报告指，李宁增长重新加速，跑鞋业务稳健增长，篮球业务趋稳，休闲业务重新加速，羽毛球及户外业 务贡献增加。虽然折扣及推广开支可能对利润率构成压力，但直营相关开支减少、实际税率降低及减值 支出减少可提供缓冲。该行预期盈利已于2025年见底，并于2026年恢复至高单位数增长。 智通财经APP获悉，美银证券发布研报称，李宁(02331)2025年业绩胜预期，管理层指引2026年收入增长 和净利润率均为高单位数，同样好过预期; 将李宁评级由"中性"上调至"买入"，目标价由20.2港元上调 至25港元。 ...

证券研究报告 | 2026年03月23日 | 晨会纪要 | | --- | | 数据日期:2026-03-20 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3957.05 | 13866.20 | 4567.01 | 14727.67 | 4041.20 | 1318.30 | | 涨跌幅度（%） | -1.23 | -0.25 | -0.35 | -1.36 | -0.67 | -1.54 | | 成交金额（亿元） | 9648.63 | 13219.47 | 6154.63 | 4165.17 | 6595.59 | 726.35 | $\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi ...

证券研究报告 | 公司点评 | 服装家纺 超预期年报，期待多品类迎来突破 ——李宁点评报告 投资要点 ❑ 25 全年：奥运营销加大投入但控费出色、利润表现超预期 公司发布 25 年报， 25 全年零售流水持平，线下新品销售流水占比 83%；报表收入 296 亿，同比+3.2%；毛利率 49.0%，同比-0.4pp，来自批发销售占比提升和直营折扣加 深；净利润 29.4 亿，同比-2.6%，净利率 9.9%，同比-0.6pp，利润率表现超市场预期，来 自：1）销售费用率控制在 31.0%，同比-1.1pp，在广宣费用增加 4.4 亿元同时，线下门店 效率优化+关闭亏损店铺带来费用节约，销售费用总额同比降 0.1%至 91.9 亿，投放集中 在核心资源；2）其他收入和收益增加 7424 万元，包括政府补贴、租金、理财产品收益 等。 ❑ 细看收入：跑步品类继续领跑，户外、荣耀金标等新锐品类占比提升 25 年公司全渠道零售流水持平，但分品类来看，跑步流水占比 31%，成为公司最大 贡献板块的同时增速达到 10%，表现持续领跑，年内公司专业跑鞋销售突破 2600 万双， 其中超轻、飞电、赤兔三大核心系列新品总销量突破 ...

来源 | 《财经》杂志 作者 | 《财经》研究员 辛晓彤 编辑 | 杨立赟 产品布局、渠道结构调整，叠加投资香港房地产拖累等因素 本土运动企业李宁（02331.HK）扛过了疫情期间的压力，近三年业绩的一项核心指标却出现反差。 根据3月19日公布的2025全年业绩，李宁营收增长3.2%至295.98亿元，延续了自2014年以来的持续性增长态势，即便疫 情三年也未中断；但归母净利润同比下降2.6%至29.36亿元，已经是李宁连续第三年净利润下滑，此前两年分别下滑 21.6%和5.5%。 除了净利润承压，李宁的其他各项财务指标均保持健康水平，公司的毛利润、经营利润均有增长。其中经营利润增长 6%，超过营收增速，经营利润率提升0.4个百分点至13.2%。 公司库存变现效率稳定，且备货充足，无明显积压或缺货风险。根据财报，公司库存周转天数维持在64天，相比特步 集团的90多天以及安踏集团的120多天，李宁的库存周转效率较高；库销比4个月，处于行业公认3个-5个月的健康区 间；新品（6个月以下）占渠道库存的85%，库龄结构合理。 期末现金及等同现金项目（包括银行现金及手头现金，以及到期日不超过3个月的定期存款）167.1 ...

