Core Insights - Haglöfs, a Swedish outdoor brand, opened its first VASA concept store in Shanghai, marking its significant return to the Chinese market and the establishment of its 21st offline store in the country [1][3] - The brand aims to expand rapidly, with plans to open 25 stores by the end of 2025 and 50 stores by mid-2026, alongside launching flagship stores on major e-commerce platforms [3][10] - The Chinese outdoor market is projected to grow from 598.9 billion yuan in 2025 to 896.3 billion yuan by 2030, indicating a favorable environment for outdoor brands [3] Company Strategy - Haglöfs emphasizes a "one brand, one voice" strategy, avoiding limited editions and maintaining consistent pricing across online and offline channels to build consumer trust [11][13] - The brand's product pricing ranges from 2,000 yuan to over 6,000 yuan, positioning itself in the mid-to-high-end market, directly competing with premium brands like Arc'teryx [9][10] - The partnership with Li Ning's subsidiary, which holds a 50% stake in a joint venture for Haglöfs' operations in China, allows for resource sharing and operational flexibility [10][14] Market Dynamics - The outdoor market in China has seen a shift from niche to mainstream, with over 400 million participants in outdoor activities, indicating a growing consumer base [15][19] - Haglöfs faces intense competition from established brands like Anta and The North Face, as well as emerging domestic brands that are rapidly gaining market share [17][19] - The brand's unique selling proposition lies in its alignment with the trend of "outdoor lifestyle," appealing to consumers seeking both functionality and style [19] Expansion Plans - The VASA concept store in Shanghai is strategically located in a high-end shopping district, targeting affluent consumers and enhancing brand visibility [5][6] - Future store openings will focus on first-tier and new first-tier cities, leveraging current low commercial real estate rents to optimize expansion costs [13][14] - The brand aims to capture a significant market share by establishing a strong presence in key urban centers, supported by Li Ning's established retail network [19][20]

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12月31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: | 2026年1月6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 | | 1,000,000,000 | | 增加 / 減少 ( ...

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） 持續關連交易 設定年度上限 根據限制性股份獎勵計劃，本公司可向受託人支付相關款項，以於公開市場購買股份。 於本公告日期，本公司關連人士佔限制性股份獎勵計劃之權益總額約61.87%。根據上 市規則第14A.12(1)(b)條，受託人（以信託之受託人身份）為本公司關連人士之聯繫人。 因此，根據上市規則第14A章，本公司根據限制性股份獎勵計劃向受託人支付相關款 項以購買股份構成本公司之持續關連交易。 董事會已議決就限制性購買年期採納數目年度上限15,000,000股股份及相關款項年度 上限300,000,000港元。由於有關限制性股份獎勵計劃項下之持續關連交易之該等年度 上限的上市規則所載的適用百分比率全部均低於5%，故有關交易須遵守上市規則項下 的申報、 ...

Summary of Li Ning Company Conference Call Industry Overview - The Chinese sports and outdoor market is experiencing a trend of decentralization in market concentration, with the CR2 dropping from 38% in 2019 to 24% in 2025, and CR10 decreasing from 76% to 68%, indicating rapid growth of niche brands and a shift in market share from international to domestic brands since 2021 [2][5] - The overall performance of the sports and outdoor industry is expected to stabilize in 2025, with growth rates around 6-7%, a decline from the 15-20% compound growth seen from 2014 to 2019. Professional categories are outperforming fashion categories, with running, outdoor, and badminton products showing faster growth [3] Company Performance and Strategy - Li Ning Company has gone through three phases: benefiting from the "Guochao" trend from 2019-2021, facing operational issues from 2022-2024, and starting to show positive signs in 2025, such as recovering direct channel profit margins and increased marketing investments [2][8] - The company has signed with the Chinese Olympic Committee, launched the "Super Pump Capsule" running shoes, increased marketing exposure at marathon events, and opened new stores featuring Olympic elements to improve operations and brand image [2][9] - The Li Ning family increased their stake in the company from 11.23% to 14.27%, involving over 1 billion yuan, and a stock incentive plan was announced with a vesting period from 2026 to 2029, indicating a solid bottom and preparation for a new growth cycle [2][10] Financial Health - Li Ning's financial status is strong, with stable EBITDA, high net cash exceeding 19 billion yuan, and a significant dividend increase reflecting financial strength and shareholder return intentions [4][11] - The revenue forecast for 2025 is estimated between 20.09 billion to 29.3 billion yuan, with footwear accounting for 55%, apparel 35%, and accessories 9% [7] Product Category Performance - The running category has become the largest segment, accounting for 34%, while the sports lifestyle category is at 29%. The basketball category has seen a decline, necessitating a repositioning strategy [4][12] - Li Ning's basketball products face competition from Nike, with the brand's share fluctuating. The running shoes, particularly the "Chitu" series, have shown significant growth, but the basketball segment requires revitalization [6][12] Marketing and Brand Strategy - Li Ning has increased its marketing expense ratio to over 10% to enhance brand image and consumer engagement, leveraging Olympic sponsorships and new product technologies [4][19] - In the recent Shanghai Marathon, Li Ning shoes had a 22.2% usage rate among runners under 3 hours, significantly up from 1.8% the previous year, showcasing effective marketing strategies [20] Future Outlook - The company anticipates a gradual recovery in revenue growth, with predictions of a 10-15% profit increase driven by new product launches and improved gross margins [23] - Li Ning's valuation is projected at 19-20 times earnings, reflecting market expectations for its future growth potential despite current challenges [24]

