Market Overview - The Hong Kong stock market showed positive momentum with all three major indices rising, particularly the Hang Seng Tech Index which surged by 1.61% after reaching a peak increase of 1.8% during the morning session [1] - The Hang Seng Index and the National Enterprises Index increased by 0.32% and 0.53% respectively, indicating a noticeable improvement in market sentiment [1] Sector Performance - Large technology stocks generally experienced upward trends, with Kuaishou rising nearly 4%, Xiaomi up nearly 2%, Tencent increasing by 1.43%, and Alibaba gaining 1.3% [3] - Semiconductor stocks were notably impacted by two significant news items, leading to a nearly 12% increase in Hua Hong Semiconductor and over 6% rise in SMIC [3] - Sportswear stocks continued to rise, with Li Ning increasing nearly 7% and reaching a new high following its earnings report [3] - Apple-related stocks collectively rose as Bank of America indicated that the Apple supply chain is entering a multi-year upgrade cycle [3] Weak Performers - Airline stocks faced significant declines, particularly China National Aviation which dropped over 6% following news of Boeing negotiating to sell up to 500 aircraft to China [3] - Other sectors such as heavy infrastructure, brain-computer interface concepts, coal, gaming, and solar energy stocks showed weak performance [3]

Core Viewpoint - The CEO of Li Ning, Qian Wei, acknowledged the pressure from reduced offline foot traffic and the increasing competition within the sportswear industry, while expressing confidence in consumer interest in sports remaining strong [1] Group 1: Company Performance and Strategy - Li Ning has prepared for greater challenges in the second half of the year, indicating a proactive approach to market conditions [1] - The company has established a dynamic inventory management system, alleviating concerns about inventory pressure [1] - Li Ning aims to maintain a core gross profit margin target of 50% while optimizing its offline channel structure [1] Group 2: Market Trends - The trend of consumer segmentation is noted, with an emphasis on the evolving preferences within the sportswear market [1] - The company has completed initial construction of Super Outlets and Outlet Mega Stores, indicating a strategic expansion in retail presence [1]

Group 1 - The core viewpoint of the article highlights the growth in the badminton segment of the company, driven by a nationwide enthusiasm for the sport [1] - The company’s executive director and co-CEO, Qian Wei, reported that the sales of badminton rackets and strings are experiencing high growth, with professional-grade high-end rackets achieving a monthly sales volume of 100,000 units [1] - Currently, the badminton business accounts for approximately 7% of the company's overall revenue [1]

EF001 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司的執行董事為李寧先生、高坂武史先生和李麒麟先生；本公司的獨立非執行董事為顧福身先生、王亞非女 士、陳振彬博士和王雅娟女士。 免責聲明 | 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 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 李寧有限公司 | | 股份代號 | 02331 | | 多櫃檯股份代號及貨幣 | 82331 RMB | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月的中期股息(更新) | | 公告日期 | 2025年8月22日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更新暫停過戶期限 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | ...

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 （於開曼群島註冊成立之有限公司） 股份代號：2331（港幣櫃台）及 82331（人民幣櫃台） 有關2025年中期業績公告的澄清公告 年中期業績公告的澄清公告 茲提述李寧有限公司（「本公司」）日期為2025年8月21日的截至2025年6月30日止六個月 的中期業績公告（「2025年中期業績公告」）。除另有界定外，本公告所用詞彙與2025年 中期業績公告所界定者具有相同涵義。 於截至2024年12月31日止年度之末期股息（每股已發行或於可換股證券轉換後將予 發行的本公司普通股20.73分人民幣）獲宣派並已於2025年6月12日之本公司股東週 年大會上獲得股東批准及隨後於2025年6月支付。 暫停辦理股份及可換股證券過戶登記 為釐定符合資格收取中期股息之本公司股東及可換股證券持有人士，本公司將暫停 辦理股份及可換股證券過戶登記手續，詳情載 ...