296亿元营收，李宁的守正 与出奇。 出品｜虎嗅商业消费组 作者｜柳柳 编辑｜苗正卿 题图｜李宁 跑步"C位"，篮球"深蹲"，羽毛球"高质增长"，户外吹响"冲锋号"。2025年是李宁"守正出奇"的一年。 在稳固跑步、篮球基本盘的同时，李宁正在挖掘更多增长潜力。 李宁近日交出的2025年报表示，2025年李宁营收增长3.2%达到296.0亿，经营利润率上升0.4个百分点至 13.2%，净利润29.4亿元，净利润率9.9%，净现金同比增加18.1亿元，至199.7亿元；李宁跑步篮球综训三 大专业运动品类流水占比达到64%，专业产品收入占比超56%。 门店结构持续优化，截止2025年12月31日，李宁品牌门店6091家，同比减少26家；李宁YOUNG门店增加 50家达1518家。 图片来源：李宁财报 "今年集团经营主思路从稳健经营转向积极拓展，核心是抓住不同品类在细分赛道的机会，增量主要来自品 类和渠道。"李宁集团执行董事、联席CEO钱炜在财报业绩会议上的表态，明确了未来发展方向——夯实基 础，积极拓展。 过去几年，跑步、羽毛球是李宁成长迅猛的两大品类，市场规模快速增长，二者共同支撑起公司的增长基 本盘，但细分来看 ...

Core Viewpoint - Li Ning's 2025 annual performance report reflects a "steady progress" approach amidst an uncertain consumer environment, with a slight revenue growth and a focus on transitioning from "steady operation" to "strengthening foundations and actively expanding" [2][3] Financial Performance - For the fiscal year ending December 31, 2025, Li Ning reported a revenue of 29.598 billion yuan, a year-on-year increase of 3.2% - Gross profit reached 14.489 billion yuan, up 2.4% year-on-year, with an overall gross margin of 49.0% - The profit attributable to equity holders was 2.936 billion yuan, a slight decrease of 2.56% year-on-year, while the net profit margin stood at 9.9%, exceeding market expectations [2] Strategic Shift - Li Ning's management emphasized that "steady operation" does not equate to conservatism, indicating a more aggressive approach in areas where growth is possible [3] - The company plans to amplify its offensive strategy across more product categories and channels [4] Product Categories and Channels - Li Ning's core strategy involves "single brand, multiple categories, and multiple channels," with future growth expected from both product categories and distribution channels [5] - The outdoor category, which began in 2024, is projected to double its revenue in 2025, with positive market feedback on products like the "万龙甲" series [5] - The "荣耀金标" series, launched in collaboration with the Chinese Olympic Committee, aims to differentiate itself from the main brand and has shown promising results in market testing [5] Performance in Specific Categories - The badminton category saw a revenue increase of 30%, leading the industry, with annual sales of badminton rackets exceeding 5.5 million units, marking a historical high [6] - A significant shift in revenue structure was noted, with the proportion of core equipment (rackets, strings, shoes) rising to 85% from 60%-70% in previous years [6] Technological Innovation - Li Ning's growth in the running category is attributed to continuous technological advancements, including the introduction of the "超胶囊" midsole technology, enhancing performance and consumer recognition [7] - The company aims to establish itself as the leading running brand in consumers' minds, supported by its technology platform [7] Store Expansion and Management Strategy - As of December 31, 2025, Li Ning had 7,609 sales points, with a net increase of 24 stores, while the core brand saw a slight decrease in store count [8] - The focus is on improving single-store efficiency rather than merely increasing the number of stores, with new store formats being explored [8][9] - A "trial and error" mechanism is being implemented for new channels, allowing for adjustments based on long-term growth potential rather than short-term performance [9]

2026 年 03 月 22 日 李宁 (02331) 上 市 公 司 公 司 研 究 / 公 司 点 评 纺织服饰 ——业绩表现超预期，专业品类引领增长，费用管控优异 报告原因：有业绩公布需要点评 增持（维持） | 投资要点： | | --- | 财务数据及盈利预测 | 货币单位：人民币 | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入（亿元） | 287 | 296.0 | 317 | 337 | 353 | | 同比增长率（%） | 4% | 3% | 7% | 6% | 5% | | 归母净利润（亿元） | 30.1 | 29.4 | 28.5 | 31.6 | 34.0 | | 同比增长率（%） | -5% | -3% | -3% | 11% | 8% | | 每股收益（元/股） | 1.17 | 1.14 | 1.10 | 1.22 | 1.32 | | 毛利率（%） | 49.4% | 49.0% | 49.3% | 49.4% | 49.6% | | 市盈率 | 16 | 1 ...

