Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Sportswear** industry, particularly the performance and outlook of major brands including **Nike**, **Anta**, **Topsports**, and **Li Ning** [1][2][3][4]. Core Insights and Arguments - **Nike's Market Position**: Nike retains its No.1 ranking in both "intent to purchase" and "most innovative brand" categories, despite a slight decline of 1 percentage point quarter-over-quarter (QoQ) [2][3]. - **Anta's Performance**: Anta's Net Promoter Score (NPS) increased by 11 points QoQ, moving from 10 to 4 in rankings, indicating a solid brand equity among Chinese consumers [3][10]. - **Topsports' Recovery**: Anticipated support from Nike, due to organizational changes, is expected to aid Topsports in recovering sales, which are heavily reliant on Nike products (50-60% of sales) [3][4]. - **Promotional Environment**: 65% of survey respondents noted an increase in promotional activity for sports footwear and clothing, up from 60% in September [19][20]. Financial Performance and Projections - **Anta's Sales Guidance**: Anta is expected to meet its full-year retail sales guidance, projecting low single-digit year-over-year growth for its business [3][4]. - **Topsports Valuation**: The target price for Topsports shares is set at HK$3.75, based on a 16x calendarized year 2025E P/E, reflecting a 45% discount to Nike's historical trading P/E [40][42]. - **Li Ning's Growth Outlook**: Despite anticipated weak growth in 2025, Li Ning is expected to resume earnings growth in 2026 due to enhanced brand equity and new product rollouts [35][36]. Additional Important Insights - **Consumer Sentiment**: The survey indicates a shift in consumer preferences, with Nike leading in "intent to purchase" at 21%, followed by Li Ning at 17% and Anta at 13% [12][14]. - **Discount Trends**: The percentage of consumers receiving discounts greater than 10% on recent purchases increased to 29% in November, indicating a competitive pricing environment [23][24]. - **Nike's Organizational Changes**: Nike's recent restructuring aims to enhance operational flexibility and brand support in China, which is expected to positively impact Topsports [3][26]. Conclusion - The China sportswear market is experiencing dynamic shifts, with Nike maintaining a strong position, while Anta and Li Ning show promising growth potential. The promotional landscape is becoming increasingly competitive, which may influence pricing strategies and consumer purchasing behavior in the near future.

在消费环境尚未明显回暖的背景下，户外业务对李宁而言兼具进攻与防守的双重意义。 年初的业绩发布会上，联席CEO钱炜曾表示，虽然目前户外在公司整体的生意占比不大，但我们希望未 来迅速培养出一个独立的、能够成为生意推手的品类。 此外，门店特别设立"户外社群角"，计划定期组织线下户外活动，旨在连接更多都市户外爱好者。 新店落成意味着，继在产品层面一年多的试水之后，李宁终于将其户外线推向了更加独立的前台。 从定位来看，李宁此次瞄准的是轻户外赛道，聚焦徒步旅游、近郊露营、城市通勤等高频场景。 主力产品定价也贴合大众市场："肖战同款"万龙甲Breath防暴雨高透气冲锋衣位于1500元价格带；鞋履 产品中，行野PRO户外休闲鞋、行川PRO户外徒步鞋零售价分别699元、899元。 从整体市场容量看，轻户外虽已过爆发期，仍是增长较快的细分赛道，日常需求也在持续向户外场景靠 拢。 只是眼下户外已成红海，"迟来"的李宁究竟能在户外吃下多少份额，尚未可知。 在北京朝阳大悦城，李宁新开了一家名为"COUNTERFLOW 溯"的户外独立门店。 店内集中展示了李宁户外全场景产品矩阵，包括主打专业防护的户外御水系列、以"探山河"为主题的限 定 ...

