Company Overview - The major shareholder, Everbright, announced an increase in its stake in Li Ning Company by acquiring 18.09 million shares for a total of HKD 275 million at an average price of HKD 15.20 per share [1] Business Performance - Li Ning's basketball business is under pressure, with retail sales expected to decline by 21% in 2024, accounting for 21% of the company's overall sales [1] - Despite the challenges, Li Ning continues to sponsor various basketball leagues and is focused on launching new products and technologies to maintain brand positioning [1] - The company signed a player who was selected 16th in the 2025 NBA Draft, marking the third Chinese player to be a first-round pick, which is expected to enhance brand visibility in the basketball sector [1] Strategic Initiatives - In the second quarter of 2025, Li Ning's brand is still facing pressure from a volatile market environment and intense competition, particularly in retail and discounting [2] - The company aims to innovate in core categories like running and basketball while increasing exposure and investment in sports like badminton and table tennis [2] - A contract with the Chinese Olympic Committee was completed at the end of April, which is anticipated to lead to more marketing events in the second half of 2025 [2] Shareholder Confidence - The major shareholder's increase in stake from January to June 2025 reflects confidence in Li Ning's "single brand, multiple categories, and multi-channel" core strategy [2] Financial Forecast - The earnings per share (EPS) forecast for 2025 and 2026 remains unchanged at CNY 0.92 and CNY 1.07, respectively, with the current stock price corresponding to 16 and 14 times the projected earnings for those years [2] - The target price is maintained at HKD 20.82, indicating a potential upside of 28% from the current stock price [2]

Core Insights - Li Ning was appointed as the honorary president of the Chinese Olympic Academy, highlighting his ongoing influence in sports and education [3][4] - The event emphasized the importance of sports in shaping character and resilience, with Li Ning advocating for youth to learn life philosophies through sports [3][4] - Li Ning shared his journey from Olympic champion to business leader, focusing on how athletic discipline can translate into effective business management [4] Group 1 - Li Ning discussed the evolving role of sports in society, emphasizing its connection to national identity and personal value realization for youth [3][4] - The event featured a dialogue on the social responsibilities of champions, with Li Ning stressing the importance of using influence to inspire and give back to society [4] - The "Olympics and Me" public lecture series is part of a broader initiative by Beijing Sport University to promote Olympic studies and values [4] Group 2 - The public lecture was attended by over 300 students and experts, indicating strong interest in Olympic education and its societal implications [4] - Li Ning's insights on maintaining passion amidst challenges reflect a broader philosophy applicable to both sports and business [4] - The appointment of Li Ning as honorary president marks a significant step in the development of the Chinese Olympic Academy, which will be managed by Beijing Sport University starting in 2024 [3][4]

Group 1 - The core viewpoint of the article highlights the evolving role of sports in society, as discussed by renowned athletes Li Ning and Li Lingwei during the "Olympics and Me" public lecture at Beijing Sport University [1][2] - The public lecture is part of a series launched by the Chinese Olympic Academy, aimed at interpreting the core values of the Olympic spirit through insights from industry experts [1] - Li Ning emphasized that sports have taken on various responsibilities throughout different stages of China's social development, reflecting a richer role in areas such as physical fitness, economic stimulation, and education [2] Group 2 - Li Ning shared his personal journey from being an Olympic champion to transitioning into the business sector, highlighting the challenges he faced in understanding finance, sales, and human resources when starting his company [3] - He advised contemporary youth to embrace challenges and learn from failures, emphasizing the importance of self-belief and resilience in overcoming obstacles [3] - The dialogue also touched on the historical context of sports in China, noting that the initial focus was on enhancing public health, which evolved to include national image and international diplomacy as the country developed [2]

Summary of Li Ning Co. (2331.HK) Corporate Day Insights Company Overview - **Company**: Li Ning Co. (2331.HK) - **Industry**: Consumer & Leisure Key Points and Arguments 1. Financial Guidance and Performance - Management reiterated FY2025 guidance with expectations of flat year-over-year sales and a net profit margin (NPM) growth at high single digits (HSD%) [2][7] - The company anticipates challenges to gross profit margin (GPM) due to ongoing discount pressures throughout the year [2][10] 2. Sales Trends - Year-to-date (YTD) trading and operational expenditure (OPEX) investments are largely on track, with inventory levels under control [2] - Positive growth in online and offline sales was recorded in April, while offline sales declined initially but turned positive during May and the Dragon Boat Festival [2][10] - Discounts have deepened, with management expecting similar trends during the 618 festival [2][10] 3. Category Performance - The adult business is expected to see small positive growth, while adjustments in the kids' wear segment and the international business transitioning to a joint venture (JV) will offset this growth [2] - The running category showed over 20% year-over-year growth in Q1 2025, driven by the popularity of core products [11] - The outdoor category is identified as a growth driver, with expectations of low to mid-single digit (LSD-MSD%) contribution for the year [11] 4. Store Network and Strategy - Plans to close 10-20 directly-operated adult stores while increasing distributor stores by 30-40 to target third-tier cities [10] - The company aims to net open 100 Li Ning Young stores in 2025, focusing on higher-tier cities through direct-to-consumer (DTC) channels [10] 5. Marketing and Sponsorship - Marketing efforts will focus on events and athlete sponsorships, particularly in relation to the Milan Winter Olympics in 2026 [10] 6. Shareholder Returns - The company has been gradually increasing shareholder returns and sees potential for further improvement, considering dividends based on free cash flow (FCF) [12] 7. Risks and Valuation - The current price target is set at HK$14.5, with a neutral rating based on a 12x 2026E price-to-earnings (P/E) ratio [13] - Key risks include slower or higher-than-expected same-store sales growth (SSSG), promotional activities, and operational expenditures on brand investments [13] 8. Additional Insights - The company is facing challenges in the basketball and lifestyle categories, with unclear demand trends among younger consumers [11] - The management expects a decrease in store-related right-of-use (ROU) asset impairments in 2025, although investment property impairments may vary based on asset revaluation [10] Conclusion Li Ning Co. is navigating a complex retail environment with a focus on maintaining sales growth amidst discount pressures. The company is strategically adjusting its store network and enhancing its marketing efforts to bolster its position in key categories while managing shareholder expectations through potential returns.

