Core Insights - Chinese sports goods are experiencing strong export momentum globally, driven by brand building, supply chain efficiency, and cost-performance advantages [1][6] - The international market demand for sports goods is gradually recovering post-2023 inventory destocking, particularly in the US and Europe, boosting categories like treadmills and fitness equipment [1][6] Industry Overview - The sports goods industry encompasses a wide range of products used in sports activities, including fitness equipment, competition gear, and outdoor sports items [4] - The industry has entered its fourth development stage, marked by a shift from traditional wholesale models to more refined strategies [5] Export Performance - In 2024, China's sports goods export value is projected to reach $28.396 billion, a year-on-year increase of 6.77%, with the first half of 2025 showing a continued upward trend at $14.901 billion, up 1.56% [1][6] - Major export destinations for 2025 include the US, Japan, and the UK, with the US being the largest market at $4.465 billion, despite a 3.7% decline from the previous year [7] Market Segmentation - While traditional exports like sports shoes and apparel are declining, fitness equipment such as treadmills is experiencing growth, with treadmill exports reaching $698 million in the first half of 2025, up 12.75% [9] - The shift towards smart fitness devices is gaining traction, driven by innovations in technology and changing consumer preferences [12] Competitive Landscape - International brands like Nike and Adidas dominate the high-end market, while Chinese brands such as Anta and Li Ning are increasingly competitive through innovation and quality improvements [12] - Anta and Li Ning are actively expanding their international presence, with Anta entering Southeast Asia and the US markets [10][11] Future Trends - The industry is witnessing a shift towards brand building and independent innovation as companies move from OEM to ODM and OBM models [12] - Emerging markets in Southeast Asia and Latin America present significant growth opportunities for Chinese sports goods companies [13] - The trend towards smart products is expected to continue, enhancing user experience and meeting consumer demands for health and fitness [13]

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9月30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10月2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 | | 1,000,0 ...

Core Insights - The recent financial policies introduced on September 24, 2024, present unprecedented development opportunities for brokerage and wealth management businesses [1] - The traditional wealth management model, which focuses on product configuration, faces challenges in the current market environment, necessitating a shift towards customer demand insight and long-term investment strategies [2][3] Investor Demand Evolution - There is a noticeable shift in investor demographics, with the proportion of investors under 30 years old increasing by 10 percentage points to nearly 40% [2] - New investors show a stronger preference for equity investments, with over 80% engaging in on-market equity transactions, surpassing older clients by five percentage points [2] - More than 25% of new investors have participated in ETF trading, indicating a significant structural difference in investment preferences compared to older investors [2] - New investors exhibit a clearer awareness of financial planning, with a higher proportion of their total assets allocated to financial products, particularly fixed-income products [2] Wealth Management Transformation - Brokerage firms face challenges from market competition and changing investor behaviors, leading to declining commission rates and reduced profit margins [3] - The rise of financial technology intensifies competition among institutional investors, increasing demand for specialized services [3] Strategic Adaptations by Brokerages - Brokerages, including Huafu Securities, are adapting by optimizing business models, shifting from transaction-based commission structures to asset-based and advisory service models [4] - There is a focus on expanding client bases to include institutional, high-net-worth, and corporate clients while enhancing digital capabilities [4] - The company is developing a client-centric investment advisory model, emphasizing independent advice and long-term wealth management [5] Revenue Growth through Client Engagement - As commission rates decline, brokerages must focus on developing client relationships and providing differentiated services to drive revenue growth [6] - Strategies include personalized services for high-net-worth clients and tailored investment solutions based on client needs [6] Future Wealth Management Focus - The future of wealth management should prioritize customer demand insight, scientific asset allocation, long-term investment support, and technological empowerment to achieve sustainable wealth growth [7]

