股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 李寧有限公司 | | | | | | 呈交日期: | 2025年10月2日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 02331 | 說明 | | | | | 多櫃檯證券代號 | 82331 | RMB 說明 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,0 ...

Core Insights - The recent financial policies introduced on September 24, 2024, present unprecedented development opportunities for brokerage and wealth management businesses [1] - The traditional wealth management model, which focuses on product configuration, faces challenges in the current market environment, necessitating a shift towards customer demand insight and long-term investment strategies [2][3] Investor Demand Evolution - There is a noticeable shift in investor demographics, with the proportion of investors under 30 years old increasing by 10 percentage points to nearly 40% [2] - New investors show a stronger preference for equity investments, with over 80% engaging in on-market equity transactions, surpassing older clients by five percentage points [2] - More than 25% of new investors have participated in ETF trading, indicating a significant structural difference in investment preferences compared to older investors [2] - New investors exhibit a clearer awareness of financial planning, with a higher proportion of their total assets allocated to financial products, particularly fixed-income products [2] Wealth Management Transformation - Brokerage firms face challenges from market competition and changing investor behaviors, leading to declining commission rates and reduced profit margins [3] - The rise of financial technology intensifies competition among institutional investors, increasing demand for specialized services [3] Strategic Adaptations by Brokerages - Brokerages, including Huafu Securities, are adapting by optimizing business models, shifting from transaction-based commission structures to asset-based and advisory service models [4] - There is a focus on expanding client bases to include institutional, high-net-worth, and corporate clients while enhancing digital capabilities [4] - The company is developing a client-centric investment advisory model, emphasizing independent advice and long-term wealth management [5] Revenue Growth through Client Engagement - As commission rates decline, brokerages must focus on developing client relationships and providing differentiated services to drive revenue growth [6] - Strategies include personalized services for high-net-worth clients and tailored investment solutions based on client needs [6] Future Wealth Management Focus - The future of wealth management should prioritize customer demand insight, scientific asset allocation, long-term investment support, and technological empowerment to achieve sustainable wealth growth [7]

Core Concept - Li Ning Outdoor launched new products and outdoor footwear under the theme "Explore the Earth and Mountains" in 2025, aiming to connect with diverse outdoor scenarios and inspire a collective exploration spirit among the public [1][22]. Product Launch and Themes - The theme "Explore the Earth and Mountains" is inspired by historical sites such as Shanhaiguan, Yanmen Pass, and Yumenguan, promoting a sense of cultural heritage and exploration [1][5]. - The product line includes outdoor footwear and apparel designed for urban leisure, suburban outings, and wilderness adventures, emphasizing both functionality and cultural significance [1][12]. Brand Engagement and Community Involvement - Li Ning invited various outdoor enthusiasts and influencers to participate in the "Explore the Earth and Mountains" initiative, fostering a deep emotional connection between the brand and the public [3][5]. - The initiative aims to make outdoor exploration accessible to a broader audience, transforming it from a niche activity into a lifestyle embraced by many [5][22]. Immersive Experience and Events - An immersive outdoor narrative space was created in Chongqing, featuring the theme "Explore the Earth and Mountains," which connects the brand's spirit with the daily lives of the public [8][12]. - The exhibition, part of the Chongqing Consumption Festival, showcased new outdoor products and was attended by government officials and public figures, highlighting the brand's community engagement [10][12]. Product Features and Innovations - Li Ning's outdoor products incorporate advanced technology and design, such as waterproof and breathable materials, ensuring comfort and performance in various environments [12][13]. - The product range includes versatile items like the three-in-one jacket and specialized footwear, catering to both urban and outdoor activities while maintaining a focus on Eastern aesthetics [12][20]. Future Outlook - Li Ning Outdoor aims to continue expanding its product offerings and experiential scenarios, reinforcing its identity as a partner for explorers and promoting a shared spirit of adventure among consumers [22].

