Group 1 - The 2025 Aerospace Culture and Art Forum was held in Shanghai as part of the 10th "China Aerospace Day" activities, featuring discussions on the synergy between sports and aerospace spirit [2][3] - Athletes and entrepreneurs, including Li Ning and Olympic diving champion Quan Hongchan, emphasized the shared pursuit of perfection in both aerospace and sports [2][3] - Li Ning expressed pride in China's aerospace achievements, highlighting the dedication and exploration behind these accomplishments [2] Group 2 - Quan Hongchan drew parallels between diving and aerospace, likening each dive to a rocket launch aimed at achieving a perfect entry [3] - Li Ning highlighted the importance of integrating aerospace technology into sports and daily life, indicating a potential collaboration to create innovative sportswear [3][6] - The establishment of an Aerospace Technology Innovation Application Laboratory aims to apply advanced aerospace technology to professional sports equipment, promoting innovation and cultural dissemination [6] Group 3 - The "Aerospace Quick-Dry" and "Aerospace Sun Protection" technologies were showcased at the forum, demonstrating successful technology transfer from aerospace to sports apparel [6] - The "Aerospace Quick-Dry" technology utilizes design inspired by rocket launch systems to enhance moisture management in fabrics [6] - The "Aerospace Sun Protection" technology features a nano-coating inspired by spacesuits, achieving a UV protection factor (UPF) of 950 and a UV blockage rate of 99.9% [6]

在成都的"Nature自然空间"展览中，李宁以"源于自然""自然而染""自然新生""回归自然"4个展区串联起全链路体系。展区中，蓖麻油制成的生物基䨻丝、无 水染和植物染工艺、回收塑料瓶制成的环保纱线，以及李宁与科研院校联合攻关的全降解鞋，构成了绿色产品的完整生命周期。 长期以来，环保理念在鞋服行业的推进并非易事。一方面，运动鞋服产品由多种复合材料构成，结构复杂；另一方面，鞋服产品高性能的需求也让环保转型 难度变高、成本加大。以运动鞋为例，一双运动鞋往往由30多个部件组成，从"一根丝"到"一双鞋"，看似简单的路径，实则包含了聚酯切片、纱线抽丝、纺 织织造、鞋底成型等多个环节——每一个细节的"绿色升级"，都意味着巨大的研发挑战。 近年来，随着全球"双碳"目标的推进，ESG指标逐渐成为品牌在资本市场、供应链乃至消费者层面建立信誉的关键标准。国际运动品牌如Nike、Adidas、 Patagonia等均先后布局绿色材料与回收技术，而中国运动品牌也在逐步构建各自的可持续路径。但整体而言，国内行业仍以"点状试水"为主，仍需解决全面 系统化的挑战。 每经记者 宋美璐 每经编辑 董兴生 2025年世界地球日前夕，成都春熙路银 ...

证 券 研 究 报 告 李宁（02331.HK）2024 年报点评 强推（维持） 2024 年平稳收官，稳中求进蓄力长期 目标价：18.25 港元 事项： ❖ 公司公布 2024 年业绩。2024 年公司实现营收 286.8 亿元，同比+3.9%；归母 净利润 30.1 亿元，同比-5.5%，对应归母净利率 10.5%。同时，公司派发末期 股息 20.73 分人民币/股，连同中期股息，全年合计派发股息 58.48 分/股，对派 息比例为 50%，同比提升 5pcts。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 28,676 | 28,966 | 30,431 | 32,188 | | 同比增速(%) | 3.5% | 1.0% | 5.1% | 5.8% | | 归母净利润(百万) | 3,013 | 2,738 | 3,032 | 3,326 | | 同比增速(%) | -5.5% | -9.1% | 10.8% | 9 ...

太古地产行政总裁彭国邦表示："成都太古里充分彰显了我们的前瞻性理念，既尊重在地文化，又着眼于长期社区营造。我们致力于打造融合零售、餐饮、 文化艺术和促进社区互动的世界级生活方式目的地。成都太古里巧妙地实现了传统与现代的完美交融，为高质量城市更新树立了新典范。我们很荣幸能够打 造这一既与本地市民产生情感共鸣，又吸引游客的地标项目。我们相信成都太古里将继续蓬勃发展，激发城市活力，助力提升成都作为国际时尚与生活方式 中心的影响力。" 近日，成都商业消费市场活跃度持续上涨。深耕成都商业零售版图十年的城市标杆项目成都太古里正式开启十周年庆，运动品牌李宁打造的"李宁Nature自 然空间"限时快闪落地成都……从商业零售到品牌活动，显示出了企业对于助力提振消费的决心和努力。 成都太古里庆祝正式开业十周年 持续探索商业与文化的卓越融合 太古地产近日盛大开启一系列精彩纷呈的活动，庆祝旗下位于西南地区的旗舰发展项目——成都太古里正式开业十周年。同时特别推出"你的时分 Your Incredible Moments"限时主题展及《成都太古里十年口述历史》纪录片首映，生动呈现该项目作为城市更新典范的非凡历程，及其逐步蜕变为世界级零售 ...