Core Viewpoint - Longxing Tianxia Technology Co., Ltd. has officially initiated its IPO process, aiming to raise capital for expansion and modernization in the competitive sports footwear industry [1][4]. Group 1: Company Overview - Longxing Tianxia, founded in 1998 and headquartered in Dongguan, specializes in the development, design, production, and sales of sports footwear [1]. - The company reported a revenue of 4.211 billion yuan in 2023, projected to increase to 5.588 billion yuan in 2024, representing a year-on-year growth of 32.71% [1]. - The net profit after deducting non-recurring items is expected to rise from 194 million yuan to 265 million yuan [1]. - The overall gross margin is forecasted to decline from 19.18% in 2023 to 17.56% in 2024 [1]. Group 2: Business Composition - The company's revenue is heavily reliant on a few key clients, with the top five clients contributing 89.12% of sales in 2024 [2]. - Li Ning is the largest client, accounting for 25.01% of sales, followed by Under Armour (23.68%), Adidas (17.49%), Decathlon (13.80%), and Anta Group (9.12%) [2]. - Running shoes are the primary revenue source, generating 2.068 billion yuan in 2024, which is approximately 37% of total revenue [2]. Group 3: Industry Perspective - The sports footwear manufacturing industry is evolving towards specialization and deeper outsourcing, presenting opportunities for companies with scale and R&D capabilities [3]. - However, the industry is highly competitive, with many participants facing growth pressures and profit margin challenges [3]. - Longxing Tianxia is considered a mid-sized growth company, with a production capacity of nearly 50 million pairs, significantly lower than industry giants like Huayi Group and Yue Yuen Industrial [3]. Group 4: Global Production and Trade Environment - Longxing Tianxia has been shifting production capacity overseas since 2016, establishing a base in Vietnam and planning a new facility in Indonesia [4]. - The sales proportion from the Vietnam production base is expected to increase from 25.68% in 2023 to 39.32% in 2024 [4]. - The changing international trade environment and potential trade barriers pose uncertainties for this global production strategy [4]. Group 5: IPO Objectives and Future Challenges - The IPO aims to leverage capital market resources to overcome development bottlenecks and expand production capacity [4]. - The company plans to enhance automation and digital transformation in its factories, which requires significant funding [4]. - Future challenges include high customer concentration, intensified industry competition, declining gross margins, and external economic fluctuations [5].

Core Insights - Li Ning has opened its first global "Dragon Store" in Beijing's Sanlitun Taikoo Li, marking a significant milestone for the brand and a key practice in retail channel upgrade [1] - The launch of the "Honor Gold Standard" product series is designed to create a strong synergy with the new store format, enhancing consumer experience [1] Group 1: Dragon Store and Product Launch - The Dragon Store focuses on three themes: "Award Moments," "Competitive Moments," and "Life Moments," aiming to provide a space that resonates with sports spirit and cultural exchange [1] - The "Honor Gold Standard" series features a minimalist design philosophy with high-quality materials and ergonomic cuts, suitable for urban life and multifunctional wear [2] Group 2: Product Features and Market Positioning - The "Honor Gold Standard" footwear line emphasizes the spirit of "refining into gold," with black and white gold color schemes targeting urban consumers seeking quality [2] - New product lines "Super" and "Conquer" are introduced, with the "Super Burn" series inspired by the shoes worn by Li Ning during the 2008 Beijing Olympics, incorporating advanced cushioning technology [2] Group 3: Financial Projections - The company maintains its profit forecast for 2025-2027, expecting revenues of 29.1 billion RMB, 30 billion RMB, and 31.1 billion RMB, with net profits of 2.5 billion RMB, 2.7 billion RMB, and 2.9 billion RMB respectively [2]

Group 1 - The "Li Ning Cup" media badminton and racket sports invitation tournament was successfully held in Beijing, attracting over 300 media participants [1] - This event is the first to integrate badminton, tennis, and pickleball, showcasing innovative organizational methods and participation styles by Li Ning Company [3] - The tournament emphasized the enjoyment of sports, with different rules fostering camaraderie among participants [3] Group 2 - The badminton competition saw the highest participation, with 33 media teams competing, and the Douyin team emerged as the champion [5] - Olympic champion Zhang Nan and world champion Xu Chen were present as guests to award the winners, enhancing the event's celebratory atmosphere [5] - Li Ning Company set up a new product experience area featuring their latest badminton rackets, promoting a new swinging experience for participants [7]

