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On the morning of March 23, Yang Youning's outside model wife Melinda Wang Yingying (Amei) happily announced the good news on her personal social account. She wrote in English: "Vol 3 coming this year (the third one is coming this year)" and flashed two pregnant belly photos in a high-profile manner. It was officially announced that the third child was coming. The 42-year-old Yang Youning also became a father "three times"!

In the exposed photo, pregnant mother Amei is seen wearing a light-colored short-sleeved cardigan with loose pajamas and a blue baseball cap on her head, taking a happy selfie with her mobile phone; Yang Youning, whose face is covered by sunglasses, is holding his chin with one hand and smiling brightly. The picture is sweet and warm.

Yang Youning and his wife gave birth to two daughters in December 2020 and July 2023, successfully realizing their dream of having two babies in three years. Now, after nearly two years, they have welcomed their third child of love. It is really gratifying!

Comparing it to Melinda who gave birth to her second child naturally (only gained 14 pounds during pregnancy), she has given birth to her third child and is in the third trimester of pregnancy. Although she is not afraid of appearing on camera without makeup, she has a rosy face, is in good condition, and has slender limbs. She has a physique of "fat belly but not body", which is enviable!

Immediately, Taiwanese media called Yang Youning to congratulate him on becoming a father. He himself thanked Yang repeatedly, but did not disclose the specific time of his wife's pregnancy and childbirth.

According to data, Yang Youning was born in Taiwan in 1982. He graduated from the Asia Pacific College of Creative Technology. His family is engaged in the catering industry and he comes from a family of chefs. Because of his sunny and handsome appearance, he was discovered by a talent scout and started to make a name for himself in the advertising industry. His path to fame is similar to that of Joseph Chang.

In 2004, Yang Youning, who was only 22 years old, made his screen debut – the movie "Seventeen Years Old Sky", officially debuting in the entertainment industry.

In the past 20 years since he entered the industry, he has participated in the filming of film and television dramas such as "Shangyang Fu", "The Princess of the World", "Everything Is Good", "Golden Years", "One Page of Taipei", "Monster Hunt 2", "The Wind", etc. He has both good looks and acting skills, and is well-known among the audience.

In addition, Yang Youning, who has a variety show background, also participated in the recording of Mango Channel's celebrity self-help travel program "Flowers and Boys Season 3", which was impressive.

As for relationships, compared to the single-minded Yang Youning, the most sensational relationship was the three-year relationship with fellow actor Guo Caijie.

In 2011, Yang Youning and Amber Kuo collaborated on the love story "Moving Forward with Love". The two fell in love on and off the screen. They often interacted sweetly in the distance. There was no need to avoid suspicion at all and they loved generously.

Unfortunately, the golden couple chose to part ways in August 2014 because "the relationship couldn't be maintained by being together less and apart more often."

After returning to single status, Yang Youning met outsider model Melinda Wang Yongying. The two "married their daughter" in May 2020 and gave birth to a daughter in early December of the same year, named "ANAH".

Two years later (2022), Yang Youning held a banquet at the Mandarin Oriental Hotel in Taipei to hold a grand wedding for his wife. A group of friends in the industry were invited to witness the happy moment.

In July 2023, Amei gave birth to another daughter for her husband, named "Kya" (Ocean), inspired by Yang Youning's love for surfing.

After nearly two years, Amei was pregnant again and was about to become a happy family of five.

Mr. and Mrs. Yang Youning, who love children, reached a consensus when they got married that they wanted to have four children, and they even hoped to have "both children"! (The picture comes from the Internet, any infringement will be deleted)

#春日生活狠卡season#

In case I get lost, you can also find me on "Shierjun Sees the World"

Pay attention and don’t “lose contact” in the future~

On March 15, after the 98th Academy Awards, the much-anticipated top event in the Hollywood entertainment industry, came to an end, music moguls Jay-Z and Beyoncé held a post-ceremony celebration party at the Chateau Marmont Hotel, inviting many friends to the party.

(Bieber at the party)

At this party where many celebrities gathered together, a conflict broke out between two music superstars:

Usher had a dispute with Justin Bieber, and it quickly escalated into a more intense shouting match. Although no physical conflict broke out, the smell of gunpowder at the scene really shocked everyone around him.

An eyewitness said:

"Out of respect for Jay-Z and Beyoncé, Arthur has chosen not to escalate the situation further, but some feel he is ready for a fight…"

(Bieber and Arthur)

Over the years, in the minds of many fans, Arthur and Bieber, the music industry duo, have always been mentors and friends, with a very close relationship. Now they actually turned against each other and started to fight each other in public?

According to sources, Arthur feels that Bieber has deliberately alienated him in recent years and lacks loyalty and gratitude to him as a leader.

Bieber believed that Arthur failed to "protect him at critical moments" and allowed him to be squeezed and exploited by his former agent.

From the master-disciple and brotherly relationship for more than ten years, to now the resentment has completely exploded. It can only be said that three feet of ice did not freeze in a day…

(Teenage Bieber and young Arthur)

I believe everyone has heard more or less about the two's early acquaintance experience.

Usher made his debut in the late 1990s and quickly grew into the top music scene in the early 2000s.

In 2007, the young Canadian teenager Justin Bieber became popular on Youtube with a video of playing and singing, which attracted the attention of the well-known music producer Scooter Braun.

(Bieber and Braun)

Braun went directly to Bieber and took him to Atlanta to meet the popular superstar Usher. After the meeting, Arthur made the decision on the spot and signed Bieber with Braun.

After that, Arthur and Braun began to explore and cultivate Bieber's musical talents, focusing on making him a new star in the music industry.

(Bieber and Arthur)

In order to train Bieber, Arthur directly asked him to move to Atlanta and teach him personally. In 2009, the MV for Bieber's debut album "My World" was shot at Arthur's house.

It is no exaggeration to say that Arthur can be regarded as Bieber's introductory mentor in the music industry. He led Bieber into the top music circle and introduced Bieber to his predecessors in the music industry, including Diddy.

(Diddy and Bieber)

But who could have imagined that many years later, manager Braun and Diddy would become the main factors in the breakup between Bieber and Arthur.

The 11 years from 2011 to 2022 can be regarded as the "honeymoon period" of the relationship between Arthur and Bieber. Bieber gradually grew up and became famous in the music world.