多年来，李宁从原料、工艺、回收再利用、生态循环四个环节出发，致力构建环保产品"全链路"，依托技术创新，逐步实现环保理念在四个环节的落实与深 化，推动绿色生活方式走入消费者的运动生活，秉持"每一步，都向前"理念，助力行业可持续发展。 从原料、工艺、回收与循环出发，李宁致力构建环保产品全链路 智通财经APP获悉，2025年4月20日，在世界地球日来临之际，由中国运动品牌李宁(02331)打造的李宁Nature自然空间限时快闪在成都春熙路银石广场落 地，正式开启李宁"每一步都向前，让世界更美好"地球日特别活动。此次活动旨在通过生动沉浸的环保科技科普、环保产品探索历程回顾、线上线下环保主 题互动等方式，全方位展现李宁在推动运动鞋服环保科技、构建环保产品"全链路"过程中的实践成果，号召大众关注、践行绿色生活方式。 此次李宁Nature自然空间将环保产品的"全链路"可视化，打造了「源于自然」、「自然而染」、「自然新生」、「回归自然」四大主要场景与板块。 「源于自然」聚焦产品原料层面，呈现李宁多年使用、推广生物基材料的成果。生物基材料核心取自每年可重复生长的植物性可再生原料，且具有独特的优 良性能组合。以李宁䨻丝鞋面与极限 ...

---李宁 2024 年报点评 事件： [Table_Summary] 公司发布 2024 年报，2024 全年营收同增 3.9%至 286.8 亿元，净利润同 降 5.5%至 30.1 亿元。 点评： 全年表现基本符合预期。2024 年公司全渠道流水同比基本持平，报表端 收入同增 3.9%至 286.8 亿元。分产品看，跑步/篮球/综训/运动时尚品类 流水分别同比+25%/-21%/+6%/-6%。年内公司跑鞋大单品超轻、赤兔、 飞电系列产品销售情况良好，销量突破 1060 万双。篮球品类流水下滑主 要系公司主动调整发货节奏。报表端收入上，鞋类/服装/器材及配件收入 分别同比+6.8%/-2.9%/+29.3%至 143/120.5/23.3 亿元。 请务必阅读正文后的声明及说明 [Table_Title] 证券研究报告 / 港股公司报告 整体表现符合预期，积极投入提升竞争力 电商渠道增速领先。分渠道来看，2024 年公司批发业务收入同增 2.6%至 129.6 亿元，李宁大货线下批发渠道流水同比增长中单位数；直营业务收 入同降 0.4%至 68.8 亿元，李宁大货线下直营渠道流水同比下降低单位 数；电商渠 ...

金十数据4月11日讯，交银国际发报告指，上调李宁(02331.HK)目标价至16.25港元，维持"中性"评级， 原因是客流量暂未出现明显回升，短期内缺乏显著催化剂。较为保守的财务指引反映对未来的谨慎态 度。 交银国际上调李宁目标价至16.25港元 维持"中性" ...

Investment Rating - The investment rating for the company is Neutral [3][12]. Core Insights - The company is expected to maintain stable revenue and gross margin performance in 2025, with a target price set at HKD 16.25, indicating a potential upside of 11.9% from the current closing price of HKD 14.52 [2][8]. - The company achieved a revenue of RMB 28.68 billion in 2024, reflecting a year-on-year growth of 3.9%, primarily driven by a 7% increase in footwear sales [8][14]. - The gross margin improved by 1 percentage point to 49.4%, attributed to better discount management in e-commerce channels and enhanced efficiency in direct sales channels [8][14]. - The management announced a dividend of RMB 0.5848 per share, increasing the payout ratio to 50% [8][14]. Financial Overview - Revenue projections for the company are as follows: RMB 29.08 billion in 2025, RMB 30.81 billion in 2026, and RMB 32.86 billion in 2027, with corresponding year-on-year growth rates of 1.4%, 5.9%, and 6.6% respectively [5][14]. - Net profit is expected to decline slightly to RMB 2.97 billion in 2025, with a net profit margin of 10.2% [5][14]. - The company plans to optimize its product mix and maintain or slightly improve gross margins despite external uncertainties [8][14]. Performance Metrics - The company’s earnings per share (EPS) are projected to be RMB 1.15 in 2025, with a price-to-earnings (P/E) ratio of 11.9 [5][14]. - The dividend yield is expected to be around 4.2% in 2025, increasing to 5.5% by 2027 [5][14]. - The company’s cash and cash equivalents are projected to grow from RMB 5.44 billion in 2023 to RMB 10.65 billion in 2027 [14][15].

