一双鞋暴涨31倍背后：李宁全面打响国潮反击战

华尔街见闻2021-04-05

在消费升级的热潮中，中国品牌们正在改头换面，摆脱“大众运动品牌”的形象，向“运动时尚潮流”的高端站位发起冲击。炒鞋致富的新闻不稀奇，只不过这回，被炒到数万元的品牌是曾经的“大街货”李宁。在炒鞋党的“大本营”得物APP上，李宁韦德之道4全明星银白款，售价高达48889元，较1499元的参考发售价暴涨31倍。在安踏品牌中，以哆啦A梦联名休闲板鞋白黑款为例，42.5码售价为4599元，发售参考价...

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2021-04-05
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2021-04-05
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href=https://wallstreetcn.com/articles/3626192>华尔街见闻</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n在消费升级的热潮中，中国品牌们正在改头换面，摆脱“大众运动品牌”的形象，向“运动时尚潮流”的高端站位发起冲击。\n\n炒鞋致富的新闻不稀奇，只不过这回，被炒到数万元的品牌是曾经的“大街货”李宁。\n在炒鞋党的“大本营”得物APP上，李宁韦德之道4全明星银白款，售价高达48889元，较1499元的参考发售价暴涨31倍。\n在安踏品牌中，以哆啦A梦联名休闲板鞋白黑款为例，42.5码售价为4599元，发售参考价...\n\n<a href=\"https://wallstreetcn.com/articles/3626192\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"02331","symbol_name":"李宁","start_time":0,"source_url":"https://wallstreetcn.com/articles/3626192","article_id":"1115666346","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/36c94c5afd401e5546b2679333bd30b1"],"rights":{"source":"highlight_wallstreetcn","url":"https://wallstreetcn.com/articles/3626192","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=1115666346","pubTimestamp":1617616567,"columns":[],"sourceInfo":{"source_id":"highlight_wallstreetcn","name":"华尔街见闻"},"weMediaInfo":null,"summary":"在消费升级的热潮中，中国品牌们正在改头换面，摆脱“大众运动品牌”的形象，向“运动时尚潮流”的高端站位发起冲击。\n\n炒鞋致富的新闻不稀奇，只不过这回，被炒到数万元的品牌是曾经的“大街货”李宁。\n在炒鞋党","collect":0,"end_time":0,"defaultTopTitle":"wallstreetcn.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"02331":"李宁"},"translate_title":"Behind a pair of shoes soaring 31 times: Li Ning launched a 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17:56","market":"hk","language":"zh","title":"Behind the 31-fold surge of a pair of shoes: Li Ning launched a full-scale counterattack against the national trend","url":"https://stock-news.laohu8.com/highlight/detail?id=1115666346","media":"华尔街见闻","summary":"在消费升级的热潮中，中国品牌们正在改头换面，摆脱“大众运动品牌”的形象，向“运动时尚潮流”的高端站位发起冲击。\n\n炒鞋致富的新闻不稀奇，只不过这回，被炒到数万元的品牌是曾经的“大街货”李宁。\n在炒鞋党","content":"In the upsurge of consumption upgrades, Chinese brands are changing their faces, getting rid of the image of \"mass sports brands\" and launching an impact on the high-end position of \"sports fashion trends\". The news of getting rich by speculating on shoes is not unusual, but this time, the brand that was fired for tens of thousands of yuan was once a \"street product\"<a href=\"https://laohu8.com/S/02331\">Li Ning</a>。On the Dewu APP, the \"base camp\" of the shoe speculation party, the Li-Ning Wade's Way 4 All-Star Silver and White model is priced at 48,889 yuan, which is 31 times higher than the reference offering price of 1,499 yuan.Among the Anta brands, taking the white and black casual sneakers of Doraemon co-branded as an example, the price of 42.5 yards is 4,599 yuan, and the reference price is only 499 yuan, an increase of more than 8 times. There are nearly 9,000 recent purchase records.The value of Li Ning and Anta has skyrocketed, and the people who eat melons are shocked at this time that domestic products that were once close to the people are now unaffordable. \"I used to buy Li Ning when I had no money, but now I have no money to buy Li Ning.\"In fact, new domestic products with high pricing and avant-garde design have continued to explode in the past two years.As early as 2018, China's Li Ning hit the screen by setting foot on New York Fashion Week. The price of many limited-edition sneakers of Li Ning in China has increased several times before, and the follow-up hype after the Xinjiang cotton incident only amplified the increase.Behind this, there are many old and new brands in the cost-effective sports life market, which is in a fierce competitive red ocean pattern. At the same time, the consumption level of domestic young customers has improved, from focusing solely on the cost performance of products to pursuing different levels such as social attributes, aesthetic styles, and cultural connotations of products.In this wave of consumption upgrades, Chinese brands are changing their faces, getting rid of the image of \"mass sports brands\" and launching an impact on the high-end position of \"sports fashion trends\".Ten years of transformation, China Li Ning was bornAs early as 2010, Zhang Zhiyong realized that Li Ning's brand crisis was coming.On the one hand, the core customer base of the brand's original post-60s-80s brand is losing. On the other hand, emerging customer groups such as the post-90s generation lack a cognitive foundation for the Li-Ning brand, and their consumption habits change rapidly.At that time, Zhang Paiban put forward the brand rejuvenation strategy of \"post-90s Li Ning\", and started a series of actions to change the label and raise the price. The price segment of the main product was mentioned above 400 yuan.It's a pity, the start of rebranding was not smooth.The price of new commodities has become more expensive, which makes it difficult for Li Ning's main consumer groups in second-, third-and fourth-tier cities to accept. The number of orders and orders has dropped by 17% year-on-year. Li Ning has stuck itself between international high-end brands and popular brands in the market.In 2011, the company's profit plummeted by 65%, but the amount of product inventory increased by 200 million yuan, a 41% month-on-month increase, and the inventory turnover days changed from 52 days to 73 days.In 2012, Zhang Zhiyong, who had led the operation of Li Ning Company for 11 years, lost the trust of the founder and the board of directors and declared his exit. TPG Jin Zhenjun took over.During the period when Jin Zhenjun took office, Li-Ning Company successively launched the \"Li-Ning XJessica\" youth idol route and the \"Li-Ning Spring Label\" cost-effective sports life route based on the strategy of brand rejuvenation.Overall, the period, Li-Ning Company has made