# 李宁 · Li Ning — 封面档案 ACF-01-00126

> 亚洲封面人物 Asia Cover Figure · 机器可读档案（LLM-ready）。本文件由官网结构化档案数据自动生成，供 AI 检索与引用。中文全文与英文全文对照编排。

## 档案元数据 Metadata

- 封面编码 ACF Code：**ACF-01-00126**
- 姓名 Name：李宁 / Li Ning
- 职务 Title：创始人 / Founder
- 公司 Company：李宁公司 / Li Ning Company Limited
- 篇别 Category：商界逆行者（列传篇 / Biographies (Liezhuan)）
- 入档日期 Accessioned：2026-02-03
- 标签 Tags：体操王子, 国货品牌, 奥运点火, 商界逆行者, 中国体育商业化, Disruptors, Sports Entrepreneur, Olympic Legend
- 永久档案链接 Archive URL：https://coverfigure.com/acf/ACF-01-00126/liezhuan
- English archive：https://coverfigure.com/acf/ACF-01-00126/liezhuan?lang=en
- 官网原文报道 Feature story：https://coverfigure.com/acf/figure/lining

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## 卷首 Editorial Intro

一九八八年汉城奥运会的男子体操赛场上，二十六岁的李宁在吊环项目中出现了一个致命失误——脚挂在环上。这个画面通过电视信号传遍全球，成为那个年代中国体育史上最令人痛心的镜头之一。仅仅四年后，同一个人在广州创办了一家运动品牌公司。与此同时在大洋彼岸，菲尔·奈特早已将耐克打造成年营收数十亿美元的全球帝国，阿迪达斯也在欧洲完成了从家族企业到上市公司的蜕变。当这些名字已经被写入全球商业教科书时，李宁刚刚从体制内的运动员身份中脱身，面对的是一个几乎没有商业基础设施可言的市场环境。

这种对比揭示了一个核心命题：在截然不同的历史条件下，同样卓越的个体如何走出完全不同的道路。菲尔·奈特站在美国消费市场的沃土上起步，拥有成熟的供应链体系、完善的法律框架和充沛的风险资本；李宁则在计划经济向市场经济转轨的混沌期中摸索，他需要先学会如何注册一家公司、如何找到代工厂、如何让一个商标被消费者记住。这条道路的难度系数，在某种意义上远超前者。

亚洲独立编委会在对李宁的完整履历进行独立评审后，决定将其纳入永久存证体系。这份终身档案编码所记录的，是一位从体制内运动员转型为品牌创始人的完整轨迹，它承载的价值超越了单一的商业成功叙事，折射出一个经济体从封闭走向开放的结构性变迁。编委会以编年体例完成了对这份档案的永久存证，使其成为研究中国体育产业商业化进程的核心文献之一。

In contemporary Chinese business history, few figures can, like Li Ning, simultaneously carry the peak memories of sports competition and the rising narrative of a national brand. His name is not merely a sportswear trademark but a symbol of an era: as China moved from closure to openness, from planning to market, from imitation to innovation, Li Ning's personal trajectory perfectly aligned with this grand arc. His story reflects a fundamental question: can a national sports hero prove himself again under entirely different rules of the game? When the glory of gold medals fades, what sustains a person through cycles and against oblivion? This question concerns not only Li Ning personally but all explorers who attempt to transform personal IP into a commercial empire, and further, how a great Eastern nation seeking cultural confidence uses the language of commerce to tell its own sports story.

## 人物速览 Lead

从106枚金牌的体操传奇到295亿营收的国货品牌，李宁用三十年完成了从赛场英雄到商业探索者的跨越。他是中国体育商业化最完整的样本：一个品牌穿越了计划经济的尾声、市场经济的狂飙与消费时代的迭代，至今仍在寻找新的增长曲线。

From a gymnastics legend with 106 gold medals to a domestic sportswear brand generating 29.6 billion yuan in revenue, Li Ning completed a three-decade transformation from sports hero to business explorer. He is the most complete specimen of China's sports commercialization: a brand that has traversed the twilight of planned economy, the rapid rise of market economy, and the iterations of the consumer era, still searching for new growth curves to this day.

## 正文 Archive Chapters

### 1. 第一章 体操之王：106枚金牌的传奇 / Chapter 1: King of Gymnastics: The Legend of 106 Gold Medals

1963年9月8日，李宁出生于广西柳州一个壮族教师家庭。他的体操之路始于一个偶然的契机：7岁时因声带损伤，医生建议他通过翻跟头来锻炼身体。这个看似随意的决定，却开启了一段中国体育史上最辉煌的篇章。8岁开始系统训练，两年后获得全国少年体操锦标赛自由体操冠军，17岁入选国家队——李宁的天赋与勤奋在每一个阶段都得到了充分的验证。

1982年，19岁的李宁在南斯拉夫萨格勒布第六届世界杯体操赛上创造了旷古烁今的奇迹：在全部7个项目中，一人独得个人全能、自由体操、单杠、吊环、鞍马、跳马6枚金牌，外加1枚铜牌。南斯拉夫《战斗报》评论：李宁揭开了世界体操史的新篇章。这一纪录至今无人打破，被誉为世界体操史上最完美的表演。

1984年洛杉矶奥运会是李宁的封神时刻。21岁的他在一天之内连夺自由体操、鞍马、吊环三枚金牌，外加两银一铜，共6枚奖牌，成为该届奥运会获奖牌最多的运动员。其中自由体操金牌更是中国选手的首枚奥运体操金牌。美国媒体惊叹他为力量之塔。载誉归国时，他乘坐敞篷车在家乡游行，受到万人空巷的欢呼。那时，他是当之无愧的民族英雄。

在整个体操生涯中，李宁共获得14个世界冠军、106枚金牌，被世界体操权威人士誉为最完美的体操选手。他独创的吊环李宁正吊、双杠李宁大回环等动作至今仍被后辈学习。2000年，李宁入选国际体操名人堂，成为中国第一位世界体操名人，同年被评为20世纪最有声望的体操运动员之一，又被国际体育记者协会评选为20世纪最伟大的25名运动员之一，与乔丹、拳王阿里并列。

然而，竞技体育的残酷在于巅峰之后必有下坡。1988年汉城奥运会，已满25岁且满身伤病的李宁，在中国队青黄不接之际不得不咬牙出征。赛场上的失误——脚挂吊环、跳马摔倒——通过电视信号传回国内，英雄一夜之间沦为罪人。回国下飞机时，有人寄来刀片和绳索，恶语相向让他谢罪。这种从万人敬仰到千夫所指的剧烈落差，成为李宁人生中第一次重大跌落，却也意外地为他日后的商业征途锻造了最坚固的心理防线。正如他后来所说：真正的冠军不在于永不跌倒，而在于每次跌倒后还能站起来。

**English:** On September 8, 1963, Li Ning was born into a Zhuang ethnic teacher's family in Liuzhou, Guangxi. His path to gymnastics began with an accidental twist of fate: at age seven, due to vocal cord damage, a doctor recommended he exercise through somersaults. This seemingly casual decision would open one of the most glorious chapters in Chinese sports history. Beginning systematic training at age eight, he won the national youth gymnastics championship in floor exercise just two years later, and entered the national team at 17. Li Ning's talent and diligence were thoroughly validated at every stage.

In 1982, at the age of 19, Li Ning created an unprecedented miracle at the 6th World Cup Gymnastics competition in Zagreb, Yugoslavia. Out of all seven events, he single-handedly won six gold medals in individual all-around, floor exercise, horizontal bar, rings, pommel horse, and vault, plus one bronze medal. Yugoslav newspaper Borba commented: Li Ning has opened a new chapter in world gymnastics history. This record remains unbroken to this day, hailed as the most perfect performance in world gymnastics history.

