李宁联手红杉中国成立合资公司 加速国际化布局寻求海外上市
中国运动服饰巨头李宁公司（02331.HK）近日宣布与红杉中国成立合资公司，旨在独家开发及经营中国内地以外的李宁品牌业务。这一战略举措被视为李宁加速国际化布局的重要里程碑。
Li Ning Company Limited (02331.HK), China's leading sportswear brand, has recently announced a joint venture with Sequoia China to exclusively develop and operate Li Ning brand business outside mainland China. This strategic move is regarded as a crucial milestone in Li Ning's global expansion.
根据公告，新公司注册资本为2亿港元，李宁方面持股55%。合资公司将寻求独立上市机会，同时获得红杉中国在国际市场的资源支持。
According to the announcement, the new joint venture has a registered capital of 200 million HKD, with Li Ning holding a 55% stake. The joint venture will seek independent listing opportunities while receiving Sequoia China's support in international market resources.
国际化战略背后的驱动力
Drivers Behind the Internationalization Strategy
资深品牌专家程伟雄分析指出："国内运动服饰市场竞争日趋激烈，国际品牌加速进入中国市场，同时本土二三线品牌快速成长。李宁需要开拓新市场来维持增长。"
Senior brand expert Cheng Weixiong analyzed: "The domestic sportswear market competition is intensifying, with international brands accelerating their entry into the Chinese market while local second- and third-tier brands are growing rapidly. Li Ning needs to explore new markets to maintain growth."
红杉中国在海外市场的丰富经验将成为李宁国际化的重要助力。2022年，红杉中国投资了多个国际时尚品牌，包括法国DESTREE、美国STARTER等，并参与了中国跨境电商SHEIN的多轮融资。
Sequoia China's extensive experience in overseas markets will be a significant boost to Li Ning's internationalization. In 2022, Sequoia China invested in several international fashion brands including France's DESTREE and America's STARTER, and participated in multiple rounds of financing for Chinese cross-border e-commerce SHEIN.
国内市场面临挑战
Challenges in the Domestic Market
李宁2024年第三季度财报显示，全平台零售流水同比出现中单位数下降。线下渠道下滑明显，仅电商业务实现中单位数增长。
Li Ning's Q3 2024 financial report showed a mid-single-digit percentage decline in total retail sales compared with the same period last year. Offline channels saw significant declines, with only e-commerce business achieving mid-single-digit growth.
无时尚中文网创始人唐小唐表示："国内消费市场信心减弱，运动服饰行业整体增速放缓。李宁需要在新业务和新市场尽快取得突破。"
Tang Xiaotang, founder of No Fashion Chinese Network, stated: "Domestic consumer market confidence is weakening, and the overall growth rate of the sportswear industry is slowing down. Li Ning needs to achieve breakthroughs in new businesses and markets as soon as possible."
国际化征程的挑战
Challenges in the Globalization Journey
专家指出，李宁在欧美市场将面临耐克、阿迪达斯等国际巨头的激烈竞争，而在东南亚市场则需要应对价格战的挑战。保持中高端品牌定位将成为关键。
Experts point out that Li Ning will face fierce competition from international giants like Nike and Adidas in European and American markets, while needing to cope with price wars in Southeast Asian markets. Maintaining a mid-to-high-end brand positioning will be crucial.
李宁投资者关系部门表示，合资公司的具体战略和运营方向仍在完善中。市场将密切关注这一国际化新模式的后续发展。
Li Ning's investor relations department stated that the specific strategies and operational directions of the joint venture are still being refined. The market will closely follow the subsequent development of this new internationalization model.
