两个月前刚完成对德国户外品牌狼爪的收购，安踏集团的扩张脚步似乎并未停歇。据市场消息，其正将 目光投向美国品牌管理公司ABG旗下的锐步。更有知情人士透露，相关交易已完成实缴，且此次收购 可能仅涉及锐步品牌的中国区业务。 提起锐步，不少年轻一代对其的印象或许并不深刻。事实上，在上世纪90年代，锐步曾是全球第一大运 动品牌，也曾是一代人心中的"潮流符号"。从能与耐克分庭抗礼的品牌，到如今跌落二线阵营，锐步经 历了什么? 作为国际知名运动休闲鞋服品牌，锐步的品牌史贯穿了130年的运动文化演变。这家品牌最早可以追溯 到1895年，英国博尔顿的鞋匠约瑟夫·福斯特(J.W.Foster)创立运动鞋公司，为运动员手工制作带钉跑 鞋，成为现代运动鞋的先驱；1958年，福斯特家族将公司更名为"Reebok"，名字源自南非荷兰语中"非 洲小羚羊"，象征速度与敏捷。 1979年，美国商人保罗·费尔曼(PaulFireman)获得北美经营权，将锐步的品牌重心转向美国市场，并在 1982年推出首款女性健康舞运动鞋，以真皮鞋面和流行色设计引发热潮。在保罗·费尔曼的带领下， 1987年锐步销售额突破14亿美元，一度超越耐克成为全球最大运动鞋 ...

Core Viewpoint - Li Ning's 2Q25 retail sales were in line with expectations, but margins likely missed, leading to a cautious outlook for 2H25E despite maintaining FY25E guidance [1][4] Group 1: Sales Performance - Retail sales grew by low single digits (LSD), approximately 1%, in 2Q25, which is below Li Ning's internal target due to low consumer spending, intensified competition, and a decline in offline foot traffic [5] - Offline retail sales experienced a low single-digit decline, while e-commerce sales increased by mid-single digits (MSD) [5] - Performance varied by sports category, with running showing high single-digit (HSD) growth, lifestyle remaining flat, and basketball experiencing a significant drop of around 20% [5] Group 2: Store Operations - The number of stores remained stable at 6,099 as of 2Q25, with 19 direct retail stores closed and 1 wholesale store opened, slightly behind the FY25E guidance [3] - Management's guidance included 10 to 20 direct retail store closures and 30 to 40 new wholesale store openings [3] Group 3: Financial Outlook - Net profit forecasts for FY25E, FY26E, and FY27E have been revised down by 4%, 4%, and 3% respectively, due to weaker sales outlook and increased discounts leading to a drop in gross profit margin [2][4] - The stock is currently trading at 15x FY25E P/E, which is considered undemanding compared to its 10-year average of 25x [4] Group 4: Marketing and Sponsorship - Li Ning plans to support Yang Hansen, a newly drafted NBA player, with marketing campaigns and product launches, although material sales contributions are not expected immediately [7]