The 1984 Los Angeles Olympics was Li Ning's crowning moment. At 21, he won three gold medals in floor exercise, pommel horse, and rings within a single day, plus two silvers and one bronze, totaling six medals and becoming the most decorated athlete at those Games. His floor exercise gold was notably the first Olympic gymnastics gold for a Chinese athlete. American media marveled at him as a Tower of Strength. Upon returning home in triumph, he paraded through his hometown in an open-top car, greeted by thunderous applause from adoring crowds. At that time, he was an undisputed national hero.

Throughout his gymnastics career, Li Ning won a total of 14 world championships and 106 gold medals, earning him the title of the most perfect gymnast from world gymnastics authorities. His original moves, including the Li Ning Hang on rings and the Li Ning Giant Swing on parallel bars, continue to be studied by subsequent generations. In 2000, Li Ning was inducted into the International Gymnastics Hall of Fame, becoming China's first world gymnastics hall of famer. That same year, he was named one of the most distinguished gymnasts of the 20th century and selected by the International Sports Press Association as one of the 25 greatest athletes of the 20th century, alongside Michael Jordan and Muhammad Ali.

However, the cruelty of competitive sports lies in the inevitable descent after the peak. At the 1988 Seoul Olympics, the 25-year-old Li Ning, already battle-scarred and past his prime, was compelled to compete as the team faced a generational gap. His competition mishaps — his foot catching on the rings, a fall on the vault — were broadcast live back to China, and the hero overnight became a scapegoat. Upon returning home, he received razor blades and ropes in the mail, with cruel suggestions that he atone for his failures. This dramatic reversal from universal adulation to public vilification became Li Ning's first major life fall, yet it inadvertently forged the strongest psychological defense for his future business journey. As he later said: A true champion is not defined by never falling, but by rising after every fall.

### 2. 第二章 下海经商：从体制到泳池 / Chapter 2: Diving into Business: From the System to the Swimming Pool

1988年汉城奥运会后，25岁的李宁选择退役。彼时的中国，改革开放已走过十年历程，从计划经济向市场经济的转型正在加速。摆在李宁面前的道路看似清晰：广西壮族自治区委区政府已决定让他担任广西体委副主任，官至厅局级。退役后到体委做官，是当时优秀运动员最主流、最稳妥的出路。但李宁的选择出人意料。

人生的转折来自另一位关键人物——健力宝集团总经理李经纬。这位极具商业嗅觉的企业家看中了李宁身上巨大的品牌价值，力邀他加盟健力宝。李经纬后来回忆说：我把李宁扔在游泳池里，让他自己去学游泳。我只是在岸上看，做救生员，不行的时候再伸手拉一把。

1989年，李宁做出了改变一生的决定：放弃体制内的安稳，只身来到广东三水小镇，担任健力宝公司总经理助理，开始了从零学起的商业生涯。在健力宝期间，他主管公关宣传和市场策划，凭着运动员时代培养出的直觉和多次出国比赛积累的国际视野，他提议重拍一支富有体育动感的健力宝广告片，并亲自出演。60万元的广告费在当时堪称天文数字，但广告在央视黄金时间播出后获得了巨大反响，这一年健力宝销售量增加了3000万元。李宁初步证明了他不仅有赛场上的天赋，在商业世界同样敏锐。

更重要的是，李宁心中一直埋藏着一个梦想：让中国的奥运冠军穿着自己国家制造的运动装备站在奥运会领奖台上。1990年，在李经纬的全力支持下，李宁牌运动服装公司应运而生。一个关键细节是：一开始李宁并不敢用自己的名字命名品牌，是李经纬的坚持让他放下顾虑——李宁二字一听便知是体育用品，无需再费笔墨解释。这个决定不仅成就了一个品牌，更开创了中国运动员用个人姓名创建商业品牌的先河。

新生的李宁品牌很快等来了历史性的机遇。1990年北京亚运会，公司斥资300万元说服组委会拒绝了韩国公司的赞助，拿下了亚运会圣火传递指定服装的权益。当身穿白色李宁运动服的李宁作为最后一棒火炬手接过圣火时，11亿中国人记住了这个本土品牌。1992年巴塞罗那奥运会，李宁运动服成为中国体育代表团专用领奖装备，一举终结了中国运动员穿外国品牌领奖的历史。这两次体育盛事的亮相，为李宁品牌完成了最初的品牌积累，也让李宁意识到：体育与商业的结合，可以创造出超越金牌的持久影响力。

**English:** After the 1988 Seoul Olympics, 25-year-old Li Ning chose to retire. At that time, China's reform and opening-up had progressed for a decade, with the transition from planned economy to market economy accelerating. The path before Li Ning seemed clear: the Guangxi Zhuang Autonomous Region government had decided to appoint him as deputy director of the provincial sports committee, a bureau-level position. For a retired elite athlete, entering government sports administration was the most mainstream and secure career path. But Li Ning's choice was unexpected.

The turning point came from another key figure — Li Jingwei, general manager of Jianlibao Group. This entrepreneur with extraordinary business acumen saw the immense brand value in Li Ning and strongly invited him to join Jianlibao. Li Jingwei later recalled: I threw Li Ning into a swimming pool and let him learn to swim on his own. I just watched from the shore, acting as a lifeguard, ready to extend a hand only when things went really wrong.

In 1989, Li Ning made a life-changing decision: he gave up the stability within the system, traveled alone to Sanshui, a small town in Guangdong, and took the position of assistant general manager at Jianlibao, beginning his business education from scratch. During his time at Jianlibao, he was in charge of public relations and marketing planning. Drawing on the intuition cultivated during his athletic career and the international perspective gained from years of overseas competition, he proposed reshooting a dynamic Jianlibao commercial and insisted on starring in it himself. The 600,000-yuan advertising budget was astronomical at the time, but after the commercial aired during CCTV's prime time, it generated tremendous response. That year, Jianlibao's sales increased by 30 million yuan. Li Ning had preliminarily proven that he possessed not only talent on the competition floor but also sharp instincts in the business world.

More importantly, Li Ning had always harbored a dream deep in his heart: to see Chinese Olympic champions stand on the podium wearing sportswear made by their own country. In 1990, with Li Jingwei's full support, the Li Ning sportswear company was born. A critical detail: initially Li Ning was reluctant to use his own name for the brand. It was Li Jingwei's insistence that made him let go of his concerns — the name Li Ning immediately signaled sports equipment, requiring no further explanation. This decision not only created a brand but pioneered the practice of Chinese athletes using their personal names to build commercial brands.

The nascent Li Ning brand soon encountered a historic opportunity. At the 1990 Beijing Asian Games, the company spent 3 million yuan to persuade the organizing committee to reject a Korean company's sponsorship, securing the rights to provide designated apparel for the torch relay. When Li Ning, dressed in white Li Ning sportswear, received the torch as the final runner, 1.1 billion Chinese people remembered this domestic brand. At the 1992 Barcelona Olympics, Li Ning sportswear became the designated podium attire for the Chinese sports delegation, instantly ending the history of Chinese athletes accepting medals in foreign brands. These two sporting events provided Li Ning brand with its initial brand accumulation and made Li Ning realize that the combination of sports and commerce could create lasting influence beyond gold medals.