Core Insights - Li Ning Outdoor has officially launched its 2025 product series themed "Explore the World, Discover the Mountains," integrating Eastern aesthetics with modern outdoor functional design [1] - The product line covers multiple scenarios including urban leisure, suburban outings, and wilderness adventures, reflecting a new interpretation of outdoor lifestyles for Chinese consumers [1] - A significant component of the series is the collaboration with China Map Publishing Group to release the "Li Ning Outdoor Mountain and River Guide," merging product experience with cultural exploration [1] Brand Communication - Li Ning has gathered Chinese table tennis athlete and brand ambassador Sun Yingsha, documentary director Zhou Yijun, and young actor Hu Xianxu as "Li Ning River and Mountain Travelers" to convey the Eastern exploration spirit of "Tracing Roots, Going Against the Current" through their personal influence [1] - To further enhance brand narrative, Li Ning Outdoor is hosting an immersive outdoor-themed exhibition in Chongqing from September 20 to 29, aligning with the core concept of "Explore the World, Discover the Mountains" and creating a physical space that connects product functionality with cultural significance [1] Industry Positioning - Industry observers note that Li Ning Outdoor's three-dimensional approach through product development, cultural storytelling, and experiential space not only enriches its product matrix in the outdoor sector but also demonstrates a strategic intent to reshape outdoor lifestyle aesthetics from an Eastern perspective [1] - These initiatives are expected to help the brand establish a differentiated competitive advantage in the rapidly growing Chinese outdoor sports market [1]

Company Overview - Li Ning, founded in 1990 by the "Prince of Gymnastics" Li Ning, is a professional sports brand focusing on athletic and leisure footwear, apparel, accessories, and equipment, successfully listed in Hong Kong in 2004 [2] - The company emphasizes enhancing product experience, sports experience, and purchasing experience, creating the "Li Ning Experience Value" [2] - Li Ning has a history of sponsoring major sports events, including the Asian Games and the Olympic Games, and will partner with the Chinese Olympic Committee for sports apparel from 2025 to 2028 [2] - The company has been recognized for its ESG practices, achieving a MSCI ESG rating of BBB and ranking 15th in the "Kantar BrandZ Top 50 Sustainable Brands" list in 2024 [2] Quality Control Practices - Li Ning views product quality as essential, implementing strict quality supervision throughout the production process [3] - The company has established a joint inspection team that conducts quarterly quality audits of warehouses and requires suppliers to sign compliance declarations [3] - Products undergo testing based on national standards before market release, with immediate corrective actions for any non-compliant products [3] After-Sales and Material Quality Monitoring - Li Ning has a robust customer complaint management system, continuously updating processes based on legal changes to ensure effective resolution of quality issues [4] - The company operates a central laboratory equipped with 292 advanced instruments for comprehensive material testing across various dimensions [4] - In 2024, Li Ning participated in 11 national and industry standard consultations and is committed to reducing product carbon footprints through the application of eco-friendly technologies [4]

Company Overview - Li Ning, founded in 1990 by the "Prince of Gymnastics" Li Ning, is a professional sports brand focusing on athletic and leisure footwear, apparel, accessories, and equipment, successfully listed in Hong Kong in 2004 [2] - The company emphasizes enhancing product experience, sports experience, and purchasing experience, creating the "Li Ning Experience Value" [2] - Li Ning has a history of sponsoring major sports events, including the Asian Games and the Olympic Games, and will partner with the Chinese Olympic Committee for sports apparel from 2025 to 2028 [2] - The company has been recognized for its ESG practices, achieving a MSCI ESG rating of BBB and ranking 15th in the "Kantar BrandZ Sustainable Brands Top 50" list in 2024 [2] Quality Control Practices - Li Ning views product quality as essential, implementing strict quality supervision throughout the production process [3] - A joint inspection team conducts quarterly quality audits of warehouses, and suppliers must sign compliance declarations and undergo random testing to ensure safety and environmental standards [3] - During the product launch phase, Li Ning adheres to national standards for product testing, including appearance checks and anti-counterfeiting measures, with immediate actions taken for non-compliant products [3] After-Sales and Material Quality Monitoring - The company has established a customer complaint management system with clear procedures and continuously updates its policies based on legal changes [4] - An online quality identification system and a professional after-sales team provide technical support to consumers, ensuring timely resolution of quality issues [4] - Li Ning's central laboratory is equipped with 292 advanced instruments for comprehensive testing of raw materials, with quarterly inspections to isolate and dispose of non-compliant materials [4] Industry Standards and Environmental Commitment - In 2024, Li Ning participated in 11 national and industry standard consultations and 4 group standard consultations [4] - The company is committed to reducing product carbon footprints and developing green low-carbon products through the application of eco-friendly technologies like 䨻 Technology and GCR [4] - Expert commentary highlights Li Ning's dedication to quality, emphasizing rigorous quality supervision from product development to after-sales support, establishing a solid foundation for consumer trust [4]

