Core Viewpoint - Li Ning (02331) reported a year-on-year decline in retail sales across its platforms, with offline channels experiencing significant drops while e-commerce showed strong growth [1] Sales Performance - As of September 30, 2025, Li Ning's retail sales (excluding Li Ning YOUNG) experienced a mid-single-digit percentage decline year-on-year [1] - Offline channels, including retail and wholesale, saw a high-single-digit percentage decline, with direct retail channels facing a mid-single-digit percentage drop and wholesale channels experiencing a high-single-digit percentage decline [1] - E-commerce virtual store business achieved a high-single-digit percentage growth [1] Store Count - As of September 30, 2025, Li Ning had a total of 6,132 sales points in China (excluding Li Ning YOUNG), representing a net increase of 33 points from the previous quarter and a net increase of 15 points year-to-date [1] - Within the net increase of 15 sales points, retail business saw a net decrease of 46 points, while wholesale business recorded a net increase of 61 points [1] - Li Ning YOUNG had a total of 1,480 sales points in China as of September 30, 2025, with a net increase of 45 points from the previous quarter and a net increase of 12 points year-to-date [1]

Core Viewpoint - Li Ning (02331.HK) reported a year-on-year decline in retail sales for the third quarter ending September 30, 2025, with offline channels experiencing a significant drop while e-commerce showed strong growth [1] Group 1: Sales Performance - The overall retail sales (excluding Li Ning YOUNG) recorded a mid-single-digit decline year-on-year [1] - Offline channels, including retail and wholesale, experienced a high-single-digit decline, with direct retail channels seeing a mid-single-digit drop and wholesale channels facing a high-single-digit decline [1] - E-commerce virtual store operations reported a high-single-digit growth [1] Group 2: Store Count - As of September 30, 2025, Li Ning had a total of 6,132 sales points in China (excluding Li Ning YOUNG), representing a net increase of 33 points from the previous quarter and a net increase of 15 points year-to-date [1] - Within the net increase of 15 sales points, retail business saw a net decrease of 46 points, while wholesale business recorded a net increase of 61 points [1] - Li Ning YOUNG had a total of 1,480 sales points in China as of September 30, 2025, with a net increase of 45 points from the previous quarter and a net increase of 12 points year-to-date [1]

Core Viewpoint - Li Ning (02331) reported a decline in retail sales across its platforms for the third quarter ending September 30, 2025, with a notable drop in offline channels and significant growth in e-commerce [1] Sales Performance - Overall retail sales (excluding Li Ning YOUNG) experienced a mid-single-digit percentage decline year-on-year [1] - Offline channels, including retail and wholesale, saw a high single-digit percentage decline, with direct retail channels facing a mid-single-digit percentage drop and wholesale channels experiencing a high single-digit percentage decline [1] - E-commerce virtual store business achieved a high single-digit percentage growth [1] Store Count - As of September 30, 2025, Li Ning had a total of 6,132 sales points in China (excluding Li Ning YOUNG), representing a net increase of 33 points from the previous quarter and a net increase of 15 points year-to-date [1] - Within the net increase of 15 sales points, retail business saw a net decrease of 46 points, while wholesale business recorded a net increase of 61 points [1] - Li Ning YOUNG had a total of 1,480 sales points in China, with a net increase of 45 points from the previous quarter and a net increase of 12 points year-to-date [1]

Group 1 - The Hang Seng Index rebounded, closing up 0.72%, with the internet sector leading the gains, followed by banking, industry, technology, and real estate sectors [1] - The internet sector saw a rise of 1.07%, with Meituan up 4.06%, Alibaba up 1.67%, Tencent Holdings up 1.52%, JD Group up 1.5%, and Baidu Group up 1.22%. However, companies like SenseTime, Bilibili, and Kingdee International experienced declines [3] - The banking sector opened strong and maintained a consolidation above the midline, closing up 0.88%, with Postal Savings Bank rising 4.59% and Minsheng Bank up 2.39% [3] Group 2 - The consumer sector rebounded, closing up 0.35%, with notable gains from companies like Chenzi Biological up 6.68%, Li Ning up 6.55%, and Sands China up 4.4% [3] - The healthcare sector opened low and saw a slight reversal near the end, closing down 1.31%, with CSPC Pharmaceutical down 2.96% and China Biopharmaceutical down 2.78% [3]

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 本公司股東及潛在投資者須注意， 本公司股東及潛在投資者須注意，此公告是根據本集團未經審計的運營資料編制 此公告是根據本集團未經審計的運營資料編制 此公告是根據本集團未經審計的運營資料編制，這些 資料尚未經過本集團審計師審計及覆核。 資料尚未經過本集團審計師審計及覆核。此公告內數據並不構成 此公告內數據並不構成 此公告內數據並不構成、代表或表示本集團整 代表或表示本集團整 體收入或財務表現之全面情況， 體收入或財務表現之全面情況，本公告內資料亦可能 本公告內資料亦可能 本公告內資料亦可能會修改或調整。 1 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） 二零二五年第三 二零二五年第三季度之最新運營狀況 季度之最新運營狀況 季度之最新運營狀況 本公告乃李寧有限公司（「本公司」，連同其附屬公司 ...