a useful exploration of the new business model of sports fashion, but the style image is relatively diverse and scattered, the product differentiation is insufficient, the brand recognition is not prominent enough, and the positioning of brand rejuvenation still lacks important support.It was not until the layout of the national trend and trying to integrate traditional cultural elements into the existing product line that Li Ning ushered in a real turning point.In 2017, Li-Ning Company released the original color matching products of Chinese style landscape painting, Qingying White Series and Counterflow Series, which are all-red-shaped \"Rouge Nian\" limited edition, using traditional landscape and ancient costume color matching.In 2018, the Chinese Li-Ning series landed in New York Fashion Week, which was a great success. This series incorporates traditional cultural representative elements such as \"Silk Road\", \"Dunhuang Murals\", \"Landscape Flowers and Birds\" and other innovative designs, which triggered a rush to buy. Li Ning also took this opportunity to reshape the traditional mass sports brand image and realize the brand innovation model of \"national style retro X sports fashion\".<img src=\"https://static.tigerbbs.com/a9e4a46b078411806d06806fb09171a9\" tg-width=\"1080\" tg-height=\"542\" referrerpolicy=\"no-referrer\">(In 2018, China Li-Ning series landed in New York Fashion Week)China Li-Ning and main brands work togetherOn the one hand, Li-Ning has completed the redefinition of Li-Ning's classic styles in the form of fashion shows at the central traffic nodes of the fashion industry with the help of mid-to high-standard central fashion catwalk models such as New York Fashion Week.On the other hand, Li Ning has joint cooperation with MAC, Dunhuang Museum, and popular animation IPs. The types of joint brands focus on traditional cultural IPs and animation IPs to meet the needs of younger target customers.<a href=\"https://laohu8.com/S/601162\">Tianfeng Securities</a>Analysts Sun Haiyang and Fan Zhangxiang believe that,The Li-Ning brand is based on China Li-Ning<a href=\"https://laohu8.com/S/HUBG\">hub</a>To realize the combing, series connection and expansion of the 2017 brand innovation national fashion series, and form a national fashion design style with shoes and clothing integrated, which has existing advantages in the field of national fashion trend, and some competing products in the same industry are difficult to copy in the short term.China Li-Ning's channel layout is still in the stage of rapid expansion. As of the end of 2019, the number of this series of fashion flagship stores was 120. Tianfeng Securities estimates that the number of stores in China's Li-Ning series will increase by 71 stores in 2020, and the net increase in stores is expected to reach 109 and 110 from 2021 to 2022 respectively, which will be close to the upper limit of 500-650 stores in 2025. The turnover scale of the series is expected to exceed 5 billion yuan.<img src=\"https://static.tigerbbs.com/a3d7e91f62ae62add07afbda73525df0\" tg-width=\"1249\" tg-height=\"494\" referrerpolicy=\"no-referrer\">China's Li-Ning series is mainly based on young customers of Generation Z (18-25 years old), and the pricing level is in the range of 800-1,200 yuan, which is 3-4 times the price range of Li-Ning's bulk goods of 160-320 yuan.Objectively speaking, China Li Ning's series audience has a single age group, and its price also determines that the customer base is not as large as that of large goods. However, Tianfeng Securities believes that China Li Ning will work together with the main brand and is expected to continue to provide performance increment.At the same time, benefiting from the accumulated effect of China's Li-Ning Guochao concept on the improvement of the brand power of Li-Ning's large cargo owners, the overall price range of the Li-Ning brand is expected to increase steadily. At the same time, during the 2020H1 period, the company will promote the replacement and upgrading of inefficient stores, and at the same time expand the number of new large stores in shopping malls. The store efficiency of the Li-Ning brand is expected to maintain steady improvement in the future.Tianfeng Securities predicts that the average annual net increase of Li-Ning large-scale stores from 2021 to 2023 will remain within the range of 240-300; Li-Ning Young's average annual net increase in stores from 2021 to 2023 is expected to be between 100-200.2023-2028 is a period of rapid growth for Li Ning Company. The CAGR of net profit attributable to the parent company remains at 20%. 2029-2033 is a period of stable growth. The company's overall CAGR of net profit attributable to the parent company remains at 15%. After 2034, it will be a perpetual period. The growth rate of net profit attributable to the parent company and FCFF is constant at 3%.<img src=\"https://static.tigerbbs.com/c582a52865722ffb0145e2adef50e72b\" tg-width=\"1247\" tg-height=\"629\" referrerpolicy=\"no-referrer\">The national trend has brought new momentum to Li Ning, but it has also become a speculation point for some speculators. CCTV News commented today that shoes are for wearing, not for speculation. Shoe speculators have raised the price of domestic sneakers to a deformity through abnormal means, breaking away from the real price of domestic sneakers, which will eventually hurt the whole domestic shoe industry.Looking back at Li Ning's ten-year transformation history, we can find that the transformation of domestic products is driven by internal innovation. Don't let hype stifle the healthy growth of the brand and industry.","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Behind the 31-fold surge of a pair of shoes: Li Ning launched a full-scale counterattack against the national trend</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBehind the 31-fold surge of a pair of shoes: Li Ning launched a full-scale counterattack against the national trend\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-04-05 17:56\n\n</h4>\n</header>\n<article>\nIn the upsurge of consumption upgrades, Chinese brands are changing their faces, getting rid of the image of \"mass sports brands\" and launching an impact on the high-end position of \"sports fashion trends\". The news of getting rich by speculating on shoes is not unusual, but this time, the brand that was fired for tens of thousands of yuan was once a \"street product\"<a href=\"https://laohu8.com/S/02331\">Li Ning</a>。