Core Concept - Li Ning Outdoor launched new products and outdoor footwear under the theme "Explore the Earth and Mountains" in 2025, aiming to connect with diverse outdoor scenarios and inspire a collective exploration spirit among the public [1][22]. Product Launch and Themes - The theme "Explore the Earth and Mountains" is inspired by historical sites such as Shanhaiguan, Yanmen Pass, and Yumenguan, promoting a sense of cultural heritage and exploration [1][5]. - The product line includes outdoor footwear and apparel designed for urban leisure, suburban outings, and wilderness adventures, emphasizing both functionality and cultural significance [1][12]. Brand Engagement and Community Involvement - Li Ning invited various outdoor enthusiasts and influencers to participate in the "Explore the Earth and Mountains" initiative, fostering a deep emotional connection between the brand and the public [3][5]. - The initiative aims to make outdoor exploration accessible to a broader audience, transforming it from a niche activity into a lifestyle embraced by many [5][22]. Immersive Experience and Events - An immersive outdoor narrative space was created in Chongqing, featuring the theme "Explore the Earth and Mountains," which connects the brand's spirit with the daily lives of the public [8][12]. - The exhibition, part of the Chongqing Consumption Festival, showcased new outdoor products and was attended by government officials and public figures, highlighting the brand's community engagement [10][12]. Product Features and Innovations - Li Ning's outdoor products incorporate advanced technology and design, such as waterproof and breathable materials, ensuring comfort and performance in various environments [12][13]. - The product range includes versatile items like the three-in-one jacket and specialized footwear, catering to both urban and outdoor activities while maintaining a focus on Eastern aesthetics [12][20]. Future Outlook - Li Ning Outdoor aims to continue expanding its product offerings and experiential scenarios, reinforcing its identity as a partner for explorers and promoting a shared spirit of adventure among consumers [22].

Core Viewpoint - The report from Guosheng Securities indicates that the high-performance outdoor apparel market in mainland China is expected to grow at a compound annual growth rate (CAGR) of 16% from 2024 to 2029, signaling a shift towards a more specialized and diversified development phase in the domestic sportswear market [1][4]. Industry Analysis - The sports industry in the U.S. and Japan has seen significant growth due to a combination of historical factors, including economic recovery, increased consumer spending, and government policies that promote sports participation. This has led to a resilient demand for sports apparel, with U.S. gym memberships rising by 3.7% to 68.9 million in 2022 and outdoor activity participation increasing by 4.1% in 2023 [2]. - In China, the participation in running and outdoor activities has surged since 2022, driven by heightened health awareness. The high-performance outdoor apparel market is projected to grow at a CAGR of 16% from 2024 to 2029, indicating a trend towards more specialized and diverse consumer needs [4]. Competitive Factors - For international sports brands like Nike and Adidas, product strength and brand value are crucial for development. Nike is currently in a destocking phase, while Adidas is benefiting from a strong product strategy that includes the development of professional sports products and effective marketing campaigns [3]. - Domestic sports brands in China are increasingly focusing on product and brand-driven expansion. Companies like Anta, Li Ning, and Xtep are investing 2-3% of their revenue in R&D, leading to significant advancements in professional products. Brand image is further enhanced through sponsorship of professional events and athletes [4]. Recommended Companies - Anta Sports (02050) is highlighted for its strong performance and group operational capabilities, with a projected PE ratio of 18 times for 2025. - Li Ning (02331) is recommended for its long-term earnings potential, with a projected PE ratio of 17 times for 2025. - Xtep International (01368) is noted for its leading position in the running sector, with a stable performance from its main brand and growth potential from its new brand Saucony, projected at a PE ratio of 11 times for 2025. - Other companies to watch include 361 Degrees (01361) and Tabo (06110) [5].

