李宁联姻红杉中国加速出海 计划打造第二家上市公司
中国运动服饰巨头李宁公司（02331.HK）正在通过战略合作加速国际化布局。10月22日盘后，李宁公司发布公告宣布与红杉中国成立合资公司，共同开发中国内地以外的李宁品牌业务。
The Chinese sportswear giant Li Ning Company (02331.HK) is accelerating its international expansion through strategic partnerships. After the market closed on October 22, Li Ning announced the establishment of a joint venture with Sequoia China to jointly develop Li Ning brand business outside mainland China.
根据公告，新公司注册资本2亿港元，李宁方面持股55%。合资公司将专注于海外市场的独家开发和运营，并寻求未来独立上市的机会。这标志着李宁品牌国际化战略进入新阶段。
According to the announcement, the new company has a registered capital of 200 million Hong Kong dollars, with Li Ning holding 55% of the shares. The joint venture will focus on the exclusive development and operation of overseas markets and seek opportunities for an independent listing in the future. This marks a new phase in Li Ning's internationalization strategy.
为什么选择红杉中国？
Why Choose Sequoia China?
李宁公司在公告中表示，拓展境外市场需要具有丰富跨国资源的合作方。红杉中国在海外投资经验丰富，仅2022年就投资了法国轻奢配饰平台DESTREE、美国运动服饰品牌STARTER等国际品牌。
Li Ning stated in the announcement that expanding into overseas markets requires partners with rich cross-border resources. Sequoia China has extensive experience in overseas investments, having invested in international brands such as French luxury accessories platform DESTREE and American sportswear brand STARTER in 2022 alone.
资深品牌专家程伟雄分析指出："这不同于当前许多中国品牌的出海模式。李宁与红杉的合作更接近品牌出海的长期主义，将建立包括产品设计、制造、物流等在内的完整运营体系。"
Senior brand expert Cheng Weixiong analyzed: "This is different from the current overseas expansion models of many Chinese brands. The cooperation between Li Ning and Sequoia is closer to the long-term logic of brand globalization, establishing a complete operating system including product design, manufacturing, logistics, etc."
国内业务承压 急需新增长点
Domestic Business Under Pressure, Urgently Needing New Growth Points
李宁公司最新运营数据显示，2024年第三季度全平台零售流水同比出现中单位数下降。线下渠道下滑更为明显，仅电商渠道实现中单位数增长。
Li Ning's latest operating data shows that in the third quarter of 2024, total retail sales across all platforms recorded a mid-single-digit decline year-on-year. The offline channel saw a more significant decline, with only the e-commerce channel achieving mid-single-digit growth.
无时尚中文网创始人唐小唐表示："整个运动行业正在向户外运动转型。李宁前几年在篮球和潮流品类的优势正在减弱，现在布局跑步、户外等新领域，但转型效果尚未显现。"
Tang Xiaotang, founder of No Fashion China, said: "The entire sports industry is shifting toward outdoor sports. Li Ning's advantages in basketball and trendy categories in previous years are weakening, and while it is now expanding into new areas such as running and outdoor, the transformation effect has not yet materialized."
出海挑战：品牌认知与价格战
Overseas Challenges: Brand Recognition and Price Wars
分析师指出，李宁出海面临两大挑战：在欧美市场，需要与耐克、阿迪达斯等国际巨头正面竞争；在东南亚市场，则要应对中国二三线品牌的低价策略。
Analysts point out that Li Ning faces two major challenges in going global: in European and American markets, it needs to compete head-on with international giants like Nike and Adidas; in Southeast Asian markets, it must contend with the low-price strategies of Chinese second- and third-tier brands.
李宁投资者关系部门表示，目前户外产品市场反馈良好，但销售体量仍然较小。合资公司成立后，具体的海外战略仍在制定中。
Li Ning's investor relations department stated that while the market response to outdoor products is positive, the sales volume remains relatively small. After the establishment of the joint venture, specific overseas strategies are still being developed.
资本市场对李宁的出海计划反应谨慎。公告发布次日，公司股价下跌4.86%，报收15.280港元/股。投资者正在等待更多关于海外业务的具体规划和进展。
The capital market reacted cautiously to Li Ning's overseas expansion plan. The day after the announcement, the company's stock price fell 4.86% to close at HK$15.280 per share. Investors are waiting for more details on the specific plans and progress of the overseas business.