But he never forgot Arthur, who introduced him, and expressed his gratitude in public many times:

"It was Arthur who changed my life!"

And Arthur also loves Bieber very much, often lamenting publicly:

Bieber is like his own son.

(Arthur and Bieber attended the party)

In those years, Arthur and Bieber often performed together and attended award ceremonies together. As Bieber grew up, their relationship became more like a brotherhood between men in the teacher-student relationship.

Bieber often supports Arthur's acting career, and when Bieber fell into a trough due to drug abuse and mental problems from 2014 to 2017, Arthur was the first to stand up and give him brotherly support.

By 2022, after the last public intimate photo of the two, everyone never saw the master and apprentice together again…

(Arthur and Bieber vacation together)

In the following years, the relationship between the two began to crack due to a series of incidents. The 2024 Super Bowl incident became a turning point in the deterioration of the relationship between Arthur and Bieber.

At that time, Arthur was invited to perform at the Super Bowl halftime show, known as the American Spring Festival Gala. Arthur took the initiative to invite Bieber to perform on stage together.

Unexpectedly, Bieber directly refused. The official statement given by the team was:

"Bieber is honored that his mentor Arthur wants him to participate in the Super Bowl, but he prefers to let Arthur play on his own. If he is invited in the future, he would prefer the opportunity to do the Super Bowl himself."

(Arthur's Super Bowl halftime show)

This kind of rejection is extremely rare in the two people's close cooperation for more than ten years. Of course, Arthur did not break his face because of it. In public, he gave Bieber enough face:

"Bieber wants to tell a different story, and I understand that."

It was also that year that Bieber and another former boss, his former manager Braun, had a complete falling out due to financial problems.

Bieber's 2022 tour was canceled due to health problems, resulting in a huge compensation payment. Braun's company advanced Bieber $26 million. Bieber paid part of it first, but never paid the rest of the debt.

According to sources, Bieber felt that Braun was responsible for both decision-making and financial matters during the tour. Not only did he fail to protect his interests, but he also wanted to continue to extract commissions from him.

(Bieber and Braun)

Afterwards, although Bieber paid off the debt and Braun's commission, the feud between the two was finally settled. Bieber has since cut ties with Braun.

Later, he heard that his master and good brother Arthur still maintained close contact with Braun, and he was furious and blocked Arthur on social media.

(Braun, Bieber, Arthur)

According to media reports, in Bieber’s view, Arthur also has a problem:

Arthur did not mediate the conflicts between him and Braun and protect him from Braun's exploitation. This was not a good enough friend!

By 2025, the collapse of another heavyweight’s house further intensified Bieber’s resentment towards Arthur:

Something happened to Diddy…

We mentioned in the previous content that many child stars were sent to Diddy's "wild parties" and were left alone with him for several days.

Bieber had a similar experience. In 2009, when he was 15 years old, he was introduced to Diddy by Arthur, and he stayed with Diddy for 48 hours.

After Diddy was exposed in 2025, although Bieber's team clearly denied that he was Diddy's victim, they also said that someone must have been hurt by it.

People familiar with the matter also revealed that because of Puff Daddy's accident, Bieber recalled the experience of being introduced to him by Arthur, which once again triggered Bieber's resentment that Arthur "didn't protect him at the critical moment."

(Arthur and Bieber are no longer friendly)

Starting in 2024, Bieber began to intentionally alienate Arthur and deliberately keep a distance from him. This move made Arthur very angry. As the apprentice he had supported and cultivated, Arthur felt that Bieber was no longer loyal to him and no longer grateful to him.

As time passed, Arthur began to feel that he had been taken advantage of by Bieber along the way. Bieber has made extraordinary achievements, but now that this kid has become successful, he has begun to turn his back on others!

(Bieber)

The long-standing grievances between the two parties have been buried in this way for several years. At the celebration party of Jay-Z and his wife after the Oscar ceremony on March 15, the long-standing grievances between the two completely broke out.

At the party, Bieber, his friends and his wife were chatting among themselves and had no intention of paying attention to Arthur.

Full of resentment, Arthur took the initiative to walk up to Bieber and found that Bieber was still treating him as perfunctory as he had been for some time. This completely angered Arthur, and he started to quarrel with Bieber, and then the two broke out into a fierce argument, which even evolved to the point of almost getting physical…

(Arthur)

Of course, outsiders will judge whether the grudge between the two is right or wrong, right or wrong. I hope these former masters and disciples can find a way to resolve their conflicts…

This year's "Government Work Report" proposes to actively expand imports and promote balanced development of trade. In the complex environment of slowing global economic growth and rising trade protectionism, my country's initiative to plan balanced trade development is not only a strategic choice to deal with external economic and trade frictions, but also an intrinsic requirement to promote high-quality economic development. Experts said that better coordinating imports and exports will help serve domestic industrial upgrading and consumption upgrading, and promote the economy to achieve effective qualitative improvement and reasonable quantitative growth.

Share big market opportunities

Statistics show that my country’s import and export surplus of goods will be 8.5 trillion yuan in 2025.

"my country's trade in goods continues to maintain a large surplus. This is a concentrated reflection of my country's economic strength and industrial competitiveness, and is also an objective result of the deep integration of domestic and foreign markets and the interaction of supply and demand." Wang Xuekun, director of the Institute of International Trade and Economic Cooperation of the Ministry of Commerce, said that my country has entered a stage of high-quality development, institutional opening-up is steadily advancing, and positive progress has been made in building a trade power.

my country has always adhered to the concept of openness and win-win and continued to expand imports. The scale of imports continues to rank among the top in the world. Imported goods and services cover many countries and benefit different industries. Our country has cultivated international consumption center cities and built import trade promotion innovation demonstration zones. In particular, it has continuously held CIIE and consumer expo, and more high-quality goods and services have entered the Chinese market. From 2021 to 2024, my country will import a total of 7.4 trillion yuan in consumer goods, making a huge contribution to global development.

Currently, global unilateralism and protectionism continue to rise, and the international trade environment is becoming increasingly complex and severe. Promoting the balanced development of imports and exports is not only a pragmatic choice to deepen international cooperation and achieve mutual benefit and win-win results, but also a key measure to serve high-quality development and promote a stable scale and optimal structure of foreign trade.