Core Insights - The combination of "instant retail" and professional sports brands is addressing consumer pain points related to product availability and delivery speed [1][3][5] - Li Ning has officially entered the instant retail market by partnering with major platforms like Meituan and JD, enabling rapid delivery of sports equipment across nearly 100 cities [1][9] Group 1: Instant Retail Growth - Instant retail is characterized by online ordering and offline fulfillment to meet local immediate needs, with projections indicating that China's instant retail market will exceed 1 trillion yuan by 2026 and reach 2 trillion yuan by 2030 [3][5] - The shift in consumer behavior from planned purchases to immediate needs is driving the growth of instant retail, particularly in the sports equipment sector [3][6] Group 2: Consumer Experience and Service - Speed, quality, and service are critical for brands to succeed in instant retail, with Li Ning focusing on building a new service ecosystem that emphasizes rapid delivery and customer satisfaction [5][6] - Li Ning has restructured its service standards and AI customer service systems to enhance the customer experience in instant retail [6][8] Group 3: Sports Consumption Trends - The increasing participation in sports, with over 540 million people regularly exercising in China, is creating a robust market for sports-related products [8][9] - Instant retail serves as a bridge to integrate brands into consumers' daily sports activities, stimulating demand for sports apparel and equipment [8][9] Group 4: Strategic Response - Li Ning's comprehensive layout in instant retail is a strategic response to market demand and policy support, aiming to convert sporadic purchases into long-term consumer trust [9] - The integration of sports and daily life through instant retail is expected to enhance consumer satisfaction and accessibility to sports experiences [9]

Core Insights - Li Ning brand officially entered JD Instant Delivery on December 5, 2025, marking a significant step in its multi-channel strategy to meet the immediate needs of sports enthusiasts across various demographics and product categories [1][6] Group 1: Strategic Initiatives - The collaboration with JD Instant Delivery allows consumers to experience "online ordering, nearby store shipping, and delivery in as fast as 9 minutes," enhancing the shopping experience [1][3] - Li Ning's entry into the instant retail sector is a proactive response to consumer demand for immediate access to sports equipment, covering a wide range of sports including running, basketball, and outdoor activities [3][4] Group 2: Service and Experience - Li Ning has established service standards and systems for its instant retail business to ensure a consistent and high-quality service experience across different platforms [4] - The brand is focused on enhancing user experience and service efficiency in collaboration with JD Instant Delivery, aiming to provide a more convenient and quality shopping experience for consumers [6]

2025年12月5日，李宁品牌宣布正式入驻京东秒送，全国近百个城市、千家门店同步上线，依托京东秒送的即时配送能力，为消费者带来"线上下单、附近门 店发货、商品最快9分钟送达"的即时购物体验。此次合作标志着李宁在"单品牌、多品类、多渠道"战略下，已完成全品类、全年龄段在核心即时零售平台的 全面覆盖，满足全域运动爱好者在多场景下对专业运动装备的即时需求。 一直以来，李宁始终以用户为中心，致力于为消费者提供最前沿、最便捷的运动体验和消费体验。此次入驻京东秒送，标志着李宁已完成核心即时零售平台 的全面入驻。 未来，李宁将携手京东秒送，进一步提高服务效率、提升用户体验，为消费者创造更便捷、更优质的购物体验。 目前，即时零售正成为零售业务中重要的新兴渠道，也是李宁多渠道运营模式的重要组成部分。为保障服务体验，李宁已构建起即时零售业务服务标准和服 务系统，确保消费者在不同平台下单均可享受统一、高品质的服务。同时，品牌持续完善售后保障体系，为消费者提供安心的一体化体验。 李宁在即时零售领域的布局，是对消费者"所需立所得"需求的积极响应。消费者可通过京东APP一站式选购跑步、篮球、综训、羽毛球、乒乓球、户外、网 球、匹克球等全 ...

Core Insights - Li Ning brand officially enters JD's instant delivery service, marking a significant step in its multi-channel strategy for instant retail [1] - The collaboration allows consumers to purchase a wide range of sports equipment through the JD app, catering to various needs such as emergency changes and preparation [1] - Li Ning has established service standards and systems for its instant retail business to ensure a consistent and high-quality consumer experience across different platforms [1] Summary by Categories Business Strategy - Li Ning's entry into JD's instant delivery service signifies the completion of its core platform coverage in the instant retail sector [1] - This move aligns with Li Ning's strategy of "single brand, multiple categories, and multi-channels" [1] Consumer Experience - Consumers can now enjoy an instant shopping experience with orders delivered in as fast as 9 minutes [1] - The partnership with JD allows for a one-stop shopping experience for various sports categories, addressing the core consumer demand for immediate availability [1] Service Standards - Li Ning has developed a service standard and system for its instant retail operations to ensure uniform service quality across platforms [1]

