李宁 20251231 摘要 Q&A 李宁公司财务状况良好，EBITDA 保持稳定，净现比高，账面净现金超 190 亿元，占市值比例高。公司增加分红，显示其财务实力和对股东的 回报意愿。这些财务数据为公司未来发展提供了坚实基础。 李宁跑步品类逆势而上，成为第一大品类，占比 34%。运动生活品类占 比 29%，篮球品类占比下降。公司需调整运动生活品类定位，并推动篮 球品类复苏，以实现整体增长。品类结构变化影响公司未来增长战略。 李宁提高营销费用率至 10%以上，通过赞助中国奥委会和马拉松赛事， 并发布新科技"超泵胶囊"增强品牌形象。在上海马拉松中，李宁跑鞋 在破 3 小时跑者中的上脚率超过耐克，表明营销策略有效。营销投入增 加旨在提升品牌竞争力和市场份额。 从品牌市占度来看，运动户外行业有哪些变化？ 从品牌市占度来看，运动户外行业呈现出头部集中度分散化的趋势。前两大品 牌（CR2）的市场集中度从 2019 年的 38%下降到 2025 年的 24%，前十大 品牌（CR10）的市场集中度从 76%降至 68%。这表明细分品牌的增长速度显 著高于综合性头部品牌。此外，从 2019 年至 2021 年间国际综合品牌份 ...

12月22日，星途汽车在北京举办的品牌之夜活动上宣布，品牌进入3.0阶段，未来将以"性能豪华品牌创新者"为全新定 位，继续冲击豪华汽车市场。 这次星途焕新的核心，不止于发布ES7 GT、ES8等几款新车，更在于星途试图从根本上解决其自2018年诞生以来一直 悬而未决的核心命题：星途究竟要成为一个怎样的品牌？奇瑞集团掌舵人尹同跃在发布会上直言，中国品牌必须重新 定义豪华，"不是模仿谁，而是成为自己"。 回溯过往，星途"1.0时代"伴随着定位的迷茫与管理层的更迭，虽与领克、魏牌同批起跑，但未能建立起清晰的市场认 知。"2.0时代"以"舒适豪华"乃至"科技新豪华"为旗，在服务和渠道上取得长足进步，但始终未能摆脱"高配奇瑞"的潜 在认知与来自集团内外愈发复杂的竞争挤压。 星途开启"3.0时代"实质上是在生存压力倒逼下的又一次战略调整。它不仅意味着品牌定位从模糊的"豪华"聚焦至更具 象、更可感知的"性能豪华"，更意味着在集团体系内进行一场深刻的"加减法"：砍掉原有庞杂的燃油产品线，将一度 独立的"星纪元"新能源序列收归主品牌，全力聚焦于新能源赛道。这标志着星途告别了过往多线作战的资源分散，将 全部筹码押注于以"性能"为 ...

Core Viewpoint - Chery is undergoing significant organizational changes as it approaches its IPO, including the establishment of a domestic business group and the elevation of the Fengyun series to an independent brand, aimed at enhancing strategic focus and resource integration [1][2][6]. Group 1: Organizational Changes - Chery has formed a domestic business group under the Chery brand, which includes four divisions: Starway, Aihou (Aiyre and Ruichu), Fengyun, and QQ [2][6]. - The Starway brand remains positioned as Chery's high-end brand despite being integrated into the Chery brand domestic business group [2][6]. - The Fengyun series has been upgraded from a product line to an independent brand, reflecting its historical significance and the company's commitment to innovation and user demands [3][4][6]. Group 2: Sales and Market Performance - Starway's sales have grown significantly from under 20,000 units in its founding year to 126,000 units in 2023, with a projected 141,000 units in 2024 [3][8]. - In the first half of 2023, Starway achieved cumulative sales of 63,000 units, marking a year-on-year increase of 15.1% [3][8]. - Chery's overall sales for 2024 are expected to reach approximately 2.6039 million units, representing a year-on-year growth of 38.4% [8]. Group 3: Market Response and Financial Outlook - Following the organizational adjustments, some brokerages have raised their IPO pricing for Chery by 12%, indicating positive market sentiment [5][8]. - Chery's revenue for 2022 and 2023 was reported at 92.618 billion yuan and 163.205 billion yuan, respectively, with a significant increase in revenue for the first three quarters of 2024 [8]. - The company's net profit attributable to shareholders for the same periods was 6.266 billion yuan, 11.953 billion yuan, and 11.222 billion yuan [8].