直营渠道门店继续优化，电商及批发渠道收入稳健增长。分渠道看，直营渠道方面，2025 年，直营收 入同比下降3.3%至66.55 亿元，直营门店1238 家，较期初净关闭59家。批发渠道方面，2025 年，批发 收入同比增长6.3%至137.73 亿元；剔除专业渠道发货，批发收入同比增长低单位数、零售流水同比下 降低单位数。批发门店4853 家，较期初净开33 家。电商渠道方面，2025 年，电商渠道收入同比增长 5.3%至87.43 亿元，电商零售流水同比增长中单位数，其中电商客流提升约2%、生意转化率保持稳定、 平均折扣加深1pct、库存周转天数维持健康水平。 2025 年公司营业收入稳健增长，全渠道零售流水同比持平。营收端，2025 年，公司实现营收295.98 亿 元，同比增长3.2%；公司全渠道零售流水同比持平。业绩端，2025年，公司实现归母净利润29.36 亿 元，同比下降2.6%。2025 年，公司营收增长、但业绩下滑，主因毛利率小幅下跌、融资净收入下降、 所得税率上升。 跑步及综训品类引领零售流水增长。分产品看，2025 年，鞋、服装、配件和器材收入分别为146.51、 123.27、26.2 ...

李宁 李宁-R 分时图 日K线 周K线 月K线 21.40 0.40 1.90% 2.57% 1.71% 0.86% 0.00% 0.86% 1.71% 2.57% 20.46 20.64 20.82 21.00 21.18 21.36 21.54 09:30 10:30 12:00/13:00 14:00 16:10 0 95万 190万 286万 香港联交所最新资料显示，3月24日，贝莱德增持李宁(02331)196.3792万股，每股作价21.7599港元，总 金额约为4273.19万港元。增持后最新持股数目约为1.31亿股，最新持股比例为5.05%。 ...

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨李宁（02331.HK） [Table_Title] 业绩超预期表现，修复持续验证 报告要点 [Table_Summary] 李宁 2025 年实现营收 296.0 亿元，同比+3.2%，归母净利润 29.4 亿元，同比-2.6%，归母净 利率 9.9%。其中 2025H2 实现营收 147.8 亿元，同比+3.1%，归母净利润 12.0 亿元，同比 +13.0%。公司拟派发末期股息 6.0 亿元，全年累计派息 14.7 亿元，派息比例 50%。 分析师及联系人 [Table_Author] SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 于旭辉 柯睿 陈信志 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 李宁（02331.HK） cjzqdt11111 [Table_Title2] 业绩超预期表现，修复持续验证 [Table_Summary2] 事件描述 李宁 2025 年实现营收 296.0 亿元， ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，3月24日，贝莱德增持李宁（02331）196.3792万股，每股作价21.7599港元， 总金额约为4273.19万港元。增持后最新持股数目约为1.31亿股，最新持股比例为5.05%。 责任编辑：卢昱君 行情图 行情图 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，3月24日，贝莱德增持李宁（02331）196.3792万股，每股作价21.7599港元， 总金额约为4273.19万港元。增持后最新持股数目约为1.31亿股，最新持股比例为5.05%。 责任编辑：卢昱君 ...

智通财经APP获悉，香港联交所最新资料显示，3月24日，贝莱德增持李宁(02331)196.3792万股，每股 作价21.7599港元，总金额约为4273.19万港元。增持后最新持股数目约为1.31亿股，最新持股比例为 5.05%。 ...

3 月 20 日，公司披露 2025 年度业绩，2025 年，公司实现营收 295.98 亿元，同比 增长 3.2%，实现归母净利润 29.36 亿元，同比下降 2.6%。董事会建议派发 2025 年末期 股息 23.36 分/股，全年派息率 50%。 事件点评 资料来源：常闻，山西证券研究所 市场数据：2026 年 3 月 27 日 2025 年公司营业收入稳健增长，全渠道零售流水同比持平。营收端，2025 年，公 司实现营收 295.98 亿元，同比增长 3.2%；公司全渠道零售流水同比持平。业绩端，2025 年，公司实现归母净利润 29.36 亿元，同比下降 2.6%。2025 年，公司营收增长、但业 绩下滑，主因毛利率小幅下跌、融资净收入下降、所得税率上升。 23.420/13.500 流通股本/总股本（亿股）： 25.85/25.85 流通市值（亿港元）： 560.39 总市值（亿港元）： 560.39 资料来源：常闻，山西证券研究所 跑步及综训品类引领零售流水增长。分产品看，2025 年，鞋、服装、配件和器材 收入分别为 146.51、123.27、26.21 亿元，同比增长 2.4%、2.3%、 ...

