李宁联手红杉中国成立合资公司 稳健探索品牌出海新路径
核心战略保持稳定 | Core Strategy Remains Unchanged
在2024年半年报中，李宁公司(02331.HK)明确表示将在保持稳健步伐的同时寻求海外市场突破。最新公告显示，李宁将与红杉中国成立合资公司，共同开发中国内地以外的独家经营权。
In its 2024 interim report, Li-Ning Company (02331.HK) stated its intention to seek breakthroughs in overseas markets while maintaining steady progress. The latest announcement reveals that Li-Ning will establish a joint venture with Sequoia China to exclusively develop operations outside mainland China.
轻资产出海模式 | Capital-Light Globalization Model
中信里昂分析师指出，这种合资模式为公司海外扩张提供了更轻资产的路径，并能与红杉在海外市场的资源形成协同效应。不过考虑到目前国际业务占比仍小，分析师认为合资公司对集团整体影响有限。
CLSA analysts noted that this joint venture model provides a more capital-light path for the company's global expansion and can create synergies with Sequoia's overseas resources. However, given the current small proportion of international business, analysts believe the joint venture will have limited impact on the group.
双循环发展格局 | Dual-Circulation Development Strategy
在"以国内大循环为主体、国内国际双循环相互促进"的新发展格局下，"品牌出海"已成为中国企业寻求高质量发展的重要战略。2024年政府工作报告明确提出要打造更多具有国际影响力的"中国制造"品牌。
Under the new development paradigm of "domestic circulation as the mainstay, with domestic and international circulations reinforcing each other," "brand globalization" has become an important strategy for Chinese companies seeking high-quality development. The 2024 government work report explicitly proposed to create more internationally influential "Made in China" brands.
稳健的本土基础 | Solid Domestic Foundation
李宁公司强调，国内业务的稳健经营是其海外拓展的基石。未来公司将继续聚焦"单品牌、多品类、多渠道"战略，深耕中国市场，确保国内业务持续增长。
Li-Ning emphasized that the steady operation of its domestic business is the cornerstone of its global expansion. The company will continue to focus on its "single-brand, multi-category, multi-channel" strategy, deepen its presence in the Chinese market, and ensure continued growth in domestic business.
风险可控的国际化 | Risk-Controlled Globalization
通过与红杉的合作，李宁能够借助其丰富的跨境投资经验有效管理海外市场的政治、法律、文化等风险。麦格里认为这种模式能最大限度减少对上市公司财务状况的负面影响。
Through the partnership with Sequoia, Li-Ning can effectively manage political, legal, and cultural risks in overseas markets by leveraging Sequoia's extensive cross-border investment experience. Macquarie believes this model can minimize the negative impact on the listed company's financial condition.
东南亚或成首站 | Southeast Asia Likely First Stop
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。合资公司的建立将帮助公司借助多方力量探索国际市场。
Guosheng Securities analysis indicates that considering cultural customs and geographical factors, Southeast Asia may become the short-term operational focus for Li-Ning's overseas business. The establishment of the joint venture will help the company explore international markets with multiple strengths.