Core Insights - Li Ning Outdoor has officially launched its 2025 product series themed "Explore the World, Discover the Mountains," integrating Eastern aesthetics with modern outdoor functional design [1] - The product line covers multiple scenarios including urban leisure, suburban outings, and wilderness adventures, reflecting a new interpretation of outdoor lifestyles for Chinese consumers [1] - A significant component of the series is the collaboration with China Map Publishing Group to release the "Li Ning Outdoor Mountain and River Guide," merging product experience with cultural exploration [1] Brand Communication - Li Ning has gathered Chinese table tennis athlete and brand ambassador Sun Yingsha, documentary director Zhou Yijun, and young actor Hu Xianxu as "Li Ning River and Mountain Travelers" to convey the Eastern exploration spirit of "Tracing Roots, Going Against the Current" through their personal influence [1] - To further enhance brand narrative, Li Ning Outdoor is hosting an immersive outdoor-themed exhibition in Chongqing from September 20 to 29, aligning with the core concept of "Explore the World, Discover the Mountains" and creating a physical space that connects product functionality with cultural significance [1] Industry Positioning - Industry observers note that Li Ning Outdoor's three-dimensional approach through product development, cultural storytelling, and experiential space not only enriches its product matrix in the outdoor sector but also demonstrates a strategic intent to reshape outdoor lifestyle aesthetics from an Eastern perspective [1] - These initiatives are expected to help the brand establish a differentiated competitive advantage in the rapidly growing Chinese outdoor sports market [1]

Investment Rating - The report maintains a "Buy" rating for key companies in the sportswear sector, including Anta Sports, Li Ning, and Xtep International, indicating a positive outlook for their long-term growth potential [4][8]. Core Insights - The sportswear industry is experiencing resilience in demand despite economic fluctuations, driven by increased health awareness and government policies promoting sports participation [1][13]. - In the U.S. and Japan, the growth of the sports industry is attributed to historical factors, including economic recovery, government support, and major sporting events like the Olympics [1][20]. - In China, the running and outdoor segments are key growth drivers, with a projected compound annual growth rate (CAGR) of 16% for high-performance outdoor apparel from 2024 to 2029 [3][30]. Summary by Sections Industry Analysis - The U.S. fitness club membership increased by 3.7% to 68.9 million in 2022, and outdoor activity participation among Americans aged 6 and above grew by 4.1% in 2023 [1][19]. - Japan's sports consumption has been steadily increasing, supported by economic recovery and the Tokyo Olympics, with a focus on low-barrier sports like running and fitness [20][25]. Competitive Factors - Product strength and brand value are critical for leading international sports brands like Nike and Adidas, which focus on product development and brand building [2][32]. - Domestic brands in China, such as Anta and Li Ning, are enhancing their product innovation and brand image through sponsorships and professional athlete endorsements [3][37]. Investment Recommendations - The report highlights Anta Sports as a key player with strong operational capabilities and a projected price-to-earnings (PE) ratio of 18 times for 2025 [4][8]. - Li Ning is recommended for its long-term earnings potential, with a PE ratio of 17 times for 2025, while Xtep International is noted for its stable performance and growth prospects in the running segment, with a PE ratio of 11 times for 2025 [4][8].

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel sector, including Anta Sports, Li Ning, and others, while recommending "Add" for Chow Tai Fook and Chao Hong Ji [5][11]. Core Insights - Inditex, the parent company of Zara, reported a stable performance for FY2025H1, with revenue growth of 1.6% year-on-year to €18.4 billion, and a net profit increase of 0.8% to €2.8 billion [1][16]. - The report highlights the resilience of the sportswear segment, which is expected to outperform the overall apparel market, with a healthy inventory turnover ratio of 4-5 [3][22]. - Long-term growth strategies for Inditex include enhancing brand positioning, customer service, and sustainable practices, with a projected 5% increase in total sales area from 2025 to 2026 [2][21]. Summary by Sections Textile and Apparel - Inditex's FY2025H1 revenue reached €18.4 billion, with a 5.1% increase on a currency-neutral basis, and a gross margin of 58.3% [1][16]. - The company reported a healthy inventory level of €3.466 billion, up 3.1% year-on-year, indicating strong inventory management [1][18]. Sportswear Segment - The sportswear sector is expected to show robust growth, with key companies like Anta Sports and Li Ning recommended for their strong performance and growth potential [25][38]. - The report notes that the sportswear segment's revenue for H1 2025 increased by 9.1% to ¥65.9 billion, with a net profit growth of 8.2% to ¥10.54 billion [34]. Jewelry Sector - The jewelry market is facing challenges, with gold jewelry consumption down 27% and 24% in Q1 and Q2 2025, respectively [37]. - Companies with strong product differentiation and brand power, such as Chow Tai Fook and Chao Hong Ji, are expected to outperform the industry [23][38]. Manufacturing Sector - The textile manufacturing sector is experiencing a shift due to new tariff policies, with companies like Shenzhou International recommended for their stable performance and valuation [24][38]. - The report indicates that the manufacturing segment's revenue grew by 2.7% in H1 2025, while net profit declined by 9.8% [10][36].

