核心主线，以科技创新为引擎不断强 化自身"专业运动"的品牌定位及竞争优势。 在智通财经看来，李宁深谋远虑的战略定力，辅以 ...

在2024年有挑战的市场背景下，李宁公司交出了一份稳健的成绩单。 在稳健务实的发展基调之下，李宁联席CEO钱炜在业绩说明会上强调，"稳健经营不等于保守经营，而 是该攻的攻、该控的控、该调的调。"。 "单品牌"聚焦、"多品类"深化 里斯在《品牌的起源》书中，提到"品类是是隐藏在品牌背后的关键力量，消费者'以品类来思考，以品 牌来表达'"，"品牌与品类是整体策略，如海洋中的冰山，品牌是冰山上的部分，品类是水下的部分， 也决定了冰山的大小"。 从消费场景来看，消费者会产生购买篮球鞋的需求，再去考虑篮球鞋的品牌。当李宁篮球鞋成为国内外 篮球领域的佼佼者，消费者在考虑篮球鞋时，就会想到去李宁门店逛逛，找一双适合自己的篮球鞋。 这样的思考链路，是李宁坚持深耕单品牌、多品类的底层逻辑。 单品牌聚焦，专注发展李宁品牌，李宁品牌旗下拥有跑步、篮球、综训、羽毛球、乒乓球、运动生活六 大核心品类，以品类建立消费者链接，对于李宁品牌来说是务实也最有效率的策略。通过品类，李宁将 产品广泛覆盖到中国运动人群，服务不同的运动需求。 从经营结果来看，2024年，李宁跑步、篮球、综训三大专业运动品类流水占比达到64%；此外，李宁在 2024年 ...

在零售运营方面，集团深入推进高盈利、高效率的单店运营模式。构建各层级店型标准损益模型，将店 铺核心指标进行标准化与量化处理，并与各职能部门管理目标联动，形成高效协同的管理体系，助力整 体运营效率的提高。 据李宁集团截至2024年12月31日止年度("年内")的经审核综合业绩显示，年内，集团收入达286.76亿元 人民币，较2023年同期上升3.9%(2023年：275.98亿元人民币)。毛利为141.56亿元人民币，较2023年同 期上升6.0%(2023年：133.52亿元人民币)，集团整体毛利率为49.4%，较去年提升1个百分点(2023年： 48.4%)。 童装业务方面，李宁YOUNG完成梳理青少年产品矩阵，挖掘服装和配饰的核心竞争力，并积极拓展新 兴市场，同时致力提升单店效率、清货渠道建设，促进产品流转以及扩大客群。 (李宁集团) 渠道方面，集团一方面巩固和提升高层级市场的运营效能，另一方面加快新兴市场的拓展步伐。 年内，集团继续聚焦"单品牌、多品类、多渠道"的核心战略，通过持续的研发和科技创新，推动产品力 的升级，同时在产品创新、品牌建设、渠道优化等多方面取得显著进展。 2024年，集团科技研发领域 ...

截至2024年12月31日止第四季度，李宁销售点(不包括李宁YOUNG)于整个平台的零售流水按年取得高 单位数增长。就渠道而言，线下渠道(包括零售及批发)取得中单位数增长，其中零售(直接经营)渠道取 得低单位数下降，批发(特许经销商)渠道取得中单位数增长;电子商务虚拟店铺业务取得10%-20%中段增 长。 截至2024年12月31日，于中国，李宁YOUNG销售点数量共计1468个，较上一季末净增加9个，本年迄 今净增加40个。 李宁(02331)发布截至2024年12月31日止年度的全年业绩，收入286.76亿元(人民币，下同)，同比增加 3.9%;毛利141.56亿元，同比增加6.02%;股东应占溢利30.13亿元;每股基本收益116.98分;拟派发末期股息 每股20.73分。 公告称，本年，得益于线上渠道的深度开发、规模效应显现及成本控制的优化，本年电商业务收入增长 10.3%;公司通过加强与经销商的合作，优化产品供应，提供更具竞争力的产品组合，提升与经销商之间 的协同效率，实现库存优化及订单快速响应;带来经销收入同比增长2.6%;及受整体消费环境及市场竞争 加剧影响，公司对零售渠道进行了优化调整，零售收 ...