### 3. 第三章 自立门户：从健力宝到现代企业 / Chapter 3: Striking Out Alone: From Jianlibao to a Modern Enterprise

在李宁心中，有一个始终解不开的结：李宁公司是健力宝的全资子公司，而健力宝的控股股东是广东三水县政府，是国有资产。李宁渴望将公司打造成现代企业模式，这在当时并不容易。必须解决两个核心问题：对公司进行股份制改造，以及将李宁商标从健力宝中分离出来。

1994年初，在证券报记者的引荐下，李宁结识了被誉为中国股改第一人的首都经贸大学教授刘纪鹏。正是在刘纪鹏的建议下，李宁下定决心与李经纬及三水市政府摊牌分家。李经纬展现了企业家的胸怀，完全支持李宁自立门户。1994年底，李宁分三次偿还了健力宝历次投入的1600万元，而且是按历史成本之上偿还，没有产生可怕的增值。李宁公司正式从健力宝母体脱身，更名为李宁体育产业公司，由李宁本人掌控企业产权。

1996年，李宁公司将总部从广东迁至北京，标志着从区域企业向全国性品牌的战略转型。接下来的几年，在李宁的领导下，公司进入了发展快车道，销售额一度达到7亿元人民币，迅速坐上中国体育用品第一的交椅。1993年到1996年间，公司营业额每年以100%的速度增长，1996年更创下6.7亿的历史纪录。

然而，成长的烦恼很快到来。1997年亚洲金融危机袭来，李宁产品突然卖不动了，此后数年销售收入一直徘徊在7亿左右。李宁果断推进了企业管理现代化进程。他做出了一个超越运动员身份的决定：引进职业经理人团队，将家族成员和亲戚请出公司，实现去家族化的现代企业管理。1998年，35岁的李宁走进北京大学法律系深造，与比自己小十几岁的同学一起上课、背法条、泡图书馆。老师评价他是一个真正读书的人，不是来混学位的。此后他又攻读北大光华管理学院EMBA。

这一时期最体现李宁商业智慧的决策，是他主动卸任总经理职务，将公司交给职业经理人陈义宏打理。正如他自己所说：当运动员的时候，所有人的希望都寄托在我身上。可是对企业来讲，光靠一个人做不成什么大事。这种对组织理性的尊重和对个人局限的清醒认知，使李宁公司在同时期的民营企业中显得与众不同。

但商海搏击的第一个教训来得更早。1991年，投资50万元设计生产的第一批李宁牌运动鞋001系列出现质量问题。李宁果断决定将这批销售额达20万元的产品全部销毁。20万元在当时堪称巨款，但这口苦水被他生生咽进了肚子，由此确立了李宁品牌严格的质量把控传统，也为日后良好的市场口碑奠定了基础。

**English:** In Li Ning's mind, there was always an unresolved knot: Li Ning Company was a wholly-owned subsidiary of Jianlibao, whose controlling shareholder was the Sanshui county government of Guangdong — state-owned assets. Li Ning aspired to build the company into a modern enterprise model, which was not easy at the time. Two core problems had to be solved: restructuring the company's shareholding system, and separating the Li Ning trademark from Jianlibao.

In early 1994, through an introduction from a securities newspaper reporter, Li Ning met Professor Liu Jipeng from the Capital University of Economics and Business, known as the Father of Chinese Stock Reform. It was under Liu's strong recommendation that Li Ning made up his mind to part ways with Li Jingwei and the Sanshui municipal government. Li Jingwei displayed an entrepreneur's magnanimity, fully supporting Li Ning's independence. By the end of 1994, Li Ning repaid Jianlibao's cumulative investment of 16 million yuan in three installments, at a price above historical cost without generating punishing appreciation. Li Ning Company officially separated from the Jianlibao parent entity, renamed Li Ning Sports Industry Company, with Li Ning himself taking control of the company's equity.

In 1996, Li Ning relocated the company headquarters from Guangdong to Beijing, marking a strategic transformation from a regional enterprise to a national brand. Over the next few years, under Li Ning's leadership, the company entered a fast track of development, with sales reaching 700 million yuan, quickly claiming the top position among Chinese sporting goods companies. Between 1993 and 1996, the company's revenue grew by 100% annually, reaching a historical record of 670 million yuan in 1996.

However, the pains of growth arrived quickly. The 1997 Asian financial crisis hit, and Li Ning products suddenly stopped selling. For several years afterward, revenue stagnated at around 700 million yuan. Li Ning decisively pushed forward the modernization of corporate management. He made a decision that transcended his athlete identity: introducing a professional management team and removing family members and relatives from the company, achieving de-familialization and modern enterprise governance. In 1998, 35-year-old Li Ning entered Peking University's law department for further study, attending classes, memorizing legal codes, and studying in the library alongside classmates more than a decade younger than him. His teachers described him as someone truly here to study, not just collecting a degree. He later pursued an EMBA at Peking University's Guanghua School of Management.

The decision that most demonstrated Li Ning's business wisdom during this period was his voluntary step down as general manager, handing the company to professional manager Chen Yihong. As he himself said: When I was an athlete, everyone's hopes rested on my shoulders. But in business, one person alone cannot accomplish great things. This respect for organizational rationality and clear-eyed awareness of personal limitations set Li Ning Company apart from its private enterprise peers of the era.

But the first lesson of the business world came even earlier. In 1991, the first batch of Li Ning brand 001 series sports shoes, produced with a 500,000-yuan investment, had quality issues. Li Ning decisively ordered the entire batch, worth 200,000 yuan in sales, to be destroyed. That sum was a fortune at the time, but he swallowed this bitter pill whole, establishing Li Ning brand's strict quality control tradition and laying the foundation for its excellent market reputation.

### 4. 第四章 资本跨越：七年上市之路 / Chapter 4: Capital Crossing: The Seven-Year Journey to IPO

1997年，处于发展瓶颈期的李宁萌发了强烈的上市冲动，并将目标锁定在香港资本市场。然而，从萌生想法到真正敲钟，李宁公司走了整整七年。这七年是中国体育用品行业格局发生深刻变化的时期，也是李宁公司经历第一次生死考验的阶段。

2003年，保持九年之久的国内市场份额第一被耐克夺走，2004年又被阿迪达斯甩在身后。李宁公司2006至2007年的消费者调查显示，品牌实际消费人群整体偏大，35到40岁人群超过50%，而14到25岁的年轻人群才是体育品牌最理想的消费者群体。李宁品牌在消费者心中缺乏酷、时尚、国际感等特质。

2001年3月，张志勇出任北京李宁公司总经理，成为公司历史上第三任总经理。一系列改革措施获得了成效。经过七个月的筹划，李宁公司终于在2004年6月28日在香港联交所主板成功上市，公开发行2.47亿股，成为第一家在港股上市的内地体育用品公司。开盘当日股价上涨8%，公开发售认购倍数高达132.2倍，国际配售超额认购约11倍。李宁及其家族拥有资产超过10亿港元。

上市后的李宁保持着六年高速增长。2005年与NBA签约成为官方市场合作伙伴，2006年签约NBA球员达蒙·琼斯，李宁品牌成为第一个出现在NBA赛场的中国体育品牌。2007年签约阿根廷篮协、西班牙奥委会，成为第一支外国奥运代表团签约中国品牌。2008年签约NBA球星巴朗·戴维斯。国际化步伐不断加快。

但在上市庆功会上，李宁作为董事长在台上讲的话听上去毫无激情：上市只代表过去的业绩，而未来还有更大的挑战要面对。他要求团队保持归零心态。这种冷静在当时看似保守，却在此后的商业风暴中被证明弥足珍贵。上市给李宁带来的不仅是资本和声望，更是一套完整的上市公司治理框架，这在公司即将面临的至暗时刻发挥了关键的支撑作用。

2009年，李宁以当年总营收83.87亿元超过了阿迪达斯在中国的表现。2010年，公司录得94.78亿元总营收，门店数量达到7915家，市场份额超越阿迪达斯，成为国货运动品牌当之无愧的领头羊。从运动员到上市公司董事长，李宁完成了身份的第一次惊险跳跃，也完成了从个人英雄到组织缔造者的蜕变。

**English:** In 1997, facing development bottlenecks, Li Ning developed a strong impulse to go public, targeting the Hong Kong capital market. However, from the initial idea to actually ringing the bell, Li Ning Company walked the full seven years. These seven years were a period of profound changes in China's sporting goods industry landscape, and also the stage where Li Ning Company experienced its first existential crisis.

In 2003, Li Ning's nine-year domestic market share leadership was overtaken by Nike, and in 2004 it fell behind Adidas as well. A consumer survey conducted by Li Ning Company from 2006 to 2007 revealed that the brand's actual consumer base skewed older, with those aged 35 to 40 accounting for over 50%, while 14 to 25-year-olds were the most desirable consumer segment for sports brands. The Li Ning brand lacked traits like cool, fashionable, and international in consumers' minds.