On the Dewu APP, the \"base camp\" of the shoe speculation party, the Li-Ning Wade's Way 4 All-Star Silver and White model is priced at 48,889 yuan, which is 31 times higher than the reference offering price of 1,499 yuan.Among the Anta brands, taking the white and black casual sneakers of Doraemon co-branded as an example, the price of 42.5 yards is 4,599 yuan, and the reference price is only 499 yuan, an increase of more than 8 times. There are nearly 9,000 recent purchase records.The value of Li Ning and Anta has skyrocketed, and the people who eat melons are shocked at this time that domestic products that were once close to the people are now unaffordable. \"I used to buy Li Ning when I had no money, but now I have no money to buy Li Ning.\"In fact, new domestic products with high pricing and avant-garde design have continued to explode in the past two years.As early as 2018, China's Li Ning hit the screen by setting foot on New York Fashion Week. The price of many limited-edition sneakers of Li Ning in China has increased several times before, and the follow-up hype after the Xinjiang cotton incident only amplified the increase.Behind this, there are many old and new brands in the cost-effective sports life market, which is in a fierce competitive red ocean pattern. At the same time, the consumption level of domestic young customers has improved, from focusing solely on the cost performance of products to pursuing different levels such as social attributes, aesthetic styles, and cultural connotations of products.In this wave of consumption upgrades, Chinese brands are changing their faces, getting rid of the image of \"mass sports brands\" and launching an impact on the high-end position of \"sports fashion trends\".Ten years of transformation, China Li Ning was bornAs early as 2010, Zhang Zhiyong realized that Li Ning's brand crisis was coming.On the one hand, the core customer base of the brand's original post-60s-80s brand is losing. On the other hand, emerging customer groups such as the post-90s generation lack a cognitive foundation for the Li-Ning brand, and their consumption habits change rapidly.At that time, Zhang Paiban put forward the brand rejuvenation strategy of \"post-90s Li Ning\", and started a series of actions to change the label and raise the price. The price segment of the main product was mentioned above 400 yuan.It's a pity, the start of rebranding was not smooth.The price of new commodities has become more expensive, which makes it difficult for Li Ning's main consumer groups in second-, third-and fourth-tier cities to accept. The number of orders and orders has dropped by 17% year-on-year. Li Ning has stuck itself between international high-end brands and popular brands in the market.In 2011, the company's profit plummeted by 65%, but the amount of product inventory increased by 200 million yuan, a 41% month-on-month increase, and the inventory turnover days changed from 52 days to 73 days.In 2012, Zhang Zhiyong, who had led the operation of Li Ning Company for 11 years, lost the trust of the founder and the board of directors and declared his exit. TPG Jin Zhenjun took over.During the period when Jin Zhenjun took office, Li-Ning Company successively launched the \"Li-Ning XJessica\" youth idol route and the \"Li-Ning Spring Label\" cost-effective sports life route based on the strategy of brand rejuvenation.Overall, the period, Li-Ning Company has made a useful exploration of the new business model of sports fashion, but the style image is relatively diverse and scattered, the product differentiation is insufficient, the brand recognition is not prominent enough, and the positioning of brand rejuvenation still lacks important support.It was not until the layout of the national trend and trying to integrate traditional cultural elements into the existing product line that Li Ning ushered in a real turning point.In 2017, Li-Ning Company released the original color matching products of Chinese style landscape painting, Qingying White Series and Counterflow Series, which are all-red-shaped \"Rouge Nian\" limited edition, using traditional landscape and ancient costume color matching.In 2018, the Chinese Li-Ning series landed in New York Fashion Week, which was a great success. This series incorporates traditional cultural representative elements such as \"Silk Road\", \"Dunhuang Murals\", \"Landscape Flowers and Birds\" and other innovative designs, which triggered a rush to buy. Li Ning also took this opportunity to reshape the traditional mass sports brand image and realize the brand innovation model of \"national style retro X sports fashion\".<img src=\"https://static.tigerbbs.com/a9e4a46b078411806d06806fb09171a9\" tg-width=\"1080\" tg-height=\"542\" referrerpolicy=\"no-referrer\">(In 2018, China Li-Ning series landed in New York Fashion Week)China Li-Ning and main brands work togetherOn the one hand, Li-Ning has completed the redefinition of Li-Ning's classic styles in the form of fashion shows at the central traffic nodes of the fashion industry with the help of mid-to high-standard central fashion catwalk models such as New York Fashion Week.On the other hand, Li Ning has joint cooperation with MAC, Dunhuang Museum, and popular animation IPs. The types of joint brands focus on traditional cultural IPs and animation IPs to meet the needs of younger target customers.