张晋藩 闫静怡 "家天下"是古代经济管理法"礼法化表达"的逻辑起点。"普天之下，莫非王土"，最高统治者合法拥有天 下资源，并通过分配土地收取田租、口赋，以及获取专卖利润等"间接占有"形式实现，治理这些事务的 古代经济管理法便由此获得了制定实施的正当性——这也是其多以诏、敕等文书颁布的原因。在"家天 下"之外，古代统治者对逐利合法性的话语建构方式还有很多。比如重大变法改制之前便常有"合法化论 述"的铺垫，为后续改革争取空间。 纵观历代经济管理法的托名情况，它们以"家天下"为合法性基础，不仅强调统治者财利获取的目的完全 出于民生、军事需要，更添一重"善政治国"的正向伦理色彩。然而古代经济管理法"自带"的"义利"冲 突，使话语与规则之间的名实张力更加明显。变法时越强调"民不加赋而国用饶足"，后期越容易陷 入"黄宗羲定律"。在统治危机到来，特别是王朝末路时，以托名方式勉强捏合的经济管理秩序往往迅速 颓坏乃至加剧危机，甚或成为改朝换代的直接导火索。 内容上的治事性：聚焦于解决特定类别、地域、时间范围内的具体经济问题 古代经济管理法内容上的治事性，是指它聚焦于解决特定类别、地域、时间范围内的具体经济问题。古 代经济管理法 ...

Core Viewpoint - Li Ning reported a stable performance in the first half of 2025, with revenue reaching 14.82 billion yuan, a year-on-year increase of 3.3%, and gross profit rising by 2.5% [1][4] Financial Performance - In the first half of 2025, Li Ning's revenue increased by 3.3% to 14.82 billion yuan, with a gross profit margin of 50% [4] - Net profit attributable to equity holders was 1.74 billion yuan, resulting in a net profit margin of 11.7% [4] - The company generated a net cash flow from operating activities of 2.41 billion yuan, with total cash and cash equivalents amounting to 11.8 billion yuan, an increase of 4.3 billion yuan from the end of 2024 [4] - Inventory turnover days were 61 days, a decrease of 1 day year-on-year, indicating healthy inventory management [4] Market Context - The Chinese sports market is projected to reach approximately 5 trillion yuan by 2025, driven by policy support, increased health awareness, and consumption upgrades [3] - The number of existing sports-related enterprises in China exceeded 414,000 as of July 1, 2025, with a significant increase in registrations over the past five years [3] Product and Brand Strategy - Li Ning's professional products accounted for over 60% of revenue in the first half of 2025, with a 5% increase in footwear sales [8] - The company focuses on six core categories: running, basketball, cross-training, badminton, table tennis, and sports leisure, while also expanding into new sports categories [12] - Li Ning has established itself as a leading domestic sports brand, ranking 9th in the "Global Brand China Online 500" list [8] Partnerships and Marketing - Li Ning has become the official partner of the Chinese Olympic Committee for the 2025-2028 period, providing professional sports equipment for various international events [9][11] - The brand actively promotes Olympic culture and encourages public participation in sports through events like Olympic Day and National Fitness Day [11] Long-term Strategy - Li Ning emphasizes a long-term strategy focused on professional development and technological innovation, with over 3.8 billion yuan invested in R&D over the past decade [13] - The company aims to maintain its competitive edge through continuous investment in product technology, such as the "Super Light" technology used in its running and basketball shoes [13][15]

Core Viewpoint - In 2024, Li Ning achieved a revenue of 28.676 billion yuan, a year-on-year increase of 3.9%, and a net profit of 3.013 billion yuan, demonstrating steady growth despite a challenging market environment [1][4]. Financial Performance - Li Ning's revenue for 2024 was 28.676 billion yuan, with a net profit of 3.013 billion yuan, resulting in a profit margin of 10.5% and a return on equity of 11.9% [4]. - The gross profit for 2024 was 14.156 billion yuan, up 6% from the previous year, with an overall gross margin of 49.4%, an increase of 1 percentage point [4]. Product Categories and Market Strategy - Li Ning focused on six core categories: running, basketball, comprehensive training, badminton, table tennis, and sports lifestyle, achieving significant growth in these areas [5]. - The running category saw a retail revenue increase of 25%, with over 10.6 million pairs sold across three major series [5]. - In basketball, Li Ning's products gained recognition, with several models being featured in top sneaker recommendations [8]. Innovation and R&D - Li Ning increased its R&D investment by 9.3%, with R&D expenses growing faster than revenue, reflecting a commitment to innovation [9]. - Over the past decade, Li Ning has invested over 3.5 billion yuan in R&D, establishing a strong foundation for technological advancements in its products [9][10]. Brand Partnerships and Market Presence - Li Ning has formed long-term partnerships with various national sports teams and organizations, including the Chinese Olympic Committee, to support athletes in major competitions [13]. - The company has also signed strategic partnerships with the CBA and sponsored numerous marathons, enhancing its brand visibility and market presence [13].