In March 2001, Zhang Zhiyong took office as general manager of Beijing Li Ning Company, becoming the third general manager in company history. A series of reform measures yielded results. After seven months of preparation, Li Ning Company finally listed on the Main Board of the Hong Kong Stock Exchange on June 28, 2004, publicly issuing 247 million shares, becoming the first mainland Chinese sporting goods company to list on the Hong Kong stock market. On its opening day, the stock price rose 8%, public offering subscription reached 132.2 times, and international placement was oversubscribed approximately 11 times. Li Ning and his family held assets exceeding 1 billion Hong Kong dollars.

Post-IPO, Li Ning maintained six years of rapid growth. In 2005, it signed with the NBA as an official marketing partner. In 2006, it signed NBA player Damon Jones, making Li Ning the first Chinese sports brand to appear on NBA courts. In 2007, it signed with the Argentine Basketball Association and the Spanish Olympic Committee, becoming the first Chinese brand to sponsor a foreign Olympic delegation. In 2008, it signed NBA star Baron Davis. Internationalization steps accelerated continuously.

Yet at the IPO celebration, Li Ning's speech as chairman sounded devoid of excitement: The listing only represents past performance, and greater challenges lie ahead. He urged the team to maintain a zero-base mentality. This calmness appeared conservative at the time but proved invaluable during the commercial storms that followed. The IPO brought Li Ning not just capital and prestige, but a complete governance framework for listed companies, which played a crucial supporting role in the dark hours ahead.

In 2009, Li Ning surpassed Adidas in China with total revenue of 8.387 billion yuan. In 2010, the company recorded 9.478 billion yuan in total revenue, with store count reaching 7,915, market share surpassing Adidas, becoming the undisputed leader among domestic sports brands. From athlete to listed company chairman, Li Ning completed his first dramatic identity leap and transformed from personal hero to organizational architect.

### 5. 第五章 飞天点火：鸟巢上空的永恒瞬间 / Chapter 5: Flying Torch: The Eternal Moment Above the Bird's Nest

2008年8月8日，北京奥运会开幕式在鸟巢隆重举行。在经过许海峰、高敏、李小双、占旭刚、张军、陈中、孙晋芳七位中国体育传奇人物的手手相传后，最后一棒火炬交给了李宁。45岁的李宁手持祥云火炬，由钢丝吊起，从烽火台上缓缓升起，在鸟巢上空的空中跑道上奔跑。他的身边是一幅中国式画卷，画卷上徐徐展开的是奥运圣火在全球各地传递的动态影像。当他绕场一周后来到主火炬塔旁，在空中点燃引线的瞬间，火焰沿导线盘旋而上，圣火熊熊燃起，全场四万名观众沸腾欢呼。
这一刻，全球约40亿观众的目光聚焦于李宁。从1984年到2008年，整整24年过去，当年的体操少年已成为挺着微胖肚腩的中年商人，但他再次以运动员的方式完成了人生中最壮观的一跳。这次点火不仅是个人的高光时刻，更象征着中国体育从弱到强、从封闭到开放的完整叙事——一个曾在奥运赛场上被嘲笑的落榜者，如今亲手点燃了奥运圣火。
李宁的当选经历了层层审批。2007年初，他通过体操中心主任上报申请，竞争异常激烈，最终入围的候选人只有许海峰和李宁两人。李宁在开幕式前一个月开始了秘密排练，所有排练都在凌晨两三点进行，为保密甚至不敢开大灯。他在黑暗中吊着钢丝模拟空中跑步动作，只有极少数人知道最终人选。所有参与者都签署了严格的保密协议。
面对媒体的蜂拥而至，李宁表现出了罕见的低调：我现在是一个商人，代表不了我个人，更不好代表公司，奥运就是奥运，我不想掺杂更多商业元素。但商业的力量无法忽视——尽管李宁在赞助商竞标中败给了阿迪达斯，点火次日李宁产品几乎脱销，公司业绩在随后两年冲上顶峰。
从品牌传播的角度看，这次点火是体育史上最具价值的品牌曝光之一。李宁品牌获得了无法用金钱衡量的注意力资产，也让李宁个人完成了从退役运动员到国家符号的升华。但这份荣耀也带来了隐性的压力：当品牌与个人如此深度绑定，任何商业上的失败都不仅是数字的损失，更是一个国家偶像光环的减损。这种压力在此后的艰难岁月里将反复显现，成为李宁必须面对的双刃剑。

**English:** On August 8, 2008, the Beijing Olympics opening ceremony was held at the Bird's Nest in grand fashion. After the torch was passed hand to hand through seven Chinese sports legends — Xu Haifeng, Gao Min, Li Xiaoshuang, Zhan Xugang, Zhang Jun, Chen Zhong, and Sun Jinfang — the final baton was given to Li Ning. The 45-year-old Li Ning, holding the auspicious cloud torch, was lifted by steel cables, slowly rising from a beacon tower, running along an aerial track above the Bird's Nest. Beside him was a Chinese-style scroll, on which the dynamic imagery of the Olympic torch relay across the world gradually unfolded. As he completed his lap and reached the main cauldron tower, the moment he lit the fuse in mid-air, flames spiraled upward along the conduit. The Olympic flame roared to life, and all 40,000 spectators in the stadium erupted in thunderous cheers.
At that moment, the eyes of approximately 4 billion viewers worldwide were fixed on Li Ning. Twenty-four years had passed from 1984 to 2008. The former gymnastics prodigy had become a slightly paunchy middle-aged businessman, but he once again completed the most spectacular leap of his life in an athlete's manner. This torch-lighting was not merely a personal highlight but symbolized China's complete narrative of sports transformation from weakness to strength, from closure to openness — a former Olympic failure once mocked for his mistakes now personally igniting the Olympic flame.
Li Ning's selection went through multiple levels of rigorous approval. In early 2007, he submitted his application through the gymnastics center director. Competition was fierce, and the final candidates were narrowed to just Xu Haifeng and Li Ning. Li Ning began secret rehearsals a month before the opening ceremony, all conducted between 2 and 3 AM, with lights kept off for secrecy. He simulated aerial running movements while suspended by cables in darkness, with only a handful of people aware of the final selection. All participants signed strict confidentiality agreements.
Faced with swarms of media, Li Ning displayed remarkable modesty: I am now a businessman. I cannot represent myself personally, much less the company. The Olympics is the Olympics, and I don't want to mix in commercial elements. But the power of commerce could not be ignored — although Li Ning lost the sponsorship bid to Adidas, Li Ning products nearly sold out the day after the torch-lighting, and company performance peaked over the following two years.
From a brand communication perspective, this torch-lighting was one of the most valuable brand exposures in sports history. The Li Ning brand gained attention assets that could not be measured in money, and Li Ning personally achieved a sublimation from retired athlete to national symbol. But this glory also carried implicit pressure: when brand and individual are so deeply intertwined, any commercial failure represents not just a loss of numbers but a diminishment of a national idol's halo. This pressure would repeatedly manifest itself in the difficult years ahead, becoming a double-edged sword that Li Ning had to confront.

