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 本公司股東及潛在投資者須注意， 本公司股東及潛在投資者須注意，此公告是根據本集團未經審計的運營資料編制 此公告是根據本集團未經審計的運營資料編制 此公告是根據本集團未經審計的運營資料編制，這些 資料尚未經過本集團審計師審計及覆核。 資料尚未經過本集團審計師審計及覆核。此公告內數據並不構成 此公告內數據並不構成 此公告內數據並不構成、代表或表示本集團整 代表或表示本集團整 體收入或財務表現之全面情況， 體收入或財務表現之全面情況，本公告內資料亦可能 本公告內資料亦可能 本公告內資料亦可能會修改或調整。 1 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） 二零二五年第三 二零二五年第三季度之最新運營狀況 季度之最新運營狀況 季度之最新運營狀況 本公告乃李寧有限公司（「本公司」，連同其附屬公司 ...

Group 1 - The core viewpoint of the articles highlights the active performance of new consumption concept stocks in the Hong Kong market, with a notable increase in the overall consumption market size and its significant contribution to economic growth [1][2] - The total retail sales of consumer goods in China reached 32.4 trillion yuan from January to August this year, showing a year-on-year growth of 4.6%, which is an increase of 1.1 percentage points compared to the entire last year [1] - The contribution rate of final consumption expenditure to GDP growth in the first half of the year was 52%, an increase of 7.5 percentage points compared to the previous year [1] Group 2 - The Hong Kong Consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, encompassing leading companies in both new consumption and internet e-commerce sectors, including brands like Pop Mart, Lao Pu Gold, and Miniso [2] - The ETF features a diverse range of stocks across various consumption fields, highlighting the prominent technology and consumption attributes of the included companies [2]

Core Insights - The 2025 Double 11 shopping festival has started earlier than previous years, with stable promotional efforts across platforms [1] - Discounts for sports and outdoor products range from 50% to 70% [2] - Pre-sale performance for sports and outdoor categories has been strong, with significant sales growth across major platforms [3][4] Group 1: Promotional Activities - The promotional period for the 2025 Double 11 has been advanced, with platforms like Tmall, JD, Pinduoduo, and Kuaishou starting their sales earlier by 1 to 5 days [1] - Tmall maintains a discount strategy of "spend 300 get 50 off" and additional category coupons for sports and outdoor products [2] Group 2: Sales Performance - Tmall reported that in the first hour of pre-sales, 35 brands achieved over 100 million in sales, with brands like Fila, Adidas, and Nike leading the performance [3] - JD's sales figures show over 5.2 million brands with a year-on-year growth exceeding 300%, particularly in apparel and sports categories [3] - Douyin saw over 16,000 brands doubling their sales during the Double 11 period, with a 74% increase in search sales [4]

Core Viewpoint - The article discusses the prevalence of counterfeit products in the market, highlighting a specific incident where a consumer purchased a fake Li Ning jacket for 49 yuan, which was labeled as "linimg" instead of the authentic brand name [1] Group 1 - The issue of counterfeit goods is becoming increasingly common, affecting consumer trust and brand integrity [1] - The incident serves as an example of how easily consumers can be misled into purchasing imitation products [1] - The article raises awareness about the need for vigilance when buying branded items to avoid falling victim to counterfeiters [1]

Group 1 - The core viewpoint of the article highlights the collaboration between Quanzhou Textile and Garment Association and Meituan Flash Purchase, aiming to enhance the integration of physical economy and digital consumption in the apparel and sports retail sectors [1][3] - Instant retail has emerged as a significant trend for sports and apparel brands, with major companies like Xtep, Anta, and others entering into partnerships with Meituan Flash Purchase to expand their sales channels [3][4] - The signing of the agreement is expected to trigger a wave of brands, including Seven Wolves, Lilang, and Skechers, to adopt instant retail strategies, indicating a collective shift in the industry towards this new retail model [3][4] Group 2 - The article notes that since June, the sales of sports shoes and apparel on Meituan Flash Purchase have increased by over 200% year-on-year, while swimming and cycling products have seen over 100% growth, reflecting the rapid expansion of instant retail in the sector [3][4] - Industry insiders believe that the overall growth rate of sports categories surpasses that of traditional apparel, making instant retail a suitable match for this high-growth segment [4] - The trend of major brands collaborating with Meituan Flash Purchase before the "Double 11" shopping festival signifies the industry's proactive approach to innovation and transformation [4]

