Ge Long Hui·2025-07-19 11:28Group 1: Company Performance - In Q2 2025, the Li Ning brand (excluding Li Ning YOUNG) recorded low single-digit revenue growth year-on-year, with offline channels experiencing low single-digit revenue decline, while e-commerce channels saw medium single-digit growth [1] - The company net reduced 18 stores in the first half of the year, with a net decrease of 19 retail stores and an increase of 1 wholesale store [1] - Overall, the company's Q2 performance remained relatively stable despite external environmental disturbances [1] Group 2: Strategic Partnerships - The company became a partner of the Chinese Olympic Committee, enhancing its product matrix and brand image through participation in international events, including the 2028 Los Angeles Olympics and the 2026 Milan-Cortina Winter Olympics [1] - The company has begun upgrading its offline store displays to include Olympic-themed elements and launched the "Glory Series" inspired by championship honors [1] Group 3: Sports Resource Development - Chinese player Yang Hanshen was selected 16th overall in the 2025 NBA Draft by the Portland Trail Blazers, becoming the third Chinese player to be a first-round pick [2] - Yang's success and performance in the NBA Summer League are expected to boost the sales of basketball-related products associated with the company [2] - The long-term impact of Yang's influence is anticipated to improve the popularity of basketball in China, thereby enhancing overall sales of basketball products [2] Group 4: Profit Forecast and Rating - The company focuses on a "single brand, multiple categories, and multiple channels" development strategy, continuously investing in R&D to enhance core technologies in footwear and apparel [3] - The projected net profits for the company from 2025 to 2027 are estimated at 2.645 billion, 2.846 billion, and 3.104 billion yuan respectively [3] - The company maintains a "buy" rating due to its strong brand position, product development capabilities, and marketing strength in the sports apparel sector [3]