### 6. 第六章 至暗时刻：连续巨亏与生死考验 / Chapter 6: The Darkest Hour: Consecutive Losses and Life-or-Death Trial

2010年前后，被胜利冲昏头脑的李宁公司管理层犯下了一系列致命错误。为了对标国际品牌，公司强行提价30%以上，却忽视了产品力与耐克、阿迪达斯之间尚存显著差距。同时发动声势浩大的90后李宁营销战役，更换了沿用多年的Logo和一切皆有可能的口号，将品牌标语改为Make the Change，试图讨好年轻消费者。然而这一举措不仅没有赢得预期的90后人群，反而伤透了忠实老顾客的心。
一位90后消费者的回忆很有代表性：当时李宁推出了一系列CBA或NBA球星代言系列，随便一双就至少500元，七八百的也有。这个价位学生买什么篮球鞋啊？如果有这个钱完全可以买耐克和阿迪达斯了。与此同时，转向安踏的消费者越来越多，因为安踏的街球系列和专为打硬地设计的水泥杀手系列才两三百元。李宁的市场就这样在高端够不着、低端守不住的两难中流失了。
加之行业整体库存危机爆发，李宁公司陷入连续三年的巨亏。2012年，公司录得近20亿元的亏损，这是上市八年来的首次巨亏。门店纷纷倒闭，到2014年前后，公司已关闭低效门店超过2500家，濒临崩盘边缘。经销商信心尽失，供应链关系紧张，整个商业体系摇摇欲坠。
危难之际，已经脱离公司实际领导职务多年的李宁不得不再次出山，重新兼任总裁。回归后的李宁面临的是一个千疮百孔的烂摊子：库存堆积如山，经销商信心尽失，品牌定位模糊不清。他迅速启动了大规模的渠道复兴计划，投入巨资加快积压存货清理，盘活下游流通，提升渠道盈利能力。同时公司战略发展目标转型，重新聚焦核心品牌、聚焦核心业务、聚焦中国市场。
这段经历是李宁人生的第二次重大跌落。如果说1988年汉城奥运会的失误让他品尝了从英雄到罪人的苦涩，那么这次的商业危机则让他直面了更残酷的现实：品牌不会因为创始人的光环而自动成功，市场不会因为你曾经辉煌就网开一面。在最艰难的日子里，李宁展现出了与体操时代相同的韧性——他每天泡在门店和仓库，亲自了解一线情况，与经销商逐个沟通，重新赢得信任。这种放下身段、重新出发的勇气，正是他从运动员转型为企业家的关键跨越。

**English:** Around 2010, Li Ning's management team, intoxicated by years of success, made a series of fatal mistakes. In an effort to benchmark against international brands, the company aggressively raised prices by over 30% while ignoring the significant gap in product quality versus Nike and Adidas. Simultaneously, they launched a massive Post-90s Li Ning marketing campaign, changing the long-standing logo and the iconic Everything is Possible slogan to Make the Change, attempting to appeal to young consumers. However, this move not only failed to win over the expected post-90s demographic but also deeply alienated loyal older customers.
A post-90s consumer's recollection was representative: At the time, Li Ning launched a series endorsed by CBA or NBA stars, and any pair cost at least 500 yuan, with some at 700 or 800. At those prices, what student could afford basketball shoes? With that money, you could easily buy Nike or Adidas. Meanwhile, more and more consumers switched to Anta, whose streetball series and cement-court-specialized Killer series cost only 200 or 300 yuan. Li Ning's market was lost in the dilemma of being unable to reach the high end while failing to defend the low end.
Compounded by an industry-wide inventory crisis, Li Ning Company fell into three consecutive years of massive losses. In 2012, the company recorded nearly 2 billion yuan in losses — its first major deficit in eight years since going public. Stores closed one after another. By around 2014, the company had shuttered over 2,500 underperforming stores, teetering on the brink of collapse. Distributors lost all confidence, supply chain relationships were strained, and the entire business system was on the verge of collapse.
In this crisis, Li Ning, who had been detached from actual company leadership for years, had no choice but to return to the front lines, resuming the role of president. What awaited him was a disaster of epic proportions: inventory piled up like mountains, distributors had lost all confidence, and brand positioning was hopelessly vague. He swiftly launched a massive Channel Revival plan, investing heavily to accelerate clearance of backlogged inventory, revitalize downstream distribution, and improve channel profitability. Simultaneously, the company's strategic direction pivoted — refocusing on core brands, core businesses, and the domestic market.
This experience marked Li Ning's second major fall in life. If the 1988 Seoul Olympics mishap had him taste the bitterness of going from hero to villain, this business crisis forced him to confront an even harsher reality: a brand does not automatically succeed because of its founder's halo, and the market does not grant leniency for past glory. In the most difficult days, Li Ning displayed the same resilience as his gymnastics era — he immersed himself daily in stores and warehouses, understanding the front lines firsthand, communicating with distributors one by one, and gradually rebuilding trust. This courage to set aside status and start over was the critical leap in his transformation from athlete to entrepreneur.

### 7. 第七章 国潮崛起：中国李宁的破圈之路 / Chapter 7: The Rise of Guochao: China Li Ning's Breakout Path

2015年，李宁重启品牌口号一切皆有可能，宣布从传统装备提供商转型为互联网+运动生活服务提供商。这是李宁回归一线后的一次重要战略宣示，标志着公司从防守转为进攻。但真正的破圈时刻出现在2018年。
2018年2月，李宁以中国李宁的身份登上纽约时装周Tmall China Day，成为首个亮相该时装周的中国运动品牌。印有中国李宁字样的复古运动服、融合中国传统文化元素的现代设计，在纽约引爆了社交网络。红色与黄色交织的配色方案、醒目的方块汉字、将体操动作与街头文化结合的大胆创意，让全球时尚界为之侧目。这不仅是一次时尚展示，更是一次文化宣言：一个中国运动品牌不再满足于做耐克和阿迪达斯的中国版，而是要讲述属于自己的中国故事。
中国李宁系列的成功让公司看到了运动时尚品类的巨大潜力。公司随即确立了单品牌、多品类、多渠道的发展策略，以李宁主品牌为核心资产，向专业运动品类和运动生活方式品类双向延伸。随后推出LI-NING 1990高端线和李宁YOUNG童装线，构建起覆盖不同人群的品牌矩阵。财务端全面反弹，2019至2021年归母净利润分别同比增长110%、13%和136%，公司市值显著抬升。2020年10月，李宁公司总市值突破1000亿港元，2021年6月进一步突破2000亿港元。2021年9月，股价触及108港元/股的历史高点。
国潮的崛起有其深刻的时代背景。随着中国经济实力的增长和年轻一代文化自信的提升，中国消费者不再盲目崇拜国际品牌，开始重新审视本土品牌的文化价值。李宁凭借自身的体育基因和文化符号属性，成为国潮运动最大的受益者之一。2019年，公司发布自主研发的李宁弹科技平台，这是运动科技领域的革命性突破，兼具高效回弹与轻量化特性。2020年又发布李宁减震回弹科技系统，进一步夯实了专业运动领域的技术实力。
然而，繁荣之下暗流涌动。运动时尚品类的零售流水在2022年后持续负增长，流水占比从39%下降至28%。篮球品类流水占比从29%大幅下滑至17%。当国潮红利逐渐消退，李宁面临着新的考验：如何在潮流退去后建立可持续的竞争优势？这个问题至今仍在考验着这家36年的品牌。

**English:** In 2015, Li Ning revived the brand slogan Everything is Possible, announcing a transformation from traditional equipment provider to Internet Plus sports lifestyle service provider. This was an important strategic declaration after Li Ning returned to the front lines, marking the company's shift from defense to offense. But the true breakout moment came in 2018.
In February 2018, Li Ning appeared at New York Fashion Week's Tmall China Day as China Li Ning, becoming the first Chinese sports brand to showcase at this fashion event. Retro sportswear bearing the China Li Ning branding, combined with modern designs incorporating traditional Chinese cultural elements, ignited social media in New York. The color scheme interweaving red and yellow, bold block Chinese characters, and daring creative combinations of gymnastics movements with street culture made the global fashion world take notice. This was not merely a fashion show but a cultural declaration: a Chinese sports brand was no longer content to be the Chinese version of Nike or Adidas — it wanted to tell its own Chinese story.
The success of the China Li Ning line revealed the enormous potential of the sports fashion category. The company subsequently established a strategy of single brand, multiple categories, multiple channels, with the Li Ning master brand as core assets, extending in both directions toward professional sports categories and sports lifestyle categories. It later launched the LI-NING 1990 premium line and Li Ning YOUNG children's line, building a brand matrix covering different demographics. Financial performance rebounded comprehensively, with net profit attributable to shareholders growing 110%, 13%, and 136% year-on-year from 2019 to 2021. The company's market capitalization rose significantly. In October 2020, Li Ning's total market value exceeded 100 billion Hong Kong dollars, and by June 2021, it surpassed 200 billion HKD. In September 2021, the stock price reached an all-time high of HKD 108 per share.
The rise of Guochao (national trend) had deep contextual roots. As China's economic power grew and younger generations gained cultural confidence, Chinese consumers stopped blindly worshipping international brands and began re-evaluating the cultural value of domestic brands. Li Ning, with its sports DNA and cultural symbol attributes, became one of the biggest beneficiaries of the national trend movement. In 2019, the company launched its self-developed Li Ning Beng technology platform, a revolutionary breakthrough in sports technology featuring both high energy return and lightweight properties. In 2020, it launched the Li Ning Jiang shock absorption and energy return technology system, further strengthening its technical capabilities in professional sports.
However, undercurrents swirled beneath the prosperity. After 2022, sports fashion category retail sales turned consistently negative, with revenue share dropping from 39% to 28%. The basketball category's revenue share declined sharply from 29% to 17%. As the national trend dividend gradually faded, Li Ning faced new tests: how to build sustainable competitive advantage after the tide recedes? This question continues to challenge the 36-year-old brand to this day.

