用确定的"稳"应对不确定的"变"，用灵活的"攻""调""控"夯实长久的"稳"。这一发展轨迹正在李宁 (02331)身上良好验证。 8月21日，李宁正式发布2025年中报，"稳健"特质再次显露无疑。一方面，公司发展稳健，上半年实现 收入148.2亿元，同比增长3.3%;毛利74.1亿元，同比增长2.5%，毛利率高达50%，净利润 17.4 亿元;与此 同时，期内公司现金及现金等价物总计118亿元，较2024年底净增加43亿元。另一方面，公司在产品创 新上积极投入，上半年研发投入增长8.7%，明显高于营收增速。 当然，李宁的"稳健"离不开公司的"攻""调""控"动作。 今年3月份，李宁管理层就提到"公司核心策略是稳健，但稳健经营不是保守经营，是该攻的攻、该控的 控、该调的调"。在8月22日的业绩会上，李宁联席CEO钱炜再度对这一策略做出解析。 结合行业环境来看，中国运动鞋服行业是一个典型的"黄金赛道"，但也是竞争极其激烈的"红海战场"。 据艾媒咨询预计，至2025年，中国运动鞋服行业市场规模有望增至5989亿元，2021-2025年预期年化增 速为11.62%。行业发展规模巨大，但竞争也在显著加剧，呈现出多品牌混 ...

【导读】李宁罕见大举增持自家公司，李宁"单品牌"与非凡领越"多元化"协同课题待解 中国基金报记者 赵刚 李宁大举买入"李宁"！ 有业内人士分析，创始人大手笔增持，往往代表其对公司未来发展有信心。 不过，与其关联公司非凡领越相比，李宁公司的资本动作并不算多，其单品牌战略如何与非凡领越的多元化形成协同，并最终回馈中小投资者，值得关 注。 近二十年来首次大规模增持 今年以来，李宁通过非凡领越累计增持李宁公司5179万股，总金额约为8.09亿港元，持股比例由10.57%提升至13.08%，这是自2006年以来增持力度最大的 一年。 | 李宁 2331.HK 17.000 +1.07% | | 重要股东买卖 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0 2022-07-29 | 2022-10-25 | 2023-01-21 | 2023-04-19 2023-07-16 | 2023-10-12 | 2024-01-08 | 2024-04-05 | 2024-07-02 | 2024-09-28 2 ...

Group 1 - The core point of the news is the partnership between Li Ning and the Chinese Olympic Committee, where Li Ning will serve as the sportswear partner for the Chinese sports delegation from 2025 to 2028, including events like the Los Angeles 2028 Olympics [2][4] - The cooperation agreement is valued at 800 million yuan, which represents a nearly 33% increase compared to the previous cycle, indicating intense competition among sports brands for this scarce resource [4] - Li Ning aims to enhance its brand strategy and deepen its multi-category layout through this partnership, emphasizing its commitment to technological innovation and high-quality sports equipment for top athletes and sports teams [5][4] Group 2 - The signing ceremony was brief, lasting only 25 minutes, and featured several Olympic champions, showcasing Li Ning's strong association with elite athletes [7] - Li Ning's founder, who won multiple medals at the 1984 Los Angeles Olympics, expressed that becoming the sportswear partner is both an honor and a responsibility, highlighting the brand's dedication to supporting the Chinese Olympic Committee and athletes [5][2] - The partnership is seen as a continuation of Li Ning's historical involvement with the Chinese Olympic Committee, having previously been a partner from 1992 to 2004, thus reinforcing its legacy in Chinese sports [4][2]