Group 1: Hong Kong Stocks Performance - Miniso (09896) surged over 20% after reporting a 10% year-on-year increase in adjusted net profit for Q2, with TOP TOY revenue skyrocketing by 87.0% [1] - Li Ning (02331) rose over 6% as it announced a 3.3% year-on-year increase in revenue and declared an interim dividend of HKD 0.3359 per share [1] - Innovent Biologics (02096) increased by over 6% following a 26% year-on-year growth in innovative drug revenue, expanding its commercialized innovative drug portfolio to ten products [1] - Tuhu-W (09690) gained over 10% after reporting a 14.6% year-on-year increase in adjusted net profit while continuing to optimize supply-side costs [1] - Kuaishou-W (01024) rose over 4% with impressive Q2 results and accelerated commercialization [1] - UBTECH (09880) increased over 3% as it led the establishment of two national technical standards for humanoid robots [1] - InnoCare Pharma (02577) saw a rise of over 5% after announcing a partnership with NVIDIA [1] Group 2: Other Notable Performances - China Communications Services (00552) fell over 2% despite a slight 0.18% year-on-year increase in net profit attributable to shareholders, with stable development among its three major clients [2] - Parkson Group (03368) surged nearly 25% after reporting a turnaround to profitability in the first half of the year and proposing an interim dividend of HKD 0.02 per share [2] - Esprit Holdings (00330) jumped over 37% after issuing a profit warning, expecting a net profit of approximately HKD 1 million for the six months ending June 30, 2025 [2] - XPeng Motors (09868) rose over 10% as CEO He Xiaopeng increased his stake by purchasing 3.1 million Class A ordinary shares at an average price of HKD 80.49 per share [2] Group 3: US Market Highlights - Coty (COTY.US) plummeted 21.60% due to weak performance in the US market, retailer destocking, and consumers seeking value, impacting Q4 results [3] - NIO (NIO.US) increased by 9.27% ahead of the launch of its new ES8 product and the start of pre-sales [3] - Huazhu Group (HTHT.US) continued to rise by 2.19% with a 41.3% year-on-year increase in revenue and net profit, benefiting from management franchise and licensing business [3] - Boss Zhipin (BZ.US) rose 6.61% after reporting an over 85% year-on-year increase in net profit for the mid-year and extending its share buyback plan [3] - Youlan Group (YOUL.US) surged 17.13% after announcing plans to acquire four companies to expand its online recruitment and regional market share [3] - Hesai Technology (HSAI.US) increased by 11.00% amid market speculation about a potential IPO in Hong Kong to raise approximately USD 300 million [3] Group 4: Additional US Stock Movements - Miniso (MNSO.US) rose 6.38% after reporting a revenue of CNY 9.39 billion for the first half of the year, a year-on-year increase of 21.1%, with adjusted net profit of CNY 1.28 billion [4] - Walmart (WMT.US) fell 4.49% as Q2 adjusted earnings per share fell short of expectations due to increased insurance claims, legal fees, and restructuring costs [4] - Gilead Sciences (GILD.US) dropped 2.18% after CVS Health decided not to include Gilead's new HIV prevention drug Yeztugo in its business plans [4] - XPeng Motors (XPEV.US) rose 11.68% following the CEO's purchase of 3.1 million Class A ordinary shares [5] - Aegon (AEG.US) increased by 7.64% after reporting a turnaround to profitability in the first half of 2025, primarily driven by growth in its US business [5]

Core Insights - Li Ning Company reported a revenue of 14.82 billion RMB for the first half of the year, representing a year-on-year increase of 3.3% [1] - The gross profit for the same period was 7.41 billion RMB, with a gross margin of 50.0%, while net profit reached 1.74 billion RMB, resulting in a net margin of 11.7% [1] Financial Performance - Revenue: 14.82 billion RMB, up 3.3% year-on-year [1] - Gross Profit: 7.41 billion RMB, up 2.5% year-on-year [1] - Gross Margin: 50.0% [1] - Net Profit: 1.74 billion RMB [1] - Net Margin: 11.7% [1] Store Performance - Average store size: 242 square meters [1] - Average monthly store sales: 300,000 RMB [1] - Contribution from high-tier market: nearly 60% [1] - Core commercial area occupancy rate: approximately 90% [1] Challenges and Strategies - The company acknowledged challenges with offline customer traffic, which has decreased year-on-year, impacting sales [1] - Li Ning is focusing on structural optimization of offline channels, including expanding quality stores and closing or renovating underperforming ones [1] - Future plans include improving and expanding new channels to enhance consumer engagement and shopping experience [1]

