投资要点： 全球多品牌矩阵成型。公司历经十余年战略深耕，完成了从体育人才与场馆运营向全球多品牌鞋服巨头 的跨越式蜕变。先后于2019-2022 年间成功整合潮流品牌 LNG、大众休闲品牌堡狮龙及意大利奢华品牌 Testoni，并于2022 年完成对英国百年鞋履品牌Clarks 的控股收购，推动营收规模实现从十亿级向百亿 级的质的飞跃。 Clarks 盈利拐点显现，重组艰难时期基本结束。Clarks 贡献集团逾86% 收入，尽管FY25H1 受到欧美宏 观环境波动及策略性的减少采购，收入端同比降5.3%，但公司通过严格的折扣控制及供应链优化，毛 利率逆势提升0.1pct 并实现净利润扭亏为盈，我们判断最艰难的库存清理与经营重组期已基本结束。对 比UGG、Crocs 等头部竞品25%以上的EBIT Margin，Clarks 当前的利润率仍处低位，我们认为其盈利弹 性将在收入企稳后逐步释放。 机构：国泰海通证券 研究员：盛开/钟启辉 本报告导读： 公司全球多品牌矩阵成型。核心品牌Clarks 盈利拐点显现，重组艰难时期基本结束。Clarks 新任CEO Victor 具备高胜率零售管理体系和实战经验。我们认为非凡 ...

Core Viewpoint - The company Non-Fan Lingyue, controlled by the Li Ning family, has made significant investments in Li Ning Company, signaling strong confidence in its value despite the company's stock price decline [2][4]. Group 1: Investment Actions - Non-Fan Lingyue has increased its stake in Li Ning Company four times in 2025, spending approximately HKD 15.61 billion, raising its ownership from 10.53% to 14.27% [3][4]. - The latest purchase involved acquiring 19.16 million shares at an average price of HKD 16.80 per share, totaling around HKD 3.22 billion [3][4]. - The investment strategy has been consistent, with the first purchase occurring between January 10 and June 19, followed by subsequent increases in June and July, culminating in the December acquisition [3][4]. Group 2: Market Context - Li Ning's stock price has dropped over 70% since the beginning of 2023, currently trading at a price-to-earnings ratio of approximately 14.7, significantly lower than industry leaders [4][5]. - The stock price reaction to the announcements has been positive, with Li Ning's shares rising by 3.12% to HKD 17.49, and Non-Fan Lingyue's shares increasing by 3.23% to HKD 0.64 [5]. Group 3: Strategic Implications - Non-Fan Lingyue's strategy contrasts with Li Ning's focus on a "single brand" approach, as it aims to operate as a multi-brand operator, acquiring various brands since 2020 [6][7]. - The company has faced challenges in integrating acquired brands, with past profits heavily reliant on selling Li Ning shares, but recent acquisitions like Clarks have started to change this dynamic [7][8]. - The appointment of a former Zara executive as co-CEO indicates a commitment to enhancing brand management capabilities, which is crucial for balancing the single brand focus of Li Ning with Non-Fan Lingyue's multi-brand strategy [8].

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].