882 证券研究报告|行业研究周报 2026 年 3 月 27 日 本周运动品牌年报发布完毕，361 度业绩表现最好，李宁 业绩及指引超预期，安踏及特步 26 年为调整年，但特步 27 年 利润弹性值得期待。1）361 度剔除捐赠（25/24 年为 1/0.1 亿 元）影响后利润+20%，主要由于规模效应下销售费用率下降， 收入增长则主要来自超品店新开。跑鞋/篮球/运动生活+1 6%/ 8%/11%。2）李宁指引收入高单、净利率高单，跑步/综训/篮 球/运动休闲+10%/5%/-19%/-9%；3）安踏指引主品牌微增、FI LA 高单、迪桑特和 KOLON20%+；4）特步 26 年将有 2 笔一次性 费用 1.4 亿元即 DTC 和股权激励费用各 0.6-0.7 亿元，从而预 计 26 年净利双位数下滑，但 27 年索康尼电商调整到位、扩品 类和开店有望迎来收获期，利润弹性较大。 本周天虹国际集团发布年报，业绩反转来自自动化提升毛 利率+降负债，但未分红。1）目前公司储备棉花 4 个月；2） 根据公告，预计 26 年纱线量+4%、梭织面料持平、针织-10%。 投资建议：推荐 Q1 业绩有望超预期：（1）上游 ...

Core Viewpoint - The company reported a revenue of 29.6 billion yuan for the year 2025, reflecting a year-on-year increase of 3.2%, while the net profit attributable to shareholders was 2.94 billion yuan, down 2.6% year-on-year, resulting in a net profit margin of 9.9% [1] Financial Performance - The gross profit margin for 2025 was 49.0%, a decrease of 0.4 percentage points year-on-year, primarily due to a decline in the proportion of high-margin direct sales and increased discounts [1] - The company maintained a healthy inventory turnover with an average inventory turnover period of 64 days and a channel inventory-to-sales ratio of 4 months [1] - The company declared a final dividend of 0.2336 yuan per share, with a total annual dividend of 0.5695 yuan per share, resulting in a payout ratio of 50% [1] Product Development - The company focused on professional positioning and expanded into emerging categories, with revenue from footwear, apparel, and equipment/accessories reaching 14.65 billion, 12.33 billion, and 2.62 billion yuan respectively, showing year-on-year growth of 2.4%, 2.3%, and 12.7% [1] - The running category saw a retail sales increase of 10% year-on-year, becoming the largest category with total sales exceeding 26 million pairs [1] Channel Strategy - In terms of distribution channels, the company optimized its dealer network, resulting in a 6.3% year-on-year revenue increase to 13.77 billion yuan, with a total of 4,853 core brand dealer stores by the end of 2025 [1] - Direct sales revenue decreased by 3.3% year-on-year to 6.65 billion yuan, with a total of 1,238 core brand direct stores [1] - E-commerce revenue grew by 5.3% year-on-year to 8.74 billion yuan, indicating stable growth in this channel [1] - The company successfully launched new store formats, including the first "Dragon Store" and an independent outdoor category store "COUNTERFLOW" [1] Investment Outlook - The company is viewed as a leading domestic sports footwear and apparel enterprise, with expectations for market share growth in the context of a strong sports year in 2026 [2] - The projected net profits for 2026-2028 are 3.19 billion, 3.54 billion, and 3.97 billion yuan respectively, with corresponding price-to-earnings ratios of 16, 14, and 13 [2] - The company is assigned a target price of 26.54 HKD for 2026, maintaining a "strong buy" rating [2]