Core Insights - Style3D has emerged as a significant player in the fashion industry, leveraging advanced 3D simulation and AI technologies to enhance design and production processes [4][10][14] - The company has gained recognition, winning the AIGC+ design competition and being named one of the "Top Ten AI Startups in China" [4] - Style3D's client base has expanded to over 2000, including notable brands such as Li Ning and Anta, with international clients contributing to half of its revenue [4][12] Group 1: Technology and Innovation - Style3D's core product, Studio, has released version 9.0, which utilizes AI to automate the generation of 3D clothing models, significantly speeding up the design process [10] - The company has developed proprietary technologies in 3D simulation and AI, positioning itself as a leader in the field [15][18] - The introduction of AIGP technology allows for AI-generated patterns, which can streamline the transition from design to production [19][20] Group 2: Market Demand and Client Needs - The fashion industry is increasingly seeking tools that enhance global supply chain capabilities and improve efficiency, particularly in fast fashion [38] - Clients have reported significant reductions in sample return rates when using Style3D's technology, indicating improved design accuracy [12] - The demand for rapid product design and iteration is driving the adoption of Style3D's solutions among brands like Shein and Halara [38] Group 3: Future Outlook and Strategic Vision - Style3D aims to create an end-to-end model framework that integrates design, marketing, and production processes through AI agents [22][29] - The company envisions a future where all CAD software will incorporate AI capabilities, transforming industry workflows [37] - As the industry enters an "Agent-first" era, Style3D is positioned to become a foundational operating system for the fashion sector, enhancing its competitive edge [38]

Market Overview - The Hang Seng Index closed up 0.72% at 25,967.98 points, while the Hang Seng Tech Index rose 0.48% to 5,951.45 points, and the National Enterprises Index increased by 0.83% to 9,300.74 points [1] - The main board recorded a turnover exceeding 245.2 billion HKD, with 911 stocks rising, 1,221 falling, and 1,068 remaining unchanged [1] Sector Performance - Most sectors experienced gains, including banking, brokerage, coal, oil and gas, sports goods, and gaming [1] - Mixed performance was observed in technology, non-ferrous metals, and new energy vehicles, while sectors such as biomedicine, gold, building materials, cement, chips, and real estate mostly declined [1] Notable Stocks - Semiconductor Manufacturing International Corporation (SMIC) fell by 1.07%, while Li Ning saw an increase of 6.55% [1] - Alibaba rose by 1.67% with a turnover exceeding 14 billion HKD, while Pop Mart dropped by 9.36% with a turnover over 12.1 billion HKD [2] - Meituan increased by 4.06% with a turnover exceeding 10.6 billion HKD [2]

Market Overview - A-shares experienced a weak downward trend in the morning but stabilized and rebounded in the afternoon, with all three major indices closing in the green [1] - The Shanghai Composite Index rose by 0.22% to 3922.41 points, while the Shenzhen Component Index also increased by 0.22% to 13025.45 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 166.09 billion yuan, a decrease of nearly 30 billion yuan from the previous day [1] Sector Performance - The coal sector saw significant gains, with stocks like Daya Energy achieving 9 limit-ups in the last 10 trading days, accumulating a nearly 150% increase [1][16] - The brokerage sector also performed well, with stocks such as Harbin Investment and Guosen Securities leading the gains [1] - The media sector was active, with companies like Rongxin Culture and Haikan Co. hitting the limit-up [1] - The quantum technology concept stocks surged, with Keda Guokuan and Dahua Intelligent both hitting the limit-up [2][3] Quantum Technology - The quantum technology sector saw a substantial late-session rally, with stocks like Keda Guokuan and Dahua Intelligent rising by approximately 10% within five minutes [3] - Keda Guokuan reached a limit-up of 20%, while other stocks like Dahua Intelligent and Shenzhou Information also hit their limit-ups [3][4] - Recent advancements in quantum communication technology by China Telecom's Quantum Research Institute have been recognized internationally, enhancing China's technological standing in this field [5] Coal Sector Insights - The coal sector is expected to see a shift from structural oversupply to a tight balance due to increased demand for winter heating and industrial activity [18] - Regulatory policies are expected to constrain coal supply, while demand is anticipated to rise, supporting coal prices in the short term [18][19] - The overall valuation of the coal sector is considered low, with potential for rebound as market sentiment shifts [19] Shenzhen State-Owned Enterprises - The Shenzhen state-owned enterprises sector saw a collective surge, with stocks like Jian Ke Yuan hitting a limit-up of 20% [21] - The recent action plan released by Shenzhen aims to enhance the quality of listed companies and promote mergers and acquisitions, targeting a total market value of over 20 trillion yuan by 2027 [21]

