Core Viewpoint - The report from CMB International indicates that Li Ning (02331) has experienced a resurgence in core operating profit in the first half of this year, reflecting the company's transformation efforts and inherent brand value [1] Summary by Relevant Sections - **Company Performance** - Li Ning's core operating profit has started to grow again in the first half of the year [1] - **Investment Rating and Target Price** - CMB International maintains a "Buy" rating for Li Ning and raises the target price from HKD 18.95 to HKD 23.02 [1] - **Market Outlook** - The firm expresses optimism about a potential recovery in the coming years, especially as extraordinary China begins to repurchase more Li Ning shares and the government's willingness to promote consumption increases [1] - **Management Guidance** - The management's decision to maintain the guidance for the fiscal year 2025 is deemed reasonable by CMB International [1]

智通财经APP获悉，招银国际发布研报称，李宁(02331)今年上半年核心经营溢利开始再次增长。考虑到 公司的转型努力及品牌内在价值，予该股维持"买入"评级。该行将李宁目标价从18.95港元上调至23.02 港元，随着非凡中国开始回购更多李宁股份，以及政府促进消费的意愿日益增强，该行对未来几年或出 现的复苏更加乐观，认为李宁管理层维持2025财年指引不变合理。 ...

Core Viewpoint - Recent market rumors suggest that the Pino family is seeking potential buyers for Puma SE, which has seen its market value decline by approximately 50% over the past year, with Anta and Li Ning being mentioned as potential bidders [1] Group 1: Company Responses - Li Ning stated that it has not engaged in any substantial negotiations or evaluations regarding the rumored acquisition of Puma, emphasizing its focus on the growth and development of the Li Ning brand under its core strategy of "single brand, multiple categories, and multiple channels" [1] - Anta declined to comment on the market rumors regarding the potential bid for Puma [1] Group 2: Market Impact - Following the rumors of a potential acquisition, Puma's stock price surged by 20% in the German stock market, marking its largest single-day increase since October 2001 [1]

Core Viewpoint - The potential sale of Puma shares by the Pinault family is being evaluated, with interest from Chinese sports brands like Anta and Li Ning, as well as American companies and Middle Eastern sovereign wealth funds [1][2] Group 1: Puma's Financial Performance - In 2023, Puma's sales increased by 6.6% year-on-year to €8.6017 billion, but net profit fell by 13.7% to €304.9 million [5] - For 2024, sales are projected to grow by 4.4% to €8.82 billion, while net profit is expected to decline by 7.6% to €282 million [5] - In Q2 2025, Puma's sales dropped by 2.0% year-on-year to €1.9422 billion, with declines in the EMEA and Americas regions [5][6] Group 2: Li Ning's Position - Li Ning reported a 3.3% increase in revenue to ¥14.82 billion in the first half of the year, but net profit decreased by 11.0% to ¥1.74 billion [8] - The company acknowledges challenges in offline customer traffic and competitive pressures in the sports brand sector [8][9] - Li Ning's strategy focuses on targeted investments and strict cost control, with an emphasis on managing inventory effectively [9] Group 3: Anta's Acquisition Strategy - Anta has a history of successful acquisitions, including FILA and Amer Sports, and continues to pursue a multi-brand strategy [11][12] - In 2024, Anta's revenue grew by 13.6% to ¥70.826 billion, with Amer Sports contributing significantly to this growth [12] - Anta's systematic advantages in retail and supply chain management have led to successful brand performance, particularly for the Arc'teryx brand [14][15] Group 4: Competitive Landscape - The competitive environment for sports brands is intensifying, with both Anta and Li Ning facing challenges in maintaining market share [8][18] - Anta's FILA brand is experiencing fluctuations in performance, with sales declining in certain segments [18] - The potential acquisition of Puma may not align with Anta's strategic interests due to competition with the FILA brand [17][18]

21世纪经济报道记者 贺泓源 中国运动巨头似乎并不太想接盘彪马。 近日，有媒体报道称，彪马主要股东之一的皮诺（Pinault）家族正在评估新的战略选项，其选项之一就 是出售彪马股份。皮诺家族通过其控股公司Artémis持有彪马29%的股份。 相关报道显示，皮诺家族已聘请顾问，并与潜在买家进行初步接触，了解收购意向。接触名单上包括安 踏、李宁等知名中国体育用品，也出现了美国公司以及中东地区的主权财富基金。 2023年，彪马销售额增长同比增长6.6%至86.017亿欧元；但净利润同比下降13.7%至3.049亿欧元。2024 年，彪马销售额同比增长4.4%至88.2亿欧元，净利润同比下降7.6%至2.82亿欧元。 进入2025年，情况没有改善。 对此，李宁公司回应得相对干脆，其重心还是在李宁品牌上。 "李宁公司坚持 '单品牌、多品类、多渠道'的核心发展战略，目前仍会专注于李宁品牌的成长与发展。 截至目前，公司未就上述传闻所提及的交易进行任何实质性谈判或评估。一切重大信息请以本公司官方 公告为准。"2025年8月26日，李宁如此回应21世纪经济报道记者。 安踏依旧是不评论市场传闻。而据21世纪经济报道记者了解，在" ...

