Core Viewpoint - Li Ning Company Limited (02331.HK) has decided not to renew its current auditor, PricewaterhouseCoopers, and has appointed Ernst & Young as its new auditor [1] Group 1 - The company is transitioning from PricewaterhouseCoopers to Ernst & Young for its auditing services [1]

李宁：不再续聘现任核数师罗兵咸永道 委聘安永为公司之新任核数师 智通财经5月14日电，李宁港交所公告，公司之现任核数师罗兵咸永道会计师事务所将于其当前任期届 满后，退任且不会续聘。经审核委员会推荐，于2025年5月14日，董事会决议在股东周年大会上提呈一 项决议案，以批准委聘安永会计师事务所为本公司之新任核数师，任期自股东周年大会结束后生效，至 公司下届股东周年大会结束为止。该建议委任须待股东于股东周年大会上批准后方可作实。 ...

Core Viewpoint - The importance of brand building for public hospitals is emphasized, highlighting its role in enhancing internal cohesion and external reputation [1][3]. Group 1: Brand Significance - The brand of a public hospital is crucial for internal unity and external recognition, impacting both hard and soft aspects of hospital development [1]. - The "East Qilu" brand symbolizes over a century of efforts by the Qilu community, reflecting the hospital's commitment to brand development [3]. Group 2: Brand Development Strategies - The hospital focuses on enhancing brand depth by researching and preserving the cultural heritage of "East Qilu," producing annual publications to document its history [3]. - Efforts to increase brand warmth aim to foster employee loyalty and recognition, with initiatives like the "Shandong University Qilu Hospital Brand Image Recognition Manual" to standardize branding elements [4]. - The hospital is expanding the breadth of its brand by creating a series of specialized brands, such as the "Qilu Truth Lecture" for party building and the "Qilu Doctor's Say" for public engagement, enriching the cultural significance of "East Qilu" [4].

业绩增收不增利、业绩垫底国产四大运动品牌 门店、经销商均净减少 2024年，在国产四大品牌中，361度、安踏体育、特步国际均实现营收、归母净利润双增，仅李宁一家增收不增 利，且营收增幅极其微弱。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：新消费主张/cici 截至2025年4月30日，绝大多数服饰服装上市公司已完成2024年度财报的披露，对此我们挑选了25家具有代表性 的上市公司进行业绩比对分析。在我们所选25家上市公司中，仅有7家实现了营收、归母净利润双增，5家增收不 增利、3家公司不增收增利。其中，5家增收不增利的上市公司，就包括行业龙头李宁。 在国产四大运动品牌，即安踏体育、李宁、特步国际、361度中，李宁的业绩表现垫底。2024年，李宁共实现营 收286.76亿元，同比微增3.9%；共实现归母净利润30.13亿元，同比下降5.5%，营收微增、归母净利润下降，除 李宁外其他三家均实现了业绩双增。 除了业绩增收不增利之外，李宁的库存状况似乎也难容乐观，2024年上半年公司存货规模及存货占总资产的比例 同步增长。 李宁存货规模增长至26亿 ...

Group 1 - FIL Limited increased its stake in Li Ning from 4.92% to 5.05% as of May 2 [1] - The average share price for this transaction was 15.2253 HKD [1]

Core Viewpoint - The partnership between the Chinese Olympic Committee and Li Ning marks a significant milestone for the Li Ning brand, enhancing its authority and visibility on the global sports stage, particularly during major international events from 2025 to 2028 [1][3][5]. Group 1: Partnership Details - Li Ning will serve as the official sportswear partner for the Chinese Olympic Committee from 2025 to 2028, providing professional sports equipment for various international events, including the Los Angeles 2028 Olympics and the Milan-Cortina 2026 Winter Olympics [1]. - This collaboration is expected to strengthen Li Ning's positioning as a "professional sports brand" and enhance its brand value through increased global exposure [1][6]. Group 2: Historical Context - Li Ning, a legendary figure in Chinese gymnastics, has a rich history with the Olympics, having won multiple medals in the 1984 Los Angeles Olympics, which laid the foundation for the brand's professional sports identity [3][5]. - The brand has a longstanding relationship with the Chinese Olympic team, having been the designated sponsor for the team’s podium outfits from 1992 to 2004, marking a shift from foreign sportswear to domestic representation [5]. Group 3: Product Development and Investment - Over the past decades, Li Ning has focused on core sports categories such as basketball, running, and table tennis, investing over 3.5 billion yuan in research and development to enhance product technology [6]. - The brand has developed a range of specialized products to meet the needs of various sports, showcasing its commitment to professional development and support for Chinese sports [6]. Group 4: Consumer Experience and Brand Activation - Li Ning has upgraded its store image and consumer experience, prominently displaying its partnership with the Chinese Olympic Committee to enhance brand visibility and consumer engagement [9][10]. - The brand has introduced the "Honor" product series inspired by championship glory, aiming to create a tangible connection between the sponsorship and consumer perception [12]. Group 5: Brand Value and Market Impact - The collaboration with the Chinese Olympic Committee is expected to deepen emotional connections between consumers and the Li Ning brand, leveraging the prestige of top-tier sports events to enhance brand recognition [16][17]. - By providing high-quality products for national athletes, Li Ning aims to build a strong brand reputation that will support future market expansion and product launches [17].