"Trade balance is one of the important signs of healthy development of foreign trade, and it is also an important support for coordinating the two domestic and international markets and resources to build a new development pattern." Han Ruidong, associate researcher at the Economic Forecast Department of the National Information Center of the National Development and Reform Commission, believes that promoting balanced trade development means tapping more import potential while giving full play to the supporting role of exports in the economy, achieving a basic balance of international payments, and forming a good situation in which exports and imports promote each other, and the domestic market and the international market are connected.

Zhao Fujun, director and researcher of the Comprehensive Research Office of the Foreign Economic Research Department of the Development Research Center of the State Council, said that starting from January 1 this year, my country has implemented a provisional import tax rate lower than the most-favored nation tax rate for 935 commodities, which will help expand the import of high-quality goods. At the same time, we will continue to expand service imports. In February this year, seven departments including the Ministry of Commerce revised and released the Catalog of Encouraged Imported Services, adding fields such as "medical and health services" and "other professional services" to proactively expand the import of high-quality services. These measures demonstrate my country's determination to actively expand imports.

Conditionally expand imports

At present, my country's economic operation is generally stable and making progress, which provides important support for expanding imports.

Wang Xuekun believes that the fundamentals of my country's long-term economic growth are solid, the domestic economic development momentum continues to strengthen, the advantages of the ultra-large domestic market are highlighted, the vitality of foreign trade operators is enhanced, and the international market layout is continuously optimized, which provides solid support and strong driving force for actively expanding imports and promoting balanced development of trade.

"my country's overall tariff level has gradually been reduced to 7.3%, and zero-tariff treatment is given to the least developed countries that have established diplomatic relations with 100% of tax items, and the import potential will continue to be released." Han Ruidong said that open platforms such as the Free Trade Pilot Zone, Hainan Free Trade Port, and the Comprehensive Pilot Program for Expanding the Opening of the Service Industry have developed step by step, and various exhibition platforms such as the China International Import Expo, the Consumer Expo, the Service Trade Fair, and the Chain Expo have become public goods for global shared development opportunities. These have provided strong policy support and platform guarantees for promoting trade balance.

It should also be noted that our country faces multiple challenges such as external environmental constraints and the import structure that needs to be optimized. Han Ruidong believes that my country’s imports of advanced technologies, key parts and other high-quality products account for a low proportion, and are poorly suited to the needs of domestic industrial upgrading and consumption upgrading.

The knock-on effects of geopolitical conflicts cannot be ignored either. Geographical conflicts have pushed up global logistics, energy, and raw material costs, and international shipping prices have fluctuated frequently. The trade controls and foreign exchange control measures implemented by some countries have increased the logistics costs and transaction risks of enterprises, and affected their enthusiasm for importing.

Stress is also turning into motivation. As my country's manufacturing industry moves towards high-end and intelligent manufacturing, the domestic market's continued demand for precision instruments and key components is forcing global suppliers to re-examine the Chinese market. This positive interaction of "demand driving supply" is gradually becoming a deep driving force for optimizing the import structure.

Mutual benefit and win-win results promote balance

Facing unprecedented opportunities and complex challenges, my country is implementing multi-dimensional policies and making coordinated progress: on the one hand, it is stabilizing its export fundamentals, on the other hand, it is actively expanding the scale of imports, while continuing to optimize the business environment, systematically promoting the optimization and dynamic balance of trade structure, and moving steadily towards a new international trade pattern with higher quality, stronger resilience, and better efficiency.

Wang Xuekun believes that promoting trade balance requires actively expanding imports on the basis of stabilizing exports. The first is to optimize the import structure, give full play to the advantages of the huge domestic market, focus on expanding the import of energy resources, key parts and components, advanced technology equipment and high-quality consumer goods, and promote the deep integration of import with industrial upgrading and consumption upgrading. The second is to improve the promotion system, give full play to the functions of exhibition platforms such as the China International Import Expo, solidly promote the construction of national import trade promotion innovation demonstration zones, and continue to expand the brand influence of "Export to China". The third is to expand diversified channels, deepen import cooperation with emerging countries, vigorously develop new foreign trade formats, and improve import stability and flexibility. The fourth is to strengthen policy support, optimize the tariff structure, improve the level of import trade facilitation, effectively reduce import costs, and fully stimulate the import potential of business entities.

"It is necessary to implement stable foreign trade policies and promote the diversification of the foreign trade market and the integrated development of domestic and foreign trade." Han Ruidong said that it is necessary to continue to optimize and upgrade the trade of goods, increase the proportion of exports of high value-added and high-tech products, and promote "Made in China" to move up the global value chain. At the same time, we must focus on the needs for industrial upgrading and meeting people's needs for a better life, reasonably adjust import tariff rates, and improve the level of import trade facilitation. Specifically, by revising the catalog of technologies, products and services that are encouraged to be imported, we can expand the import of advanced technology and equipment, high-quality agricultural products, and productive services that are urgently needed domestically, strengthen the effectiveness of the import promotion platform, and promote the continuous upgrading of the import structure to high technology, high quality, green, and service-oriented. (Economic Daily reporter Feng Qiyu Xu Leijie)

On the morning of May 13, the well-known entertainment reporter "Bai Xiaosheng" posted a story on a short video platform about an encounter with the daughter of Queen Faye Wong, Li Yan. Xiao Nizi made an appointment with her good sisters to take a bus to the mall to go shopping. It was very comfortable!

According to gossip paparazzi, at around 2 pm last weekend (11), Li Yan, a second-generation star, was seen in the parking lot of SKP, a top luxury department store in Beijing. He was accompanied by a woman of similar age, who should be his classmate or best friend.

It seems that during the weekend holiday, Li Yan met up with her little sisters to go shopping and took an online car-hailing ride to SKP to buy summer clothes.

Judging from the photos exposed by the photographer, Li Yan appeared in a slanted off-shoulder top and light-colored tight jeans that day. She has long hair and a tall figure. She is dressed in a hot girl style fashion and sexy.

Li Yan, who is about to celebrate her 19th birthday on the 27th of this month (May), has long since lost her youthfulness and immaturity and transformed into a mature and feminine rich girl.

After arriving at the destination by car, Li Yan and her best friend got off the car on both sides of the back row. The former slung his black bag over his shoulder, then stepped forward quickly and took his friend's arm, and the two walked side by side to the mall.

