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: | 2026年1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2月4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, ...

Group 1 - The outdoor sports market is experiencing explosive growth, driven by the rise of "mountain lifestyle" and "urban outdoor" trends among young consumers, with the outdoor sports sector leading e-commerce growth at 268% year-on-year during the 2025 Double 11 shopping festival [1][3] - Consumers are increasingly seeking specialized performance, design aesthetics, and scene adaptability in outdoor products, leading to a diverse and professional demand for equipment across various outdoor activities [3][5] - The company has successfully captured market trends by adjusting its brand portfolio and optimizing the layout of outdoor sports categories, creating an immersive shopping experience to build a differentiated advantage in competition [5][6] Group 2 - The company focuses on three key aspects: specialization, quality, and scene creation, continuously introducing leading outdoor brands and creating high-recognition offline shopping spaces to overcome brand homogenization in the outlet industry [6][8] - The Harbin outlet has introduced a high-end trail running store, while the Ningbo outlet features popular brands, establishing flagship stores to enhance consumer trust through high brand concentration [8][10] - By concentrating brands and designing experiential spaces, the company reduces consumer choice costs and amplifies attractiveness through brand synergy, becoming a core traffic entry point for stores [10] Group 3 - The company positions itself as a "brand growth partner, regional consumption upgrade engine, and consumer quality of life service provider," building a value bridge for multiple stakeholders in a highly competitive outlet industry [11] - The company helps brands like Salomon and Kelon penetrate the mass market quickly, achieving scalable sales growth while deepening brand recognition through experiential marketing [11] - The rise of the outdoor sports sector reflects not only a shift in consumer trends but also a reconstruction of the commercial ecosystem, with the company leading the promotion of the "mountain lifestyle" and driving high-quality industry development [13]

Core Viewpoint - The Pokémon Company faced significant backlash after announcing a card experience event at Yasukuni Shrine, leading to the cancellation of the event and the removal of related products from major retailers like Uniqlo and Li Ning [1][4]. Group 1: Company Response - The Pokémon Company issued an apology and removed the event announcement after receiving feedback, stating they would strengthen their review processes to prevent similar issues in the future [1]. - Despite the apology, the negative impact on the brand persisted, with many consumers expressing disappointment and vowing to boycott Pokémon-related products [4][5]. Group 2: Market Reaction - Following the controversy, Pokémon-themed products were swiftly removed from e-commerce platforms, including Uniqlo and Li Ning, indicating a strong market reaction to the incident [1][4]. - Retail staff confirmed that all Pokémon-related items were taken off the shelves, and there was uncertainty about whether they would be restocked [4]. Group 3: Consumer Sentiment - Consumers expressed strong dissatisfaction with the Pokémon Company's actions, highlighting the importance of historical and political sensitivity, especially in a significant market like China [4][5]. - The incident raised concerns about the potential impact on young audiences' historical understanding, with calls for cultural IPs to maintain historical integrity [5].

Group 1 - International precious metal prices have rebounded significantly, with spot gold rising over 7% at one point and currently up 6.44% at $4956.21 per ounce, while COMEX gold futures are up 6.68% at $4963.5 per ounce. Spot silver has increased by 8.03% to $85.46 per ounce, and COMEX silver futures are up 9.85% at $84.6 per ounce [2][4]. - The U.S. stock market saw all three major indices close lower, with the Dow Jones down 0.34%, Nasdaq down 1.43%, and S&P 500 down 0.83%. Notably, popular tech stocks experienced declines, with Broadcom dropping over 3% and Microsoft, Nvidia, and Meta each falling over 2% [4]. - The international oil prices have collectively risen, with WTI crude oil up 3.12% at $64.08 per barrel and Brent crude oil up 2.88% at $68.21 per barrel [4]. Group 2 - The Central Committee of the Communist Party of China and the State Council released the No. 1 Central Document for 2026, focusing on agricultural modernization and rural revitalization, emphasizing the need for technological innovation in agriculture and the promotion of breakthrough varieties [6]. - The Ministry of Industry and Information Technology of China is pushing for breakthroughs in future industries such as 6G, quantum technology, and bio-manufacturing, highlighting the importance of strategic planning and technological supply [8]. - The People's Bank of China announced it will conduct a buyout reverse repurchase operation of 800 billion yuan to maintain ample liquidity in the banking system, with a term of three months [9]. Group 3 - A couple in Zhejiang has been criminally charged for extortion related to a recent online incident involving contaminated vegetables, with the local police confirming the ongoing investigation [10]. - A significant number of reservations were made for the Lingyin Temple after it announced free entry, but 380,000 people failed to show up, prompting the temple to revise its reservation policies [11]. - Recent rumors regarding potential increases in VAT rates for the gaming and financial sectors have been dismissed by experts, who confirmed that no such changes are currently planned [12].

