Core Viewpoint - Non-fan Lingyue (00933) announced the acquisition of 30.6465 million shares of Li Ning Company at a total cost of approximately HKD 509 million, increasing its stake from 319 million shares (12.34% of total issued shares) to 350 million shares (13.53% of total issued shares) [1] Group 1 - The acquisition period is set from July 17, 2025, to October 31, 2025, and the average purchase price per share is approximately HKD 16.61 [1] - Prior to the acquisition, the acquiring party held 319 million shares of Li Ning, which represented about 12.34% of the total issued shares [1] - After the completion of the acquisition, the acquiring party will hold 350 million shares, representing approximately 13.53% of the total issued shares [1] Group 2 - Li Ning Company will continue to be one of the group's associated companies after the acquisition, and the group will continue to account for Li Ning's profits and losses in its financial statements [1]

Core Viewpoint - Li Ning (02331) reported a decline in retail sales across its platforms for the third quarter ending September 30, 2025, with a notable drop in offline channels and significant growth in e-commerce [1] Sales Performance - Overall retail sales (excluding Li Ning YOUNG) experienced a mid-single-digit percentage decline year-on-year [1] - Offline channels, including retail and wholesale, saw a high single-digit percentage decline, with direct retail channels facing a mid-single-digit percentage drop and wholesale channels experiencing a high single-digit percentage decline [1] - E-commerce virtual store business achieved a high single-digit percentage growth [1] Store Count - As of September 30, 2025, Li Ning had a total of 6,132 sales points in China (excluding Li Ning YOUNG), representing a net increase of 33 points from the previous quarter and a net increase of 15 points year-to-date [1] - Within the net increase of 15 sales points, retail business saw a net decrease of 46 points, while wholesale business recorded a net increase of 61 points [1] - Li Ning YOUNG had a total of 1,480 sales points in China, with a net increase of 45 points from the previous quarter and a net increase of 12 points year-to-date [1]

Core Viewpoint - The report from China Merchants Securities International indicates a significant upward adjustment of Li Ning's target price from HKD 17 to HKD 25, reflecting a 47% increase, driven by the gradual realization of growth inflection points and robust cost control in the first half of the year [1] Group 1: Financial Performance - The sales and net profit forecasts for 2025-26 have been slightly increased by 1-3% and 1-6% respectively, based on the actual performance in the first half of the year [1] - The expected net profit margin for 2025 is projected at 9.9%, aligning closely with the management's guidance of high single digits [1] Group 2: Growth Drivers - Li Ning's performance in the first half of 2025 slightly exceeded expectations, with gross margins meeting forecasts and effective cost control [1] - The upcoming Olympic events and brand transformation are anticipated to drive a resurgence in growth in 2026, with a predicted net profit growth rate rebounding to 12% [1] - The company is entering a new phase of brand development, which is expected to facilitate structurally stronger revenue growth in the medium term [1]

Core Viewpoint - Li Ning reported a mid-year performance for 2025, showing a revenue of 14.817 billion RMB, representing a year-on-year growth of 3.3% [1] Financial Performance - The group's profit attributable to shareholders was 1.737 billion RMB [1] - Overall gross margin stood at 50.0% [1] - The board declared an interim dividend of 0.3359 RMB per share [1] - Net cash generated from operating activities was 2.411 billion RMB [1] Revenue Breakdown - Revenue growth was driven by strong performance in online channels, with e-commerce revenue increasing by 7.4% due to optimized platform operations, enhanced online marketing, and improved membership services [1] - Revenue from franchise distributors also showed steady growth, rising by 4.4% and accounting for 46.5% of total revenue [1] - However, retail channel revenue declined by 3.4% due to store layout adjustments and shifts in consumer scenarios [1] Future Outlook - The company indicated a focus on growth opportunities across various channels, aiming for sustainable revenue growth in the future [1]

Group 1 - The core viewpoint of the article highlights the evolving role of sports in society, as discussed by renowned athletes Li Ning and Li Lingwei during the "Olympics and Me" public lecture at Beijing Sport University [1][2] - The public lecture is part of a series launched by the Chinese Olympic Academy, aimed at interpreting the core values of the Olympic spirit through insights from industry experts [1] - Li Ning emphasized that sports have taken on various responsibilities throughout different stages of China's social development, reflecting a richer role in areas such as physical fitness, economic stimulation, and education [2] Group 2 - Li Ning shared his personal journey from being an Olympic champion to transitioning into the business sector, highlighting the challenges he faced in understanding finance, sales, and human resources when starting his company [3] - He advised contemporary youth to embrace challenges and learn from failures, emphasizing the importance of self-belief and resilience in overcoming obstacles [3] - The dialogue also touched on the historical context of sports in China, noting that the initial focus was on enhancing public health, which evolved to include national image and international diplomacy as the country developed [2]