Core Viewpoint - The 2025 "Li Ning Cup" media badminton, tennis, and pickleball invitation tournament was held in Beijing, showcasing an innovative approach by integrating three sports into a single event for media professionals [1][3]. Group 1: Event Overview - The tournament featured over 300 media participants competing in badminton, tennis, and pickleball [1][3]. - The event aimed to promote health, communication, and enjoyment among media professionals, encouraging them to engage in sports and share the spirit of athletics with the public [4]. Group 2: Competition Results - In tennis, the champions were Wang Xin and Chen Feng, with the runners-up being Bu Duomen and Yan Congxiao, while the third place was secured by Cao Xiaolei and Ding Dongxia [3]. - The pickleball champions were Ji Jia Dong and Liang Jinxiong, with Bi Ran and Zhang Xiaoxia taking second place, and Gong Ping and Zhang Wei finishing third [3]. - The badminton competition had 33 media teams, with the Douyin team winning the championship, followed by Alibaba's team in second place and Baidu's team in third [3].

Investment Rating - The report maintains an "Outperform" rating for Li Ning (02331.HK) [5][7] Core Insights - The Chinese sports and outdoor footwear and apparel market is projected to reach approximately 440 billion RMB by 2025, with a current growth rate of around 6% [1][15] - The company has experienced significant growth in the past, with net profit reaching 4 billion RMB in 2021, but has faced challenges since 2022, leading to a slowdown in revenue growth [2] - Li Ning is focusing on optimizing inventory and channels, with expectations for a rebound in profitability and brand strength due to new product launches and marketing strategies [2][4] Industry Overview - The sports industry is expanding, with a shift towards niche segments. The market structure is changing, with professional sports categories growing faster than fashion sports [1][15] - The competitive landscape is becoming more fragmented, with the market share of the top 10 brands decreasing from 76% in 2019 to 68% in 2025, indicating a rise in domestic brands [1][24] Company Performance Review - Li Ning's revenue growth slowed to single digits from 2022 to 2024 due to inventory and channel issues, but is expected to recover in 2025 with improved profitability [2][4] - The company has seen a significant increase in its direct channel profit margins, which are expected to rise from around 10% in 2023 to mid-double digits in 2025 [3] Product Cycle and Category Expansion - The company is shifting focus from basketball and lifestyle products, which have seen a decline, to running shoes, which are expected to grow at a rate of 25%-45% in 2023-2024 [3][31] - New product lines, including the "Super Capsule" technology for running shoes, are anticipated to drive growth [3][33] Marketing Strategy - Li Ning plans to increase its marketing expenditure from below 10% to low double digits starting in 2025, focusing on Olympic sponsorships and enhancing visibility in running and basketball categories [4][58] - The company is leveraging social media to boost brand engagement and visibility, with significant increases in post frequency and follower counts [4][70] Financial Forecast - The company is projected to achieve net profits of 2.4 billion RMB, 2.7 billion RMB, and 3.1 billion RMB for 2025, 2026, and 2027, respectively, reflecting a recovery trajectory [8][39] - The estimated reasonable valuation range for the company is between 21.20 and 22.30 HKD, corresponding to a PE ratio of approximately 19-20 times for 2026 [7][39]

Group 1 - The core viewpoint of the article is the strategic cooperation agreement signed between Beijing Sports Bureau and Li Ning Group, aimed at promoting high-quality development of sports in the capital and supporting the construction of a sports power nation [2] - The cooperation will transition from single project support to comprehensive strategic collaboration, establishing a "1+N+1" cooperation system across various fields including competitive sports, youth training, event empowerment, technology research and development, and sports culture [2] - Li Ning Group signed a memorandum of cooperation with five key sports schools in Beijing to provide professional equipment and comprehensive support for multiple excellent sports teams, including gymnastics, table tennis, and badminton [2] Group 2 - A memorandum of cooperation was signed to support the cultivation of youth reserve talents in Beijing, which will enhance youth brand events, strengthen the training foundation for major ball sports, and stimulate youth enthusiasm for sports [2] - The Deputy Director of Beijing Sports Bureau, Ge Jun, stated that Beijing is transitioning from a "Double Olympic City" to an "International Event City," indicating a long-term deep integration through this cooperation [2] - Li Ning Group's Executive Director, Li Qilin, emphasized the company's commitment to leveraging its brand and research advantages in conjunction with the platform value of Beijing Sports Bureau, aiming to create a model of government-enterprise cooperation and inject new momentum into the development of Beijing's sports industry [2]