Group 1 - The core viewpoint of the article highlights the growth in the badminton segment of the company, driven by a nationwide enthusiasm for the sport [1] - The company’s executive director and co-CEO, Qian Wei, reported that the sales of badminton rackets and strings are experiencing high growth, with professional-grade high-end rackets achieving a monthly sales volume of 100,000 units [1] - Currently, the badminton business accounts for approximately 7% of the company's overall revenue [1]

Market Performance - The Hang Seng Index rose by 0.32% to 25,184.66 points, while the Hang Seng Tech Index increased by 1.61% to 5,586.84 points, and the National Enterprises Index gained 0.53% to 9,022.51 points [1] - Major tech stocks showed an upward trend, with Kuaishou rising over 4%, Xiaomi and Tencent up by 1.6%, and Alibaba increasing by over 1% [1] - Semiconductor stocks surged, with Huahong Semiconductor up over 12% and SMIC rising over 6% [1] - Sportswear stocks continued to rise, with Li Ning increasing over 7% after earnings [1] Company Earnings - China Petroleum & Chemical Corporation reported a revenue of 1,409.05 billion yuan, a decrease of 10.6% year-on-year, and a net profit of 21.483 billion yuan, down 39.8% year-on-year [2] - Kuaishou reported a revenue of 67.654 billion yuan, an increase of 12.04% year-on-year, and a net profit of 8.9 billion yuan, up 9.9% year-on-year [3] - China National Pharmaceutical Group reported a revenue of 36.363 billion yuan, a decrease of 1.48% year-on-year, and a net profit of 0.295 billion yuan, an increase of 1.02% year-on-year [4] - Miniso reported a revenue of 9.393 billion yuan, an increase of 21.1% year-on-year, but a net profit of 0.906 billion yuan, down 22.6% year-on-year [5] - Bilibili reported a revenue of 7.338 billion yuan, an increase of 19.76% year-on-year, and a net profit of 0.219 billion yuan, turning from a loss of 0.609 billion yuan in the previous year [5] Strategic Developments - Shengye has initiated a global strategy to build an AI + international supply chain technology platform [6] - Yuan Zheng Technology plans to develop a strategic layout for equipment assetization and related RWA applications [7] - Oconview Bio-B reported that its OT-301's second Phase III clinical trial achieved its primary endpoint [8] Market Outlook - Huatai Securities noted that the market is in a critical phase with a lack of trading themes and important events pending verification, suggesting a window for position adjustment [9] - UBS indicated that the attractiveness of H-shares' risk-return profile has weakened, predicting potential consolidation in the short term [9] - CITIC Securities highlighted that the half-year earnings reporting period will be crucial for the continuation of the Hong Kong stock market, with a shift from liquidity-driven to earnings-driven market dynamics [9] - Zhongtai International reported a record net inflow for Hong Kong Stock Connect, with $6.03 billion flowing into the Chinese stock market in July, indicating strong domestic investor sentiment [10]

Market Overview - The Hong Kong stock market saw all three major indices rise in the morning session, with the Hang Seng Tech Index surging by 1.8% at one point and closing up 1.61% [1] - The Hang Seng Index and the Hang Seng China Enterprises Index increased by 0.32% and 0.53% respectively, indicating a noticeable improvement in market sentiment [1] Sector Performance - Large technology stocks generally experienced upward trends, with Kuaishou rising over 4%, Xiaomi and Tencent up by 1.6%, and Alibaba increasing by more than 1% [1] - Semiconductor stocks were notably impacted by two news items, with Hua Hong Semiconductor soaring over 12% and SMIC rising more than 6% [1] - Sportswear stocks continued to climb, with Li Ning's post-earnings surge exceeding 7%, reaching a new high [1] - Apple-related stocks collectively rose as Bank of America indicated that the Apple supply chain is entering a multi-year upgrade cycle [1] Weak Performers - Airline stocks fell sharply following news that Boeing is negotiating to sell up to 500 aircraft to China, with China Southern Airlines dropping over 6% [1] - Heavy infrastructure, brain-computer interface, coal, gaming, solar, and oil stocks showed weak performance [1]

