由李宁家族控股的港股公司非凡领越，再度向市场投下一枚"信心票"。据12月9日公告，公司于12月初 再次出手增持李宁公司股份，耗资约3.22亿港元。 南都湾财社记者注意到，截至目前，非凡领越在2025年内已连续四次增持李宁公司，累计斥资约15.61 亿港元，持股比例由年初的10.53%提升至14.27%。而这一系列发生在李宁公司股价持续低迷背景下的 密集操作，创下了李宁家族近二十年来的增持纪录，市场普遍将此解读为大股东对公司价值的坚定看 好。 然而，在真金白银的力挺之下，一个更深层次的战略议题也浮出水面：一边是李宁主品牌坚守"单品 牌、多品类、多渠道"的核心战略，另一边是非凡领越平台通过频繁收购大步迈向多品牌运营商。这一 体两面的布局，究竟是相辅相成的战略远谋，还是一场尚待整合的品牌协同考验？南都湾财社就相关问 题向李宁发去采访函，截至发稿尚未收到回复。 年内四度增持，豪掷15亿港元 12月9日，非凡领越发布公告称，其全资附属公司于12月4日至9日期间，在公开市场增持1916.3万股李 宁股份，总代价约3.22亿港元，每股均价16.80港元。南都湾财社记者梳理发现，这已是非凡领越2025年 内第四次增持李宁股份 ...

Core Viewpoint - Li Ning's significant stock buyback by its founder and his nephew indicates confidence in the company's future despite recent poor stock performance, raising questions about the synergy between Li Ning's single-brand strategy and the multi-brand approach of its affiliate, Non-Fan Linyue [2][5][11]. Group 1: Stock Buyback Activity - Li Ning and his nephew have purchased over 800 million HKD worth of Li Ning shares this year, marking the largest buyback in the past 20 years [3][7]. - The buyback has increased their stake from 10.57% to 13.08%, with a total of 51.79 million shares acquired [7][8]. - The timing of the buyback is notable, as Li Ning's stock price has dropped over 60% in 2023, and the current price-to-earnings ratio is approximately 12.9, significantly lower than industry leaders [9][11]. Group 2: Financial Performance - Li Ning's revenue has consistently increased over the past three years, rising from 25.803 billion CNY in 2022 to 28.676 billion CNY in 2024 [11]. - However, net profit has declined for two consecutive years, dropping to 3.187 billion CNY in 2023, a decrease of 21.6%, and further to 3.013 billion CNY in 2024 [12]. Group 3: Strategic Direction - Li Ning has recently signed a partnership with the Chinese Olympic Committee, becoming the official sportswear partner from 2025 to 2028, which may support future growth [12]. - The company continues to emphasize its "single brand, multi-category, multi-channel" strategy, while its affiliate Non-Fan Linyue is pursuing a multi-brand strategy through acquisitions [15][16]. - Non-Fan Linyue has successfully turned around its financials by acquiring brands like Clarks, which contributed 5.39 billion HKD in revenue in 2022 and saw a 79.1% increase in 2023 [19]. Group 4: Market Position and Competition - The competitive landscape in the sports brand market is intensifying, and investors are looking for more strategic actions from Li Ning beyond its partnership with the Chinese Olympic Committee [14]. - Analysts suggest that Li Ning's acquisitions may not align well with its core brand, leading to a fragmented brand positioning compared to competitors like Anta, which has successfully expanded in the sports sector [21].