Company Overview - Li Ning, founded in 1990 by the "Prince of Gymnastics" Li Ning, is a professional sports brand focusing on athletic and leisure footwear, apparel, accessories, and equipment, successfully listed in Hong Kong in 2004 [2] - The company emphasizes enhancing product experience, sports experience, and purchasing experience, creating the "Li Ning Experience Value" [2] - Li Ning has a history of sponsoring major sports events, including the Asian Games and the Olympic Games, and will partner with the Chinese Olympic Committee for sports apparel from 2025 to 2028 [2] - The company has been recognized for its ESG practices, achieving a MSCI ESG rating of BBB and ranking 15th in the "Kantar BrandZ Top 50 Sustainable Brands" list in 2024 [2] Quality Control Practices - Li Ning views product quality as essential, implementing strict quality supervision throughout the production process [3] - The company has established a joint inspection team that conducts quarterly quality audits of warehouses and requires suppliers to sign compliance declarations [3] - Products undergo testing based on national standards before market release, with immediate corrective actions for any non-compliant products [3] After-Sales and Material Quality Monitoring - Li Ning has a robust customer complaint management system, continuously updating processes based on legal changes to ensure effective resolution of quality issues [4] - The company operates a central laboratory equipped with 292 advanced instruments for comprehensive material testing across various dimensions [4] - In 2024, Li Ning participated in 11 national and industry standard consultations and is committed to reducing product carbon footprints through the application of eco-friendly technologies [4]

Company Overview - Li Ning, founded in 1990 by the "Prince of Gymnastics" Li Ning, is a professional sports brand focusing on athletic and leisure footwear, apparel, accessories, and equipment, successfully listed in Hong Kong in 2004 [2] - The company emphasizes enhancing product experience, sports experience, and purchasing experience, creating the "Li Ning Experience Value" [2] - Li Ning has a history of sponsoring major sports events, including the Asian Games and the Olympic Games, and will partner with the Chinese Olympic Committee for sports apparel from 2025 to 2028 [2] - The company has been recognized for its ESG practices, achieving a MSCI ESG rating of BBB and ranking 15th in the "Kantar BrandZ Sustainable Brands Top 50" list in 2024 [2] Quality Control Practices - Li Ning views product quality as essential, implementing strict quality supervision throughout the production process [3] - A joint inspection team conducts quarterly quality audits of warehouses, and suppliers must sign compliance declarations and undergo random testing to ensure safety and environmental standards [3] - During the product launch phase, Li Ning adheres to national standards for product testing, including appearance checks and anti-counterfeiting measures, with immediate actions taken for non-compliant products [3] After-Sales and Material Quality Monitoring - The company has established a customer complaint management system with clear procedures and continuously updates its policies based on legal changes [4] - An online quality identification system and a professional after-sales team provide technical support to consumers, ensuring timely resolution of quality issues [4] - Li Ning's central laboratory is equipped with 292 advanced instruments for comprehensive testing of raw materials, with quarterly inspections to isolate and dispose of non-compliant materials [4] Industry Standards and Environmental Commitment - In 2024, Li Ning participated in 11 national and industry standard consultations and 4 group standard consultations [4] - The company is committed to reducing product carbon footprints and developing green low-carbon products through the application of eco-friendly technologies like 䨻 Technology and GCR [4] - Expert commentary highlights Li Ning's dedication to quality, emphasizing rigorous quality supervision from product development to after-sales support, establishing a solid foundation for consumer trust [4]