机构：长江证券 库存折扣保持稳健，4 月短期承压。2025Q1 预计库销比~5 保持健康，折扣小幅改善，但预计4 月线下 流水下滑且折扣同比加深，短期零售仍面临挑战。 短期来看，公司针对奥运相关宣传营销的效果仍有待后续观察，需进一步平衡费用与增长，但零售端仍 有压力，短期预计收入增长难以见效且费用存在显著拖累。中长期角度而言，在竞争加剧的态势下，安 踏渠道改造/李宁品牌发力皆为公司针对自身优势寻找增长的努力，虽费用投入效果仍需观察，但2023 年至今李宁经营层面持续磨底，优化经营质量，后续有望重启健康向上路径，彼时或存在较高弹性。综 合预计公司2025-2027 年实现归母净利24.3/25.8/28.0 亿元，同比-19%/+6%/+8%，对应PE 为15/14/13X， 维持"买入"评级。 风险提示 1、下沉市场不及预期； 2、专业运动品类增速不及预期； 3、零售流水增长不及预期。 研究员：于旭辉/柯睿 事件描述 李宁发布2025Q1 运营数据，Q1 全渠道流水低单位数增长，直营渠道低单下滑，批发渠道低单增长，电 商渠道低双位数增长，零售表现符合预期。 事件评论 零售符合预期，月度趋势波动。零售运营平稳， ...

Group 1 - Nike plans to implement a price increase on a wide range of products, with shoes priced between $100 and $150 increasing by $5, and those over $150 increasing by $10, expected to take effect as early as this week [1] - The People's Bank of China and other departments issued guidelines to enhance financial support for the sports industry, focusing on the financial needs of sports goods manufacturing and service sectors [1] - Morgan Stanley reported a mild improvement in demand for sports apparel in China since the beginning of the year, with expectations of inventory clearance by Q2 2025 leading to a price recovery in the industry [1] Group 2 - Emerging markets have become a new growth engine for the global footwear and apparel market, with domestic brands rapidly gaining market share, particularly in the sports footwear sector [2] - In 2022, China's sports footwear market CR10 increased by 18.6% from 2015 to 36.8%, indicating a concentration of market share among leading brands [2] - Domestic brands are experiencing growth due to changing consumer preferences, while international brands are losing market share [2] Group 3 - Relevant concept stocks in the sports industry include Anta Sports (02020), Li Ning (02331), Xtep International (01368), and Tabo (06110) [3] - The manufacturing partner mentioned is Shenzhou International (02313) [3]

对于接下来的市场营销打法，在洛杉矶奥运周期重新牵手中国奥委会的李宁，或许要更上心了。 李宁品牌因为一张合影，再一次陷入了舆论风波。 时隔20年从竞争对手安踏手中抢回中国奥委会的赞助合同，本应是李宁品牌重新出发的绝佳传播集会。但这个传播热点，却全是全红婵粉丝对李宁的不 满。 这一切的舆论，源自于李宁先生与中国奥委会官宣签约的一张合影。5月6日，中国奥委会与李宁品牌在国家体育总局共同举行合作发布仪式，正式宣布李 宁成为2025-2028年中国奥委会体育服装合作伙伴。 在仪式最后，李宁品牌与中国奥委会有关负责人以及跳水奥运冠军组合陈芋汐、全红婵以及乒乓球奥运金牌得主陈梦、马龙等优秀运动员一同合影留念。 而处于合影运动员C位的两位，站在国家体育总局局长高志丹旁边的，是奥运"六金王"马龙。而站在李宁品牌创始人、集团董事长李宁先生旁边的，是巴 黎和东京奥运会跳水女子双人10米台金牌得主陈芋汐。 由于自己喜欢的偶像未能站这次重磅官宣中站在合影的C位，不少全红婵的粉丝"炸锅"了，并将情绪发泄的出口，对准了李宁品牌。 全红婵被李宁伯伯"冷落"？ 许多粉丝给出的所谓"理由"，是李宁品牌因为全红婵近期的状态和成绩不佳，导致未能在本 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported Q1 2025 operational data, showing low single-digit growth in overall channel revenue, a decline in direct sales, low single-digit growth in wholesale channels, and low double-digit growth in e-commerce channels, with retail performance meeting expectations [2][4]. - Retail operations are stable, with monthly trends showing that January's retail performance exceeded expectations due to pre-Spring Festival effects, while March's performance is expected to be slightly below expectations due to weather fluctuations [7]. - The company anticipates a healthy inventory turnover ratio of approximately 5, with slight improvements in discount levels, although April is expected to see a decline in offline revenue and deeper year-on-year discounts [7]. - The company is focusing on balancing expenses and growth, particularly in light of Olympic-related marketing efforts, while facing short-term revenue growth challenges and significant expense burdens [7]. - Long-term strategies include channel renovations and brand strengthening efforts to seek growth amidst intensified competition, with expectations for net profit to reach 2.43 billion, 2.58 billion, and 2.80 billion yuan from 2025 to 2027, reflecting year-on-year changes of -19%, +6%, and +8% respectively, with corresponding P/E ratios of 15, 14, and 13 [7][9]. Summary by Sections Company Overview - The current stock price is HKD 15.28 as of May 16, 2025 [6]. Financial Forecast - Total revenue projections for the company are 28.68 billion, 28.82 billion, 29.46 billion, and 30.12 billion yuan for 2024, 2025E, 2026E, and 2027E respectively, with growth rates of 4%, 1%, 2%, and 2% [9]. - The expected earnings per share (EPS) are 1.17, 0.94, 1.00, and 1.08 yuan for the same years, with P/E ratios of 13.01, 15.00, 14.12, and 13.02 [9].