<a href=\"https://laohu8.com/S/601162\">Tianfeng Securities</a>Analysts Sun Haiyang and Fan Zhangxiang believe that,The Li-Ning brand is based on China Li-Ning<a href=\"https://laohu8.com/S/HUBG\">hub</a>To realize the combing, series connection and expansion of the 2017 brand innovation national fashion series, and form a national fashion design style with shoes and clothing integrated, which has existing advantages in the field of national fashion trend, and some competing products in the same industry are difficult to copy in the short term.China Li-Ning's channel layout is still in the stage of rapid expansion. As of the end of 2019, the number of this series of fashion flagship stores was 120. Tianfeng Securities estimates that the number of stores in China's Li-Ning series will increase by 71 stores in 2020, and the net increase in stores is expected to reach 109 and 110 from 2021 to 2022 respectively, which will be close to the upper limit of 500-650 stores in 2025. The turnover scale of the series is expected to exceed 5 billion yuan.<img src=\"https://static.tigerbbs.com/a3d7e91f62ae62add07afbda73525df0\" tg-width=\"1249\" tg-height=\"494\" referrerpolicy=\"no-referrer\">China's Li-Ning series is mainly based on young customers of Generation Z (18-25 years old), and the pricing level is in the range of 800-1,200 yuan, which is 3-4 times the price range of Li-Ning's bulk goods of 160-320 yuan.Objectively speaking, China Li Ning's series audience has a single age group, and its price also determines that the customer base is not as large as that of large goods. However, Tianfeng Securities believes that China Li Ning will work together with the main brand and is expected to continue to provide performance increment.At the same time, benefiting from the accumulated effect of China's Li-Ning Guochao concept on the improvement of the brand power of Li-Ning's large cargo owners, the overall price range of the Li-Ning brand is expected to increase steadily. At the same time, during the 2020H1 period, the company will promote the replacement and upgrading of inefficient stores, and at the same time expand the number of new large stores in shopping malls. The store efficiency of the Li-Ning brand is expected to maintain steady improvement in the future.Tianfeng Securities predicts that the average annual net increase of Li-Ning large-scale stores from 2021 to 2023 will remain within the range of 240-300; Li-Ning Young's average annual net increase in stores from 2021 to 2023 is expected to be between 100-200.2023-2028 is a period of rapid growth for Li Ning Company. The CAGR of net profit attributable to the parent company remains at 20%. 2029-2033 is a period of stable growth. The company's overall CAGR of net profit attributable to the parent company remains at 15%. After 2034, it will be a perpetual period. The growth rate of net profit attributable to the parent company and FCFF is constant at 3%.<img src=\"https://static.tigerbbs.com/c582a52865722ffb0145e2adef50e72b\" tg-width=\"1247\" tg-height=\"629\" referrerpolicy=\"no-referrer\">The national trend has brought new momentum to Li Ning, but it has also become a speculation point for some speculators. CCTV News commented today that shoes are for wearing, not for speculation. Shoe speculators have raised the price of domestic sneakers to a deformity through abnormal means, breaking away from the real price of domestic sneakers, which will eventually hurt the whole domestic shoe industry.Looking back at Li Ning's ten-year transformation history, we can find that the transformation of domestic products is driven by internal innovation. Don't let hype stifle the healthy growth of the brand and industry.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3626192\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/36c94c5afd401e5546b2679333bd30b1","relate_stocks":{"02331":"李宁"},"source_url":"https://wallstreetcn.com/articles/3626192","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1115666346","content_text":"在消费升级的热潮中，中国品牌们正在改头换面，摆脱“大众运动品牌”的形象，向“运动时尚潮流”的高端站位发起冲击。\n\n炒鞋致富的新闻不稀奇，只不过这回，被炒到数万元的品牌是曾经的“大街货”李宁。\n在炒鞋党的“大本营”得物APP上，李宁韦德之道4全明星银白款，售价高达48889元，较1499元的参考发售价暴涨31倍。\n在安踏品牌中，以哆啦A梦联名休闲板鞋白黑款为例，42.5码售价为4599元，发售参考价仅为499元，涨了8倍多，最近购买记录有近9000条。\n李宁、安踏身价扶摇直上，吃瓜群众此时才惊觉，曾经亲民的国货如今都高攀不起了，“以前是没钱才买李宁，现在是没钱买李宁。”\n事实上，高定价、设计前卫的新国货近两年正在持续爆发。早在2018年，中国李宁就靠着踏上纽约时装周刷了波屏。中国李宁的多款限量球鞋之前已涨价数倍，新疆棉事件后的跟风炒作只是放大了涨幅。\n在这背后，性价比运动生活市场新旧品牌众多，处于激烈竞争红海格局。同时，国内年轻客群消费水平的提升，从单一看重商品性价比，升级到追求产品的社交属性、美感风格、文化内涵等不同层级。\n在这波消费升级的热潮中，中国品牌们正在改头换面，摆脱“大众运动品牌”的形象，向“运动时尚潮流”的高端站位发起冲击。\n十年转型，中国李宁横空出世\n早在2010年，张志勇就意识到李宁的品牌危机来了。\n一方面，品牌原有的60-80后品牌核心客群的在流失。另一方面，90后等新兴客群对于李宁品牌缺乏认知基础，且消费习惯转换较快。\n当年，张拍板提出“90后李宁”品牌年轻化战略，开启换标、提价一系列动作，主力产品价格段提到400元以上。\n只可惜，重塑品牌的开端并不顺利。\n新商品价格变贵，让李宁公司在二线、三线、四线城市的主要消费群难以接受，订单和订货数量同比下滑17%，李宁公司将自己卡在了国际高端品牌和市场大众品牌之间。\n2011年该公司利润骤跌65%，产品库存金额却增加了2亿元、环比大涨41%，库存周转天数从52天变为73天。\n2012年，领导李宁公司运营11年之久的张志勇失去创始人和董事会的信任，宣告出局，TPG金珍君接棒。\n金珍君入主时期，李宁公司在品牌年轻化的策略之上，整体先后推出“李宁XJessica”青春偶像路线、“李宁弹簧标”性价比运动生活路线。\n整体而言，该时期，李宁公司对运动时尚新业务模式进行了有益探索，但风格形象较为多元分散、产品差异化不足、品牌辨识度不够突出，品牌年轻化的定位仍旧缺乏重要支撑。\n直到布局国风潮流，尝试将传统文化元素融入现有产品线当中，李宁才迎来真正的转折点。\n2017年，李宁公司发售中国风山水画配色原创产品青萦白溯系列、Counterflow溯系列全红造型“胭脂念”限量款利用传统山水、古装配色。\n2018年，中国李宁系列登陆纽约时装周，大获成功。该系列融入了“丝绸之路”、“敦煌壁画”、“山水花鸟”等传统文化代表元素进行创新设计，引发抢购热潮，李宁也借此完成传统大众运动品牌形象重塑，实现“国风复古X运动时尚”品牌创新模式。\n\n（2018年，中国李宁系列登陆纽约时装周）\n中国李宁与主品牌协同发力\n一方面，李宁借助纽约时装周等中高规格中心时装走秀模式，以时装界中心流量节点时装秀的形式，完成了对李宁经典款式的重新定义。\n另一方面，李宁与MAC、敦煌博物馆、热门动漫IP进行联名合作，联名类型集中在传统文化IP、动漫IP来契合更为年轻的目标客群需求。\n天风证券分析师孙海洋、范张翔认为，李宁品牌是以中国李宁为枢纽，实现对2017年品牌创新国风潮流系列梳理串联与拓展，形成鞋服一体配搭的国潮设计风格，在国风时尚潮流领域具有现有优势，部分同行竞品短期内难以复制。\n中国李宁渠道铺设目前尚处于高速拓展阶段，截至2019年底该系列时尚旗舰店数量为120家。天风证券估算，中国李宁系列2020年门店数量净增71家门店，2021~2022年预计门店净增数量分别达到109、110家，将在2025年接近门店数量的上限500-650家，届时该系列流水规模有望突破50亿元。\n\n中国李宁系列以Z世代年轻客群为主（18-25岁），定价水平在800-1200元的区间，是李宁大货售价区间160-320元的3-4倍。\n客观来看，中国李宁系列受众年龄层单一，其价格也决定了客群规模不及大货，但天风证券认为，中国李宁将与主品牌协同发力，有望持续提供业绩增量。\n同时，受益于中国李宁国潮概念对李宁大货主品牌力提升积累作用，李宁品牌整体售价区间有望稳步提升，同时2020H1期间，公司推动低效门店汰换升级，同时拓展购物中心新型大店数量，李宁品牌未来门店店效有望保持稳步提升。