Group 1 - The U.S. stock market experienced a collective decline, with the Dow Jones down 0.34%, Nasdaq down 1.43%, and S&P 500 down 0.83%, indicating a bearish sentiment in the tech sector as major companies like Broadcom, Microsoft, Nvidia, and Meta saw significant drops [3] - International oil prices rose, with WTI crude oil increasing by 3.12% to $64.08 per barrel and Brent crude oil up by 2.88% to $68.21 per barrel, reflecting a positive trend in the energy sector [4] - European stock indices closed slightly lower, with Germany's DAX down 0.07%, France's CAC40 down 0.02%, and the UK's FTSE 100 down 0.26%, indicating a cautious market environment in Europe [5] Group 2 - The Central Committee of the Communist Party of China released a document focusing on agricultural modernization and rural revitalization, emphasizing the need for technological innovation in agriculture and the development of key agricultural technologies [6] - The Ministry of Industry and Information Technology of China highlighted the importance of advancing in fields such as 6G, quantum technology, and bio-manufacturing, aiming for breakthroughs in these future industries [9] - The People's Bank of China announced an operation to conduct 800 billion yuan of reverse repos to maintain liquidity in the banking system, indicating a proactive monetary policy stance [10] Group 3 - The recent news regarding the "couple's online purchase of contaminated vegetables" led to legal actions against the individuals involved for extortion, showcasing the legal implications of consumer safety issues [11] - The incident at Lingyin Temple, where 380,000 reservations were made but many did not show up, prompted a review of the reservation system to improve attendance and manage visitor expectations [12] - Reports of potential increases in VAT rates for the gaming and financial sectors were dismissed by experts, reinforcing the stability of current tax policies in these industries [13] Group 4 - The announcement of a large-scale robot gala by Zhiyuan Robotics, set to be broadcasted globally, signifies a growing interest in integrating robotics with entertainment, potentially influencing the tech and entertainment sectors [21] - The response from Chaozhou Jewelry regarding quality concerns over their products, backed by authoritative testing, aims to maintain brand reputation and consumer trust [23] - Tencent's revival of the classic QQ Farm game is expected to enhance user engagement and interaction, reflecting a trend in leveraging nostalgia in gaming [24]

Core Insights - HOKA, a brand under Deckers, achieved a net sales growth of 18.5% in Q3 of fiscal year 2026, indicating strong performance despite a slowdown compared to previous years [1][3][4] - The overall net sales for Deckers reached $1.958 billion, with HOKA contributing $628.9 million, highlighting its significance in the company's growth strategy [3][4] - Increased competition in the running shoe market is impacting HOKA's growth, as other brands like Adidas and ANTA are also seeing substantial sales increases [4][8][9] Financial Performance - Deckers reported a net sales increase of 7.1% year-over-year, with HOKA's sales growing to $628.9 million [3] - HOKA's previous growth rates were significantly higher, with 23.7% in Q3 of fiscal year 2025 and 58.5% in fiscal year 2023, indicating a trend of slowing growth [4][6] - The brand's sales growth has been supported by product innovation and channel expansion, contributing to an increase in gross margin [3][4] Market Dynamics - The running shoe market is experiencing heightened competition, with brands like ANTA and international giants such as Nike and Adidas intensifying their presence [8][9] - HOKA's market share is being challenged as the consumer base expands to include more casual runners, which could dilute its existing market [9] - The growth of the running market is evident, with a nearly 80% increase in sales of trail running shoes on major e-commerce platforms [7] Strategic Initiatives - HOKA has been expanding its footprint in China, with over 230 stores established, making it a crucial market for the brand's growth [6][9] - The brand is focusing on a "Four Cities Flying Together" strategy to strengthen its presence in key economic regions of China [9] - Consumer trends indicate a shift towards comfort and fashion in sportswear, which HOKA aims to capitalize on by introducing products that meet these demands [9]