本报讯 （记者李静）近日有市场消息称，皮诺家族正考虑为德国运动品牌彪马（Puma）探索包括出售 在内的战略选项。 据悉，皮诺家族正在与顾问合作，并与包括安踏和李宁在内的潜在买家接洽，他们还试探了美国其他运 动服装公司以及中东主权财富基金的意向。 对此，李宁有限公司（以下简称"李宁"）相关负责人回复《证券日报》记者称，截至目前，公司未就上 述传闻所提及的交易进行任何实质性谈判或评估。李宁坚持"单品牌、多品类、多渠道"的核心发展战 略，目前仍会专注于李宁品牌的成长与发展。 （编辑 丛可心 张昕） ...

8月25日，据外媒援引知情人士报道，皮诺家族已聘请顾问，并与潜在买家进行初步接触，了解收购意 向。接触名单上包括安踏、李宁等知名中国体育用品，也出现了美国公司以及中东地区的主权财富基 金。 针对这一市场消息，记者向李宁方面求证，该公司表示：李宁公司坚持"单品牌、多品类、多渠道"的核 心发展战略，目前仍会专注于李宁品牌的成长与发展。"截至目前，李宁公司未就上述传闻所提及的交 易进行任何实质性谈判或评估。一切重大信息请以本公司官方公告为准。"李宁方面表示。 #皮诺家族或卖掉彪马# 【#彪马将被挂牌出售# ，李宁、安踏会是买家吗？】德国运动品牌彪马 （Puma）过去一年市值蒸发近半，业绩持续下滑，其主要股东之一的皮诺（Pinault）家族正在评估新 的战略选项，其选项之一就是出售彪马股份。据了解，皮诺家族通过其控股公司Artémis持有彪马29% 的股份。 记者向安踏求证，该公司则表示不评论市场传闻。（智通财经，泽塔） ...

Core Viewpoint - Li Ning's mid-year performance report for 2025 shows a slight revenue growth of 3.3% year-on-year, but a significant decline in net profit by 10.99%, indicating challenges in the consumer market despite strategic investments in professional sports [1][3][19]. Financial Performance - Revenue reached 14.817 billion RMB, up from 14.345 billion RMB in the previous year [2] - Gross profit was 7.415 billion RMB, a 2.5% increase from 7.236 billion RMB [2] - Net profit attributable to shareholders was 1.737 billion RMB, down 11% from 1.952 billion RMB [2][19] - EBITDA increased by 2.0% to 3.512 billion RMB [2] Market Position and Strategy - Li Ning's revenue growth is slower compared to competitors, with Xtep reporting a 7.1% increase and Anta expected to reach 13% [2][3] - The company aims to enhance its investment in sports, particularly in the mass sports sector, and has renewed its partnership with the Chinese Olympic Committee [3][5] - Li Ning has signed contracts with multiple national teams and aims to leverage high-profile events to strengthen its brand positioning [6][9] Product Development and Sales - The company has expanded its product lines to include professional outdoor and lightweight outdoor categories, although these currently contribute a small portion of total revenue [6][8] - Running and basketball are the top two revenue-generating categories, with running sales increasing by 15% and basketball sales declining by 20% [9][10] - Li Ning has launched the Li Ning Running Club to promote a running ecosystem, integrating training resources and professional equipment [8] Challenges and Market Conditions - Despite growth in professional sports, Li Ning faces challenges in the mass consumer market, with declining foot traffic and increased discounts affecting sales [13][17] - The company reported a slight decrease in overall gross margin to 50.0% due to changes in product mix and discounting strategies [17] - Management remains cautious about future performance, anticipating stable revenue but potential pressure on profit margins due to rising costs [19]

摩根士丹利发表研报，指出李宁未来几年盈利增长的主要动力可能来自于其盈利率的复苏。该行维持对 李宁"增持"评级，并将目标价从22港元上调至25港元。摩根士丹利估算李宁上半年经调整净利润同比增 长约6%。中期核心经营溢利超出预期，这归因于公司在广告及推广、员工及租金方面的成本控制得 当。该行预计，随着公司主动关闭亏损门店，员工及租金成本占收入的比率将有所下降。 ...

Group 1 - Recent market rumors suggest that the Pinault family is considering selling their 29% stake in Puma and has contacted potential bidders such as Anta Sports and Li Ning [1] - Puma's stock price surged by 20% following the rumors, marking the largest increase since October 2001, with a current market capitalization of approximately €3.2 billion (about ¥26.6 billion) [1] - Puma has faced performance challenges, with a 4.4% revenue growth to €8.817 billion in 2024, lagging behind competitors like Adidas and Lululemon, which reported revenue growth rates of 12% and 10% respectively [2] Group 2 - Puma's net profit for 2024 decreased by 7.6% to €282 million, and the company reported a 2.0% decline in sales to €1.942 billion in the second quarter of 2025, falling short of market expectations [2] - A profit warning indicated that Puma will incur losses in 2025, with previous EBITDA guidance of €445 million to €525 million being withdrawn due to weak sales and the impact of U.S. tariffs on gross profit [2] - Recent management changes at Puma include the appointment of former Adidas executive Arthur Hoeld as CEO and Andreas Hubert as COO, effective September 1, 2025 [2] Group 3 - Anta Sports has expanded its portfolio by acquiring the German outdoor brand Jack Wolfskin for $290 million, alongside owning several other international brands [3] - Li Ning Company focuses on the growth of its core "Li Ning" brand while also owning other brands such as Double Happiness and Aigle [3]