Core Viewpoint - The company reported better-than-expected performance for 2025, with revenue of 29.598 billion yuan, a year-on-year increase of 3.22%, and a net profit of 2.936 billion yuan, a year-on-year decrease of 2.56% [1] Financial Performance - Revenue for 2025 reached 29.598 billion yuan, up 3.22% year-on-year - Net profit was 2.936 billion yuan, down 2.56% year-on-year - Gross margin stood at 48.95%, a decrease of 0.41 percentage points year-on-year - Operating profit margin was 13.17%, an increase of 0.34 percentage points year-on-year - Net profit margin was 9.92%, down 0.59 percentage points year-on-year [1] Revenue Drivers - The better-than-expected performance was attributed to strong revenue from e-commerce and distribution channels - Effective cost control led to a marketing expense ratio of 31.05%, down 1.03 percentage points year-on-year - Other income increased to 228 million yuan, up 74 million yuan year-on-year, driven by government subsidies, rental income, and investment returns [1] Inventory Management - The company maintained a healthy inventory and aging structure, with a channel inventory turnover ratio of 4 months, unchanged year-on-year - Inventory structure: 85% of products were under 6 months old, 9% were 7-12 months, and 6% were over 12 months [1] Product Focus and Channel Performance - The company continued to focus on professional categories, with professional product revenue accounting for over 56% - Overall retail sales remained flat year-on-year, with specific category performances: running (31%), cross-training (16%), basketball (17%), and sports leisure (28%), showing growth in running and cross-training categories [1] - Revenue by channel: distribution (+6.30%), direct sales (-3.32%), e-commerce (+5.28%), and overseas (-19.55%), with respective shares of 46.53%, 22.48%, 29.54%, and 1.44% [1] Future Outlook - The company is expected to increase marketing expenses and explore new store formats in 2026, which is anticipated to be a significant year for sports [1] - Forecasted net profits for 2026-2028 are 3.137 billion, 3.372 billion, and 3.643 billion yuan respectively, with a target price of 26.66 HKD per share based on an 18x PE ratio for 2026 [2]

Core Viewpoint - The Chinese sports footwear and apparel industry is undergoing a significant restructuring, with a mild recovery in the overall market but notable pressure on profits for large-scale apparel companies [1] Group 1: Industry Overview - The retail sales of clothing items in China are projected to grow by 2.8% year-on-year by 2025, while revenues and profits for large apparel companies are expected to decline by 12.67% and 27.34%, respectively [1] - There is an increasing stratification in consumer spending, with a rising interest in professional sports and outdoor segments [1] Group 2: Company Strategy - Li Ning is committed to a "single brand, multiple categories, and multiple channels" strategy, focusing on professional sports and continuously enhancing its core product categories [1] - The company has achieved a net profit attributable to equity holders of 2.936 billion yuan for 2025, with a net profit margin of 9.9%, exceeding market expectations [1] - Li Ning's operational efficiency is highlighted by a four-month inventory turnover ratio and an average inventory turnover period of 64 days, placing it among the industry's leaders [1] Group 3: Financial Performance - Li Ning's total revenue increased by 3.2% to 29.598 billion yuan, with a gross margin of 49% and a net cash inflow from operations of 4.852 billion yuan, aligning with market expectations [4] Group 4: Channel Structure - The revenue distribution for Li Ning is balanced among direct sales (23%), wholesale (46%), and e-commerce (31%) [2] - The company has successfully opened new outlet stores with a 150% achievement rate and improved the performance of restructured stores by 53% year-on-year [2] - Li Ning has rapidly established a presence on major instant retail platforms, enhancing its product matrix and inventory management capabilities [2] Group 5: Brand Development - Li Ning has renewed its partnership with the Chinese Olympic Committee, becoming the official sportswear partner for the Chinese sports delegation [3] - The company has invested over 4 billion yuan in R&D over the past decade, launching innovative products such as the new "super capsule" midsole technology [3] - Li Ning's professional sports categories, including running, basketball, and cross-training, accounted for 64% of total revenue, with professional product sales exceeding 56% [3] Group 6: Market Positioning - Li Ning is leveraging its historical connection to the Olympics and focusing on athlete development through initiatives like the "Dragon Sparrow Plan" and community engagement programs [5] - The upcoming Olympic cycle from 2025 to 2028 is seen as a critical period for differentiation among domestic sports brands, with Li Ning's strategic choices and steady performance warranting close attention [5]