Core Viewpoint - Badminton is a popular sport with low risk and high skill, increasingly adopted in schools, leading to a rise in badminton racket market demand. Technological advancements in racket design and materials enhance user experience, expanding the market significantly. The Chinese badminton racket market is projected to grow from approximately 2.553 billion yuan in 2024 to 3.79 billion yuan by 2030, driven by health consciousness and sports popularity [1][17]. Industry Overview - The badminton racket typically consists of the racket head, shaft, handle, and the joint between the shaft and frame. The development of rackets has focused on reducing weight, increasing frame stiffness, improving shaft elasticity, and minimizing air resistance [3][10]. - The badminton racket market is expected to reach approximately 5.55 billion yuan globally in 2024, with projections of growth to 8.24 billion yuan by 2030, fueled by rising health awareness and fitness culture [16]. Key Parameters of Badminton Rackets - Important parameters include racket length, weight, handle thickness, frame cross-section, head shape, balance point, shaft stiffness, maximum tension, and materials used. The standard length for international rackets is 665mm, with most domestic rackets being 675mm [6][9]. - The materials used in rackets have evolved from wood to aluminum and now to advanced composites like carbon fiber, which offers superior strength and lightweight properties [14][26]. Industry Development History - The design of badminton rackets has evolved from simple wooden designs focused on durability to modern rackets made from lightweight materials like carbon fiber, enhancing performance and aesthetics [10][20]. Industry Chain - The upstream of the badminton racket industry includes raw material suppliers (carbon fiber, graphene, titanium alloys, etc.), the midstream involves manufacturing processes (frame molding, handle processing, etc.), and the downstream consists of sales channels (sports specialty stores, e-commerce, supermarkets) [12]. Competitive Landscape - Major domestic brands in the badminton racket market include Li Ning, Victor, and Hong Shuangxi, while international brands like Yonex and Kawasaki dominate the high-end market. The competition is intensifying as brands increase R&D investments to enhance product performance and quality [20][21]. Future Trends - Material technology upgrades will drive high-end development, with a focus on optimizing composite materials and integrating smart technologies into rackets for enhanced user experience [26][27]. - The market is expected to see segmentation, with high-end products led by international brands and local brands focusing on mid-range offerings, catering to diverse consumer needs [28].

Core Viewpoint - The company is positioning itself as a leader in green and sustainable practices within the sportswear industry, emphasizing its commitment to environmental, social, and governance (ESG) principles through innovative product development and operational strategies [1][4]. Group 1: ESG Commitment and Strategy - The company adopts a core ESG philosophy of "high-level leadership, long-term commitment, product innovation, and full-chain drive" to achieve sustainable development [1]. - The company has established a comprehensive governance structure that supports ESG initiatives, involving all levels from the board to operational teams [4]. Group 2: Product Innovation - The company has launched a series of eco-friendly sports products, including professional footwear that meets both performance and environmental standards [2]. - An example of innovation includes the use of castor oil-derived bio-based materials in shoe production, which has led to the sale of over 10 million pairs of bio-based running shoes [3]. Group 3: Environmental Impact - The company has facilitated the recycling of over 190 million plastic bottles through the use of recycled materials in its products [3]. - In May 2024, the company showcased fully biodegradable shoes, achieving over 80% biodegradability, marking a significant milestone in the Chinese sports footwear market [3]. Group 4: Operational Sustainability - The company is enhancing its operations through smart equipment upgrades and renewable energy initiatives, such as a 1.16MW solar power station in Beijing, which is expected to provide 25% of its total electricity needs by 2024 [5]. - The company has completed social responsibility audits for 140 suppliers and environmental audits for 60 material suppliers, achieving a 100% pass rate for all audited suppliers [5]. Group 5: Future Vision - The company aims to integrate sustainable development deeply into its business operations, focusing on creating both commercial and social value [5].

Core Insights - Shanghai is becoming a central hub for trendy sneaker culture, with multiple international brands establishing flagship stores and headquarters in the city [1][4][5] Brand Expansion - Adidas has opened its first global flagship store in Shanghai, showcasing its highest level of design, product, and service [1] - HOKA has launched its global first brand experience center in the New天地商圈, emphasizing its commitment to the Asian market [2] - Other brands like Craft, ECCO, and Brooks are also expanding their presence in Shanghai, indicating a growing trend of high-performance and lifestyle brands entering the market [1][2][4] Market Dynamics - The influx of international brands has transformed Shanghai into a starting point for sneaker culture, with significant consumer engagement, as evidenced by Adidas' flagship store attracting over 10,000 visitors daily during the holiday period [3] - The establishment of brand headquarters in Shanghai allows for a broader consumer reach across China and the Asia-Pacific region, with brands like ANTA and Li Ning also setting up their global operations in the city [4][5] Cultural Integration - The sneaker culture in Shanghai is being enriched by a variety of new retail formats, including concept stores and cafes, creating vibrant consumer experiences [6] - Online platforms like 得物 are fostering community engagement and innovative collaborations, such as the partnership between ANTA and pop culture brand Pop Mart [7]