During this period, when she walked to the glass door, Li Yan did not forget to straighten her long hair in the mirror, exuding endless charm in her every move.

Comparing Faye Wong's daily outfits, it is not difficult to find that Li Yan's aesthetics, temperament and dressing style are exactly the same as the queen's mother, and she even learned the bad habit of smoking.

After walking through a long corridor, Li Yan and Li Yan came to a cosmetics counter, but they seemed not to have a strong desire to buy. They stopped for a few glances, then took the escalator to the second floor of the shopping mall to look for their favorite "trophies."

While riding in the elevator, Li Yan chatted and laughed with her good sisters. It seemed that they had endless topics to talk about and their sisterly love was deep.

At the end of the day, Li Yan noticed the paparazzi following her, but she just gave her a cold look without much resistance and continued her pleasant shopping trip.

Through the lens of the paparazzi, Li Yan's face was accidentally exposed. After many surgeries, the scars of her "rabbit lip" (congenital cleft lip and palate) gradually healed and are basically invisible.

After the scar on her mouth faded, the little girl became much more confident and often shared selfies and dinner photos on social networks.

It is reported that the 18-year-old Li Yan was born during the marriage of Chinese music queen Faye Wong and her second actor husband Li Yapeng. After her parents' marriage broke up, she grew up with her grandmother. She is good at painting and dressing. She has a half-sister Dou Jingtong and a half-sister Li Xia. She is currently studying in Switzerland and is expected to take over the mantle of the entertainment industry in the future. (The picture comes from the Internet, any infringement will be deleted)

#summerlifecheck-in season#

In 2025, Li Ning will deliver a "stable and progressive" financial report.

On March 19, Li Ning announced its 2025 financial report: full-year revenue was 29.60 billion yuan, a year-on-year increase of 3.2%, in line with market expectations; but more importantly, on the profit side, the operating profit margin increased to 13.2%, and the net profit rate reached 9.9%, which was better than expected.

In a cycle where consumption tends to be rational, this combination of "moderate growth + profit restoration" essentially means that the company is actively adjusting its growth structure, rather than passively enduring pressure.

But if you look at it from another perspective, the most worthy of revaluation in this financial report is not growth or profits, but a role that has been repeatedly "weakened" in the industry narrative – dealers.

At a time when almost all leading sports brands are holding high the banner of DTC (Direct-to-Consumer), Li-Ning has handed over an answer sheet that "the distribution system is still operating efficiently": in 2025, the proportion of revenue from franchised dealer channels will increase from 45.1% to 46.6%, not only firmly ranking the largest channel, but also becoming the most important source of growth contribution.

This in itself is an anti-consensus signal. It deserves to be taken seriously.

Numbers speak first: Dealers are still ballast

It has to be said that compared to brands such as Nike, Adidas, Anta, and Angpa, Li Ning's channel structure is relatively "traditional."

From the perspective of the overall structure, the group's franchised dealer channel's annual revenue will increase by 6.3% year-on-year in 2025, firmly ranking as the largest channel; the annual revenue of the e-commerce channel will increase by 5.3% year-on-year; the direct-sales channel will experience a phased decline due to actions such as closing inefficient stores, promoting offline store experience upgrades, and optimizing the store matrix.

In Li Ning's channel structure, direct sales, wholesale, and e-commerce account for 22.5%, 46.6%, and 29.5% respectively. There is no absolute dominance among the three, but a pattern of mutual checks and balances and complementary positions has been formed.

This is not the result of natural formation, but a "balanced structure" that is consciously maintained.

In this system, direct sales play more of a role as the anchor of brand image and experience, e-commerce is the traffic portal and conversion tool, and dealers form the base for scale, efficiency and risk sharing.

Especially in 2025, when the direct sales channel is under periodic pressure due to store optimization and discount pressure, the dealer channel will show positive growth and become a key force supporting the stability of overall revenue.

From a financial back-end perspective, Li Ning's profit margin recovery is highly related to this balanced structure: omni-channel inventory turnover is maintained at 4 months, the inventory age structure is healthy, and the ratio of new and old products is balanced; the number of days receivable and payable has remained at the leading level in the industry for many years.

This also explains a deeper question: why Li Ning did not choose to radically transform, but retained such a high proportion of the distribution system despite the entire industry strengthening DTC.

In the past few years, major sports brands have been strengthening DTC.

The DTC expansion of Nike and Adidas has indeed promoted the systematic improvement of brand premium and profitability. Anta Group has also improved its overall profit quality in recent years by continuing to increase the proportion of direct sales. Yao Jian, the former president of Amer Sports Greater China and current president of Wolf Claw, once said in an interview that DTC is an important operating path for Anta Group to "revitalize" many overseas brands.

The benefits of DTC transformation are clear. Brands directly control terminal pricing, reduce the profit diversion of middlemen, obtain more complete consumer data links, and increase gross profit margins.

This logic holds true in first-tier cities and mature markets. But the problem is that the Chinese market is not a homogeneous market, but a highly stratified market with great regional differences. In the broader sinking market, DTC's marginal efficiency is declining rapidly, and high rent, high labor and high management complexity are rigid expenses. Once passenger flow fluctuates, it will be amplified into pressure on the profit side.

Many discussions will interpret "whether to vigorously develop DTC" as the level of operational capabilities. At a stage when consumption is becoming more rational and demand fluctuations are increasing, the risks of the single channel model are being amplified. Li Ning's structure appears to be more resilient.

With a financial base of nearly 20 billion yuan in net cash, the company is not incapable of promoting larger-scale direct operation expansion, but has proactively retained the "buffer layer" of the distribution system. Fluctuating costs such as inventory, rent, and labor are partially moved out into the dealer system, allowing the brand to maintain higher profit certainty in an environment of unstable demand.

What's more, dealers themselves are changing. The channel system in the past, which relied on buyouts and was easily out of control, is being reconstructed by digitalization and refined management.

Li Ning's weekly inventory monitoring, distribution system and warehousing system mentioned in the financial report are essentially achieving "penetrating management" of dealer inventory and sales. This means that dealers are no longer variables outside the brand’s control, but distributed nodes included in a unified operating system.

At the same time, channel quality is also being re-screened. Inefficient stores were closed, resources were concentrated on core commercial entities, and store efficiency in core markets continued to improve. This process of "shrinking inefficiency and strengthening quality" has transformed the dealer network from a tool for scale expansion in the past to a higher-quality retail terminal.