Core Viewpoint - Li Ning Company regards ESG (Environmental, Social, and Governance) as a core long-term strategy, emphasizing the importance of sustainable development through governance, product innovation, and comprehensive operational practices [1][3]. Group 1: ESG Implementation - The company has established a governance model led by top management, integrating ESG into daily operations and decision-making processes [3]. - Li Ning focuses on product innovation by utilizing sustainable materials, such as bio-based fibers extracted from castor oil, and implementing biodegradable technologies [3][5]. - A comprehensive operational model is in place, connecting green products, supplier management, employee welfare, and social responsibility to support sustainable development [3]. Group 2: Long-term Value Creation - Li Ning aims to create both commercial and social value, balancing shareholder returns with contributions to sustainable consumption and environmental stewardship [3]. - The slogan "Every step forward" reflects the company's commitment to long-termism and the pursuit of challenging yet correct actions in sustainability [3]. Group 3: Technological Innovation - The company launched China's first fully biodegradable professional sports shoes in May 2024, showcasing a breakthrough in environmental and technological integration [5]. - Over 190 million plastic bottles have been transformed into recycled yarn for use in sports apparel, demonstrating significant progress in sustainable product applications [5]. Group 4: Employee Engagement and Culture - Li Ning's employee care system, which combines health and humanistic concern, aims to enhance team cohesion and collaboration through various sports clubs and community activities [5]. - The company integrates ESG principles into its talent strategy by fostering a culture of sustainability, building capabilities through specialized recruitment, and incorporating ESG metrics into performance evaluations [7]. Group 5: Future Collaborations - Li Ning looks forward to the 2025 China International Fair for Trade in Services, aiming to connect with top research institutions and enhance collaboration in professional and environmentally friendly product development [8][9].

对于接下来的市场营销打法，在洛杉矶奥运周期重新牵手中国奥委会的李宁，或许要更上心了。 李宁品牌因为一张合影，再一次陷入了舆论风波。 时隔20年从竞争对手安踏手中抢回中国奥委会的赞助合同，本应是李宁品牌重新出发的绝佳传播集会。但这个传播热点，却全是全红婵粉丝对李宁的不 满。 这一切的舆论，源自于李宁先生与中国奥委会官宣签约的一张合影。5月6日，中国奥委会与李宁品牌在国家体育总局共同举行合作发布仪式，正式宣布李 宁成为2025-2028年中国奥委会体育服装合作伙伴。 在仪式最后，李宁品牌与中国奥委会有关负责人以及跳水奥运冠军组合陈芋汐、全红婵以及乒乓球奥运金牌得主陈梦、马龙等优秀运动员一同合影留念。 而处于合影运动员C位的两位，站在国家体育总局局长高志丹旁边的，是奥运"六金王"马龙。而站在李宁品牌创始人、集团董事长李宁先生旁边的，是巴 黎和东京奥运会跳水女子双人10米台金牌得主陈芋汐。 由于自己喜欢的偶像未能站这次重磅官宣中站在合影的C位，不少全红婵的粉丝"炸锅"了，并将情绪发泄的出口，对准了李宁品牌。 全红婵被李宁伯伯"冷落"？ 许多粉丝给出的所谓"理由"，是李宁品牌因为全红婵近期的状态和成绩不佳，导致未能在本 ...