Core Viewpoint - The central government is taking action to address the issue of "black mouths" on the internet that harm businesses, with a two-month nationwide campaign aimed at rectifying malicious attacks and marketing practices against companies [1][2][3]. Group 1: Government Actions - The Central Cyberspace Administration of China launched a two-month campaign to tackle four major issues, including malicious defamation and harmful marketing practices against enterprises [1]. - The campaign aims to protect the legitimate rights and interests of businesses and entrepreneurs, which are crucial for high-quality economic development [2][3]. - New regulations and guidelines have been established to clarify the handling of online infringement information related to enterprises, enhancing legal frameworks to combat misleading and defamatory content [3][4]. Group 2: Company Responses - Companies like Pang Donglai and Huiyuan Juice have publicly responded to false information, emphasizing their operational transparency and commitment to legal recourse against defamation [1][2]. - Li Ning has also taken legal action against malicious rumors, asserting its rights and defending its brand reputation [4]. - The proactive stance of these companies in addressing online misinformation is seen as a necessary step to maintain their market positions and protect their interests [4].

机构：长江证券 库存折扣保持稳健，4 月短期承压。2025Q1 预计库销比~5 保持健康，折扣小幅改善，但预计4 月线下 流水下滑且折扣同比加深，短期零售仍面临挑战。 短期来看，公司针对奥运相关宣传营销的效果仍有待后续观察，需进一步平衡费用与增长，但零售端仍 有压力，短期预计收入增长难以见效且费用存在显著拖累。中长期角度而言，在竞争加剧的态势下，安 踏渠道改造/李宁品牌发力皆为公司针对自身优势寻找增长的努力，虽费用投入效果仍需观察，但2023 年至今李宁经营层面持续磨底，优化经营质量，后续有望重启健康向上路径，彼时或存在较高弹性。综 合预计公司2025-2027 年实现归母净利24.3/25.8/28.0 亿元，同比-19%/+6%/+8%，对应PE 为15/14/13X， 维持"买入"评级。 风险提示 1、下沉市场不及预期； 2、专业运动品类增速不及预期； 3、零售流水增长不及预期。 研究员：于旭辉/柯睿 事件描述 李宁发布2025Q1 运营数据，Q1 全渠道流水低单位数增长，直营渠道低单下滑，批发渠道低单增长，电 商渠道低双位数增长，零售表现符合预期。 事件评论 零售符合预期，月度趋势波动。零售运营平稳， ...

Group 1 - Nike plans to implement a price increase on a wide range of products, with shoes priced between $100 and $150 increasing by $5, and those over $150 increasing by $10, expected to take effect as early as this week [1] - The People's Bank of China and other departments issued guidelines to enhance financial support for the sports industry, focusing on the financial needs of sports goods manufacturing and service sectors [1] - Morgan Stanley reported a mild improvement in demand for sports apparel in China since the beginning of the year, with expectations of inventory clearance by Q2 2025 leading to a price recovery in the industry [1] Group 2 - Emerging markets have become a new growth engine for the global footwear and apparel market, with domestic brands rapidly gaining market share, particularly in the sports footwear sector [2] - In 2022, China's sports footwear market CR10 increased by 18.6% from 2015 to 36.8%, indicating a concentration of market share among leading brands [2] - Domestic brands are experiencing growth due to changing consumer preferences, while international brands are losing market share [2] Group 3 - Relevant concept stocks in the sports industry include Anta Sports (02020), Li Ning (02331), Xtep International (01368), and Tabo (06110) [3] - The manufacturing partner mentioned is Shenzhou International (02313) [3]

对于接下来的市场营销打法，在洛杉矶奥运周期重新牵手中国奥委会的李宁，或许要更上心了。 李宁品牌因为一张合影，再一次陷入了舆论风波。 时隔20年从竞争对手安踏手中抢回中国奥委会的赞助合同，本应是李宁品牌重新出发的绝佳传播集会。但这个传播热点，却全是全红婵粉丝对李宁的不 满。 这一切的舆论，源自于李宁先生与中国奥委会官宣签约的一张合影。5月6日，中国奥委会与李宁品牌在国家体育总局共同举行合作发布仪式，正式宣布李 宁成为2025-2028年中国奥委会体育服装合作伙伴。 在仪式最后，李宁品牌与中国奥委会有关负责人以及跳水奥运冠军组合陈芋汐、全红婵以及乒乓球奥运金牌得主陈梦、马龙等优秀运动员一同合影留念。 而处于合影运动员C位的两位，站在国家体育总局局长高志丹旁边的，是奥运"六金王"马龙。而站在李宁品牌创始人、集团董事长李宁先生旁边的，是巴 黎和东京奥运会跳水女子双人10米台金牌得主陈芋汐。 由于自己喜欢的偶像未能站这次重磅官宣中站在合影的C位，不少全红婵的粉丝"炸锅"了，并将情绪发泄的出口，对准了李宁品牌。 全红婵被李宁伯伯"冷落"？ 许多粉丝给出的所谓"理由"，是李宁品牌因为全红婵近期的状态和成绩不佳，导致未能在本 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported Q1 2025 operational data, showing low single-digit growth in overall channel revenue, a decline in direct sales, low single-digit growth in wholesale channels, and low double-digit growth in e-commerce channels, with retail performance meeting expectations [2][4]. - Retail operations are stable, with monthly trends showing that January's retail performance exceeded expectations due to pre-Spring Festival effects, while March's performance is expected to be slightly below expectations due to weather fluctuations [7]. - The company anticipates a healthy inventory turnover ratio of approximately 5, with slight improvements in discount levels, although April is expected to see a decline in offline revenue and deeper year-on-year discounts [7]. - The company is focusing on balancing expenses and growth, particularly in light of Olympic-related marketing efforts, while facing short-term revenue growth challenges and significant expense burdens [7]. - Long-term strategies include channel renovations and brand strengthening efforts to seek growth amidst intensified competition, with expectations for net profit to reach 2.43 billion, 2.58 billion, and 2.80 billion yuan from 2025 to 2027, reflecting year-on-year changes of -19%, +6%, and +8% respectively, with corresponding P/E ratios of 15, 14, and 13 [7][9]. Summary by Sections Company Overview - The current stock price is HKD 15.28 as of May 16, 2025 [6]. Financial Forecast - Total revenue projections for the company are 28.68 billion, 28.82 billion, 29.46 billion, and 30.12 billion yuan for 2024, 2025E, 2026E, and 2027E respectively, with growth rates of 4%, 1%, 2%, and 2% [9]. - The expected earnings per share (EPS) are 1.17, 0.94, 1.00, and 1.08 yuan for the same years, with P/E ratios of 13.01, 15.00, 14.12, and 13.02 [9].