Industry Overview - The apparel industry is facing significant challenges, including limited market growth and intense competition among numerous brands, both international and domestic [4] - The overall retail sales of clothing, shoes, and textiles grew by only 1.3% year-on-year in the first half of the year, which is 11.6 percentage points lower than the growth rate for the entire year of 2023 [2][4] - Online retail sales increased by 9.8% year-on-year, but the growth rate for clothing items was only 7.0%, indicating underperformance compared to the overall online retail growth [2] Financial Performance - In the first half of the year, 52 listed footwear and apparel companies achieved total revenue of 134.92 billion, a year-on-year increase of 3.17%, while net profit attributable to shareholders was 19.19 billion, up 22.85% [6] - Only 13 companies achieved both revenue and profit growth, while 39 companies failed to outperform the market [6] - The average net profit margin for the industry was 5.99%, with a gross profit margin of 51.42%, indicating high efficiency in converting costs to gross profit but limited overall profitability [11] Company Performance - Anta Sports led the industry with revenue of 33.735 billion, a growth rate of 13.80%, followed by Li Ning and Hailan Home [27] - Among the listed companies, only a few achieved high profit margins, with only 10 companies having a net profit margin exceeding 15% [11] - The performance of companies varied significantly, with some like Dafni International showing a profit margin exceeding 30%, while others like La Chapelle faced losses exceeding 20% [11] Inventory and Store Management - The inventory pressure remains high, with total inventory for 52 footwear and apparel companies reaching 53.655 billion, averaging 1.032 billion per company, which exceeds the revenue of 24 companies [13] - The number of physical stores in the industry has seen minimal growth, with at least 3,004 stores closing in the first half of the year, averaging 16 closures per day [19] - Companies like Semir and Hailan Home have shown positive store growth, while others like Taiping Bird and Aokang International have seen significant store reductions [19] Online Sales and Market Trends - Online channels are becoming increasingly important, with some companies reporting over 30% of their sales coming from online platforms [24] - The apparel industry is experiencing a shift towards online sales, with platforms like Douyin contributing significantly to growth [24] - The sportswear segment is performing well, driven by major sporting events and a growing number of people participating in sports, with total revenue for sportswear companies reaching 64.231 billion, accounting for 47.60% of total revenue [25] Challenges in Specific Segments - The women's apparel market is highly competitive, with many brands struggling due to high inventory levels and a significant return rate of 80% in e-commerce [30][34] - The men's apparel segment is also facing challenges, with many companies reporting declines in revenue and profit [35] - The children's apparel market is underperforming due to a decrease in the birth rate and increased competition from adult brands entering the children's segment [40]