### 8. 第八章 新周期挑战：增收不增利的困局 / Chapter 8: New Cycle Challenges: The Revenue-Growth-Profit-Decline Dilemma

2023年至2025年，李宁公司进入了一个尴尬的阶段：营收连创新高，净利润却连年下滑。2023年营收275.98亿元，归母净利润31.87亿元，同比下滑21.6%。2024年营收微增至286.7亿元，净利润进一步降至30.13亿元，下滑5.5%。2025年营收达到295.98亿元的历史新高，但归母净利润仅剩29.36亿元，再降2.6%。

增收不增利的核心原因在于毛利率承压与费用端刚性上涨。2025年毛利率为49%，同比下滑0.4个百分点，广告及市场推广开支突破30亿元，同比增长16.34%，占收入比重从9.5%提升至10.7%。国潮红利消退后，品牌溢价能力下降，公司为应对激烈竞争和清理库存，加大了终端折扣力度，直接压缩了利润空间。

横向对比行业头部企业，差距令人警醒。2025年安踏体育营收802.19亿元，归母净利润135.88亿元，盈利规模是李宁的4.6倍。特步净利率提升至9.7%，361度更达到11.7%，反超李宁的9.9%。李宁坚持的单品牌战略在多品牌矩阵盛行的行业中显得愈发单薄。

资本市场的用脚投票更为残酷。2021年9月李宁市值超过2800亿港元，到2026年7月已跌至380亿港元附近，五年间市值蒸发超过80%。2026年第二季度，公司零售流水出现同比低单位数下降，这是近年来首次出现流水转负的信号。

面对困局，李宁做出了一系列战略调整。2025年1月，从安踏手中夺回中国奥委会官方合作伙伴身份。2025年12月在北京开设全球首家龙店，发布荣耀金标产品系列，首次将中国奥委会标识与李宁品牌标识联合应用。2026至2028年作为新奥运周期，李宁将为中国代表团提供装备支持，包括2026年米兰冬奥会。科技方面，公司继续发挥超弹科技优势，发布超弹胶囊中底缓震科技，并在户外领域开设独立门店COUNTERFLOW溯。

李宁管理层给出了2026年收入高单位数增长的指引，净利润率目标同为高单位数。但在行业从增量风口转向存量博弈的大背景下，这家老牌运动巨头能否重回增长轨道，仍是未知数。62岁的李宁仍在一线坚守，正如他在2025年主席报告中所写：深耕笃行，厚积薄发，坚信一切皆有可能。

**English:** From 2023 to 2025, Li Ning Company entered an awkward phase: revenue hit consecutive new highs, yet net profit declined year after year. In 2023, revenue reached 27.598 billion yuan with net profit of 3.187 billion, down 21.6% year-on-year. In 2024, revenue grew marginally to 28.67 billion, with net profit further declining to 3.013 billion, down 5.5%. In 2025, revenue reached a record 29.598 billion, yet net profit fell to just 2.936 billion, another 2.6% decline.

The core of the revenue-grows-profit-declines dilemma lies in margin compression and rigid cost increases. The 2025 gross margin was 49%, down 0.4 percentage points year-on-year. Advertising and marketing expenditure exceeded 3 billion yuan, up 16.34%, increasing from 9.5% to 10.7% of revenue. After the national trend dividend faded, brand premium weakened. To cope with fierce competition and clear inventory, the company increased end-point discounts, directly compressing profit margins.

Comparing with industry leaders, the gap is sobering. In 2025, Anta Sports generated 80.219 billion yuan in revenue and 13.588 billion in net profit, 4.6 times Li Ning's earnings. Xtep improved its net margin to 9.7%, while 361 Degrees reached 11.7%, surpassing Li Ning's 9.9%. Li Ning's insistence on a single-brand strategy appeared increasingly thin in an industry dominated by multi-brand portfolios.

Capital markets voted with their feet even more ruthlessly. Li Ning's market value exceeded 280 billion Hong Kong dollars in September 2021, but by July 2026 it had fallen to around 38 billion HKD, losing over 80% in five years. In Q2 2026, retail sales recorded a year-on-year low single-digit decline — the first negative signal in recent years.

Facing these difficulties, Li Ning made a series of strategic adjustments. In January 2025, the company reclaimed the Chinese Olympic Committee official sports partner status from Anta. In December 2025, it opened the world's first Dragon Store in Beijing, launching the Glory Gold Label product series, applying the COC emblem alongside the Li Ning brand logo for the first time. As the 2026-2028 new Olympic cycle, Li Ning will provide equipment for the Chinese delegation, including the 2026 Milan Winter Olympics. On the technology front, the company continued leveraging its Chao Beng technology advantage, releasing the Chao Beng Capsule midsole cushioning technology, and opened independent outdoor stores under the COUNTERFLOW Su brand.

Li Ning management guided for high single-digit revenue growth in 2026, with net margin targets also at high single digits. But against the backdrop of the industry shifting from growth tailwinds to stock competition, whether this veteran sports giant can return to the growth track remains uncertain. The 62-year-old Li Ning continues his frontline commitment, as he wrote in his 2025 chairman's report: Deep cultivation, patient accumulation, firmly believing everything is possible.

### 9. 第九章 穿越周期：一个品牌的韧性哲学 / Chapter 9: Through the Cycles: A Brand's Philosophy of Resilience

回望李宁的三十余年商业征途，最令人惊叹的不是他创造了多大的商业帝国，而是他在每一个时代都能找到重新出发的勇气。从1990年创立品牌时的破釜沉舟，到1997年亚洲金融危机中的壮士断腕，从2004年上市的七年磨剑，到2012年巨亏后的绝地反击，从2018年国潮的惊艳破圈，到2023年以来增收不增利的艰难调整——李宁公司的每一次转折，都伴随着创始人本人的一次重新出发。

这种韧性的根源，可以追溯到李宁的体操时代。他自我评价：我天生比较胆小，不靠胆色，靠训练。这句话揭示了一种独特的企业家哲学：不是鲁莽的冒险，而是通过极致的训练和准备来对抗不确定性。在体操赛场上，他坚持每次做高难度动作都要教练在旁保护，已经是世界冠军了仍然如此。这种对风险的敬畏和对准备的执着，贯穿了他此后所有的商业决策。

李宁的另一个特质是归零心态。从运动员到商人，从上市庆典到亏损回归，从国潮巅峰到利润下滑，每一次成功之后他都提醒自己：成功只代表过去，未来要从头开始。这种心态让他避免了大多数企业家在成功后容易犯的错误——将过去的经验简单复制到新的环境。

在商业模式上，李宁的探索同样具有标本意义。他是中国第一个将个人姓名转化为商业品牌的运动员，第一个引进职业经理人团队的体育品牌创始人，第一个完成去家族化改革的民营企业家之一，也是第一个在纽約时装周亮相的中国运动品牌。这些第一不仅是个人勇气的体现，更折射出中国商业文明从草莽到规范的演进路径。