Li Ning’s path: not to fight against DTC, but to “mix optimal solutions”

To understand Li Ning's channel selection, there is a key premise that needs to be clarified: Li Ning is not "rejecting DTC", but looking for a channel combination with the best marginal benefits for a specific market structure and brand development stage.

Compared with the complete DTC model, Li Ning's distribution ratio of nearly 47% has indeed sacrificed part of the gross profit margin ceiling. The existence of middlemen means that brands cannot exclusively enjoy all retail profits.

But what this "price" brings are three capabilities that are more valuable than gross profit in the counter-cyclical consumption: stronger anti-cyclical resilience, faster market response speed, and wider channel coverage.

Anti-cyclical resilience has been verified in 2025.

When direct sales channels are under pressure due to intensified promotion competition and deepening discounts, the dealer network provides a stable base for overall revenue with a positive growth of 6.3%, so that the brand-side profit and loss statement does not have to be directly exposed to the full impact of passenger flow fluctuations. This risk transfer mechanism significantly amplifies value in a cycle where consumption tends to be conservative.

Reaction speed is reflected in another dimension.

Distributors are rooted in the local area, are familiar with regional consumption rhythms, and have the flexibility to allocate goods immediately. This is exactly the capillary conduction capability that brands need most when creating hot-selling products and launching new products.

From first-tier business districts to county-level markets, the geographical coverage of thousands of distribution stores cannot be achieved at the same marginal cost by any DTC system that comes at the expense of property rent and manpower.

This channel logic is particularly amplified in the Olympic marketing cycle.

The core value of brand sponsorship of top events lies in the window period when traffic is concentrated. Every appearance of an athlete on the field is a highlight moment of brand exposure. However, whether this traffic can be converted into terminal sales depends on the brand's channel coverage and response speed during the window period.

During the 2026 Milan Winter Olympics, Li-Ning achieved "zero time difference" for the first time in simultaneously selling the same co-branded products for the Chinese sports delegation, opening up the conversion link of "highlights on the field – real-time planting – immediate purchase".

This link can be run smoothly only if offline terminals have the goods in place and dealers have completed collaborative stocking. A nationwide distribution network provides exactly this kind of infrastructure for "immediate landing of event traffic".

If Olympic marketing requires channel breadth, then multi-category operations and new groups of people require professional penetration depth of channels. The dealer network plays the role of "infrastructure" here.

Running and badminton are Li Ning’s two most eye-catching category business cards in 2025. The proportion of running revenue increased to 31%, becoming the largest category; badminton revenue increased by 30%, and the growth rate led the industry.

But these two types of movements are essentially not consumption scenes that only exist in first-tier cities. Running is penetrating into a wider range of people, and badminton is a typical national sport, and its demand distribution itself is highly dispersed.

Under such a category structure, if there is a lack of broad enough terminal coverage, it will be difficult to translate product power into real sales scale.

Running is a classic example. With Feidian's help, the "Breaking Three" runners ranked first in wear rate, and Li-Ning has established a clear professional endorsement on the elite side. But the value of elite runners lies in conveying trust to mass runners.

For this "ripple effect" to be truly realized, it depends on the real-life scenarios where running consumption occurs: not flagship direct stores in first-tier cities, but secondary cities where runners gather, community business districts, and temporary consumption grounds around marathon events.

The value of the distribution network is to transfer the brand trust established by elites to every terminal touch point where mass runners actually consume.

The logic of badminton is more straightforward.

The bottom layer of this round of growth is the rapid increase in demand on the demand side. The national badminton craze has stimulated a large amount of new consumption in a short period of time. Whether it can be realized in time during the craze, production capacity is a variable, and the channel response speed is also critical.

Li Ning has been deeply involved in the badminton track since 2009. The dealer network accumulated in this category just provides the distributed distribution capabilities that are most needed when demand explodes: instead of waiting for consumers to find the brand, the brand has been deployed in advance where consumers will go.

There is a counter-intuitive point worth pointing out here: professional categories often give people the impression that "you should go through boutique channels", such as high-end flagship stores, limited sales, and DTC controlled price systems.

However, professional sports consumption has its own geographical distribution rules. Runners do not only run in Sanlitun, Beijing, and badminton enthusiasts do not only play in Xintiandi, Shanghai. Breadth of coverage is precisely the necessary condition for professional categories to move from niche to mass, rather than the cost of diluting the brand.

Li Ning's "mixed channel model" has begun to show an advantage that is different from the pure DTC path: Compared with complete DTC, this model has sacrificed the ceiling of gross profit margin; but the anti-cyclical ability, market response speed and coverage depth it has gained have demonstrated its actual value time and time again in the instant conversion of Olympic marketing, the large-scale penetration of the running category, and the rapid realization of the explosive demand for badminton.

Behind this is actually a more essential judgment. In a highly stratified and continuously volatile market, it is difficult for a single model to cover all variables. Rather than pursuing the "purity" of a certain model, it is better to build a system that can dynamically adjust between different cycles and different regions.

The nearly 20 billion net cash on hand gives Li Ning sufficient capital reserves to seize opportunities, and there is no need to bet on the radical transformation of a single channel in an uncertain market environment.

Qian Wei, executive director and co-CEO of Li Ning Group, said at the media communication meeting for the performance release, "We are still the same this year. We hope that the company will maintain a medium-to-challenge posture rather than a risky posture. Laying a solid foundation is still Li Ning's top priority. At the same time, we will use a more positive attitude and actions to look at the business and opportunities of different categories in different subdivisions. This time it has become the main idea of ​​​​Li Ning Group's operations. "

Channels are never isolated operational variables, but physical extensions of brand strategy.

The "hybrid optimal solution" chosen by Li Ning may not be the sexiest answer in the textbook, but it is the one that can best withstand the test of cycles in China's highly stratified market.

The 37-year-old mainland actress Zhao Liying and the actor Feng Shaofeng, who is 9 years older, once had a fairy tale-like marriage. The two had a son named "Xiangxiang" during their marriage, and they formed a happy family of three.

Unfortunately, this "second uncle couple" did not fulfill their vow to grow old together. On April 23, 2021, their marriage officially came to an end. They parted ways and promised to raise legitimate children together in the future.

