Core Insights - The article discusses the evolution of the "酷动城" (Cool City) platform, highlighting its transformation from a niche sneaker marketplace to a comprehensive trend-driven e-commerce platform that caters to a wider audience [2][10][18] - It emphasizes the growing importance of authentication services in the sneaker and streetwear market, as consumer demand for verified products increases [9][10][11] - The article also notes the shift in consumer behavior towards more mainstream e-commerce platforms like Taobao, which offer a broader range of products and better user engagement [22][27] Group 1: Evolution of Cool City - Cool City has undergone a significant rebranding and expansion, now featuring a variety of trendy products beyond just sneakers, including apparel and collectibles [2][10] - The platform has successfully integrated authentication services, enhancing consumer trust and engagement [9][10] - The rise of Cool City reflects a broader trend in the e-commerce landscape, where platforms are evolving to meet changing consumer preferences [18][27] Group 2: Market Dynamics and Consumer Behavior - The sneaker resale market in China reached a valuation of over $1 billion in 2019, indicating a robust demand for collectible footwear [6] - The financial attributes of sneakers have led to increased speculation and a need for reliable authentication services, with platforms like "得物" (Dewu) and Cool City competing in this space [6][10] - Consumer preferences are shifting towards platforms that offer a wider selection and better service, with Taobao's integration of payment systems significantly boosting user engagement [22][27] Group 3: Future Trends in E-commerce - The article predicts that the future of trend-driven consumption will increasingly align with traditional e-commerce models, emphasizing the importance of a stable supply chain and user experience [19][27] - As the market matures, platforms that can effectively balance trendiness with reliable service and product availability will likely dominate [19][27] - The concept of "货架电商" (shelf e-commerce) is highlighted as a key trend, allowing brands to engage directly with consumers and build cultural capital [27][28]

文 | 源Sight安然 匡威（Converse）或许也想找回三步上篮的美梦。 近日，在NBA总决赛G2的较量中，雷霆坐镇主场迎战步行者。上一场G1，步行者哈利伯顿（Tyrese Haliburton）依靠最后0.3秒的"哈利魔法"逆转拔得头筹。轮到G2，雷霆队当家球星亚历山大（Shai Gilgeous-Alexander）以123：107轻取对手，将比分扳回1：1平。 随着亚历山大出场，同样引人瞩目的还有匡威为其打造的初代签名鞋Shai 001。亚历山大已经穿着这双 战靴征战了半个赛季，但该鞋迟迟没能来到普通消费者手中。在赛前预热环节，匡威曝光了Shai 001全 新配色"Masi Blue"，新款预计于今年秋季登场，售价130美元一双。 对大众来说，匡威似乎在篮球赛场上销声许久，从上一世纪80年代耐克AJ横空出世后，匡威与篮球的 联系日益疏离。 尽管也有签约韦德（Dwyane Wade）、普里查德（Payton Pritchard）等引起过一定反响，但对品牌在篮 球舞台上的影响力提升始终有限，一提起匡威，人们想到的大多还是潮流属性的帆布鞋。 然而，因缺乏创新、放量失控、折扣泛滥等问题，沉浸街头潮流文化的 ...