今天的李宁公司正面临新一轮考验。在安踏的多品牌矩阵战略大获成功、耐克阿迪持续下沉、大疆等新玩家切入运动相机赛道的背景下，李宁坚持的单品牌战略显得愈发孤独。但李宁似乎已经习惯了这种孤独。从14岁进入国家队到62岁仍在一一线坚守，他始终是一个人在赛道上：前半段是体操赛场的孤独旋转，后半段是商业世界的独自穿越。

李宁的故事尚未完结，但他的核心贡献已经确立：他证明了在中国这片土地上，一个退役运动员可以成为优秀的企业家，一个民族品牌可以穿越多个经济周期存活下来，一种名为韧性的品质可以跨越体育与商业的边界，成为一个人、一个品牌、甚至一个时代的精神底色。

**English:** Looking back at Li Ning's thirty-plus years in business, what is most astonishing is not the scale of commercial empire he built, but the courage he found to start over in every era. From the all-in commitment when founding the brand in 1990, to the surgical cuts during the 1997 Asian financial crisis, from the seven-year march to IPO in 2004, to the comeback from devastating losses in 2012, from the stunning Guochao breakout in 2018, to the difficult revenue-grows-profit-declines adjustment since 2023 — every turning point at Li Ning Company has been accompanied by the founder's own personal restart.

The root of this resilience can be traced to Li Ning's gymnastics era. He once assessed himself: I was born relatively timid. I don't rely on bravery, I rely on training. This statement reveals a unique entrepreneurial philosophy: not reckless risk-taking, but combating uncertainty through extreme preparation and training. On the gymnastics floor, he insisted on having a coach present for protection during every high-difficulty move, even after becoming world champion. This reverence for risk and commitment to preparation ran through all his subsequent business decisions.

Another of Li Ning's qualities is his zero-base mentality. From athlete to businessman, from IPO celebrations to loss-driven return, from Guochao peak to profit decline, after every success he reminded himself: Success only represents the past; the future requires starting from scratch. This mindset helped him avoid the mistake most entrepreneurs make after success — simply copying past experience into new environments.

In business model terms, Li Ning's exploration also has exemplary significance. He was the first Chinese athlete to transform his personal name into a commercial brand, the first sports brand founder to introduce a professional management team, one of the first private entrepreneurs to complete de-familialization reform, and the first Chinese sports brand to appear at New York Fashion Week. These firsts reflect not just personal courage but the evolution of Chinese business civilization from pioneering chaos to systematic management.

Today, Li Ning Company faces a new round of tests. With Anta's multi-brand strategy delivering great success, Nike and Adidas continuing to penetrate deeper, and new players like DJI entering the sports camera market, Li Ning's insistence on a single-brand strategy appears increasingly solitary. But Li Ning seems accustomed to this solitude. From entering the national team at 14 to remaining on the front lines at 62, he has always been alone on the track — the first half marked by the lonely rotations of the gymnastics arena, the second half by the solitary traversal of the business world.

Li Ning's story is far from over, but his core contribution is already established: he has proven that on Chinese soil, a retired athlete can become an excellent entrepreneur, a national brand can survive multiple economic cycles, and a quality called resilience can transcend the boundaries of sports and commerce, becoming the spiritual foundation of a person, a brand, and even an era.

## 卷尾 Editorial Conclusion

李宁留给中国商业文明的精神遗产，首先是一种关于"转型"的完整范本。他从一个高度组织化的体制——国家体操队——平稳过渡到高度不确定的市场环境中，这种跨越所要求的心理韧性、认知重塑与学习能力，远超多数创业者所面临的挑战。运动员的纪律性赋予他在早期竞争中的执行力优势，但当他需要面对品牌定位、资本市场运作和全球化战略时，他必须重新学习一整套完全不同的商业语言。这种持续的学习过程本身，构成了对中国企业家精神最具说服力的注解。

第二重遗产在于他对"民族品牌"概念的实践性定义。在耐克与阿迪达斯几乎垄断中国高端运动市场的年代，李宁品牌提供了一条差异化路径：它没有试图在技术和营销预算上正面对抗国际巨头，而是通过"体操王子"的个人IP、国家体育代表队的赞助合作与"一切皆有可能"的品牌主张，在中国消费者心中建立起一种基于民族情感与文化认同的品牌连接。这套方法论在此后的国产消费品牌崛起浪潮中被反复验证和迭代。

第三重遗产则是关于失败与重启的叙事。二〇一〇年前后的品牌重塑失误导致公司陷入连续亏损，市值大幅缩水。李宁在五十岁的年纪重新出任CEO，用三年时间完成了组织重建与产品回归。这段经历为所有创始人提供了一份珍贵的失败教材：如何在品牌老化的危机中识别真正的病因，如何在组织惯性中推动变革，如何在资源有限的条件下完成战略聚焦。亚洲独立编委会将这份完整的转型记录纳入永久存证体系，正是看中它对于后来者的示范价值。

Li Ning's historical positioning lies not in how large a commercial empire he built, but in providing a unique Chinese entrepreneurial paradigm: a retired athlete finding his way between the system and the market, a national brand struggling to grow under the squeeze of international giants, a founder repeatedly crossing between peaks and valleys. His experience proves that in the evolution of Chinese business civilization, personal heroism can coexist with organizational rationality, national sentiment can be transformed into brand equity, and true resilience is not about eternal victory but choosing to stand up after every fall. The story of Li Ning Company is far from over. In a new cycle of fading national trend and intensifying competition, the 62-year-old founder continues searching for answers. But regardless of the outcome, Li Ning has already fulfilled his core mission: transforming a Chinese athlete's name into a world-class commercial symbol.

## 金句 Pull Quote

> 我现在是一个商人，请不要再把我看作一个明星偶像。

> I am now a businessman. Please don't look at me as a star idol anymore.

## 履历时间线 Career Timeline

- **1963-09-08** 出生于广西柳州 / Born in Liuzhou, Guangxi
- **1980** 入选国家体操队 / Selected for national gymnastics team
- **1982** 萨格勒布世界杯独揽6金1铜，创造体操史奇迹 / Won 6 golds and 1 bronze at Zagreb World Cup, creating gymnastics miracle
- **1984** 洛杉矶奥运会独得3金2银1铜，成为该届获奖牌最多的运动员 / Won 3 golds, 2 silvers, 1 bronze at LA Olympics, most decorated athlete
- **1988** 汉城奥运会后退役 / Retired after Seoul Olympics
- **1989** 加入健力宝集团，开始商业生涯 / Joined Jianlibao Group, began business career
- **1990** 李宁品牌创立，赞助北京亚运会圣火传递 / Li Ning brand founded, sponsored Beijing Asian Games torch relay
- **1992** 李宁装备成为巴塞罗那奥运会中国代表团领奖服 / Li Ning became Chinese delegation podium attire at Barcelona Olympics
- **1994** 从健力宝独立，归还1600万元，公司更名 / Separated from Jianlibao, repaid 16 million yuan, company renamed
- **1996** 总部迁至北京，年销售额达6.7亿元 / HQ moved to Beijing, annual sales reached 670 million yuan
- **1998** 进入北京大学法律系深造 / Entered Peking University law department for further study
- **2000** 入选国际体操名人堂 / Inducted into International Gymnastics Hall of Fame
- **2004-06-28** 李宁公司在香港联交所主板上市 / Li Ning Company listed on Hong Kong Stock Exchange Main Board
- **2008-08-08** 北京奥运会开幕式点燃主火炬，全球40亿观众见证 / Lit main cauldron at Beijing Olympics opening, witnessed by 4 billion viewers
- **2010** 公司营收达94.78亿元，市场份额超越阿迪达斯 / Revenue reached 9.478 billion yuan, market share surpassed Adidas
- **2012** 公司录得近20亿元亏损，李宁重新出山兼任总裁 / Company recorded nearly 2 billion yuan loss, Li Ning returned as president
- **2015** 重启品牌口号一切皆有可能 / Revived brand slogan Everything is Possible
- **2018-02** 中国李宁登上纽约时装周，国潮破圈 / China Li Ning appeared at New York Fashion Week, Guochao breakout
- **2020-10** 公司市值突破1000亿港元 / Company market cap exceeded 100 billion HKD
- **2021-09** 股价创历史新高108港元，市值超2800亿港元 / Stock hit all-time high HKD 108, market cap exceeded 280 billion HKD
- **2025** 营收295.98亿元创历史新高，获中国奥委会官方合作伙伴 / Revenue hit record 29.598 billion yuan, became COC official partner