Core Points - The core viewpoint of the articles is that Li Ning has officially become the sports apparel partner of the Chinese Olympic Committee for the period of 2025-2028, marking a significant milestone in the brand's history and enhancing its professional image in the sports industry [1][2]. Group 1: Partnership Announcement - Li Ning will provide professional sports equipment support for all major international events attended by the Chinese sports delegation, including the Los Angeles 2028 Olympics and the Milan-Cortina 2026 Winter Olympics [1]. - This partnership is expected to enhance Li Ning's brand recognition and authority, as its logo will be prominently displayed during key events, increasing global exposure [1][8]. Group 2: Historical Context - Li Ning, a legendary figure in Chinese gymnastics, has a long-standing relationship with the Olympics, having previously sponsored the Chinese Olympic team for 12 consecutive years from 1992 to 2004 [2]. - The brand's unique background and historical achievements contribute to its strong national recognition and brand equity, which are rare resources in the competitive sports apparel market [2][3]. Group 3: Product Development and Innovation - Li Ning has invested over 3.5 billion yuan in research and development over the past decade, focusing on various sports categories such as basketball, running, and badminton [3]. - The brand has developed a matrix of products to meet different athletic needs, showcasing its commitment to technological innovation in sports equipment [3]. Group 4: Consumer Experience Enhancement - Li Ning has upgraded its store image and display to enhance consumer experience, reflecting its partnership with the Chinese Olympic Committee [4][6]. - The stores feature prominent branding elements that connect consumers with the brand's history and its association with Chinese sports development [4][5]. Group 5: Brand Value Accumulation - The partnership with the Chinese Olympic Committee is expected to deepen emotional connections between consumers and the Li Ning brand, enhancing brand loyalty and perception [7][8]. - Participation in top-tier events will provide Li Ning with a platform to increase its international visibility and attract a broader consumer base [7][8].

Group 1 - The core viewpoint of the news is the partnership between Li Ning and the Chinese Olympic Committee, where Li Ning will serve as the official sportswear partner from 2025 to 2028, supporting the Chinese sports delegation in various international events, including the 2028 Los Angeles Olympics [3][4] - The partnership will cover over ten international events, including the 2026 Milan-Cortina Winter Olympics and the 2026 Aichi-Nagoya Asian Games, with Li Ning providing professional sports equipment [3] - Li Ning expressed that being the sportswear partner is both an honor and a responsibility, emphasizing the commitment to serve Chinese sports through product innovation and marketing activities [4] Group 2 - Li Ning has a historical partnership with the Chinese Olympic Committee, having served as the official sportswear partner from 1992 to 2004, witnessing the rise of Chinese sports on the global stage [3] - The company aims to enhance its investment in technological innovation to create higher quality sports equipment for top athletes and teams, while also catering to sports enthusiasts [4] - The collaboration is expected to further promote the Olympic spirit and strengthen the relationship between Li Ning and the Chinese sports community [4]

Group 1 - The core point of the news is the partnership between Li Ning and the Chinese Olympic Committee, where Li Ning will serve as the sportswear partner for the Chinese sports delegation from 2025 to 2028, including events like the Los Angeles 2028 Olympics [2][4] - The cooperation agreement is valued at 800 million yuan, which represents a nearly 33% increase compared to the previous cycle, indicating intense competition among sports brands for this scarce resource [4] - Li Ning aims to enhance its brand strategy and deepen its multi-category layout through this partnership, emphasizing its commitment to technological innovation and high-quality sports equipment for top athletes and sports teams [5][4] Group 2 - The signing ceremony was brief, lasting only 25 minutes, and featured several Olympic champions, showcasing Li Ning's strong association with elite athletes [7] - Li Ning's founder, who won multiple medals at the 1984 Los Angeles Olympics, expressed that becoming the sportswear partner is both an honor and a responsibility, highlighting the brand's dedication to supporting the Chinese Olympic Committee and athletes [5][2] - The partnership is seen as a continuation of Li Ning's historical involvement with the Chinese Olympic Committee, having previously been a partner from 1992 to 2004, thus reinforcing its legacy in Chinese sports [4][2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Insights - The company is experiencing a steady recovery with improved sales performance, particularly in e-commerce, and is gradually emerging from a low operational period [3]. - The company focuses on enhancing operational efficiency by closing underperforming stores, resulting in a net decrease of 29 sales points in China [1]. - The company is pursuing a strategy of deepening core categories while expanding into new categories, with significant growth in running, basketball, and training segments [2]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 29.5 billion RMB, 31.7 billion RMB, and 34.0 billion RMB respectively [3]. - Net profit estimates for the same period are 2.8 billion RMB, 3.0 billion RMB, and 3.2 billion RMB respectively [3]. - Earnings per share (EPS) are expected to be 1.09 RMB, 1.16 RMB, and 1.23 RMB for 2025-2027 [3]. Market Position - The company has a total market capitalization of approximately 39.29 billion HKD and a total share capital of 2,584.80 million shares [4]. - The asset-liability ratio stands at 26.90%, indicating a relatively low level of debt [4]. Sales Performance - The company reported a low single-digit growth in overall retail sales, with a 10%-20% increase in e-commerce sales [1]. - The running category saw a retail sales increase of 25% in 2024, leading the growth among core categories [2].