本报记者 李静 8月21日晚间，李宁有限公司（以下简称"李宁公司"）发布2025年中期业绩。上半年，李宁公司继续贯 彻"单品牌、多品类、多渠道"核心战略，实现收入148.2亿元（人民币，下同），同比上升3.3%；毛利 74.1亿元，同比上升2.5%，整体毛利率为50.0%；净利润17.4亿元，净利率为11.7%。 李宁集团执行主席兼联席行政总裁李宁表示："当前市场挑战与机遇交织，我们将保持审慎的态度，继 续夯实业务基本盘，同时紧密关注市场动态，积极捕捉并把握可能出现的结构性机遇，通过一系列战略 举措推动集团实现长期可持续增长，致力于成为消费者首选的专业运动品牌。" 研发投入同比增长8.7% 2025年上半年，李宁公司研发投入同比增长8.7%，近10年来，李宁公司累计研发投入已超过38亿元。 与此同时，李宁公司从科技研发成果到产品应用的转化能力持续增强。 得益于专业运动定位聚焦以及在科技研发上的长期积累，上半年李宁公司专业产品收入占比持续增长至 超60%，驱动业务增长，鞋产品收入占比达到56%。 据了解，2024年推出的超䨻科技，已应用于多款2025新品，并收获市场认可——"越影5 PRO"作为首款 搭载超䨻科 ...

Core Viewpoint - Amer Sports reported strong revenue growth in Q2 2025, with a 23% year-on-year increase, driven primarily by significant growth in the Greater China and Asia-Pacific regions, despite facing macroeconomic pressures and a cooling luxury market [1][2]. Group 1: Financial Performance - In Q2 2025, Amer Sports achieved revenue of $1.236 billion, a 23% increase year-on-year, with Greater China revenue growing by 42% to $410 million and Asia-Pacific revenue increasing by 45% [1]. - For the first half of 2025, total revenue reached $2.709 billion, up 23.46% year-on-year, with net profit of $153 million compared to a slight profit of $1 million in the same period last year [1]. - The company adjusted its 2025 revenue guidance to a growth range of 15-17%, up from the previous estimate of 13-15% [2]. Group 2: Segment Performance - In Q2 2025, the technical functional apparel segment (Arc'teryx) grew by 23% to $509 million, while the outdoor performance segment (Salomon) also saw a 23% increase to $414 million, and the ball sports segment (Wilson) grew by 11% to $314 million [2]. - Compared to Q1 2025, growth rates for all segments slowed down, with Arc'teryx's growth decreasing by 5 percentage points [2]. Group 3: Market Dynamics - Industry experts noted that high-end brands are facing growth bottlenecks due to macroeconomic pressures and consumer downgrading, prompting Arc'teryx to expand its market reach beyond core sports to attract a broader audience [3]. - The brand is shifting its focus from niche outdoor enthusiasts to a larger non-outdoor consumer base in China [3]. Group 4: Shareholder Actions and Market Sentiment - Amer Sports is experiencing shareholder withdrawal, with major shareholder FountainVest seeking to sell 35 million shares at a price range of $37.20-$37.73 per share, potentially raising about $1.3 billion [6]. - Despite positive mid-year financial results, the stock price fell by 4.69% to $35.74 per share after the earnings report, indicating market skepticism about the luxury segment's sustainability [8].

Group 1 - The core viewpoint emphasizes the importance of attracting the younger generation for the growth of sports brands, with a focus on sponsoring university sports events as a strategic move [1][6][15] - The rise of university sports events has transcended physical boundaries, becoming a public topic and gaining significant attention on social media platforms [2][6] - The collaboration between universities and sports brands is evolving, with dedicated departments being established in universities to enhance event quality and scale [1][8] Group 2 - Recent running events, such as the ASICS x Peking University relay race, have seen participation grow from 500 to nearly 1000 in just two years, indicating a rising interest in campus sports [4][10] - The CURA Adidas Chinese University Road Running League has engaged over 40 universities and 42,000 students, with a total participation exceeding 420,000 in related activities [4][15] - The partnership between brands and universities is not new, but the current trend shows a deeper integration of brand values with university sports events, creating unique event IPs that resonate with both parties [10][14] Group 3 - Sports brands are leveraging university collaborations to enhance their market presence and connect with the younger demographic, which is seen as a critical consumer group for the future [15][16] - The increasing social attention on university sports events provides brands with opportunities to engage directly with young consumers, showcasing product performance and building emotional connections [16][18] - The university environment serves as an ideal testing ground for products, allowing brands to gather feedback from young users and refine their offerings accordingly [18][20] Group 4 - The sponsorship of university sports events enriches the participation experience and fosters a deeper connection between brands and the student community, ultimately benefiting the overall sports ecosystem [20] - The long-term impact of these collaborations could lead to increased sports consumption and the development of talent in sports management and marketing [20] - However, there are concerns about resource allocation, as top universities and popular sports may overshadow lesser-known institutions and events, highlighting the need for a balanced approach in future collaborations [20]