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 經營業績摘要 - 1 - • 本年，公司通過優化業務結構、提升運營效率，保持了穩健增長： – 收入上升3.9%至286.76億元人民幣；毛利率提升一個百分點至49.4% – 經營現金淨流入上升12.4%至52.68億元人民幣 • 權益持有人應佔淨溢利為30.13億元人民幣，淨利率為10.5%； • 運營資金保持健康水平： – 平均運營資金總額佔收入比為7.4% – 現金循環週期維持在35天 • 董事會建議派發截至2024年12月31日止年度之末期股息每股普通股20.73分人民 幣，連同於2024年9月派付的中期股息每股普通股37.75分人民幣，截至2024年12月 31日止年度之全年股息將為每股普通股58.48分人民幣，全年派息比率為50%。 • 整體零售流水（包括線上及線下）保持同比持平。 • 渠道庫存同比上升高單位數，庫存周轉與庫齡結構保 ...

一个管账一个带货，家族企业新玩法？ 家族接班是晋江体育品牌的基本操作，安踏董事局主席丁世忠的儿子丁少翔已经回国担任旗下运动品牌迪桑特的负责人。安踏另一个创始人丁世家的儿子 丁思榕已经出任安踏旗下的可隆品牌的CEO。 特步两公主上阵，能否赶上安踏、李宁？ 就在特步两公主官宣出圈的时候，特步也公布了2024年的业绩财报，特步国际全年营收达到135.77亿元，同比增长6.5%。公司营业利润增长9.3%，至 19.66亿元，创下历史新高。 过去的几年时间里，特步开始动作频频，2023年收购了"慢跑鞋中的劳斯莱斯"索康尼，今年这个品牌已经成为第二增长曲线收入突破十亿元大关。由于丁 佳敏的身体力行，去年一年特步在电商领域也有20%的强劲增长，占特步主品牌总收入超过30%，其他如小红书、抖音、视频号等零售渠道也有了大幅度 增长。 最近特步老板丁水波的两个女儿出圈了，御姐风的32岁大女儿丁利智官宣出任了集团的首席财务官，另一个小女儿是95后的丁佳敏，这几年还主理了一个 名叫"半糖系列"的运动品牌，成功做上了网红带货博主，在2022年和七匹狼董事长之子周力源订婚后，被网友称为"爽文小说主角走进现实"。 丁利智与丁佳敏，来源：视 ...

Investment Rating - The report maintains a "Buy" rating for Li Ning (2331 HK) with a target price of HK$19.30, indicating a potential upside of 16% from the current price of HK$16.68 [1][3][5]. Core Views - The report forecasts a revenue growth of 2.2% and a decline in net profit of 3.3% for 2024, with expected revenues of RMB 28.2 billion and net profits of RMB 3.08 billion [2][5]. - The company is entering a stable development phase, with projected revenue growth of 3.9% in 2025, reaching RMB 29.33 billion, and a net profit increase of 6.4% to RMB 3.28 billion [2][3]. Financial Summary - Revenue and profit forecasts for Li Ning are as follows: - 2024E Revenue: RMB 28,217 million, a 2.2% increase YoY - 2024E Net Profit: RMB 3,083 million, a 3.3% decrease YoY - 2025E Revenue: RMB 29,326 million, a 3.9% increase YoY - 2025E Net Profit: RMB 3,281 million, a 6.4% increase YoY [4][6][7]. - The report anticipates a slight decline in gross margin in 2H24, with an overall gross margin of 49.4% for 2024, reflecting a 1.0 percentage point increase YoY [1][2]. Valuation - The report maintains the earnings forecast and target price, corresponding to a P/E ratio of 14 times for 2025 [3][5]. - The estimated P/E ratios for the upcoming years are as follows: - 2024E P/E: 13.5 - 2025E P/E: 12.1 - 2026E P/E: 11.4 [4][7].