Market Overview - A-shares experienced a weak downward trend in the morning but stabilized and rebounded in the afternoon, with all three major indices turning positive by the end of the day. The Shanghai Composite Index closed up 0.22% at 3922.41 points, while the Shenzhen Component Index also rose 0.22% to 13025.45 points. The ChiNext Index saw a slight increase of 0.09% to 3062.16 points [1][2]. Quantum Technology Sector - The quantum technology sector saw significant gains, with stocks like Keda Guochuang and Dahua Intelligent reaching their daily limit of 20% increase. Other companies such as Dipu Technology and Guandun Quantum also experienced substantial rises, with Dipu Technology increasing over 14% [3][4][5]. - Recent advancements in quantum communication technology, including a successful experiment by China Telecom's Quantum Research Institute, have bolstered confidence in the sector. The experiment achieved a transmission rate exceeding 10Tb/s over a distance of more than 80 kilometers [5]. Coal Sector - The coal sector experienced a surge, with several stocks hitting their daily limit. Notable performers included Daya Energy, which has seen a cumulative increase of nearly 150% over the past ten trading days, and other companies like Shanxi Coking Coal and Yunnan Coal Energy also reached their limits [14][16]. - Analysts predict that coal prices may continue to rise due to a combination of supply constraints and increased demand during the winter heating season. The supply-demand relationship is expected to shift from structural surplus to a tighter balance [16]. Shenzhen State-Owned Enterprises - Shenzhen state-owned enterprises saw a collective surge, with stocks like Jian Ke Yuan and Te Fa Information reaching their daily limit. This follows the release of a new action plan aimed at promoting high-quality development in mergers and acquisitions within the region [17][18].

Market Overview - Hong Kong stocks rebounded after hitting a low, with all three major indices turning positive in the afternoon. The Hang Seng Index rose by 0.72% or 186.21 points, closing at 25,967.98 points, with a total trading volume of HKD 2,452.56 million. The Hang Seng China Enterprises Index increased by 0.83% to 9,300.74 points, and the Hang Seng Tech Index rose by 0.48% to 5,951.45 points [1] Blue-Chip Stocks Performance - Meituan-W (03690) saw a significant increase of 4.06%, closing at HKD 100, contributing 33.69 points to the Hang Seng Index. The company announced key personnel changes, indicating a strategic focus on international business expansion, with plans to launch its Keeta brand in Brazil starting October 30 [2] - Other blue-chip stocks such as Li Ning (02331) rose by 6.55%, China Hongqiao (01378) by 4.48%, and CNOOC (00883) by 2.15%, while CSPC Pharmaceutical (01093) fell by 2.96% [2] Sector Highlights - Major technology stocks mostly performed well, with Meituan leading the Hang Seng Tech Index. Other tech giants like Alibaba, Tencent, and JD.com also saw gains of over 1% [3] - The banking sector continued to rise, with Postal Savings Bank (01658) up by 4.59%, Agricultural Bank (01288) by 1.88%, Industrial and Commercial Bank (01398) by 1.68%, and Bank of China (03988) by 0.92% [3] - The "three oil giants" (CNOOC, Sinopec, and PetroChina) were active, with CNOOC rising by 2.15% amid geopolitical tensions and rising oil prices [4] - Lithium stocks surged, with Ganfeng Lithium (01772) up by 8% and Tianqi Lithium (09696) by 5.1%, driven by strong demand and rising lithium carbonate futures [5] Pharmaceutical Sector - The pharmaceutical sector faced pressure, with notable declines in stocks like Rongchang Bio (09995) down by 10.93% and Innovent Biologics (01877) down by 3.95%. Analysts cited tariff impacts and underwhelming external licensing as contributing factors [6] Notable Stock Movements - Giant Bio (02367) rebounded significantly, closing up by 6.68% after receiving regulatory approval for a new medical product [7] - Li Ning (02331) announced its entry into Meituan's flash purchase platform, enhancing its distribution capabilities [8] - Sands China (01928) reported a 7.5% year-on-year increase in net revenue for Q3, closing up by 4.4% [9] - Dreamland (01119) saw a 4.31% increase after launching a new mobile game that achieved top rankings across multiple platforms [10]