Industry Overview - The apparel industry is facing significant challenges, including limited market growth and intense competition among numerous brands, both international and domestic [4] - The overall retail sales of clothing, shoes, and textiles grew by only 1.3% year-on-year in the first half of the year, which is 11.6 percentage points lower than the growth rate for the entire year of 2023 [2][4] - Online retail sales increased by 9.8% year-on-year, but the growth rate for clothing items was only 7.0%, indicating underperformance compared to the overall online retail growth [2] Financial Performance - In the first half of the year, 52 listed footwear and apparel companies achieved total revenue of 134.92 billion, a year-on-year increase of 3.17%, while net profit attributable to shareholders was 19.19 billion, up 22.85% [6] - Only 13 companies achieved both revenue and profit growth, while 39 companies failed to outperform the market [6] - The average net profit margin for the industry was 5.99%, with a gross profit margin of 51.42%, indicating high efficiency in converting costs to gross profit but limited overall profitability [11] Company Performance - Anta Sports led the industry with revenue of 33.735 billion, a growth rate of 13.80%, followed by Li Ning and Hailan Home [27] - Among the listed companies, only a few achieved high profit margins, with only 10 companies having a net profit margin exceeding 15% [11] - The performance of companies varied significantly, with some like Dafni International showing a profit margin exceeding 30%, while others like La Chapelle faced losses exceeding 20% [11] Inventory and Store Management - The inventory pressure remains high, with total inventory for 52 footwear and apparel companies reaching 53.655 billion, averaging 1.032 billion per company, which exceeds the revenue of 24 companies [13] - The number of physical stores in the industry has seen minimal growth, with at least 3,004 stores closing in the first half of the year, averaging 16 closures per day [19] - Companies like Semir and Hailan Home have shown positive store growth, while others like Taiping Bird and Aokang International have seen significant store reductions [19] Online Sales and Market Trends - Online channels are becoming increasingly important, with some companies reporting over 30% of their sales coming from online platforms [24] - The apparel industry is experiencing a shift towards online sales, with platforms like Douyin contributing significantly to growth [24] - The sportswear segment is performing well, driven by major sporting events and a growing number of people participating in sports, with total revenue for sportswear companies reaching 64.231 billion, accounting for 47.60% of total revenue [25] Challenges in Specific Segments - The women's apparel market is highly competitive, with many brands struggling due to high inventory levels and a significant return rate of 80% in e-commerce [30][34] - The men's apparel segment is also facing challenges, with many companies reporting declines in revenue and profit [35] - The children's apparel market is underperforming due to a decrease in the birth rate and increased competition from adult brands entering the children's segment [40]

Group 1 - The core point of the article is that Li Ning has announced the appointment of Ernst & Young as its new auditor, replacing PwC, which will not be renewing its contract after the upcoming annual general meeting on June 12 [1][3][5] - Li Ning's audit committee and board of directors recommended the change to ensure good corporate governance and maintain the independence and objectivity of external auditors [5] - The decision to appoint Ernst & Young was based on several factors, including their experience with Hong Kong-listed companies, industry knowledge, familiarity with listing rules and international accounting standards, and audit fees [5] Group 2 - Li Ning has been audited by PwC since its listing in 2004, and the change marks a significant shift in its auditing practices [5] - The audit fees paid to PwC for 2023 and 2024 were reported as 9.355 million yuan and 8.828 million yuan respectively, indicating a slight decrease in fees [6] - The ongoing trust crisis surrounding PwC, particularly due to the Evergrande audit case, has led to multiple companies terminating their contracts with them since April 2024 [8][10]