Core Insights - HOKA, a brand under Deckers, has shown a net sales growth of 18.5% in Q3 of FY2026, but this growth rate is slowing compared to previous years where it exceeded 30% [1][3] - The competitive landscape in the running shoe market is intensifying, impacting HOKA's market share and growth potential [1][8] Financial Performance - Deckers reported a total net sales of $1.958 billion for Q3 FY2026, a year-over-year increase of 7.1% [3] - HOKA's net sales reached $628.9 million, marking an 18.5% increase compared to the previous year [3] - In FY2025, HOKA's net sales were $429.3 million, reflecting a 23.7% growth from the previous year [4] Market Dynamics - HOKA's growth is supported by product innovation and channel expansion, which have driven global demand [3] - The running shoe market is experiencing significant competition, with brands like Adidas and On running achieving higher growth rates [4][8] - The Chinese market is becoming a crucial driver for HOKA's international growth, with over 230 stores established [5][6] Consumer Trends - The running market in China is expanding rapidly, with a nearly 80% increase in sales of trail running shoes on major e-commerce platforms [6] - The trend of consumer upgrading in the sportswear sector is contributing to the growth of brands like HOKA, as consumers shift towards higher-priced products [7] Competitive Landscape - HOKA faces competition from both international brands like Nike and Adidas, as well as domestic brands such as Anta and Li Ning, which are also targeting the mid-to-high-end running shoe market [8][9] - The entry of new players and the expansion of existing brands are likely to fragment HOKA's market share [9]

Group 1 - The core issue revolves around the backlash against Pokémon for an inappropriate event linked to the Yasukuni Shrine, which is associated with Japan's militaristic past and war criminals [3][4] - Following the controversy, major retailers like Uniqlo and Li Ning have removed Pokémon collaboration products from their online stores, indicating a significant response to public sentiment [1] - Pokémon Company issued an apology, acknowledging the error in promoting the event and committing to improve their review and confirmation processes to prevent similar issues in the future [3][4] Group 2 - The incident highlights the potential impact of cultural IPs like Pokémon on youth, as the company is criticized for potentially distorting historical perceptions among its young audience [4] - The backlash emphasizes the importance of historical awareness and the responsibility of cultural brands to uphold historical justice and correct perspectives [4]

Group 1 - Anta has officially become the strategic partner of the Hellenic Olympic Committee, providing full sets of award and daily gear for the Greek delegation at the Milan Winter Olympics [1] - The Greek delegation, as the birthplace of the Olympic movement, will enter the opening ceremony first, allowing Anta's branding to be prominently featured in global broadcasts [2] - The partnership puts pressure on Li Ning, which recently regained sponsorship rights from the Chinese Olympic Committee, as it aims to leverage its Olympic presence to enhance its brand image and market position [3] Group 2 - The current market context shows that Olympic marketing has evolved beyond mere visibility, reflecting the competitive anxiety among domestic sports brands seeking differentiation in a saturated market [4] - The competition between Anta and Li Ning is not just about branding but also involves market share and global narrative strategies, indicating a broader "battle" in the sportswear industry [5]

Market Performance - First Call portfolio achieved a cumulative return of 17% from October 2025 to present, outperforming QQQ (4.48%) and SPY (4.87%) significantly[5] - In January 2026, the First Call portfolio recorded a monthly return of 10.58%[5] Currency and Commodity Trends - The Brazilian Real appreciated by 5.79% against the US Dollar in January, while the Australian Dollar also showed strength[8] - Emerging markets outperformed the US market in January, with South Korea (EWY) leading at 25.9%, followed by Peru (EPU) at 19.7%, Colombia (COL) at 17.73%, and Brazil (EWZ) at 16.59%[10] Investment Strategy Adjustments - The portfolio adjusted positions by liquidating high-volatility stocks and increasing holdings in more stable assets, such as raising the position in CCJ to 10%[8] - Cash reserves were increased to allow for potential buying opportunities in the market[8] Economic Outlook - The US Dollar is expected to stabilize or appreciate in the short term, with potential upward movement due to technical support from short covering in February[20] - The Federal Reserve's recent stance indicates a stable economic expansion, which may limit the appreciation of the Euro and Yen against the Dollar[20] Technology and AI Developments - AI applications like Clawdbot and cowork are gaining traction, enhancing operational efficiency despite concerns over permissions and costs[21] - The integration of Gemini mode in Google Chrome is expected to enhance the ecosystem's capabilities, making it more user-friendly and powerful[21]