\n天风证券预计，李宁大货2021-2023年年均门店净增数量保持在240-300家区间内；李宁Young业务2021-2023年均门店净增数量预计在100-200家之间。\n2023-2028为李宁公司的快速增长期，归母净利润CAGR保持在20%，2029-2033年为稳定增长期，公司整体归母净利润CAGR保持在15%，2034年以后为永续期，归母净利润及FCFF增速恒定为3%。\n\n国潮为李宁带来新动能，但也成了一些投机客的炒作点。央视新闻今日评论称，鞋是用来穿的，而不应是用来炒的，炒鞋客通过非正常手段把国产球鞋的价格升到畸形地步，脱离了国产球鞋的真实价位，最终将伤害整个国产鞋行业。\n回顾李宁十年转型史，我们可以发现，国货的蜕变靠的是内在创新驱动，别让炒作扼杀了品牌、行业的良性增长。","news_type":1,"symbols_score_info":{"02331":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":349242853,"gmtCreate":1617619775972,"gmtModify":1704700926253,"author":{"id":"3570680003025932","authorId":"3570680003025932","name":"Kangtheman","avatar":"https://static.tigerbbs.com/664829be2418f5372df47859ff48f5e0","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3570680003025932","idStr":"3570680003025932"},"htmlText":"[强]&nbsp;[强]&nbsp;","listText":"[强]&nbsp;[强]&nbsp;","text":"[强] [强]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349242853","repostId":1115666346,"repostType":4,"repost":{"id":"1115666346","kind":"news","pubTimestamp":1617616567,"share":"https://ttm.financial/m/news/1115666346?lang=en_US&edition=fundamental","pubTime":"2021-04-05 17:56","market":"hk","language":"zh","title":"Behind the 31-fold surge of a pair of shoes: Li Ning launched a full-scale counterattack against the national trend","url":"https://stock-news.laohu8.com/highlight/detail?id=1115666346","media":"华尔街见闻","summary":"在消费升级的热潮中，中国品牌们正在改头换面，摆脱“大众运动品牌”的形象，向“运动时尚潮流”的高端站位发起冲击。\n\n炒鞋致富的新闻不稀奇，只不过这回，被炒到数万元的品牌是曾经的“大街货”李宁。\n在炒鞋党","content":"In the upsurge of consumption upgrades, Chinese brands are changing their faces, getting rid of the image of \"mass sports brands\" and launching an impact on the high-end position of \"sports fashion trends\". The news of getting rich by speculating on shoes is not unusual, but this time, the brand that was fired for tens of thousands of yuan was once a \"street product\"<a href=\"https://laohu8.com/S/02331\">Li Ning</a>。On the Dewu APP, the \"base camp\" of the shoe speculation party, the Li-Ning Wade's Way 4 All-Star Silver and White model is priced at 48,889 yuan, which is 31 times higher than the reference offering price of 1,499 yuan.Among the Anta brands, taking the white and black casual sneakers of Doraemon co-branded as an example, the price of 42.5 yards is 4,599 yuan, and the reference price is only 499 yuan, an increase of more than 8 times. There are nearly 9,000 recent purchase records.The value of Li Ning and Anta has skyrocketed, and the people who eat melons are shocked at this time that domestic products that were once close to the people are now unaffordable. \"I used to buy Li Ning when I had no money, but now I have no money to buy Li Ning.\"In fact, new domestic products with high pricing and avant-garde design have continued to explode in the past two years.As early as 2018, China's Li Ning hit the screen by setting foot on New York Fashion Week. The price of many limited-edition sneakers of Li Ning in China has increased several times before, and the follow-up hype after the Xinjiang cotton incident only amplified the increase.Behind this, there are many old and new brands in the cost-effective sports life market, which is in a fierce competitive red ocean pattern. At the same time, the consumption level of domestic young customers has improved, from focusing solely on the cost performance of products to pursuing different levels such as social attributes, aesthetic styles, and cultural connotations of products.In this wave of consumption upgrades, Chinese brands are changing their faces, getting rid of the image of \"mass sports brands\" and launching an impact on the high-end position of \"sports fashion trends\".Ten years of transformation, China Li Ning was bornAs early as 2010, Zhang Zhiyong realized that Li Ning's brand crisis was coming.On the one hand, the core customer base of the brand's original post-60s-80s brand is losing. On the other hand, emerging customer groups such as the post-90s generation lack a cognitive foundation for the Li-Ning brand, and their consumption habits change rapidly.At that time, Zhang Paiban put forward the brand rejuvenation strategy of \"post-90s Li Ning\", and started a series of actions to change the label and raise the price. The price segment of the main product was mentioned above 400 yuan.It's a pity, the start of rebranding was not smooth.The price of new commodities has become more expensive, which makes it difficult for Li Ning's main consumer groups in second-, third-and fourth-tier cities to accept. The number of orders and orders has dropped by 17% year-on-year. Li Ning has stuck itself between international high-end brands and popular brands in the market.In 2011, the company's profit plummeted by 65%, but the amount of product inventory increased by 200 million yuan, a 41% month-on-month increase, and the inventory turnover days changed from 52 days to 73 days.In 2012, Zhang Zhiyong, who had led the operation of Li Ning Company for 11 years, lost the trust of the founder and the board of directors and declared his exit. TPG Jin Zhenjun took over.During the period when Jin Zhenjun took office, Li-Ning Company successively launched the \"Li-Ning XJessica\" youth idol route and the \"Li-Ning Spring Label\" cost-effective sports life route based on the strategy of brand rejuvenation.Overall, the period, Li-Ning Company has made a useful exploration of the new business model of sports fashion, but the style image is relatively diverse and scattered, the product differentiation is insufficient, the brand recognition is not prominent enough, and the positioning of brand rejuvenation still lacks important support.It was not until the layout of the national trend and trying to integrate traditional cultural elements into the existing product line that Li Ning ushered in a real turning point.In 2017, Li-Ning Company released the original color matching products of Chinese style landscape painting, Qingying White Series and Counterflow Series, which are all-red-shaped \"Rouge Nian\" limited edition, using traditional landscape and ancient costume color matching.In 2018, the Chinese Li-Ning series landed in New York Fashion Week, which was a great success. This series incorporates traditional cultural representative elements such as \"Silk Road\", \"Dunhuang Murals\", \"Landscape Flowers and Birds\" and other innovative designs, which triggered a rush to buy. Li Ning also took this opportunity to reshape the traditional mass sports brand image and realize the brand innovation model of \"national style retro X sports fashion\".