Core Viewpoint - The article discusses the prevalence of counterfeit products in the market, highlighting a specific incident where a consumer purchased a fake Li Ning jacket for 49 yuan, which was labeled as "linimg" instead of the authentic brand name [1] Group 1 - The issue of counterfeit goods is becoming increasingly common, affecting consumer trust and brand integrity [1] - The incident serves as an example of how easily consumers can be misled into purchasing imitation products [1] - The article raises awareness about the need for vigilance when buying branded items to avoid falling victim to counterfeiters [1]

Market Overview - A-shares experienced a weak downward trend in the morning but stabilized and rebounded in the afternoon, with all three major indices closing in the green [1] - The Shanghai Composite Index rose by 0.22% to 3922.41 points, while the Shenzhen Component Index also increased by 0.22% to 13025.45 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 166.09 billion yuan, a decrease of nearly 30 billion yuan from the previous day [1] Sector Performance - The coal sector saw significant gains, with stocks like Daya Energy achieving 9 limit-ups in the last 10 trading days, accumulating a nearly 150% increase [1][16] - The brokerage sector also performed well, with stocks such as Harbin Investment and Guosen Securities leading the gains [1] - The media sector was active, with companies like Rongxin Culture and Haikan Co. hitting the limit-up [1] - The quantum technology concept stocks surged, with Keda Guokuan and Dahua Intelligent both hitting the limit-up [2][3] Quantum Technology - The quantum technology sector saw a substantial late-session rally, with stocks like Keda Guokuan and Dahua Intelligent rising by approximately 10% within five minutes [3] - Keda Guokuan reached a limit-up of 20%, while other stocks like Dahua Intelligent and Shenzhou Information also hit their limit-ups [3][4] - Recent advancements in quantum communication technology by China Telecom's Quantum Research Institute have been recognized internationally, enhancing China's technological standing in this field [5] Coal Sector Insights - The coal sector is expected to see a shift from structural oversupply to a tight balance due to increased demand for winter heating and industrial activity [18] - Regulatory policies are expected to constrain coal supply, while demand is anticipated to rise, supporting coal prices in the short term [18][19] - The overall valuation of the coal sector is considered low, with potential for rebound as market sentiment shifts [19] Shenzhen State-Owned Enterprises - The Shenzhen state-owned enterprises sector saw a collective surge, with stocks like Jian Ke Yuan hitting a limit-up of 20% [21] - The recent action plan released by Shenzhen aims to enhance the quality of listed companies and promote mergers and acquisitions, targeting a total market value of over 20 trillion yuan by 2027 [21]

Core Viewpoint - Daiwa Capital Markets analysts find Li Ning's risk-reward profile attractive due to low market expectations, improving fundamentals, and upcoming major sporting events [1] Group 1: Market Expectations - Analysts highlight that market expectations for Li Ning are currently low, which presents a potential opportunity for investors [1] Group 2: Business Fundamentals - There is an improvement in Li Ning's operational fundamentals, contributing to a more favorable investment outlook [1] Group 3: Upcoming Events - The return of the NBA to China after a six-year absence is expected to reignite interest in basketball by 2026 [1] - Li Ning's re-establishment as an official partner of the Chinese Olympic Committee is significant, especially with the Winter Olympics scheduled for February 2026 [1] Group 4: Analyst Rating and Price Target - Daiwa upgraded Li Ning's stock rating from Hold to Buy and raised the target price from HKD 20 to HKD 24 [1]

Core Viewpoint - Li Ning (2331.HK) experienced a 5.69% increase in stock price, reaching HKD 18.39, following the announcement of its partnership with Meituan for instant retail services [1] Group 1: Business Expansion - Li Ning has officially entered the Meituan Flash Purchase platform, with nearly 1,000 stores going live simultaneously across almost 100 cities nationwide [1] - The collaboration allows Li Ning to utilize its offline stores as front-line storage nodes, enabling nearby distribution, quick picking, and instant delivery [1] - This initiative significantly expands the service radius of Li Ning's stores, providing consumers with an average delivery time of 30 minutes [1] Group 2: Strategic Importance - The partnership is a key move in Li Ning's "single brand, multiple categories, multiple channels" strategy [1] - By expanding into instant retail channels, Li Ning aims to meet diverse consumer needs for sports equipment across various scenarios, including fitness, seasonal changes, and travel emergencies [1]

Group 1 - The stock price of Li Ning (02331.HK) increased by over 4%, specifically by 4.14%, reaching HKD 18.11 [1] - The trading volume for Li Ning amounted to HKD 175 million [1]