Investment Rating - The report maintains a "Buy" rating for Li Ning (2331 HK) with a target price of HK$19.30, indicating a potential upside of 16% from the current price of HK$16.68 [1][4][5] Core Views - The report projects a revenue growth of 2.2% and a decline in net profit of 3.3% for 2024, with expected revenues of RMB 28.2 billion and net profits of RMB 3.08 billion [2][5] - The company is entering a stable development phase, with a forecasted revenue increase of 3.9% to RMB 29.33 billion and a net profit increase of 6.4% to RMB 3.28 billion for 2025 [2][3] Summary by Sections Revenue and Profit Forecast - For 2024, revenue is expected to grow by 2.2% to RMB 28.2 billion, while net profit is projected to decline by 3.3% to RMB 3.08 billion [2][5] - For 2025, revenue is forecasted to increase by 3.9% to RMB 29.33 billion, and net profit is expected to rise by 6.4% to RMB 3.28 billion [2][3] Financial Data Summary - The financial data for Li Ning shows a revenue of RMB 27.6 billion for 2023, with projections of RMB 28.2 billion for 2024 and RMB 29.3 billion for 2025 [4][6] - The net profit for 2023 is recorded at RMB 3.19 billion, with expectations of RMB 3.08 billion for 2024 and RMB 3.28 billion for 2025 [4][6] Valuation and Earnings - The report maintains the earnings forecast and target price, corresponding to a P/E ratio of 14 times for 2025 [3][5] - The projected earnings per share (EPS) for 2024 is RMB 1.19, for 2025 is RMB 1.27, and for 2026 is RMB 1.34 [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][5]. Core Views - The company has become the official sportswear partner for the Chinese Olympic Committee and the Chinese sports delegation for the 2025-2028 period, which is expected to enhance its brand image and marketing efforts [2][4]. - In the fourth quarter, the company's e-commerce sales growth accelerated, with a reported increase of 26% compared to the previous quarter [3][7]. - The company launched a new midsole technology called "超䨻" in November, introducing six new basketball and running shoe models featuring this innovation [11][12]. - Despite short-term pressures on profitability due to increased marketing expenses related to the Olympic partnership, the company maintains a cautiously optimistic outlook for its product competitiveness and growth potential in the mid to long term [3][16]. Summary by Sections Company Partnership - On January 15, 2025, the company was announced as the official sportswear partner for the Chinese Olympic Committee and the sports delegation for the upcoming Olympic and Asian Games [2][4]. Sales Performance - The fourth quarter saw a significant improvement in sales performance across various platforms, with the company’s e-commerce sales growing by 26% compared to the previous quarter [3][7]. - The overall sales growth for the sports brand sector in the fourth quarter showed a positive trend, with other brands also reporting improved sales figures [7]. Product Innovation - The introduction of the "超䨻" technology is expected to lead the industry in innovation, with new products designed to enhance performance for athletes [11][12]. Financial Forecast - The company has slightly adjusted its profit forecasts for 2024-2026, expecting net profits of 3.06 billion, 3.06 billion, and 3.42 billion yuan respectively, reflecting a year-on-year change of -4.1%, 0.0%, and +11.9% [3][18]. - The target price remains at 17.9-19.2 HKD, corresponding to a PE ratio of 14-15x for 2025 [3][16].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Insights - The company has become the official sportswear partner for the Chinese Olympic Committee and the Chinese sports delegation for the 2025-2028 period, indicating a strong brand positioning and recognition in the sports industry [1]. - The company focuses on a "single brand, multiple categories, and multi-channel" strategy, emphasizing its commitment to sports and innovation across five core categories: running, basketball, fitness, badminton, and sports lifestyle [2]. - The company aims to be recognized globally as a fashionable and professional sports brand originating from China, promoting sports participation and a healthy lifestyle through various initiatives and events [3]. - The opening of the first youth sports store in Wuhan marks the company's strategic expansion into the youth sports market, showcasing its commitment to supporting youth sports development [4]. - The company maintains its profit forecast, expecting revenues of 28.4 billion RMB, 29.8 billion RMB, and 31.8 billion RMB for the years 2024 to 2026, with net profits of 3.1 billion RMB, 3.5 billion RMB, and 4.0 billion RMB respectively [5]. Summary by Sections Company Overview - The company has secured a partnership with the Chinese Olympic Committee for the upcoming Olympic cycles, enhancing its brand visibility and credibility in the sports sector [1]. Business Strategy - The company adopts a comprehensive strategy that includes a focus on innovation and consumer experience, ensuring sustainable growth while expanding its market presence [2]. Brand Engagement - The company is actively engaging consumers through campaigns that promote sports participation and highlight its technological advancements in sports equipment [3]. Market Expansion - The launch of a dedicated youth sports store reflects the company's strategic focus on the youth segment, indicating a proactive approach to market expansion [4]. Financial Projections - The company has set ambitious financial targets for the next three years, indicating confidence in its growth trajectory and market positioning [5].