Core Insights - The sports market is shifting towards a passive growth phase, with major brands experiencing varying degrees of sales performance [1][5] Group 1: Company Performance - Anta Sports reported low single-digit year-on-year growth in retail sales for its brand products in Q3 2025, while FILA also saw similar growth [1] - Li Ning experienced a decline in retail sales, with a mid-single-digit drop in Q3, particularly in offline channels [1] - Nike's revenue in Greater China fell by 10% to $1.512 billion (approximately 10.775 billion RMB) for the latest fiscal quarter ending August 31, 2025 [1] - Peak's domestic direct sales segment has been continuously losing money, with losses exceeding 130 million RMB from January to July 2025, leading to significant salary cuts [1][2] Group 2: Market Opportunities - Anta is exploring new market segments, with its "other brands" category, including DESCENTE and KOLON, achieving a retail sales growth of 45-50% year-on-year in Q3 [2] - Both Anta and Li Ning are increasing their investment in research and development, with Anta establishing partnerships with universities for sports shoe design education [3][4] Group 3: Competitive Landscape - The current market dynamics indicate a trend towards intensified competition among major players in the sports industry [5]

Investment Rating - The report maintains a Neutral rating for Li Ning (2331 HK) with a target price of HKD 16.28, indicating a potential downside of 7.7% from the current closing price of HKD 17.63 [2][3]. Core Insights - The sales performance in Q3 has weakened, and the recovery pace remains sluggish. The company is expected to experience a slow sales recovery in the second half of the year, with a forecast of low single-digit revenue decline [8]. - The report highlights that the online sales channels outperformed offline channels in Q3, with e-commerce showing high single-digit growth, while offline channels saw a high single-digit decline [8]. - The competitive landscape remains challenging, with increased discount pressures anticipated in Q4 due to key promotional events like Double 11 and Double 12 [8]. Financial Overview - Revenue projections for Li Ning are as follows: - 2023: RMB 27,598 million - 2024: RMB 28,676 million (growth of 3.9%) - 2025E: RMB 29,007 million (growth of 1.2%) - 2026E: RMB 30,103 million (growth of 3.8%) - 2027E: RMB 30,945 million (growth of 2.8%) [7][17]. - Net profit estimates are projected to decline from RMB 3,187 million in 2023 to RMB 2,678 million in 2025E, reflecting a decrease of 20.7% and 5.1% in subsequent years [7][17]. - The report indicates a projected PE ratio of 14 times for 2026, suggesting that the current stock price adequately reflects the sales recovery outlook [8]. Market Position - As of Q3, Li Ning had 6,132 sales points, with a net increase of 33 points from the previous quarter. The company aims to maintain its store opening targets despite the competitive pressures [8]. - The report notes that the inventory turnover ratio is relatively healthy, with a stock-to-sales ratio of 5-6 months as of Q3 [8].

本报讯 （记者李静）近日有市场消息称，皮诺家族正考虑为德国运动品牌彪马（Puma）探索包括出售 在内的战略选项。 据悉，皮诺家族正在与顾问合作，并与包括安踏和李宁在内的潜在买家接洽，他们还试探了美国其他运 动服装公司以及中东主权财富基金的意向。 对此，李宁有限公司（以下简称"李宁"）相关负责人回复《证券日报》记者称，截至目前，公司未就上 述传闻所提及的交易进行任何实质性谈判或评估。李宁坚持"单品牌、多品类、多渠道"的核心发展战 略，目前仍会专注于李宁品牌的成长与发展。 （编辑 丛可心 张昕） ...

机构：交银国际 研究员：肖凯希/钱昊 管理层表示，2 季度的复苏趋势环比1 季度走弱，略低于公司此前预期；此外， 7 月以来公司的流水和 折扣仍然承压。整体来看，我们认为公司下半年销售恢复趋势仍将缓慢，因此，基于更加谨慎的销售预 期，我们下调2025-27 年的净利润预测，给予目标价16.28 港元，维持中性评级。我们认为公司目前估 值已充分反应了当前阶段的稳健经营策略和销售恢复前景。 2 季度线下渠道仍然疲软，库存健康但折扣压力加大：分渠道来看，2 季度线上渠道的流水表现优于线 下渠道，电商渠道录得同比中单位数的增长，而线下渠道录得低单位数的同比下降。相对来说，批发渠 道的流水表现好于零售渠道，线下批发/零售渠道分别录得同比低单位数增长/中单位数下跌。公司表 示，2 季度末库销比恢复到了4 个月的水平，相对健康；但全渠道折扣同比低单位数加深，我们相信持 续的行业促销将给公司的毛利率带来压力，因此我们预期2025 年的毛利率将同比小幅下降。 基于更谨慎的销售假设，我们下调了公司2025-27 年的盈利预测，维持中性评级：2 季度以来，我们看 到行业整体复苏偏软、促销氛围浓厚（如618 活动）。因此，我们认为公 ...

Core Viewpoint - The central government is taking action to address the issue of "black mouths" on the internet that harm businesses, with a two-month nationwide campaign aimed at rectifying malicious attacks and marketing practices against companies [1][2][3]. Group 1: Government Actions - The Central Cyberspace Administration of China launched a two-month campaign to tackle four major issues, including malicious defamation and harmful marketing practices against enterprises [1]. - The campaign aims to protect the legitimate rights and interests of businesses and entrepreneurs, which are crucial for high-quality economic development [2][3]. - New regulations and guidelines have been established to clarify the handling of online infringement information related to enterprises, enhancing legal frameworks to combat misleading and defamatory content [3][4]. Group 2: Company Responses - Companies like Pang Donglai and Huiyuan Juice have publicly responded to false information, emphasizing their operational transparency and commitment to legal recourse against defamation [1][2]. - Li Ning has also taken legal action against malicious rumors, asserting its rights and defending its brand reputation [4]. - The proactive stance of these companies in addressing online misinformation is seen as a necessary step to maintain their market positions and protect their interests [4].