## 常问问答 FAQ

**Q1: 李宁在体操生涯中共获得多少枚金牌？**

A: 李宁在体操生涯中共获得106枚金牌、14个世界冠军，被誉为最完美的体操选手。1982年萨格勒布世界杯上独揽6金1铜的纪录至今无人打破。

**Q1 (EN): How many gold medals did Li Ning win in his gymnastics career?**

A: Li Ning won a total of 106 gold medals and 14 world championships in his gymnastics career, hailed as the most perfect gymnast. His record of 6 golds and 1 bronze at the 1982 Zagreb World Cup remains unbroken.

**Q2: 李宁品牌是如何创立的？**

A: 1990年，在健力宝集团总经理李经纬的支持下，李宁牌运动服装公司在广东三水成立。品牌创立的初衷是让中国运动员穿着自己国家的装备站在奥运领奖台上。

**Q2 (EN): How was the Li Ning brand founded?**

A: In 1990, with the support of Jianlibao Group general manager Li Jingwei, Li Ning sportswear company was established in Sanshui, Guangdong. The brand was founded with the aspiration of having Chinese athletes wear domestically-made equipment when standing on Olympic podiums.

**Q3: 李宁公司为什么会在2012年前后陷入巨额亏损？**

A: 主要原因是2010年前后管理层强行提价对标国际品牌、发动90后李宁营销却失去老顾客、叠加行业库存危机，导致连续三年巨亏，门店大量关闭。

**Q3 (EN): Why did Li Ning Company fall into massive losses around 2012?**

A: The main reasons were management's aggressive price hikes to benchmark international brands around 2010, the Post-90s Li Ning marketing campaign that alienated loyal customers, combined with an industry-wide inventory crisis, resulting in three consecutive years of massive losses and widespread store closures.

**Q4: 中国李宁系列在纽约时装周亮相有什么意义？**

A: 2018年中国李宁登上纽约时装周，是首个亮相该时装周的中国运动品牌，标志着国潮运动的兴起，将中国传统文化元素与现代运动时尚融合，引发全球关注。

**Q4 (EN): What was the significance of China Li Ning appearing at New York Fashion Week?**

A: In 2018, China Li Ning appeared at New York Fashion Week as the first Chinese sports brand to do so, marking the rise of the Guochao movement, fusing traditional Chinese cultural elements with modern sports fashion, attracting global attention.

**Q5: 李宁坚持的单品牌战略是否有风险？**

A: 单品牌战略在国潮红利消退后面临挑战，与安踏的多品牌矩阵相比显得单薄。但李宁认为聚焦核心品牌能保持品牌一致性，通过多品类多渠道策略实现增长。

**Q5 (EN): Is Li Ning's single-brand strategy risky?**

A: The single-brand strategy faces challenges as the Guochao dividend fades, appearing thin compared to Anta's multi-brand portfolio. But Li Ning believes focusing on the core brand maintains brand consistency while achieving growth through multi-category and multi-channel strategies.

**Q6: 李宁在2008年北京奥运会点火对品牌有什么影响？**

A: 李宁作为主火炬手在空中点燃奥运圣火的那一刻，全球约40亿观众见证，成为体育史上最具价值的品牌曝光之一。次日产品几乎脱销，但李宁本人坚持不想掺杂商业元素。

**Q6 (EN): What impact did Li Ning's torch-lighting at the 2008 Beijing Olympics have on the brand?**

A: The moment Li Ning lit the Olympic cauldron in mid-air was witnessed by approximately 4 billion viewers worldwide, becoming one of the most valuable brand exposures in sports history. Products nearly sold out the next day, though Li Ning personally insisted on not mixing in commercial elements.

**Q7: 李宁公司目前的财务状况如何？**

A: 2025年李宁公司营收295.98亿元创历史新高，但归母净利润29.36亿元连续第四年下滑。毛利率49%，净利率9.9%。公司正从安踏手中夺回中国奥委会合作伙伴身份，积极备战2026年米兰冬奥会。

**Q7 (EN): What is Li Ning Company's current financial situation?**

A: In 2025, Li Ning Company's revenue hit a record 29.598 billion yuan, but net profit of 2.936 billion yuan declined for the fourth consecutive year. Gross margin was 49%, net margin 9.9%. The company is reclaiming COC partnership status from Anta and actively preparing for the 2026 Milan Winter Olympics.

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18. [s18] 证券之星 · 李宁02331股票行情 — https://hk.stockstar.com/hshare/02331
19. [s19] 三联生活周刊 · 李宁国货品牌的觉醒与困境 — https://www.lifeweek.com.cn/
20. [s20] 新华网 · 中国李宁登纽约时装周 — https://www.xinhuanet.com/
21. [s21] China Daily · Li Ning from gymnastics legend to entrepreneur — https://www.chinadaily.com.cn/
22. [s22] Reuters · Li Ning Company IPO Hong Kong 2004 — https://www.reuters.com/
23. [s23] FIG · Li Ning International Gymnastics Hall of Fame — https://www.fig-gymnastics.com/
24. [s24] 晚点LatePost · 李宁国潮的起与落 — https://www.latepost.com/
25. [s25] 搜狐财经 · 李宁公司收购红双喜 — https://business.sohu.com/
26. [s26] 新浪体育 · 李宁签约韦德 — https://sports.sina.com.cn/
27. [s27] 李宁官方 · 李宁品牌发布超弹科技 — https://www.lining.com/
28. [s28] 新华社 · 李宁公司赞助中国奥委会 — https://www.xinhuanet.com/
29. [s29] 经济观察报 · 中国体育产业发展与李宁公司 — https://www.eeo.com.cn/
30. [s30] 哈佛商业评论中文版 · 李宁一切皆有可能品牌战略分析 — https://www.hbrchina.org/
31. [s31] 央视人物 · 李宁从运动员到企业家 — https://www.cctv.com/
32. [s32] Reuters · Li Ning brand at New York Fashion Week — https://www.reuters.com/
33. [s33] 商业周刊中文版 · 李宁公司发展历程从6亿到百亿 — https://www.businessweek.com.cn/
34. [s34] 21世纪经济报道 · 李宁品牌国际化之路 — https://www.21jingji.com/
35. [s35] 第一财经 · 李宁与安踏的竞争格局 — https://www.yicai.com/
36. [s36] 艾瑞咨询 · 中国体育用品行业十年发展报告 — https://www.iresearch.com.cn/
37. [s37] Olympic.org · Li Ning at 1984 Los Angeles Olympics — https://www.olympic.org/
38. [s38] 中国企业家杂志 · 李宁公司去家族化改革 — https://www.iceo.com.cn/
39. [s39] 36氪 · 李宁公司转型与数字化布局 — https://www.36kr.com/
40. [s40] 界面新闻 · 李宁获中国奥委会官方合作伙伴 — https://www.jiemian.com/
41. [s41] Wikipedia · Li Ning Wikipedia — https://en.wikipedia.org/wiki/Li_Ning
42. [s42] 体坛周报 · 李宁体操王子传奇 — https://www.titan24.com/
43. [s43] 财新网 · 李宁公司2024年财报分析 — https://www.caixin.com/
44. [s44] 广西日报 · 李宁从广西走向世界的传奇 — https://www.gxrb.com.cn/
45. [s45] 南方周末 · 李宁公司20年发展回顾 — https://www.infzm.com/

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