After her divorce, Zhao Liying returned to the top of the "85 Flowers" list. With the TV series "The Wind Blowing Pinellia" and the movie "Article 20", she won the "Golden Eagle Award", "Feitian Award" and "Hundred Flowers Award" for the best supporting actress and the best supporting actress trophies. The film and television industry is in full bloom.

Although the character creation of the transformational work "Sunflower" has received mixed reviews, Ying Bao did not care about the rumors from the outside world. Instead, she took the time to accompany her son to "think about it" shopping in the mall during the holidays and enjoy a happy family time. It was full of warmth!

According to the gossip paparazzi "Zhang Xiaohan", she witnessed the scene of Zhao Liying and her son taking a car to a well-known mall for shopping last weekend (19), accompanied by a burly middle-aged man who should be the driver and bodyguard.

At about 4:30 that afternoon, Zhao Liying, wearing a V-neck sweatshirt and white trousers, appeared in a low-key manner wearing a baseball cap and a mask. After getting off the car, she first helped her son tidy up his collar, and then walked to the mall escalator while holding "think about it" little hand.

About ten minutes later, Zhao Liying and her party went straight to a brand chain toy store. The shelves of the store were filled with a wide variety of blind box figures and toy blocks.

When children come to a trendy toy store, they are like fish entering the sea, jumping around to choose their favorite products, including plush toys, basketballs, building blocks, etc.

After a while, the small shopping cart was full, and Yingbao paid all the bills, doting on her son extremely.

When it was time to eat, Zhao Liying put her son's shoulder on her hand and headed back home, followed closely by the driver who was pushing a lot of "trophies". The three of them took the vertical elevator to the parking lot to pick up the car and drove away, ending the day's happy shopping trip.

In the photo, "Xiang Xiang", who is holding a cute white doll in his arms, is about to turn six. He has not seen her for a long time and is already taller than his mother's waist.

Judging from the photos of previous encounters with netizens, the second-generation star "Xiang Xiang" has been wearing glasses for a long time, and his facial features are more similar to those of his mother.

It is worth mentioning that although Zhao Liying and her ex-husband Feng Shaofeng are no longer married, they are still "think about" parents. In the past, the couple often joined together to accompany the growth of their legitimate children, which was decent and warm.

As for the "reunion" theory called for by CP fans, the possibility is very slim. The man and his current girlfriend are in the period of love. It is said on the Internet that the new love looks as mixed-race as Uncle Feng's previous two, and is suspected to be the actress Zhou Linjia (I deny it)! (The picture comes from the Internet, any infringement will be deleted)

#春日生活狠卡season#

Meng Ziyi became famous when she starred in "Nine Purple" with Li Yunrui. Later, her popularity skyrocketed with her guest appearance in "Huaishui Bamboo Pavilion" and co-starring with Liu Xueyi in "Peach Blossoms Reflect the Country". After Meng Ziyi became famous, she successively filmed two new costume dramas with heroines, including the new drama "A Hundred Flowers Killing" starring He Yu, and the new drama "Princess Shang" starring Li Yunrui.

A few days ago, Meng Ziyi was officially announced to take on the role of the heroine in the new costume drama "Reaching for Stars and Beating the Earth with One Hand" directed by the director of "Filter". Meng Ziyi will play the princess for the third time in the drama. The male lead is rumored to be co-starring Meng Ziyi's fellow junior Dong Sicheng, who became popular after starring in "Five Blessings". However, some netizens believe that Dong Sicheng's appearance is too delicate, and he and the mature-looking Meng Ziyi feel too sibling-like, so they dislike the two's sense of partnership.

Meng Ziyi has hardly rested since he became famous with "Nine Purple". He has been filming the suspense drama "Three Lines of Mystery", the costume drama "A Hundred Flowers Killing", "Princess Shang", and recently started filming the new costume drama "The Only Queen" with Wang Hedi. In addition to Except for "The Alone Queen", Meng Ziyi has always been ranked first, and her status as a star has been significantly upgraded. Not only that, she recently attended the Hong Kong International Film and Television Festival Yao Ke's new drama press conference, and was even more surprised to announce that she will star in the new heroine plot drama "Reach for the Stars and Beat the Earth with One Hand".

It is reported that "Reaching for Stars and Beating the Earth with One Hand" was confirmed to be produced by Yaoke Media two years ago. Yaoke decided to invite Meng Ziyi to be the heroine. The two parties had previously collaborated on "Nine Purple" with great success, and later collaborated on "Hundred Flowers". They had a perfect understanding, so even if Meng Ziyi was originally There was no schedule to shoot "Reaching for the Stars with One Hand and Beating the Earth with the Other", but Yao Ke still postponed the filming for two years because of Meng Ziyi. It is expected to start filming in the third quarter of this year. The producer continued to optimize the script during the waiting period and polished it for 18 months, which clearly shows the importance it attaches to the project and Meng Ziyi.

Since "Reaching for the Stars with One Hand and Beating the Earth with the Other Hand" is a drama with a female protagonist, the male and female protagonists are chosen to be female and male. Although the male protagonist has not yet been announced, it is said on the Internet that Dong Sicheng, who is under the same sect of Yuekai Entertainment as Meng Ziyi, is being contacted. Dong Sicheng made his debut in South Korea in 2016 as a member of the Korean group NCT 127, and in China in 2019 with the Chinese unit Way V. After setting up his own studio in 2021, Dong Sicheng began to enter the drama circle. In recent years, he has performed as the male supporting actor in "Ice and Snow Ballad", "Five Blessings", and "Midnight Return", and his acting skills have naturally received praise.

Meng Ziyi and Dong Sicheng have collaborated on "Ballad of Ice and Snow" and recorded "Fifty Kilometers of Peach Blossom Woods" together. However, some netizens believe that Dong Sicheng was too delicate when he was growing up, and he feels very sibling-like with the mature Meng Ziyi.

Since the 36-year-old mainland actor Wei Daxun ended his "Xun Xun Mi CP" scandal relationship with top actress Yang Mi in June 2021, he turned to fall in love with the "film queen" Qin Lan who is 10 years older than him at the end of the year. Although the two parties have not publicly admitted their love, it has long been an open secret in the industry.

However, it is not easy for this "sibling relationship", which is ten years apart, to be maintained. Not only are the outside world repeatedly looking down on it, but even fans of both parties disapprove. In mid-June of last year (2024), the gossip paparazzi "Liu Dachui" even broke the news that "the two have long since separated."