责任编辑：郭栩彤 谈及近两年线下客流压力问题，李宁集团联席CEO钱炜表示，"线下客流我们的确碰到不小的一个挑 战，我们能够深刻的感受到线下客流的同比减少，这带来了一些生意流水上的压力和挑战，我们不断对 线下渠道进行结构优化，包括整体优质店铺的扩展、整改，低效店铺的闭店、关店和整改，这是我们一 直在持续推动的一个过程，未来我们也会持续推动这样的结构性调整，在优质店铺不断的扩面及整改同 时，针对低效业务进行关闭和调整。" 他还提到，"我们在新渠道的建设方面还有很多需要改善、提升和拓展的空间。未来，我们对既有渠道 在进行低效店铺关店、高效店铺扩面和不断调整的同时，也会针对不同的新渠道进行更多的尝试和拓 展，来获取更多与消费者接触的空间，以及为消费者能够带来更好的产品体验和购物体验。"（闫妍） 8月22日，李宁有限公司召开2025年中期业绩发布会。上半年，李宁公司实现收入达148.2亿元，同比上 升3.3%。上半年，李宁公司毛利为74.1亿元，同比上升2.5%，整体毛利率为50.0%，净利润为17.4亿 元，净利率为11.7%。 中期业绩发布会上，李宁公司透露，截至上半年李宁大货店铺平均面积242平方米，平均月店效3 ...

Core Insights - Li Ning Company reported a revenue of 14.82 billion yuan for the first half of 2025, representing a year-on-year increase of 3.3% [1] - The company's gross profit reached 7.41 billion yuan, up 2.5% year-on-year, with an overall gross margin of 50.0% [1] - Net profit for the period was 1.74 billion yuan, resulting in a net profit margin of 11.7% [1] Sales Performance - The total sales volume of Li Ning's professional running shoes exceeded 14 million pairs in the first half of the year [1] - The core running shoe matrix, including the "Ultra Light," "Red Rabbit," and "Flying Electric" series, demonstrated strong product competitiveness, with total sales of over 5.26 million pairs [1] - The "Red Rabbit 8 PRO" model became the champion in the competitive running shoe category on platforms like Tmall, achieving sales of 2.3 million pairs in the first half [1]

Financial Performance - Revenue increased by 3.3% year-over-year to RMB 14,817 million[14] - Net profit was RMB 1,737 million, with a net profit margin of 11.7%[14] - Net operating cash inflow decreased by 11.7% year-over-year to RMB 2,411 million[14] - Gross profit margin decreased by 0.4 percentage points year-over-year to 50.0%[14] - The Board declared an interim dividend of RMB 33.59 cents per ordinary share, with a payout ratio of 50%[14] Channel Performance - Overall channels retail sell-through increased by low-single-digit year-over-year[14] - Offline channel new product sell-through accounted for 84%[14, 21] - Wholesale revenue increased by 5% year-over-year[29] - Direct retail business revenue decreased by 4% year-over-year[34] - Online traffic increased by low-teens[111] Inventory and Working Capital - Channel inventory increased by low-single-digit year-over-year[14] - Company inventory cost amount increased by mid-single-digit year-over-year[103] - The percentage of gross average working capital to revenue was 7.3%[14]

个股方面，李宁发布2025年中期业绩。上半年公司继续贯彻"单品牌、多品类、多渠道"核心战略，稳健 经营，聚焦专业运动，进一步夯实经营基础，积极蓄力业务发展，实现收入达148.2亿元，同比上升 3.3%。上半年，李宁公司毛利为74.1亿元，同比上升2.5%，整体毛利率为50.0%，净利润为17.4亿元， 净利率为11.7%。同时，李宁公司保持现金流充沛，库存健康可控，为稳健发展打下重要基础。(格隆 汇) | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 02331 | 李 | 19.620 | 8.34% | | 02020 | 安踏体育 | 102.300 | 2.92% | | 03818 | 中国动向 | 0.520 | 1.96% | | 06110 | 溜搏 | 3.200 | 1.27% | | 00551 | 裕元集团 | 13.690 | 0.74% | | 01361 | 361度 | 6.120 | 0.66% | 港股体育用品股继续上上涨行情，其中，李宁绩后涨超8%领衔，且刷新阶段新高，安踏涨3%亦创阶段 新高价，中国动向涨2%，滔 ...

Core Viewpoint - Li Ning Company Limited has shown a significant increase in stock price and continues to demonstrate strong financial performance, indicating a robust position in the sportswear industry [1][2]. Group 1: Company Overview - Li Ning is a professional sportswear brand with comprehensive capabilities in research, design, manufacturing, marketing, distribution, and retail operations [1]. - The company operates a leading multi-channel sales network and supply chain management system globally [1]. - In 2020, Li Ning's market capitalization exceeded 100 billion HKD, making it the first Chinese mainland sportswear company listed on the Hong Kong Stock Exchange [1]. Group 2: Financial Performance - As of the mid-year report in 2025, Li Ning reported total revenue of 14.817 billion CNY and a net profit of 1.737 billion CNY [2]. - The company announced a mid-year dividend of 0.3359 CNY per share (equivalent to 0.368 HKD), with the ex-dividend date set for August 25, 2025, and the payment date on September 5, 2025 [2].