Group 1 - The core viewpoint of the article highlights the increasing investment in AI by companies in the securities industry, with a specific focus on the practices and challenges of implementing AI in their operations [1] - The company allocates approximately 25% of its annual new investments towards AI-related initiatives, which include both software and hardware, as well as personnel [1] - AI is integrated into the company's performance evaluation system, being decentralized to various departments and branches [1] Group 2 - The company has developed a metric called "Intelligence Content," which measures the extent of AI usage across projects, including depth of application, number of personnel involved, and frequency of use [1] - Four key weights contribute to the overall "Intelligence Content" score, reflecting the company's commitment to leveraging AI in its operations [1]

Core Viewpoint - The meeting between Guizhou provincial leaders and Li Ning Group's founder highlights a strategic partnership aimed at enhancing cooperation in the textile and sports industries, aligning with the province's high-quality development goals [1] Group 1: Government and Corporate Collaboration - Guizhou provincial leaders expressed their welcome and gratitude to Li Ning Group, emphasizing the importance of high-quality development and the integration of culture, tourism, and sports [1] - The provincial government aims to support Li Ning Group's industrial layout in Guizhou and facilitate practical cooperation [1] Group 2: Future Cooperation Potential - Li Ning Group representatives acknowledged the support from Guizhou and identified significant cooperation opportunities in the textile and sports sectors [1] - The agreement includes collaboration in sports events, sports apparel products, talent cultivation, and brand promotion [1]

Core Viewpoint - The recent marketing campaign by outdoor brand Arc'teryx, featuring a controversial fireworks display in the Himalayas, has led to a significant backlash and a market value loss exceeding 200 billion yuan for its parent company Anta Sports [2][4][11] Group 1: Marketing Crisis - The "explosion" event has resulted in a 4% drop in Anta Sports' stock price, equating to a market value loss of over 100 billion HKD [2] - Arc'teryx's parent company, Amer Sports, saw a 9.85% decline in stock price, leading to a market value decrease of 145.69 billion RMB [2] - This incident mirrors a previous marketing failure by Li Ning, which lost 123 billion yuan in market value over three trading days due to a similar crisis [4] Group 2: High-End Market Challenges - Brands aiming for high-end positioning often fall into the trap of prioritizing form over substance, equating "high-end" with quirky designs and exclusive experiences, neglecting the essence of value premium [5] - The core of high-end branding should align with social consensus and deep emotional connections with users, rather than superficial artistic expressions [5][16] - The marketing misstep by Arc'teryx highlights a crisis of "hollowed-out values" in pursuit of high-end branding, as their actions contradicted their core environmental principles [7][9] Group 3: Financial Performance Context - Both Anta and Li Ning faced performance pressures during their marketing failures, indicating a desperate search for solutions that can lead to severe consequences [11] - Li Ning reported a revenue increase of 21.7% in the first half of 2022, but faced declining profit margins, with gross margin dropping by 5.9 percentage points [13] - Arc'teryx's parent company reported a 23% revenue increase in Q2 2025, but this was accompanied by an 11 percentage point decline in growth compared to the previous year [13] Group 4: Lessons for High-End Branding - The marketing failures of both brands serve as a warning that high-end branding should not be a self-indulgent celebration but rather a value-driven connection with users and society [16] - True high-end branding should respect social consensus and resonate with user emotions, leveraging value innovation to achieve premium pricing and respect [16]

Group 1 - BlackRock's stake in Li Ning increased from 4.66% to 5.31% as of September 12 [1]