But the truth is not the case. On the morning of March 18, the well-known entertainment reporter "Melon-Eating Girl Zhang Xiaohan" released a picture of Wei Daxun taking Qin Lan's car to spend the night in the woman's boudoir after finishing work. Not only did the two not break up, but they seemed to have entered the stage of cohabitation and trial marriage.

According to paparazzi reports, she saw Qin Lan at the airport in the afternoon last weekend, presumably returning home to rest after a business trip.

It can be seen in the photo that Qin Lan was wearing a white slim-fitting suit and a baseball cap of the same color on her head. With her face covered by a mask, she quickly walked out of the airport without forgetting to wave and greet the fans who came to pick her up, and then boarded a black business car to return home.

Around five o'clock in the afternoon, the black Mercedes-Benz Maybach slowly drove out of the community again and went straight to the parking lot of a Qiyi building.

It was not until 10:30 that night that the car finally welcomed its "owner." Wei Daxun, who was dressed in a well-packed outfit, got into Qin Lan's car and left. The driver took him to the woman's 20 million mansion apartment. The whole process was very low-key.

After entering the community, Wei Daxun, who was wearing a white couple's baseball cap and a mask covering his face, walked straight to the door of Qin Lan's unit, then pressed a series of passwords with ease, opened the door and took the elevator to his girlfriend's boudoir, where they spent the whole night together.

It is reported that Wei Daxun and Qin Lan fell in love because of drama. The two became acquainted with the TV series "All About Dr. Tang". In mid-December 2021, they were witnessed by the paparazzi in an intimate scene holding hands while traveling to Sanya together, and their relationship was subsequently exposed.

Afterwards, the "siblings" who chose to keep a low profile to protect Ai Miao never publicly showed their affection, so news of their breakup came from time to time, leaving the crowd in a state of confusion.

In June last year, the paparazzi hinted that "the man who always fell in love with a young goddess broke up again." Taiwanese media directly pointed out that they were Wei Daxun and Qin Lan, and even analyzed that "the man's parents were eager to have a grandchild", but "the woman was too career-oriented and did not dare to be a housewife." The woman broke up and parted ways.

But looking at it now, the breakup should be an unfounded report. The relationship between 36-year-old Wei Daxun and 46-year-old Qin Lan is still stable and is expected to work out. (The picture comes from the Internet, any infringement will be deleted)

#春日生活狠卡season#

Do you still remember the Han Lei cheating scandal that made a lot of noise? I thought that Han Lei's lawsuit against the netizen who broke the news would be the finale. Who would have thought that after 8 months, there would be a follow-up.

In March 2026, the female netizen who originally broke the news about Han Lei's cheating posted again, denying that she was accused, claiming that she had never received a court summons or a police call, and that Han Lei was just bluffing. He was afraid that she would continue to speak out, and her Weibo complaints were removed many times.

According to netizens who broke the news, if Han Lei wanted to sue her, he would have to prove that he had not taken her phone and that her privacy had not been leaked. She wanted to continue to break the news, but she kept being "covered", so she could not speak out.

In addition to Han Lei, the female netizen who broke the news also targeted Han Lei's wife, claiming that Han Lei's wife warned her not to try to confront the celebrity. The female netizen who broke the news was ready to give up. As a result, she was privately insulted by the other party, harassed by various reports, and suffered continuous online violence.

However, the female netizen who broke the news still did not provide much effective evidence. She revealed that Han Lei's wife relied on Han Lei to make a living and could not get a divorce. She revealed that Han Lei's wife faked an account to attack her mother. She revealed that Han Lei had high blood pressure, diabetes, foreign debts and mortgages. She once again emphasized that Han Lei had evaded taxes and said that Han Lei was behind everything he was going through.

——The above are all text-based revelations. The only thing that can barely be called "hammer" is the suspected chat record with Han Lei. There is no way to verify the statement of the female netizen who broke the news. At most, it can prove that the two know each other.

In fact, in August 2025, when the female netizen who broke the news spoke out for the first time, the entire controversy experienced multiple reversals.

The turmoil itself is not complicated. It originated when a female netizen posted private photos and videos of Han Lei, accusing her of getting her pregnant. After abandoning her, she took away her cell phone to avoid being exposed because the cell phone contained photos and voices of the female netizen’s deceased mother. The female netizen’s pleas failed, and her whole body collapsed emotionally.

At the same time, netizens found out that Han Lei's wife was suspected of asking for help from an emotional anchor. She mentioned that her husband had cheated on her many times, evaded taxes, and gave a lot of money to the cheating partner. The details were consistent with the female netizen's revelations. The turmoil escalated step by step, attracting public attention.

Han Lei's comment section was flooded, and he himself did not respond. The long silence caused further questions from netizens – of course, Han Lei and his wife eventually responded.

Han Lei Studio forwarded the law firm's statement, emphasizing that it had fully collected evidence on the relevant infringing content and entrusted the law firm to initiate legal proceedings. It also revealed that Han Lei had already called the police.

At the same time, Han Lei's wife issued an article to refute the rumors, denying that she was connected to the emotional anchor, saying that the relevant content was forged by them maliciously pretending to be her own identity.

Faced with the clarifications from Han Lei and Han Lei's wife, the female netizen who broke the news quickly apologized, admitting that her revelations were inconsistent with the facts and that the relevant videos and chat records were obtained from informal channels.

Immediately afterwards, another insider came forward to speak out, revealing that Han Lei did not accept the apology from the female netizen who broke the news.

Because of his involvement in the cheating scandal, Han Lei's performances have been affected, and the monetary loss alone may be as high as more than 2 million yuan. Lawyers have suggested that Han Lei file a criminal lawsuit against the female netizen who broke the news.

Looking back at Han Lei's cheating scandal, I found that Han Lei and his wife did everything they could.

After the turmoil, Han Lei participated in platform activities, released new songs, sang theme songs for movies, and recorded Beijing Satellite TV's Mid-Autumn Festival Gala and New Year's Eve Party, and his life gradually got back on track.

As a result, after 8 months, the female netizen who broke the news appeared again. She deleted her apology and denied being sued. I don’t know if it will affect Han Lei again. Once online rumors are involved, it is not easy for either party to defend their rights. I hope that every whistleblower and insider can come up with solid evidence in the future.

