李宁成立合资公司稳健探索海外市场 保持国内战略聚焦不变

李宁成立合资公司稳健探索海外市场 保持国内战略聚焦不变

Li Ning Establishes Joint Venture to Explore Overseas Markets Steadily While Maintaining Focus on Domestic Strategy

国内运动品牌领军企业李宁公司(02331.HK)近日宣布与红杉中国成立合资公司，共同推进李宁品牌在中国内地以外地区的独家开发及经营。这一战略举措标志着李宁在保持国内业务稳健发展的同时，开始以更灵活的方式探索海外市场。

Li Ning (02331.HK), a leading domestic sports brand, recently announced the establishment of a joint venture with Sequoia China to exclusively develop and operate the Li Ning brand outside mainland China. This strategic move signifies Li Ning's exploration of overseas markets in a more flexible way while maintaining steady development of its domestic business.

稳健的海外扩张策略

Prudent Overseas Expansion Strategy

中信里昂分析师指出，合资公司模式为李宁提供了一种轻资产的海外扩张方式。通过与红杉中国合作，李宁可以充分利用红杉在海外市场的资源和经验，同时降低自身风险。目前国际业务在李宁整体营收中占比较小，这一安排对集团影响有限。

CLSA analysts pointed out that the joint venture model provides Li Ning with a light-asset approach to overseas expansion. By partnering with Sequoia China, Li Ning can fully utilize Sequoia's resources and experience in overseas markets while reducing its own risks. Currently, international business accounts for a small proportion of Li Ning's overall revenue, so this arrangement has limited impact on the group.

坚持国内核心市场战略

Adherence to Core Domestic Market Strategy

李宁公司明确表示，出海并不意味着放弃国内业务。相反，国内业务的稳健经营是支撑海外拓展的基石。公司将继续秉持"单品牌、多品类、多渠道"的核心战略，深耕中国内地市场。

Li Ning clearly stated that going overseas does not mean abandoning domestic business. On the contrary, the steady operation of domestic business is the cornerstone supporting overseas expansion. The company will continue to adhere to its core strategy of "single brand, multiple categories, multiple channels" and deepen its presence in the mainland China market.

红杉中国的战略价值

Strategic Value of Sequoia China

红杉中国自2005年成立以来，积累了丰富的跨境投资经验。麦格里(Macquarie)分析认为，这种合作模式有助于最小化投资阶段对上市公司财务状况的负面影响。中金公司也认为，这是李宁迈向全球化的重要一步。

Since its establishment in 2005, Sequoia China has accumulated rich cross-border investment experience. Macquarie analysis suggests that this cooperation model helps minimize the negative impact of the investment phase on the financial condition of listed companies. CICC also believes this is an important step for Li Ning towards globalization.

东南亚或成短期重点

Southeast Asia Likely Short-term Focus

国盛证券分析指出，考虑到文化习俗和地域因素，东南亚可能成为李宁海外业务的短期运营重点。这种区域选择既考虑了市场潜力，也兼顾了文化相近性，有利于品牌本地化运营。

Guosheng Securities analysis indicates that considering cultural customs and geographical factors, Southeast Asia may become the short-term operational focus of Li Ning's overseas business. This regional selection takes into account both market potential and cultural proximity, which is conducive to brand localization.

总体而言，李宁通过与红杉中国成立合资公司探索海外市场，展现了中国品牌出海的稳健策略 - 在保持国内业务核心地位的同时，以风险可控的方式逐步拓展国际市场，为中国品牌全球化提供了有价值的参考案例。

Overall, Li Ning's exploration of overseas markets through the establishment of a joint venture with Sequoia China demonstrates the prudent strategy of Chinese brands going global - while maintaining the core position of domestic business, gradually expanding into international markets in a risk-controlled manner, providing a valuable reference case for the globalization of Chinese brands.