Core Insights - Shenyang is undergoing a significant transformation by integrating artificial intelligence (AI) into its traditional industrial base, aiming to become a national hub for AI innovation and application [1][2][11] - The city has established the Shenyang Artificial Intelligence Computing Center, which has expanded its computing power to 450P, making it the largest domestic AI computing center in Northeast China [1][2] Group 1: Industrial Transformation - Shenyang's deep industrial heritage provides a strong foundation for digital transformation, but challenges such as outdated equipment and the need for skilled talent remain [2][4] - The city is implementing a three-layer integration model that combines policy guidance, computing center support, and the establishment of industry-academia-research alliances to overcome these challenges [2][3] - Traditional industries are revitalized through AI, with examples like the "robot+" initiative that enhances efficiency and reduces costs in manufacturing processes [4][5] Group 2: AI and Robotics - The Shenyang Artificial Intelligence Computing Center collaborates with over 200 partners, providing computing support and developing over 300 solutions [3][6] - Robotics technology is being integrated into mining operations, significantly improving safety and efficiency, with autonomous robots capable of performing complex tasks [5][6] - The use of AI in medical imaging has led to substantial improvements in diagnostic efficiency, exemplified by Eastsoft's CT machines that reduce scan times dramatically [7][8] Group 3: Emerging Industries - New industries are rapidly developing in Shenyang, particularly in low-altitude economy sectors, with companies like Ruixiang Aviation making strides in electric aircraft technology [9][10] - The city aims to create a 100 billion yuan aerospace industry cluster, leveraging AI and digital technologies to enhance manufacturing processes [10][11] - Shenyang's strategic focus on 12 key future industries, including AI and advanced energy storage, positions it for significant growth and innovation [10][11]

李宁关注门店的运营效能，有序关闭低效的门店，使渠道布局更合理，提 升渠道整体效率。 港股公司报告 | 公司点评 李宁（02331） 证券研究报告 2025 稳健开局 公司发布 25 年第一季度运营状况 整体零售流水（不含李宁 YOUNG）同比低单位数增长，线下渠道中零售（直 营）低单位数下降，批发（特许）低单位数增长；电商增长 10%-20%低段。 中国区李宁销售点（不含李宁 YOUNG）净减少 29 个至 6088 个（零售净减 6 个，批发净减 23 个）；李宁 YOUNG 销售点净减 15 个至 1453 个。 纵向深耕核心品类，横向拓展新品类 "单品牌、多品类、多渠道"的战略下，李宁正在通过核心品类的纵向深耕， 和横向灵活的新兴品类拓展，完成更多市场空间的挖掘。 品类维度，营收来源主要来自跑步、篮球、综训、羽毛球、乒乓球、运动 生活等，24 年跑步零售流水增长 25%，继续领涨。跑步、篮球、综训三大 核心品类的零售流水占比达到 64%。 产品维度，24 年李宁专业产品收入占比接近 60%，2024 年李宁鞋产品收入 同比增长 7%，鞋收入占比达到 50%。其中跑鞋核心 IP 全年量突破 1060 万 ...

2025 年 04 月 30 日 李宁 (02331) ——一季度销售稳健复苏，折扣改善、库存健康 报告原因：有业绩公布需要点评 增持（维持） 投资要点： | | | 上 市 公 司 纺织服饰 财务数据及盈利预测 | 货币单位：人民币 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（亿元） | 276 | 287 | 288 | 301 | 312 | | 同比增长率（%） | 7% | 4% | 0% | 4% | 4% | | 归母净利润（亿元） | 31.9 | 30.1 | 24.8 | 26.4 | 27.8 | | 同比增长率（%） | -22% | -5% | -18% | 7% | 5% | | 每股收益（元/股） | 1.23 | 1.17 | 0.96 | 1.02 | 1.08 | | 毛利率（%） | 48.4% | 49.4% | 49.4% | 49.6% | 49.6% | | 市盈率 | 11 | 12 | 14 | 13 | 13 | | 注："每股收益" ...