Core Viewpoint - Li Ning Company reported a revenue of 14.82 billion yuan for the first half of 2025, reflecting a year-on-year increase of 3.3%, while maintaining a healthy cash flow and manageable inventory levels [1][17]. Financial Performance - The gross profit for the first half of 2025 was 7.41 billion yuan, up 2.5% year-on-year, with an overall gross margin of 50.0% [1]. - The net profit reached 1.74 billion yuan, resulting in a net profit margin of 11.7% [1]. Strategic Initiatives - The company continues to focus on its "single brand, multiple categories, and multiple channels" strategy, emphasizing professional sports and enhancing its operational foundation [1][17]. - Li Ning has become the official partner of the Chinese Olympic Committee and the Chinese sports delegation for 2025-2028, launching the "China Glory, Li Ning Together" marketing campaign across over 5,200 stores [2]. Research and Development - R&D investment increased by 8.7% year-on-year, totaling over 3.8 billion yuan in the last decade [4]. - The proportion of revenue from professional products exceeded 60%, with footwear accounting for 56% of total revenue [4]. Product Performance - The running category saw a 15% increase in retail sales, with over 14 million pairs of running shoes sold, highlighting strong product competitiveness [6]. - The basketball category focuses on professional basketball and has leveraged star athlete endorsements to strengthen market presence [8]. Multi-Category Development - Li Ning is expanding into new sports categories such as outdoor sports, tennis, and pickleball, while maintaining strong performance in core categories like running, basketball, and training [6][11]. - The training category achieved a 15% increase in retail sales, supported by innovative products utilizing aerospace technology [9]. Operational Efficiency - The company maintains a healthy inventory turnover ratio of 4 months and an inventory turnover period of 61 days, indicating strong operational management [13]. - E-commerce operations showed positive growth, with online direct sales increasing significantly, contributing to overall business growth [15]. Supply Chain Optimization - Li Ning is enhancing its supply chain through quality control, delivery assurance, cost optimization, and sustainable practices, achieving significant improvements [17]. - The company has established a nationwide logistics network, with the launch of the Nanning central warehouse marking a key milestone [17]. Future Outlook - Li Ning plans to continue its core strategy of "single brand, multiple categories, and multiple channels," focusing on product competitiveness and operational efficiency to drive sustainable growth [17].

Core Insights - Li Ning Company reported a revenue of 14.82 billion yuan for the first half of 2025, representing a year-on-year increase of 3.3% [1] - The gross profit reached 7.41 billion yuan, with a gross margin of 50.0%, while net profit was 1.74 billion yuan, yielding a net margin of 11.7% [1] - The company maintains strong cash flow and healthy inventory levels, laying a solid foundation for sustainable growth [1] Strategic Focus - The company continues to implement its "single brand, multiple categories, and multiple channels" strategy, emphasizing professional sports and enhancing its operational foundation [1] - Li Ning has become the official partner of the Chinese Olympic Committee and the Chinese sports delegation for 2025-2028, launching the "China Glory, Li Ning Together" marketing campaign across over 5,200 stores [2] R&D and Product Development - R&D investment increased by 8.7% year-on-year, with cumulative investment exceeding 3.8 billion yuan over the past decade [4] - Professional product revenue now accounts for over 60% of total revenue, with footwear representing 56% [4] - New technologies, such as "Aerospace Quick-Dry" and "Aerospace Sun Protection," have been successfully integrated into products, receiving positive market feedback [4] Category Performance - The company focuses on six core categories: running, basketball, cross-training, badminton, table tennis, and sports leisure, with running, basketball, and cross-training accounting for 67% of retail sales [6] - Running category sales grew by 15%, with over 14 million pairs of running shoes sold, and Li Ning shoes achieved a 61.35% market share among runners completing the Beijing Half Marathon in under 90 minutes [6] - Basketball products leverage star athlete endorsements and innovative designs, with Li Ning signing Yang Hansheng, a notable player in the NBA draft [8] Operational Efficiency - Li Ning has optimized its channel structure, inventory management, and e-commerce operations, maintaining a healthy inventory turnover of 61 days and a stock-to-sales ratio of four months [12][14] - E-commerce performance has improved, with online direct sales showing high single-digit growth, contributing significantly to overall business growth [16] - The company has made significant advancements in supply chain optimization, focusing on quality control, delivery assurance, and cost optimization [18] Future Outlook - Li Ning plans to continue its core strategy of "single brand, multiple categories, and multiple channels," aiming for long-term sustainable growth through product competitiveness and operational efficiency [18]