<img src=\"https://static.tigerbbs.com/a9e4a46b078411806d06806fb09171a9\" tg-width=\"1080\" tg-height=\"542\" referrerpolicy=\"no-referrer\">(In 2018, China Li-Ning series landed in New York Fashion Week)China Li-Ning and main brands work togetherOn the one hand, Li-Ning has completed the redefinition of Li-Ning's classic styles in the form of fashion shows at the central traffic nodes of the fashion industry with the help of mid-to high-standard central fashion catwalk models such as New York Fashion Week.On the other hand, Li Ning has joint cooperation with MAC, Dunhuang Museum, and popular animation IPs. The types of joint brands focus on traditional cultural IPs and animation IPs to meet the needs of younger target customers.<a href=\"https://laohu8.com/S/601162\">Tianfeng Securities</a>Analysts Sun Haiyang and Fan Zhangxiang believe that,The Li-Ning brand is based on China Li-Ning<a href=\"https://laohu8.com/S/HUBG\">hub</a>To realize the combing, series connection and expansion of the 2017 brand innovation national fashion series, and form a national fashion design style with shoes and clothing integrated, which has existing advantages in the field of national fashion trend, and some competing products in the same industry are difficult to copy in the short term.China Li-Ning's channel layout is still in the stage of rapid expansion. As of the end of 2019, the number of this series of fashion flagship stores was 120. Tianfeng Securities estimates that the number of stores in China's Li-Ning series will increase by 71 stores in 2020, and the net increase in stores is expected to reach 109 and 110 from 2021 to 2022 respectively, which will be close to the upper limit of 500-650 stores in 2025. The turnover scale of the series is expected to exceed 5 billion yuan.<img src=\"https://static.tigerbbs.com/a3d7e91f62ae62add07afbda73525df0\" tg-width=\"1249\" tg-height=\"494\" referrerpolicy=\"no-referrer\">China's Li-Ning series is mainly based on young customers of Generation Z (18-25 years old), and the pricing level is in the range of 800-1,200 yuan, which is 3-4 times the price range of Li-Ning's bulk goods of 160-320 yuan.Objectively speaking, China Li Ning's series audience has a single age group, and its price also determines that the customer base is not as large as that of large goods. However, Tianfeng Securities believes that China Li Ning will work together with the main brand and is expected to continue to provide performance increment.At the same time, benefiting from the accumulated effect of China's Li-Ning Guochao concept on the improvement of the brand power of Li-Ning's large cargo owners, the overall price range of the Li-Ning brand is expected to increase steadily. At the same time, during the 2020H1 period, the company will promote the replacement and upgrading of inefficient stores, and at the same time expand the number of new large stores in shopping malls. The store efficiency of the Li-Ning brand is expected to maintain steady improvement in the future.Tianfeng Securities predicts that the average annual net increase of Li-Ning large-scale stores from 2021 to 2023 will remain within the range of 240-300; Li-Ning Young's average annual net increase in stores from 2021 to 2023 is expected to be between 100-200.2023-2028 is a period of rapid growth for Li Ning Company. The CAGR of net profit attributable to the parent company remains at 20%. 2029-2033 is a period of stable growth. The company's overall CAGR of net profit attributable to the parent company remains at 15%. After 2034, it will be a perpetual period. The growth rate of net profit attributable to the parent company and FCFF is constant at 3%.<img src=\"https://static.tigerbbs.com/c582a52865722ffb0145e2adef50e72b\" tg-width=\"1247\" tg-height=\"629\" referrerpolicy=\"no-referrer\">The national trend has brought new momentum to Li Ning, but it has also become a speculation point for some speculators. CCTV News commented today that shoes are for wearing, not for speculation. Shoe speculators have raised the price of domestic sneakers to a deformity through abnormal means, breaking away from the real price of domestic sneakers, which will eventually hurt the whole domestic shoe industry.Looking back at Li Ning's ten-year transformation history, we can find that the transformation of domestic products is driven by internal innovation. Don't let hype stifle the healthy growth of the brand and industry.","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Behind the 31-fold surge of a pair of shoes: Li Ning launched a full-scale counterattack against the national trend</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBehind the 31-fold surge of a pair of shoes: Li Ning launched a full-scale counterattack against the national trend\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-04-05 17:56\n\n</h4>\n</header>\n<article>\nIn the upsurge of consumption upgrades, Chinese brands are changing their faces, getting rid of the image of \"mass sports brands\" and launching an impact on the high-end position of \"sports fashion trends\". The news of getting rich by speculating on shoes is not unusual, but this time, the brand that was fired for tens of thousands of yuan was once a \"street product\"<a href=\"https://laohu8.com/S/02331\">Li Ning</a>。