【导读】李宁拟聘任安永为核数师，普华永道到期退任不续聘 5月14日，李宁公告称，公司拟聘任安永会计师事务所（以下简称安永）为核数师，前任核数师罗兵咸永道会计师事务所将不再续聘。 据悉，罗兵咸永道会计师事务所是普华永道会计师事务所（以下合称普华永道）在香港市场开展业务的主体，后者系全球四大会计师事务所之一。 李宁宣布不续聘普华永道 公告显示，李宁现任核数师为普华永道，将在当前任期届满后退任，时间为6月12日李宁召开股东周年大会结束后。 李宁自2004年上市至今的核数师一直是普华永道。李宁公告称，公司审核委员会及董事会建议更换核数师，符合良好的企业管治操守，有利于维持外部核 数师的独立性及客观性。 普华永道不续聘普华永道，拟聘任安永为核数师。 5月14日，李宁董事会决定在股东周年大会上提交一项议案，由股东审议聘任安永为核数师，任期自股东周年大会结束后生效，至下届股东周年大会结 束。 李宁公告称，公司审核委员会向董事会推荐安永为核数师考虑了多项因素，包括安永在处理港股公司的审核工作经验、行业知识、对上市规则及国际财报 会计准则规定的熟悉程度、审计费用等。 目前，李宁尚未公布拟聘任安永为核数师的审计费用。2023年、 ...

Core Points - The core viewpoint of the articles is that Li Ning has officially become the sports apparel partner of the Chinese Olympic Committee for the period of 2025-2028, marking a significant milestone in the brand's history and enhancing its professional image in the sports industry [1][2]. Group 1: Partnership Announcement - Li Ning will provide professional sports equipment support for all major international events attended by the Chinese sports delegation, including the Los Angeles 2028 Olympics and the Milan-Cortina 2026 Winter Olympics [1]. - This partnership is expected to enhance Li Ning's brand recognition and authority, as its logo will be prominently displayed during key events, increasing global exposure [1][8]. Group 2: Historical Context - Li Ning, a legendary figure in Chinese gymnastics, has a long-standing relationship with the Olympics, having previously sponsored the Chinese Olympic team for 12 consecutive years from 1992 to 2004 [2]. - The brand's unique background and historical achievements contribute to its strong national recognition and brand equity, which are rare resources in the competitive sports apparel market [2][3]. Group 3: Product Development and Innovation - Li Ning has invested over 3.5 billion yuan in research and development over the past decade, focusing on various sports categories such as basketball, running, and badminton [3]. - The brand has developed a matrix of products to meet different athletic needs, showcasing its commitment to technological innovation in sports equipment [3]. Group 4: Consumer Experience Enhancement - Li Ning has upgraded its store image and display to enhance consumer experience, reflecting its partnership with the Chinese Olympic Committee [4][6]. - The stores feature prominent branding elements that connect consumers with the brand's history and its association with Chinese sports development [4][5]. Group 5: Brand Value Accumulation - The partnership with the Chinese Olympic Committee is expected to deepen emotional connections between consumers and the Li Ning brand, enhancing brand loyalty and perception [7][8]. - Participation in top-tier events will provide Li Ning with a platform to increase its international visibility and attract a broader consumer base [7][8].

Group 1 - The core viewpoint of the news is the partnership between Li Ning and the Chinese Olympic Committee, where Li Ning will serve as the official sportswear partner from 2025 to 2028, supporting the Chinese sports delegation in various international events, including the 2028 Los Angeles Olympics [3][4] - The partnership will cover over ten international events, including the 2026 Milan-Cortina Winter Olympics and the 2026 Aichi-Nagoya Asian Games, with Li Ning providing professional sports equipment [3] - Li Ning expressed that being the sportswear partner is both an honor and a responsibility, emphasizing the commitment to serve Chinese sports through product innovation and marketing activities [4] Group 2 - Li Ning has a historical partnership with the Chinese Olympic Committee, having served as the official sportswear partner from 1992 to 2004, witnessing the rise of Chinese sports on the global stage [3] - The company aims to enhance its investment in technological innovation to create higher quality sports equipment for top athletes and teams, while also catering to sports enthusiasts [4] - The collaboration is expected to further promote the Olympic spirit and strengthen the relationship between Li Ning and the Chinese sports community [4]

Core Viewpoint - The article highlights the achievements and contributions of Li Ning, a leader in the transmission operation and maintenance center of State Grid Hebei Hengshui Power Supply Company, showcasing his dedication to innovation and training young professionals in the power industry [1][2][5]. Group 1: Professional Background and Achievements - Li Ning, born in June 1982, has transitioned from a retired soldier to a leading figure in transmission operation and maintenance over 21 years, earning numerous accolades including the National May Day Labor Medal and various technical expert titles [1][2]. - After retiring from the military in October 2004, Li Ning faced initial challenges due to a lack of professional skills but actively sought to improve by participating in tower operations and pursuing further education, ultimately becoming an expert in the field [2][4]. Group 2: Innovations and Contributions - Li Ning has developed and revised numerous operational guidelines and technical standards, contributing to 97 revised work instructions, 29 job specifications, and 306 technical standard documents [2]. - He pioneered five new operational methods, including the "split conductor clamp" technique, which have been integrated into the maintenance protocols of State Grid Hebei Power Company, marking significant advancements in transmission line maintenance technology [2][5]. Group 3: Training and Mentorship - As the head of an innovation studio established in 2016, Li Ning focuses on nurturing young talent by sharing his expertise and implementing a structured training approach that includes project-based learning and problem-solving [7][8]. - Under his mentorship, young professionals like Guo Lianju have rapidly advanced, achieving recognition as technical experts, while the innovation studio has produced 236 innovative results, with several receiving national patents and awards [8].