In your impression, is Sun Li dignified and steady? She has played a lot of heroines, but she always behaves calmly and elegantly? Everyone agrees that the model of Deng Chao's family is that Deng Chao is responsible for being funny and crazy, and Sun Li is responsible for cleaning up the mess coldly. That's really not the case. People who have seen Sun Li in private say that she is crazier than Deng Chao in private.

Others said that Sun Li would probably chase him and beat him up, but Ding Hei dared to say that, so Sun Li could only accept it with a smile. Ding Hei is Sun Li's nobleman. At that time, Sun Li was still an amateur who had never acted before. It was Ding Hei who chose her to play "Jade Guanyin". At that time, Sun Li's crying scene took three or four hours to prepare, and Ding Hei and the entire crew waited quietly. Even Ding Hei, who is so patient, was speechless by her obsession with health care. One can imagine how obsessed Sun Li is with health care.

Sun Li's health care is not something she does secretly. She takes her health care wherever she goes. Every actor she has ever worked with is shocked by her. When filming "Settle Down" in 2019, she took out a rolling pin. At first, Luo Jin thought she wanted to roll the dough on the set. Who knew that this was a health care tool she used for massage, which made Luo Jin unable to recover for a long time.

Tong Dawei also told outsiders that Sun Li's schedule is so regular that she doesn't look like someone in the entertainment industry. She gets up at around five o'clock every day and goes to bed after nine o'clock. When Tong Dawei is still lying in bed at around seven o'clock, Sun Li has already finished writing a piece of calligraphy. For actors in the industry who stay up late every day to catch up on work, this routine is as rare as aliens.

Many people think that Sun Li is a born actor, easy to win awards and has a perfect career and family. But for Sun Li herself, acting is simply a skill for making a living. After she got married and became famous, she slowly found her true self. Health preservation, yoga, painting, writing, publishing books, and playing music are what she is.

Sun Li has not been a follow-it-yourself person since she was a child. She learned to dance at the age of 5 and went abroad to perform with an art troupe at the age of 11. At that time, she spent all her time in the rehearsal hall after school, and her grades in cultural classes were mediocre. She failed the dance school exam twice after graduating from junior high school. Her mother sent her to the Shanghai Garrison District's theatrical performance troupe. She relied on her hard skills to get third-class and second-class merit, and her results were quite impressive.

Later, he was discharged from the army and was assigned a job as a waiter in a restaurant. Someone else might have taken the job. After all, it was a stable job assignment. Sun Li didn't go, so she turned around and went to Singapore to participate in the talent show. The show was called "Talented Rookies" and the judge was Andy Lau. Her appearance, singing, dancing, eloquence and acting skills were all online, and she easily won the runner-up. Andy Lau even wanted to make a movie with her.

It stands to reason that if she wins second place, she can sign a contract to debut and stay in Singapore. However, Sun Li chose not to choose and returned to Shanghai to sign a contract with the newly established Hairun Film and Television. The company took her to meet screenwriter Haiyan and director Ding Hei, arranged various classes for her in line and physical performance, and paid for her to learn taekwondo to get her driver's license. Finally, she was cast as the heroine An Xin in "Jade Guanyin", and this was her first step into the industry.

"Jade Goddess of Mercy" became an instant hit after it aired. Sun Li won several awards at the age of 21, and she was at the top right after her debut. After that, I filmed one film after another, and I couldn't breathe at all. After a long time, I started to suffer from physical problems. She often caught colds, fevers, diarrhea, and acne. Her numerous minor ailments affected her filming, so she began to think about recuperating her body through health care.

According to records, she started getting into health care in 2006. By 2016, she had been vegetarian for ten years. Later, she became obsessed with studying the Huangdi Neijing, and she loved foot soaking the most. Netizens even named her the foot soaking promotion ambassador. Deng Chao complained about her every day, saying that her feet were soaked and peeled, but she didn't care at all. She had thoroughly studied traditional Chinese medicine for health care over the years.

The more I understand Sun Li's private appearance, the more I can understand that sentence. She is really more Deng Chao than Deng Chao. When she was young, her reaction was slow. If others took the slowest shot, she could be slow for twelve hours, and there was no one else. Her taste is also very strange. She likes to smell strong-flavored things. Blueberry, cheese and stinky tofu are just trivial. Others cannot smell the smell of coriander, so she just squeezes the coriander juice and drinks it.

Previously on the set, she even invited the director to eat bugs together, which scared the director. She also likes to squeeze all kinds of strange juices. She once mixed several kinds of mushrooms together and squeezed them together. After drinking them, she said they were very delicious. With these operations, not to mention the dignified heroine, even the funny Deng Chao may not dare to do this.

Having Deng Chao in the family is enough to make a fuss. Who would have thought that Sun Li could be more playful than Deng Chao when she was young. Now she is forty-three years old, her temperament has stabilized a lot, and she is so cute that others envy her. She has dance skills since childhood, practices yoga easily, and has never learned to paint. She can draw a decent work with an oil brush, which even Zhang Yi is particularly shocked by.

A few years ago, she also published a children's picture book, in which she wrote her family of four into the characters, which was very thoughtful. Two years ago, she took the elementary cello exam and went to a farm to learn how to grow vegetables systematically. She is willing to try anything new and interesting, and will never limit herself to being an actress.

At this year's TV Drama Quality Ceremony, Ding Hei commented on Sun Li again, saying that she can now cry whenever she wants, with complete control over her. Sun Li has gone from an amateur who had to wait for three hours for the whole crew to cry for a scene to a capable person who makes the director feel 100% assured now. Sun Li has been going for twenty-five years. She has never trapped herself in the label of actress, relying on various hobbies to create a complete self.

She makes a living by acting, and she makes love by living her life the way she likes. The entertainment industry is impetuous, and many people are afraid of being outdated. They are constantly doing dramas every day, and they don't even have time to have a good meal and spend time with their families. Sun Li just didn't rush. She walked at her own pace. When she needed to film, she took it seriously, and when she needed to enjoy life, she had fun.

This kind of wisdom in balancing work and life is really rare in the entertainment industry. She did not sacrifice her life for fame, nor did she neglect her work just to enjoy life. Living the way you want is probably the best state for a female star.

Reference: Sun Li, a global figure who is not defined by acting