Investment Rating - The investment rating for the company is Neutral with a target price of HKD 16.25, indicating a potential upside of 11.9% from the current closing price of HKD 14.52 [2][7]. Core Insights - The company is expected to maintain stable revenue and gross margin performance in 2025, with a projected revenue of RMB 29,080 million, reflecting a year-on-year growth of 1.4% [3][6]. - The management anticipates that the gross margin will remain stable or slightly improve, supported by product mix optimization and operational cost management [7][8]. - The running category has shown significant growth, with retail sales increasing by 25% and total sales of the three core IPs exceeding 10.6 million pairs [7][8]. Financial Overview - Revenue for 2024 is projected at RMB 28,676 million, a 3.9% increase from 2023, with footwear sales contributing RMB 14,300 million, up 7% [6][8]. - The net profit for 2024 is expected to be RMB 3,013 million, with a net profit margin of 10.5% [6][8]. - The company plans to maintain a dividend payout ratio of 50%, increasing the dividend per share to RMB 0.5848 [7][8]. Operational Performance - The company has successfully optimized its channels, closing 83 inefficient stores while increasing the number of Li Ning YOUNG stores by 40 [7][8]. - E-commerce revenue has increased, now accounting for 31% of total revenue, highlighting its role as a key growth driver [7][8]. - The company aims to strengthen its leading position in the running category while nurturing emerging categories such as outdoor and tennis [7][8]. Financial Projections - The projected financials for the next few years include: - Revenue: RMB 29,080 million in 2025, RMB 30,809 million in 2026, and RMB 32,855 million in 2027 [6][13]. - Net profit: RMB 2,971 million in 2025, RMB 3,375 million in 2026, and RMB 3,871 million in 2027 [6][13]. - The company’s gross margin is expected to be 49.5% in 2025, with a slight increase to 50% by 2027 [14].

Core Viewpoint - Li Ning's 2024 financial report shows stable revenue growth but a decline in net profit, raising concerns among investors about its competitive position in the market [1][5]. Financial Performance - Total revenue for 2024 reached 28.676 billion RMB, a year-on-year increase of 3.9% [2][5]. - Gross profit margin improved by 1 percentage point to 49.4% [5]. - Net profit decreased by 5.5% to 3.013 billion RMB, marking the second consecutive year of decline [1][6]. - The company reported a net cash inflow from operations of 5.268 billion RMB, up 12.4% year-on-year [5]. Market Position and Competition - Compared to competitors like Anta and Xtep, which reported double-digit growth in net profit, Li Ning's performance appears lagging [1][6]. - Anta's revenue grew by 13.6% to 70.826 billion RMB, with net profit increasing over 50% to 15.596 billion RMB [6]. - Xtep and 361 Degrees also showed stronger revenue growth rates of 6.5% and 19.6%, respectively [6]. Product Performance - Li Ning's footwear segment remains a significant revenue contributor, generating 14.3 billion RMB, a 6.8% increase [7]. - The running category saw a retail sales increase of 25%, driven by the growth of marathon events [7]. - However, basketball and lifestyle segments experienced declines of 21% and 6%, respectively, indicating challenges in product competitiveness [8]. Operational Challenges - The company faced challenges with a reduction of 201 direct stores and an increase in inventory turnover days to 64 days, reflecting ongoing inventory pressure [8]. - Inventory levels increased by 4% to 2.598 billion RMB, indicating a need for better inventory management [8]. Strategic Focus - Li Ning's management emphasizes a strategy of "steady operation" while focusing on core areas such as running and training, and exploring new categories like outdoor and tennis [9]. - The company aims to enhance operational efficiency and brand building, with a focus on a single brand strategy that may need clearer differentiation among its sub-brands [9]. - Recently, Li Ning regained the official partnership with the Chinese Olympic Committee, which could enhance its brand visibility and market positioning [9]. Industry Context - The competitive landscape in the sportswear market is intensifying, with each brand facing unique challenges [10]. - Li Ning's ability to innovate in research and development, refine brand positioning, and expand globally will be crucial for its future success [10].