业绩简评 公司于 3 月 19 日发布 2025 年年报，全年实现营收 296.0 亿元， 同增 3.2%，归母净利润为 29.4 亿元，净利率为 9.9%，其中 H2 营 收同增 3.1%至 147.8 亿元，净利润同增 13.0%至 12.0 亿元，业绩 表现超预期。公司全年派息比例维持 50%。 经营分析 25 年营收稳健增长，直营单店改善。分渠道看，直营渠道营收同 比略降 3.3%，主要因为公司对渠道做出优化调整，直营渠道同比 净减少 59 家至 1238 家，但直营店效仍增长。经销渠道营收同增 6.3%，其中 H2 增长 8.2%，环比加速。年末加盟店数量为 4853 家， 同比净增加 33 家，全年批发收入增长中单位数，批发流水下降低 单位数，批发收入与流水相对匹配，推动渠道健康发展。公司 25 年电商渠道营收同增 5.3%，线上客流提升高单位数，转化率有所 改善，线上平均折扣改善低单位数。 核心品类跑鞋持续发力，品牌力提升带动经营提效。公司持续丰 富产品结构，25 年跑步产品流水增长超 10%，跑鞋核心 IP 销量超 1100 万双显示较强的品牌力。品牌力提升带动运营提效，李宁大 货平均面积 2 ...

Core Viewpoint - In 2025, Li Ning reported a "steady progress" financial performance, with revenue of 29.6 billion yuan, a year-on-year increase of 3.2%, and improved profit margins, indicating a proactive adjustment in growth structure rather than passive pressure [1][2]. Revenue and Profitability - The operating profit margin increased to 13.2%, and the net profit margin reached 9.9%, outperforming market expectations [1]. - The revenue from authorized dealers rose from 45.1% to 46.6%, becoming the largest channel and the main source of growth [2][3]. Channel Structure - Li Ning's channel structure remains relatively "traditional" compared to competitors like Nike and Adidas, with authorized dealers contributing 46.6%, direct sales at 22.5%, and e-commerce at 29.5% [4][5]. - The authorized dealer channel saw a revenue growth of 6.3%, while the e-commerce channel grew by 5.3%, indicating a balanced channel strategy [4]. Strategic Positioning - Li Ning's decision to maintain a high proportion of the dealer system is a strategic choice to enhance resilience against market fluctuations, allowing for better profit certainty in unstable demand environments [8][12]. - The dealer network is evolving with digital and refined management, enabling better inventory control and sales monitoring, thus integrating dealers into a unified operational system [9][10]. Market Adaptation - The company is not rejecting DTC (Direct-to-Consumer) but is instead seeking an optimal channel mix suitable for the specific market structure and brand development stage [10][11]. - The dealer network provides essential coverage and responsiveness, crucial for capitalizing on market opportunities during events like the Olympics [17][21]. Financial Stability - With nearly 20 billion yuan in net cash, Li Ning has the financial capacity to pursue opportunities without needing to aggressively shift to a single channel model [23][24]. - The company's approach emphasizes maintaining a stable foundation while exploring various business opportunities across different segments [23].

证券研究报告 | 2026年03月21日 李宁（02331.HK） 优于大市 全年收入增长 3%，经营利润率小幅上升 2025 年业绩稳健增长，盈利好于市场预期。2025 公司收入同比增长 3.2%至 296.0 亿元，归母净利润同比下滑 2.6%至 29.4 亿元。毛利率同比下降 0.4 个百分点至 49.0%，主要受渠道结构调整及直营渠道促销竞争加剧影响。销 售费用率得益于门店运营优化同比下降 1.1 个百分点至 31.0%，但公司为强 化品牌竞争力，策略性增加奥运营销投入，广告及市场推广开支占收入比重 由 9.5%提升至 10.7%。管理费用率同比小幅增加 0.5 个百分点至 5.5%，其中 包含因凯胜体育商誉减值 7239 万元。经营利润率同比提升 0.4 个百分点至 13.2%，但在预提所得税增加导致实际税率提升的影响下，净利率同比下降 0.6 个百分点至 9.9%。经营性现金流净流入 48.5 亿元，全年派息率维持 50%， 现金储备充裕。 跑步产品驱动增长，羽毛球与户外增长亮眼。跑步/综训/运动时尚/篮球流 水分别+10%/+5%/-9%/-19%，占比分别为 31%/16%/28%/17%。跑 ...