On the Dewu APP, the \"base camp\" of the shoe speculation party, the Li-Ning Wade's Way 4 All-Star Silver and White model is priced at 48,889 yuan, which is 31 times higher than the reference offering price of 1,499 yuan.Among the Anta brands, taking the white and black casual sneakers of Doraemon co-branded as an example, the price of 42.5 yards is 4,599 yuan, and the reference price is only 499 yuan, an increase of more than 8 times. There are nearly 9,000 recent purchase records.The value of Li Ning and Anta has skyrocketed, and the people who eat melons are shocked at this time that domestic products that were once close to the people are now unaffordable. \"I used to buy Li Ning when I had no money, but now I have no money to buy Li Ning.\"In fact, new domestic products with high pricing and avant-garde design have continued to explode in the past two years.As early as 2018, China's Li Ning hit the screen by setting foot on New York Fashion Week. The price of many limited-edition sneakers of Li Ning in China has increased several times before, and the follow-up hype after the Xinjiang cotton incident only amplified the increase.Behind this, there are many old and new brands in the cost-effective sports life market, which is in a fierce competitive red ocean pattern. At the same time, the consumption level of domestic young customers has improved, from focusing solely on the cost performance of products to pursuing different levels such as social attributes, aesthetic styles, and cultural connotations of products.In this wave of consumption upgrades, Chinese brands are changing their faces, getting rid of the image of \"mass sports brands\" and launching an impact on the high-end position of \"sports fashion trends\".Ten years of transformation, China Li Ning was bornAs early as 2010, Zhang Zhiyong realized that Li Ning's brand crisis was coming.On the one hand, the core customer base of the brand's original post-60s-80s brand is losing. On the other hand, emerging customer groups such as the post-90s generation lack a cognitive foundation for the Li-Ning brand, and their consumption habits change rapidly.At that time, Zhang Paiban put forward the brand rejuvenation strategy of \"post-90s Li Ning\", and started a series of actions to change the label and raise the price. The price segment of the main product was mentioned above 400 yuan.It's a pity, the start of rebranding was not smooth.The price of new commodities has become more expensive, which makes it difficult for Li Ning's main consumer groups in second-, third-and fourth-tier cities to accept. The number of orders and orders has dropped by 17% year-on-year. Li Ning has stuck itself between international high-end brands and popular brands in the market.In 2011, the company's profit plummeted by 65%, but the amount of product inventory increased by 200 million yuan, a 41% month-on-month increase, and the inventory turnover days changed from 52 days to 73 days.In 2012, Zhang Zhiyong, who had led the operation of Li Ning Company for 11 years, lost the trust of the founder and the board of directors and declared his exit. TPG Jin Zhenjun took over.During the period when Jin Zhenjun took office, Li-Ning Company successively launched the \"Li-Ning XJessica\" youth idol route and the \"Li-Ning Spring Label\" cost-effective sports life route based on the strategy of brand rejuvenation.Overall, the period, Li-Ning Company has made a useful exploration of the new business model of sports fashion, but the style image is relatively diverse and scattered, the product differentiation is insufficient, the brand recognition is not prominent enough, and the positioning of brand rejuvenation still lacks important support.It was not until the layout of the national trend and trying to integrate traditional cultural elements into the existing product line that Li Ning ushered in a real turning point.In 2017, Li-Ning Company released the original color matching products of Chinese style landscape painting, Qingying White Series and Counterflow Series, which are all-red-shaped \"Rouge Nian\" limited edition, using traditional landscape and ancient costume color matching.In 2018, the Chinese Li-Ning series landed in New York Fashion Week, which was a great success. This series incorporates traditional cultural representative elements such as \"Silk Road\", \"Dunhuang Murals\", \"Landscape Flowers and Birds\" and other innovative designs, which triggered a rush to buy. Li Ning also took this opportunity to reshape the traditional mass sports brand image and realize the brand innovation model of \"national style retro X sports fashion\".<img src=\"https://static.tigerbbs.com/a9e4a46b078411806d06806fb09171a9\" tg-width=\"1080\" tg-height=\"542\" referrerpolicy=\"no-referrer\">(In 2018, China Li-Ning series landed in New York Fashion Week)China Li-Ning and main brands work togetherOn the one hand, Li-Ning has completed the redefinition of Li-Ning's classic styles in the form of fashion shows at the central traffic nodes of the fashion industry with the help of mid-to high-standard central fashion catwalk models such as New York Fashion Week.On the other hand, Li Ning has joint cooperation with MAC, Dunhuang Museum, and popular animation IPs. The types of joint brands focus on traditional cultural IPs and animation IPs to meet the needs of younger target customers.<a href=\"https://laohu8.com/S/601162\">Tianfeng Securities</a>Analysts Sun Haiyang and Fan Zhangxiang believe that,The Li-Ning brand is based on China Li-Ning<a href=\"https://laohu8.com/S/HUBG\">hub</a>To realize the combing, series connection and expansion of the 2017 brand innovation national fashion series, and form a national fashion design style with shoes and clothing integrated, which has existing advantages in the field of national fashion trend, and some competing products in the same industry are difficult to copy in the short term.China Li-Ning's channel layout is still in the stage of rapid expansion. As of the end of 2019, the number of this series of fashion flagship stores was 120. Tianfeng Securities estimates that the number of stores in China's Li-Ning series will increase by 71 stores in 2020, and the net increase in stores is expected to reach 109 and 110 from 2021 to 2022 respectively, which will be close to the upper limit of 500-650 stores in 2025. The turnover scale of the series is expected to exceed 5 billion yuan.