Core Viewpoint - The partnership between the Chinese Olympic Committee and Li Ning marks a significant milestone for the Li Ning brand, enhancing its authority and visibility on the global sports stage, particularly during major international events from 2025 to 2028 [1][3][5]. Group 1: Partnership Details - Li Ning will serve as the official sportswear partner for the Chinese Olympic Committee from 2025 to 2028, providing professional sports equipment for various international events, including the Los Angeles 2028 Olympics and the Milan-Cortina 2026 Winter Olympics [1]. - This collaboration is expected to strengthen Li Ning's positioning as a "professional sports brand" and enhance its brand value through increased global exposure [1][6]. Group 2: Historical Context - Li Ning, a legendary figure in Chinese gymnastics, has a rich history with the Olympics, having won multiple medals in the 1984 Los Angeles Olympics, which laid the foundation for the brand's professional sports identity [3][5]. - The brand has a longstanding relationship with the Chinese Olympic team, having been the designated sponsor for the team’s podium outfits from 1992 to 2004, marking a shift from foreign sportswear to domestic representation [5]. Group 3: Product Development and Investment - Over the past decades, Li Ning has focused on core sports categories such as basketball, running, and table tennis, investing over 3.5 billion yuan in research and development to enhance product technology [6]. - The brand has developed a range of specialized products to meet the needs of various sports, showcasing its commitment to professional development and support for Chinese sports [6]. Group 4: Consumer Experience and Brand Activation - Li Ning has upgraded its store image and consumer experience, prominently displaying its partnership with the Chinese Olympic Committee to enhance brand visibility and consumer engagement [9][10]. - The brand has introduced the "Honor" product series inspired by championship glory, aiming to create a tangible connection between the sponsorship and consumer perception [12]. Group 5: Brand Value and Market Impact - The collaboration with the Chinese Olympic Committee is expected to deepen emotional connections between consumers and the Li Ning brand, leveraging the prestige of top-tier sports events to enhance brand recognition [16][17]. - By providing high-quality products for national athletes, Li Ning aims to build a strong brand reputation that will support future market expansion and product launches [17].

5月6日，中国奥委会与李宁品牌在国家体育总局共同举行合作发布仪式，正式宣布李宁成为2025—2028 年中国奥委会体育服装合作伙伴。在为期四年的合作中，李宁将为中国体育代表团参加的所有大型国际 赛事提供专业运动装备支持，涵盖十余项国际综合性体育赛事，包括洛杉矶2028年奥运会、米兰-科尔 蒂纳丹佩佐2026年冬季奥运会、爱知-名古屋2026年亚运会、达喀尔2026年青年奥运会以及成都2025年 世界运动会等。 此次高规格的官方合作无疑将成为李宁品牌发展史上的重要里程碑。作为中国奥委会官方合作伙伴，这 一殊荣不仅是对李宁品牌实力与专业性的高度认可，更将赋予品牌独特的权威背书。在奥运会等全球顶 级体育舞台上，李宁品牌标识将伴随中国运动员频繁亮相领奖台等重要场景，获得全球曝光机会。这种 与顶级体育赛事的深度绑定，将有效强化李宁"专业运动品牌"的核心定位，持续巩固其在消费者心智中 的专业形象，为品牌价值提升注入强劲动力。 专业运动基因的夯实 正如发布会现场，中国奥委会相关人员发言表示，"我们期待并坚信，中国奥委会与李宁品牌的合作， 一定能为中国体育代表团提供卓越的专业产品和服务，助力中国体育健儿取得辉煌成绩，向世界展 ...

Investment Rating - The report maintains an "Outperform" rating for Li Ning, with a target price of HK$16.00, indicating a potential upside of 6.5% from the current price of HK$15.00 [2][12]. Core Insights - Li Ning's 1Q25 performance was in line with expectations, with a focus on product category expansion in 2025, which is designated as an investment year for the company [1][6]. - The company anticipates flat revenue growth for 2025, with a high single-digit net profit margin, as it invests heavily in brand partnerships and product development around the upcoming Olympic Games [6][12]. - The report highlights a strong performance in the running category, with over 20% growth, while basketball and sports lifestyle categories are experiencing declines [4][11]. Summary by Sections Financial Performance - For 1Q25, Li Ning's revenue growth was low single-digit, with direct channel sales declining due to a reduction in the number of directly managed stores [3][10]. - The company achieved a sell-through rate of approximately 5X in inventory to sales ratio, with improvements in discount rates across various channels [3][10]. Product Development - Li Ning's retail sales mix for 2024 shows running (28%), fitness (15%), basketball (21%), and casual (35%) categories, with respective growth rates of 25%, 6%, -21%, and -6% [4][11]. - New product launches are planned across all categories for 2025, including specialized running shoes and basketball models, with significant sell-out rates reported for certain lines [4][11][12]. Market Strategy - The company has secured partnerships with the Chinese Olympic Committee and plans to enhance its brand presence through sponsorships and collaborations with sports stars [6][12]. - Li Ning's channel adjustments are nearing completion, positioning the company for a potential brand upcycle post-2025 [7][12].