Group 1: Company Expansion and Sponsorship - Li Ning has signed a sponsorship deal with the Chinese Fencing Association, becoming the official sponsor of the Chinese national fencing team, showcasing specialized sports equipment for the team [1][2] - This sponsorship is part of Li Ning's broader Olympic concept sponsorship strategy, which includes partnerships with various national sports teams [2][3] - The reported cost for the partnership with the Chinese Olympic Committee for the 2025-2028 period is approximately 800 million yuan, but actual investments will exceed this amount due to additional marketing and channel expenses [3][4] Group 2: Financial Performance and Market Challenges - Li Ning's retail sales have seen a mid-single-digit decline in the third quarter, contrasting with Nike's 10% drop in revenue in the Greater China region [4] - For the first half of the year, Li Ning reported a revenue increase of 3.3% to 14.82 billion yuan, while net profit attributable to shareholders fell by 11% to 1.74 billion yuan [4][5] - The company is prioritizing inventory management and may increase discounts to maintain healthy inventory levels amid external market pressures [5] Group 3: Future Outlook - Despite current challenges, Li Ning's increased investment in Olympic sponsorship reflects the company's confidence in future growth [6]

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11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12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 | | ...

凭借专业运动科技与科研实力积淀，李宁户外产品构建了以专业户外防护功能为核心，东方美学设计为 加持的产品竞争力。在户外装备面料方面，李宁与国家级科研机构联合研发了可实现主动透气的独家防 暴雨双透纳米科技，推动了"李宁·龘"户外专业御水科技体系的构建和完善，并应用于核心 IP 产品万龙 甲冲锋衣系列、珑壳防小雨系列等。其中，万龙甲系列产品的防风透湿性能不仅符合国家 I 级标准，同 时斩获了ISPO 流行趋势大奖等荣誉。在东方美学表达上，李宁户外在视觉设计中融合瓷青绿和唐明光 铠等东方元素，并通过 2024"溯之东方"主题大秀、2025"行天地 探河山"年度系列活动，打造独具特色 的户外体验与产品记忆点，形成李宁户外差异化叙事。 11月29日，李宁(02331)户外首店"COUNTERFLOW 溯"在北京朝阳大悦城（000031）正式启幕，这是李 宁户外品类以独立店的形式首次亮相，标志着李宁进一步加码户外市场布局。李宁户外融合专业科技实 力与东方美学表达，聚焦户外生活方式，是李宁公司"单品牌、多品类、多渠道"战略在户外赛道的延 伸。 作为专业运动品牌，李宁在聚焦跑步、篮球、综训、羽毛球、乒乓球和运动休闲六大核心品类 ...

智通财经APP获悉，11月29日，李宁(02331)户外首店"COUNTERFLOW 溯"在北京朝阳大悦城正式启幕，这是李宁户外品类以独立店的形式首次亮 相，标志着李宁进一步加码户外市场布局。李宁户外融合专业科技实力与东方美学表达，聚焦户外生活方式，是李宁公司"单品牌、多品类、多渠 道"战略在户外赛道的延伸。 凭借专业运动科技与科研实力积淀，李宁户外产品构建了以专业户外防护功能为核心，东方美学设计为加持的产品竞争力。在户外装备面料方面， 李宁与国家级科研机构联合研发了可实现主动透气的独家防暴雨双透纳米科技，推动了"李宁·龘"户外专业御水科技体系的构建和完善，并应用于核 心 IP 产品万龙甲冲锋衣系列、珑壳防小雨系列等。其中，万龙甲系列产品的防风透湿性能不仅符合国家 I 级标准，同时斩获了ISPO 流行趋势大奖 等荣誉。在东方美学表达上，李宁户外在视觉设计中融合瓷青绿和唐明光铠等东方元素，并通过 2024"溯之东方"主题大秀、2025"行天地 探河山"年 度系列活动，打造独具特色的户外体验与产品记忆点，形成李宁户外差异化叙事。 作为专业运动品牌，李宁在聚焦跑步、篮球、综训、羽毛球、乒乓球和运动休闲六大核心品类的 ...