<img src=\"https://static.tigerbbs.com/a3d7e91f62ae62add07afbda73525df0\" tg-width=\"1249\" tg-height=\"494\" referrerpolicy=\"no-referrer\">China's Li-Ning series is mainly based on young customers of Generation Z (18-25 years old), and the pricing level is in the range of 800-1,200 yuan, which is 3-4 times the price range of Li-Ning's bulk goods of 160-320 yuan.Objectively speaking, China Li Ning's series audience has a single age group, and its price also determines that the customer base is not as large as that of large goods. However, Tianfeng Securities believes that China Li Ning will work together with the main brand and is expected to continue to provide performance increment.At the same time, benefiting from the accumulated effect of China's Li-Ning Guochao concept on the improvement of the brand power of Li-Ning's large cargo owners, the overall price range of the Li-Ning brand is expected to increase steadily. At the same time, during the 2020H1 period, the company will promote the replacement and upgrading of inefficient stores, and at the same time expand the number of new large stores in shopping malls. The store efficiency of the Li-Ning brand is expected to maintain steady improvement in the future.Tianfeng Securities predicts that the average annual net increase of Li-Ning large-scale stores from 2021 to 2023 will remain within the range of 240-300; Li-Ning Young's average annual net increase in stores from 2021 to 2023 is expected to be between 100-200.2023-2028 is a period of rapid growth for Li Ning Company. The CAGR of net profit attributable to the parent company remains at 20%. 2029-2033 is a period of stable growth. The company's overall CAGR of net profit attributable to the parent company remains at 15%. After 2034, it will be a perpetual period. The growth rate of net profit attributable to the parent company and FCFF is constant at 3%.<img src=\"https://static.tigerbbs.com/c582a52865722ffb0145e2adef50e72b\" tg-width=\"1247\" tg-height=\"629\" referrerpolicy=\"no-referrer\">The national trend has brought new momentum to Li Ning, but it has also become a speculation point for some speculators. CCTV News commented today that shoes are for wearing, not for speculation. Shoe speculators have raised the price of domestic sneakers to a deformity through abnormal means, breaking away from the real price of domestic sneakers, which will eventually hurt the whole domestic shoe industry.Looking back at Li Ning's ten-year transformation history, we can find that the transformation of domestic products is driven by internal innovation. Don't let hype stifle the healthy growth of the brand and industry.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3626192\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/36c94c5afd401e5546b2679333bd30b1","relate_stocks":{"02331":"李宁"},"source_url":"https://wallstreetcn.com/articles/3626192","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1115666346","content_text":"在消费升级的热潮中，中国品牌们正在改头换面，摆脱“大众运动品牌”的形象，向“运动时尚潮流”的高端站位发起冲击。\n\n炒鞋致富的新闻不稀奇，只不过这回，被炒到数万元的品牌是曾经的“大街货”李宁。\n在炒鞋党的“大本营”得物APP上，李宁韦德之道4全明星银白款，售价高达48889元，较1499元的参考发售价暴涨31倍。\n在安踏品牌中，以哆啦A梦联名休闲板鞋白黑款为例，42.5码售价为4599元，发售参考价仅为499元，涨了8倍多，最近购买记录有近9000条。\n李宁、安踏身价扶摇直上，吃瓜群众此时才惊觉，曾经亲民的国货如今都高攀不起了，“以前是没钱才买李宁，现在是没钱买李宁。”\n事实上，高定价、设计前卫的新国货近两年正在持续爆发。早在2018年，中国李宁就靠着踏上纽约时装周刷了波屏。中国李宁的多款限量球鞋之前已涨价数倍，新疆棉事件后的跟风炒作只是放大了涨幅。\n在这背后，性价比运动生活市场新旧品牌众多，处于激烈竞争红海格局。同时，国内年轻客群消费水平的提升，从单一看重商品性价比，升级到追求产品的社交属性、美感风格、文化内涵等不同层级。\n在这波消费升级的热潮中，中国品牌们正在改头换面，摆脱“大众运动品牌”的形象，向“运动时尚潮流”的高端站位发起冲击。\n十年转型，中国李宁横空出世\n早在2010年，张志勇就意识到李宁的品牌危机来了。\n一方面，品牌原有的60-80后品牌核心客群的在流失。另一方面，90后等新兴客群对于李宁品牌缺乏认知基础，且消费习惯转换较快。\n当年，张拍板提出“90后李宁”品牌年轻化战略，开启换标、提价一系列动作，主力产品价格段提到400元以上。\n只可惜，重塑品牌的开端并不顺利。\n新商品价格变贵，让李宁公司在二线、三线、四线城市的主要消费群难以接受，订单和订货数量同比下滑17%，李宁公司将自己卡在了国际高端品牌和市场大众品牌之间。\n2011年该公司利润骤跌65%，产品库存金额却增加了2亿元、环比大涨41%，库存周转天数从52天变为73天。\n2012年，领导李宁公司运营11年之久的张志勇失去创始人和董事会的信任，宣告出局，TPG金珍君接棒。\n金珍君入主时期，李宁公司在品牌年轻化的策略之上，整体先后推出“李宁XJessica”青春偶像路线、“李宁弹簧标”性价比运动生活路线。\n整体而言，该时期，李宁公司对运动时尚新业务模式进行了有益探索，但风格形象较为多元分散、产品差异化不足、品牌辨识度不够突出，品牌年轻化的定位仍旧缺乏重要支撑。\n直到布局国风潮流，尝试将传统文化元素融入现有产品线当中，李宁才迎来真正的转折点。\n2017年，李宁公司发售中国风山水画配色原创产品青萦白溯系列、Counterflow溯系列全红造型“胭脂念”限量款利用传统山水、古装配色。\n2018年，中国李宁系列登陆纽约时装周，大获成功。该系列融入了“丝绸之路”、“敦煌壁画”、“山水花鸟”等传统文化代表元素进行创新设计，引发抢购热潮，李宁也借此完成传统大众运动品牌形象重塑，实现“国风复古X运动时尚”品牌创新模式。\n\n（2018年，中国李宁系列登陆纽约时装周）\n中国李宁与主品牌协同发力\n一方面，李宁借助纽约时装周等中高规格中心时装走秀模式，以时装界中心流量节点时装秀的形式，完成了对李宁经典款式的重新定义。\n另一方面，李宁与MAC、敦煌博物馆、热门动漫IP进行联名合作，联名类型集中在传统文化IP、动漫IP来契合更为年轻的目标客群需求。\n天风证券分析师孙海洋、范张翔认为，李宁品牌是以中国李宁为枢纽，实现对2017年品牌创新国风潮流系列梳理串联与拓展，形成鞋服一体配搭的国潮设计风格，在国风时尚潮流领域具有现有优势，部分同行竞品短期内难以复制。\n中国李宁渠道铺设目前尚处于高速拓展阶段，截至2019年底该系列时尚旗舰店数量为120家。天风证券估算，中国李宁系列2020年门店数量净增71家门店，2021~2022年预计门店净增数量分别达到109、110家，将在2025年接近门店数量的上限500-650家，届时该系列流水规模有望突破50亿元。\n\n中国李宁系列以Z世代年轻客群为主（18-25岁），定价水平在800-1200元的区间，是李宁大货售价区间160-320元的3-4倍。\n客观来看，中国李宁系列受众年龄层单一，其价格也决定了客群规模不及大货，但天风证券认为，中国李宁将与主品牌协同发力，有望持续提供业绩增量。\n同时，受益于中国李宁国潮概念对李宁大货主品牌力提升积累作用，李宁品牌整体售价区间有望稳步提升，同时2020H1期间，公司推动低效门店汰换升级，同时拓展购物中心新型大店数量，李宁品牌未来门店店效有望保持稳步提升。\n天风证券预计，李宁大货2021-2023年年均门店净增数量保持在240-300家区间内；李宁Young业务2021-2023年均门店净增数量预计在100-200家之间。\n2023-2028为李宁公司的快速增长期，归母净利润CAGR保持在20%，2029-2033年为稳定增长期，公司整体归母净利润CAGR保持在15%，2034年以后为永续期，归母净利润及FCFF增速恒定为3%。\n\n国潮为李宁带来新动能，但也成了一些投机客的炒作点。央视新闻今日评论称，鞋是用来穿的，而不应是用来炒的，炒鞋客通过非正常手段把国产球鞋的价格升到畸形地步，脱离了国产球鞋的真实价位，最终将伤害整个国产鞋行业。\n回顾李宁十年转型史，我们可以发现，国货的蜕变靠的是内在创新驱动，别让炒作扼杀了品牌、行业的良性增长。","news_type":1,"symbols_score_info":{"02331":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":4,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1115666346","isCrawlerRequest":true}