2025年的日历进入最后一页，随着"2025体坛榜样年度评选"正式启动，为这一年的忙碌画上一个相对完整的句号。到了年末，行业回顾、趋势盘点又一次 成为常规动作，我们也顺势把视角放回到中国运动品牌这一细分市场。 这一年里，运动品牌们都在忙着各自的布局：有人在加快赞助资源的抢占，有人在跑步这一高频场景持续深挖，也有品牌把重心转向更细分的户外消费人 群。 现在回头看，把这些分散的节点理一理，既能看到行业在过去一年里的真实状态，也能帮助我们更清楚地理解：在即将到来的新周期里，哪些趋势还可能 继续走下去，哪些又会被重新洗牌。年终回望的意义，大概就在这里。 奥运新周期，开启新战事 2025年是新一轮奥运周期的起点。年初，李宁取代安踏，时隔20年再次成为中国奥委会新周期的体育服装顶级合作伙伴。回顾过去，除 2002 年冬奥会 外，李宁在 1992—2004 年间几乎连续"占位"中国奥委会赞助商；而从 2009 年起，安踏接棒阿迪达斯，与中国奥委会合作了长达 16 年，并在这一时期成 长为国产运动品牌行业当之无愧的"一哥"。 进入新周期后，李宁的规划相对明确。围绕2028年奥运会、2026年冬奥会和亚运会等重要节点匹配营销资 ...

Core Viewpoint - In 2025, the Chinese sportswear industry is undergoing significant structural changes amid a slow recovery in the consumer market, as evidenced by Li Ning's mid-term financial report showing revenue growth but pressured profit margins [1][2]. Revenue and Profit Analysis - Li Ning's revenue reached 14.82 billion yuan, a year-on-year increase of 3.3%, aligning with market expectations, especially in a challenging consumer environment where retail sales in the apparel sector grew only 3.1% [2][3]. - The company's gross profit was 7.41 billion yuan, up 2.5%, but the overall gross margin decreased by 0.4 percentage points to 50.0%. Net profit was 1.74 billion yuan, with a net margin decline from 13.6% to 11.7% [3]. Business Structure and Product Focus - The growth was primarily driven by footwear, with professional products accounting for over 60% of revenue, and footwear sales making up 56% of total revenue, highlighting the brand's focus on professional sports [3][4]. - The online sales channel saw a 7.4% increase, while retail channels faced pressure, with a 3.4% decline in revenue due to adjustments in store layouts and shifting consumer behavior towards online shopping [4]. Strategic Initiatives and R&D Investment - Li Ning has entered the "Olympic cycle" as the official sportswear partner for the Chinese Olympic Committee, which is expected to enhance brand positioning and guide product development and marketing strategies over the next three years [5][7]. - R&D investment increased by 8.7% in the first half of 2025, with cumulative R&D spending exceeding 3.8 billion yuan over the past decade, indicating a commitment to enhancing product competitiveness [5][6]. Product Performance and Market Positioning - The running category showed significant growth, with retail sales increasing by 15%, and total sales of running shoes surpassing 14 million pairs, driven by popular series [6][8]. - Li Ning is also exploring niche categories like badminton and table tennis, while identifying emerging markets such as outdoor sports and tennis as strategic growth areas [7][8]. Conclusion - Li Ning's performance in the first half of 2025 reflects a balance of steady growth amid industry challenges, with strategic investments aimed at building a robust professional sports brand [8][9].