Company Overview - The major shareholder, Everbright, announced an increase in its stake in Li Ning Company by acquiring 18.09 million shares for a total of HKD 275 million at an average price of HKD 15.20 per share [1] Business Performance - Li Ning's basketball business is under pressure, with retail sales expected to decline by 21% in 2024, accounting for 21% of the company's overall sales [1] - Despite the challenges, Li Ning continues to sponsor various basketball leagues and is focused on launching new products and technologies to maintain brand positioning [1] - The company signed a player who was selected 16th in the 2025 NBA Draft, marking the third Chinese player to be a first-round pick, which is expected to enhance brand visibility in the basketball sector [1] Strategic Initiatives - In the second quarter of 2025, Li Ning's brand is still facing pressure from a volatile market environment and intense competition, particularly in retail and discounting [2] - The company aims to innovate in core categories like running and basketball while increasing exposure and investment in sports like badminton and table tennis [2] - A contract with the Chinese Olympic Committee was completed at the end of April, which is anticipated to lead to more marketing events in the second half of 2025 [2] Shareholder Confidence - The major shareholder's increase in stake from January to June 2025 reflects confidence in Li Ning's "single brand, multiple categories, and multi-channel" core strategy [2] Financial Forecast - The earnings per share (EPS) forecast for 2025 and 2026 remains unchanged at CNY 0.92 and CNY 1.07, respectively, with the current stock price corresponding to 16 and 14 times the projected earnings for those years [2] - The target price is maintained at HKD 20.82, indicating a potential upside of 28% from the current stock price [2]

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迪卡侬正处于转型阵痛期。 2025年4月29日，彭博社与路透社相继报道，法国体育用品零售巨头迪卡侬正考虑出售中国业务30%的 股权，估值至少10亿美元。 尽管迪卡侬官方未直接回应传闻，但强调"始终致力于中国市场长期发展"。这已是迪卡侬第二次被传出 售中国业务股权——2024年类似新闻亦被否认。 出售股权通常意味着市场开拓受挫，需要借助相关股权合作方来激活业务。与迪卡侬有些类似的是，近 年来颇为不顺的星巴克中国不久前也被传出售中国业务股权，估值也是超过10亿元。 近年来，迪卡侬的业绩承压显著。财报显示，2021至2023年，迪卡侬收入分别为138亿欧元、154亿欧元 和156亿欧元，同比增长率分别为21.3%、11.7%和1.15%；净利润分别为9.13亿欧元、9.23亿欧元和9.31 亿欧元，收入增长大幅放缓，利润停滞不前。 为扭转局面，迪卡侬于2022年3月聘请职业经理人Barbara Martin Coppola担任全球CEO。Barbara曾在谷 歌、YouTube和宜家担任重要职务，具有丰富的数字化转型经验，曾推动宜家的数字化转型，并负责谷 歌全球数字业务。 上探高端是Barbara上任后的核心目标之 ...