Core Insights - Li Ning Company reported a revenue of 14.82 billion yuan for the first half of 2025, representing a year-on-year increase of 3.3% [1] - The company's gross profit reached 7.41 billion yuan, up 2.5% year-on-year, with an overall gross margin of 50.0% [1] - Net profit for the period was 1.74 billion yuan, resulting in a net profit margin of 11.7% [1] Sales Performance - The total sales volume of Li Ning's professional running shoes exceeded 14 million pairs in the first half of the year [1] - The core running shoe matrix, including the "Ultra Light," "Red Rabbit," and "Flying Electric" series, demonstrated strong product competitiveness, with total sales of over 5.26 million pairs [1] - The "Red Rabbit 8 PRO" model became the champion in the competitive running shoe category on platforms like Tmall, achieving sales of 2.3 million pairs in the first half [1]

Market Overview - The Hang Seng Index (HSI) fell by 61 points or 0.2%, closing at 25,104 points, after opening 50 points higher and later dropping to a low of 25,000 points[1] - The Shanghai Composite Index rose by 4 points or 0.1%, closing at 3,771 points, with a total trading volume of 9,977 billion yuan[1] - The S&P 500 dropped by 25 points or 0.4%, closing at 6,370 points, marking its fifth consecutive day of decline[2] Monetary Policy and Economic Indicators - The Hong Kong Monetary Authority provided liquidity of 77 million HKD through the discount window[1] - The People's Bank of China conducted a 253 billion yuan reverse repurchase operation at a steady rate of 1.4%, resulting in a net injection of 124.3 billion yuan for the day[1] - The RMB/USD midpoint was adjusted up by 97 pips to 7.1287[1] Corporate Earnings Highlights - China Power (02380.HK) reported a revenue of 23.858 billion yuan, down 9.9% year-on-year, with a net profit of 2.587 billion yuan, a slight increase of 0.7%[2] - KANLONG (03759.HK) reported a revenue of 6.441 billion yuan, up 14.9% year-on-year, but a net profit decline of 37% to 701 million yuan due to previous year's investment gains[3] - Li Ning (02331.HK) reported a revenue of 14.817 billion yuan, up 3.3%, with a net profit decline of 11% to 1.737 billion yuan[3] - Bilibili (09626.HK) reported a net revenue of 7.338 billion yuan, up 19.8% year-on-year, and turned a profit of 219 million yuan compared to a loss of 609 million yuan in the previous year[4]

Financial Performance - Revenue increased by 3.3% year-over-year to RMB 14,817 million[14] - Net profit was RMB 1,737 million, with a net profit margin of 11.7%[14] - Net operating cash inflow decreased by 11.7% year-over-year to RMB 2,411 million[14] - Gross profit margin decreased by 0.4 percentage points year-over-year to 50.0%[14] - The Board declared an interim dividend of RMB 33.59 cents per ordinary share, with a payout ratio of 50%[14] Channel Performance - Overall channels retail sell-through increased by low-single-digit year-over-year[14] - Offline channel new product sell-through accounted for 84%[14, 21] - Wholesale revenue increased by 5% year-over-year[29] - Direct retail business revenue decreased by 4% year-over-year[34] - Online traffic increased by low-teens[111] Inventory and Working Capital - Channel inventory increased by low-single-digit year-over-year[14] - Company inventory cost amount increased by mid-single-digit year-over-year[103] - The percentage of gross average working capital to revenue was 7.3%[14]