Group 1 - The core point of the article is that Li Ning has announced the appointment of Ernst & Young as its new auditor, replacing PwC, which will not be renewing its contract after the upcoming annual general meeting on June 12 [1][3][5] - Li Ning's audit committee and board of directors recommended the change to ensure good corporate governance and maintain the independence and objectivity of external auditors [5] - The decision to appoint Ernst & Young was based on several factors, including their experience with Hong Kong-listed companies, industry knowledge, familiarity with listing rules and international accounting standards, and audit fees [5] Group 2 - Li Ning has been audited by PwC since its listing in 2004, and the change marks a significant shift in its auditing practices [5] - The audit fees paid to PwC for 2023 and 2024 were reported as 9.355 million yuan and 8.828 million yuan respectively, indicating a slight decrease in fees [6] - The ongoing trust crisis surrounding PwC, particularly due to the Evergrande audit case, has led to multiple companies terminating their contracts with them since April 2024 [8][10]

Core Viewpoint - Li Ning Company Limited (02331.HK) has decided not to renew its current auditor, PricewaterhouseCoopers, and has appointed Ernst & Young as its new auditor [1] Group 1 - The company is transitioning from PricewaterhouseCoopers to Ernst & Young for its auditing services [1]

李宁：不再续聘现任核数师罗兵咸永道 委聘安永为公司之新任核数师 智通财经5月14日电，李宁港交所公告，公司之现任核数师罗兵咸永道会计师事务所将于其当前任期届 满后，退任且不会续聘。经审核委员会推荐，于2025年5月14日，董事会决议在股东周年大会上提呈一 项决议案，以批准委聘安永会计师事务所为本公司之新任核数师，任期自股东周年大会结束后生效，至 公司下届股东周年大会结束为止。该建议委任须待股东于股东周年大会上批准后方可作实。 ...

李宁说，"东齐鲁"这个金字招牌凝聚着百余年来一代代齐鲁人的奋斗与心血。鉴于此，医院长期以来高 度重视品牌建设，不断强化齐鲁"基因自信"和文化自信，赋予"东齐鲁"百年金字招牌以新时代的独特魅 力，围绕擦亮"东齐鲁"文化品牌持续发力，不断增强"东齐鲁"品牌的厚度、温度和广度。 深耕"厚度"，增强品牌传承贯通性。齐鲁医院不断加强品牌理论研究，挖掘"东齐鲁"蕴含的文化内涵， 追溯其百余年来的精神源泉，一年出一书，十年出一志。历经百年，东齐鲁集儒家文化的仁爱之心、现 代医学的博爱思想和革命传统的红色基因于一体，无论是1937年的华西齐鲁联合抗日成立后方医院，还 是2020年的武汉天河机场的山川相遇，"东齐鲁、西华西"的故事都一脉相连、有据可查。 孕育"温度"，增强品牌聚力实效性。"对于一所公立医院来讲，品牌打造的一项重要职能和目标就是团 结凝聚职工，增强大家对医院大家庭的认可度与忠诚度。"李宁介绍，我们以品牌建设为牵引，制定 《山东大学齐鲁医院品牌形象识别手册》，规范打造齐鲁品牌标准，统一规范院内标识标牌、楼宇命 名、价值理念、行为准则等，甚至一张纸、一支笔、一瓶水都处处体现齐鲁印记，让大家时时处处感受 到齐鲁、潜移默 ...

业绩增收不增利、业绩垫底国产四大运动品牌 门店、经销商均净减少 2024年，在国产四大品牌中，361度、安踏体育、特步国际均实现营收、归母净利润双增，仅李宁一家增收不增 利，且营收增幅极其微弱。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：新消费主张/cici 截至2025年4月30日，绝大多数服饰服装上市公司已完成2024年度财报的披露，对此我们挑选了25家具有代表性 的上市公司进行业绩比对分析。在我们所选25家上市公司中，仅有7家实现了营收、归母净利润双增，5家增收不 增利、3家公司不增收增利。其中，5家增收不增利的上市公司，就包括行业龙头李宁。 在国产四大运动品牌，即安踏体育、李宁、特步国际、361度中，李宁的业绩表现垫底。2024年，李宁共实现营 收286.76亿元，同比微增3.9%；共实现归母净利润30.13亿元，同比下降5.5%，营收微增、归母净利润下降，除 李宁外其他三家均实现了业绩双增。 除了业绩增收不增利之外，李宁的库存状况似乎也难容乐观，2024年上半年公司存货规模及存货占总资产的比例 同步增长。 李宁存货规模增长至26亿 ...