Core Viewpoint - Li Ning Company has made significant strides in sustainable development, integrating ESG principles into its corporate strategy and achieving notable recognition in the industry for its efforts in environmental, social, and governance practices [1][20]. Group 1: ESG Report and Recognition - In April 2025, Li Ning Company released its 2024 ESG report, outlining its sustainable development strategies and practices across various domains, including environmental products, green operations, and social responsibility [1]. - The company achieved a MSCI ESG rating upgrade to BBB and was ranked 15th in the "Kantar BrandZ Sustainable Brands Top 50," leading its industry peers [1]. Group 2: Environmental Product Innovations - In 2024, Li Ning launched China's first fully biodegradable professional sports shoes and established a product standard for biodegradable performance in footwear [3]. - The company reported a carbon reduction of over 30,000 tons through the application of eco-friendly technologies in its shoe production [3]. Group 3: Sustainable Practices in Apparel - Li Ning utilized 2,024 tons of recycled polyester yarn in 2024, resulting in a carbon reduction of 2,283 tons, and repurposed over 150 million plastic bottles in its sportswear [5]. - Approximately 80% of shoe boxes were FSC certified, leading to significant savings in ink, water, and electricity, while reducing carbon emissions by about 118 tons [5]. Group 4: Green Operations and Energy Efficiency - The company implemented smart technology upgrades in its operations, achieving energy savings of over 430,000 kWh in its Shenzhen center alone [6][8]. - Li Ning's headquarters and stores have adopted renewable energy solutions, with self-generated electricity accounting for about 25% of total consumption in its Beijing center [6]. Group 5: Responsible Supply Chain Management - Li Ning completed social responsibility audits for 140 suppliers and environmental audits for 60 suppliers, achieving a 100% pass rate for "excellent" or "good" ratings [9]. - The company established a chemical management framework to ensure zero harmful chemical emissions across its supply chain [9][10]. Group 6: Talent Development and Employer Branding - Li Ning has enhanced its talent development system, focusing on creating a fair and diverse workplace, and received recognition in multiple employer branding awards in 2024 [11][15]. - The company promotes employee well-being through various initiatives, including sports clubs and community events, fostering a strong corporate culture [11]. Group 7: Social Responsibility and Community Engagement - In 2024, Li Ning launched the "2024 Bring Love Home" initiative, donating 2 million yuan worth of supplies to regions in need [16]. - The company supports youth sports development through partnerships and events, such as the "TOP24 Basketball Elite Competition," nurturing new talent in the industry [18].

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].

Investment Rating - The investment rating for Li Ning is "Buy" (maintained) [2][6] Core Views - The report indicates that Li Ning's Q1 performance met expectations, with low discount sales improving and strong growth in running and e-commerce segments. The company focuses on professional sports, increasing resource allocation and expanding new products to cater to niche markets and emerging sectors [6][7][9] Financial Summary and Valuation Metrics - For the fiscal year 2023, Li Ning reported a revenue of 27,598 million HKD, with a year-on-year growth of 7.0%. The projected revenue for 2025 is 28,742 million HKD, reflecting a minimal growth of 0.2% [10] - The net profit for 2023 was 3,187 million HKD, showing a decline of 21.6% year-on-year. The estimated net profit for 2025 is 2,459 million HKD, indicating a further decline of 18.4% [10] - The gross margin for 2023 was 48.4%, with a projected gross margin of 49.8% for 2025. The net margin is expected to decrease from 11.5% in 2023 to 8.6% in 2025 [10] - The price-to-earnings (P/E) ratio for 2025 is projected at 14.6, with a price-to-book (P/B) ratio of 1.4 [10] Operational Insights - In Q1 2025, Li Ning's total store count was 6,088, a decrease of 2% year-on-year. The company plans to close 10-20 direct stores and open 30-40 wholesale stores throughout the year [8] - The report highlights that the running category saw over 20% growth, driven by sponsorship of events and strong performance of new running shoe products [7][9]

大家好,我们开始今天的录演,今天的录演主题是运动鞋服行业的趋势以及公司的业绩前瞻主题是本土与国际品牌相抗衡,气氛垂泪崛起那么两会开始以来整个消费板块的布置都得到有效的修复那今天我们就来分享一下关于运动行业的见解还有公司的一个业绩的前瞻那么我们首先简要的快速看一下运动行业整个行业的概览 我们预期是未来三年能够保持一个中单位数左右的行业的负荷增速那么主要的驱动力就是来源于全民健身的理念带来的运动参与率提升然后居民对舒适度以及功能性的要求提升以及运动协服的渗透率上行目前的话中国的整个运动参与率是远低于成熟市场包括美国、日本以及韩国的美国是79%然后日本是56%韩国是62% 在这个时间段,对于美国本土而言,它的本土品牌耐克也是借着这一波运动慢跑的风潮来抵占了阿迪的市占率,完成了对它市占率的超越。 然后我们简单的看一下竞争格局,整个运动鞋服行业竞争的格局是维持高集中度,但是整个格局是持续变化的,并不是说强者就一直很强,中小品牌没有出头的机会。相反而言中小品牌其实是可以借助每一波运动风潮的这个改换的机会来来 从细分的品类切入然后逐渐破比类成为一个规模大的运动品牌那么中国的整个运动鞋服行业我们看到近几年的这个行业趋势而言可 ...