Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's H1 2025 performance met expectations, supported by professional sports resources for long-term development [5] - The company reported a revenue of 14.82 billion RMB in H1 2025, a year-on-year increase of 3.3%, with a gross profit of 7.42 billion RMB, up 2.5% year-on-year [7] - The net profit attributable to shareholders was 1.74 billion RMB, down 11.0% year-on-year, with a net profit margin of 11.7%, a decrease of 1.9 percentage points [7] - The company has a strong dividend policy, with an interim dividend of 0.3359 RMB per share, representing a payout ratio of 50% [7] - E-commerce contributed the largest incremental revenue, with a year-on-year growth of 7.4%, accounting for 29.0% of total revenue [7] - The company signed player Yang Hansheng, who was selected in the first round of the NBA draft, which is expected to enhance brand sales and improve the popularity of basketball in China [7] - The company focuses on a "single brand, multiple categories, multiple channels" strategy, with ongoing investment in R&D to enhance product competitiveness [7] Financial Summary - Revenue projections for 2025-2027 are 29.03 billion RMB, 30.77 billion RMB, and 32.85 billion RMB, respectively, with growth rates of 1.2%, 6.0%, and 6.8% [6][8] - The net profit attributable to shareholders is projected to be 2.65 billion RMB in 2025, 2.85 billion RMB in 2026, and 3.10 billion RMB in 2027 [6][8] - The company's return on equity (ROE) is expected to decline from 11.54% in 2024 to 8.95% in 2027 [6][8] - The company maintains a healthy balance sheet with a debt-to-asset ratio of 26.13% [3]

Core Insights - Li Ning reported a revenue of 14.817 billion yuan for the first half of the year, representing a year-on-year increase of 3.3% [1] - The net profit attributable to equity holders was 1.737 billion yuan, a decrease of 11% year-on-year, with a net profit margin of 11.7% [1] - The gross profit margin declined by 0.4 percentage points to 50.0% [1] E-commerce Performance - The company optimized its e-commerce platform operations and enhanced online marketing strategies, leading to a 7.4% year-on-year increase in e-commerce channel revenue, which contributed the largest incremental growth [1] - The membership service system was improved, resulting in increased online sales scale and customer loyalty [1] Distribution Channels - Revenue from authorized distributors grew steadily by 4.4% year-on-year, further increasing their share to 46.5%, continuing to play a core supporting role [1] - Retail channel performance faced pressure, with revenue from direct stores declining by 3.4% due to adjustments in store layout and shifts in consumer scenarios [1] Store Network - As of June 30, the number of sales points for Li Ning brand (including core brand and Li Ning YOUNG) was 7,534, a net decrease of 51 stores compared to December 31, 2024 [1]

Core Insights - The company reported a revenue of 14.82 billion yuan for the first half of 2025, representing a year-on-year growth of 3.3% [1] - Gross profit reached 7.41 billion yuan, with a gross margin of 50.0%, while net profit was 1.74 billion yuan, yielding a net margin of 11.7% [1] - The company has become the official partner of the Chinese Olympic Committee and the Chinese sports delegation for 2025-2028, launching a marketing campaign titled "China Glory, Li Ning Together" across over 5,200 stores nationwide [1] Financial Performance - Revenue for the first half of 2025 was 14.82 billion yuan, up 3.3% year-on-year [1] - Gross profit was 7.41 billion yuan, with a gross margin of 50.0%, and net profit was 1.74 billion yuan, with a net margin of 11.7% [1] - R&D investment increased by 8.7% year-on-year, with cumulative R&D investment exceeding 3.8 billion yuan over the past decade [1] Product Development - The company focuses on six core categories, including running and basketball, while expanding into new areas like outdoor and tennis [2] - Retail sales in the running category grew by 15%, with over 14 million pairs of professional running shoes sold [2] - The company launched new products utilizing advanced technologies, such as "Ultra Light" and "Aerospace Dry" [1][2] Operational Efficiency - As of June 30, 2025, the company operated 7,534 stores, maintaining a healthy inventory turnover with an inventory turnover period of 61 days [2] - E-commerce direct sales experienced high double-digit growth, while Li Ning Young's offline retail sales grew by 10%-20% [2] - The company has optimized its supply chain, expanding flexible supply capabilities and completing its national logistics network [2] Future Outlook - The company plans to adhere to a "single brand, multi-category, multi-channel" strategy, focusing on product competitiveness and the effectiveness of its Olympic Committee partnership [2] - The company aims to drive long-term sustainable growth through steady operations in the second half of 2025 [2]

Core Viewpoint - Li Ning (02331.HK) announced an interim dividend of RMB 0.3359 per share to be distributed on September 16, 2025, with a strong buy rating from multiple investment banks [1] Group 1: Company Performance - Li Ning's market capitalization is HKD 47.483 billion, ranking 4th in the apparel and home textiles industry [2] - The company reported a revenue of HKD 28.676 billion, placing it 2nd in the industry [2] - Li Ning's net profit margin stands at 10.51%, significantly higher than the industry average of -12.58% [2] - The company's gross profit margin is 49.37%, compared to the industry average of 36.03% [2] - Li Ning's return on equity (ROE) is 11.81%, while the industry average is -5.0% [2] - The company's debt ratio is 26.9%, which is lower than the industry average of 50.99% [2] Group 2: Analyst Ratings - In the past 90 days, 17 investment banks have issued buy ratings for Li Ning, with an average target price of HKD 19.01 [1] - Guotai Junan Securities recently provided a buy rating for Li Ning [1] - Various investment banks have set target prices ranging from HKD 16.28 to HKD 20.82, indicating a positive outlook for the stock [1]

Group 1 - The company, Li Ning (02331), announced that it will distribute an interim dividend of RMB 0.3359 per share on September 16, 2025 [1]

智通财经APP讯，李宁(02331)发布公告，该公司将于2025年9月16日派发中期股息每股0.3359元人民 币。 ...

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 ...