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 ...

Core Viewpoint - The partnership between the Chinese Olympic Committee and Li Ning marks a significant milestone for the Li Ning brand, enhancing its authority and visibility on the global sports stage, particularly during major international events from 2025 to 2028 [1][3][5]. Group 1: Partnership Details - Li Ning will serve as the official sportswear partner for the Chinese Olympic Committee from 2025 to 2028, providing professional sports equipment for various international events, including the Los Angeles 2028 Olympics and the Milan-Cortina 2026 Winter Olympics [1]. - This collaboration is expected to strengthen Li Ning's positioning as a "professional sports brand" and enhance its brand value through increased global exposure [1][6]. Group 2: Historical Context - Li Ning, a legendary figure in Chinese gymnastics, has a rich history with the Olympics, having won multiple medals in the 1984 Los Angeles Olympics, which laid the foundation for the brand's professional sports identity [3][5]. - The brand has a longstanding relationship with the Chinese Olympic team, having been the designated sponsor for the team’s podium outfits from 1992 to 2004, marking a shift from foreign sportswear to domestic representation [5]. Group 3: Product Development and Investment - Over the past decades, Li Ning has focused on core sports categories such as basketball, running, and table tennis, investing over 3.5 billion yuan in research and development to enhance product technology [6]. - The brand has developed a range of specialized products to meet the needs of various sports, showcasing its commitment to professional development and support for Chinese sports [6]. Group 4: Consumer Experience and Brand Activation - Li Ning has upgraded its store image and consumer experience, prominently displaying its partnership with the Chinese Olympic Committee to enhance brand visibility and consumer engagement [9][10]. - The brand has introduced the "Honor" product series inspired by championship glory, aiming to create a tangible connection between the sponsorship and consumer perception [12]. Group 5: Brand Value and Market Impact - The collaboration with the Chinese Olympic Committee is expected to deepen emotional connections between consumers and the Li Ning brand, leveraging the prestige of top-tier sports events to enhance brand recognition [16][17]. - By providing high-quality products for national athletes, Li Ning aims to build a strong brand reputation that will support future market expansion and product launches [17].

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。在为期四年的合作中，李宁将为中国体育代表团参加的所有大型国际 赛事提供专业运动装备支持，涵盖十余项国际综合性体育赛事，包括洛杉矶2028年奥运会、米兰-科尔 蒂纳丹佩佐2026年冬季奥运会、爱知-名古屋2026年亚运会、达喀尔2026年青年奥运会以及成都2025年 世界运动会等。 此次高规格的官方合作无疑将成为李宁品牌发展史上的重要里程碑。作为中国奥委会官方合作伙伴，这 一殊荣不仅是对李宁品牌实力与专业性的高度认可，更将赋予品牌独特的权威背书。在奥运会等全球顶 级体育舞台上，李宁品牌标识将伴随中国运动员频繁亮相领奖台等重要场景，获得全球曝光机会。这种 与顶级体育赛事的深度绑定，将有效强化李宁"专业运动品牌"的核心定位，持续巩固其在消费者心智中 的专业形象，为品牌价值提升注入强劲动力。 专业运动基因的夯实 正如发布会现场，中国奥委会相关人员发言表示，"我们期待并坚信，中国奥委会与李宁品牌的合作， 一定能为中国体育代表团提供卓越的专业产品和服务，助力中国体育健儿取得辉煌成绩，向世界展 ...

Group 1 - The core viewpoint of the news is the partnership between Li Ning and the Chinese Olympic Committee, where Li Ning will serve as the official sportswear partner from 2025 to 2028, supporting the Chinese sports delegation in various international events, including the 2028 Los Angeles Olympics [3][4] - The partnership will cover over ten international events, including the 2026 Milan-Cortina Winter Olympics and the 2026 Aichi-Nagoya Asian Games, with Li Ning providing professional sports equipment [3] - Li Ning expressed that being the sportswear partner is both an honor and a responsibility, emphasizing the commitment to serve Chinese sports through product innovation and marketing activities [4] Group 2 - Li Ning has a historical partnership with the Chinese Olympic Committee, having served as the official sportswear partner from 1992 to 2004, witnessing the rise of Chinese sports on the global stage [3] - The company aims to enhance its investment in technological innovation to create higher quality sports equipment for top athletes and teams, while also catering to sports enthusiasts [4] - The collaboration is expected to further promote the Olympic spirit and strengthen the relationship between Li Ning and the Chinese sports community [4]

据《南方都市报》报道称，李宁与中国奥委会的合作协议价值高达8亿元，相比上个周期，签约费上涨了近三分之一。从另一个侧面也足以证明， 如今体育品牌对于中国体育代表团这样稀缺资源的竞争已经白热化，而李宁也将借这次拿下中国奥委会体育服装合作伙伴，持续强化单品牌战 略，深化多品类布局。 "今天非常快乐，回到曾经生活、训练的大楼。回想起，1984年，就是从这里出发，去了洛杉矶奥运会。很荣幸，李宁品牌、李宁团队有机会随着 中国运动员、中国体育代表团再一次向2028年洛杉矶奥运会进军。" 5月6日上午，李宁品牌创始人、集团董事长李宁重返国家体育总局，在这个曾经挥洒汗水的地方，他迎来了自己与中国奥委会的又一次交集—— 中国奥委会与李宁品牌举行合作发布仪式，正式宣布李宁成为2025-2028年中国奥委会体育服装合作伙伴。 没有按发言稿按部就班地致辞，62岁的李宁微笑着即兴发挥了这一段，也成为致辞中最精彩的点睛。从洛杉矶奥运会再度奔向洛杉矶奥运会，41 年的轮回在这一刻成了李宁的又一次出发。 在2025至2028年期间，中国奥委会将组建中国体育代表团参加国际综合性体育赛事，包括洛杉矶2028年奥运会、2026年米兰-科尔蒂纳丹佩佐 ...

李宁关注门店的运营效能，有序关闭低效的门店，使渠道布局更合理，提 升渠道整体效率。 港股公司报告 | 公司点评 李宁（02331） 证券研究报告 2025 稳健开局 公司发布 25 年第一季度运营状况 整体零售流水（不含李宁 YOUNG）同比低单位数增长，线下渠道中零售（直 营）低单位数下降，批发（特许）低单位数增长；电商增长 10%-20%低段。 中国区李宁销售点（不含李宁 YOUNG）净减少 29 个至 6088 个（零售净减 6 个，批发净减 23 个）；李宁 YOUNG 销售点净减 15 个至 1453 个。 纵向深耕核心品类，横向拓展新品类 "单品牌、多品类、多渠道"的战略下，李宁正在通过核心品类的纵向深耕， 和横向灵活的新兴品类拓展，完成更多市场空间的挖掘。 品类维度，营收来源主要来自跑步、篮球、综训、羽毛球、乒乓球、运动 生活等，24 年跑步零售流水增长 25%，继续领涨。跑步、篮球、综训三大 核心品类的零售流水占比达到 64%。 产品维度，24 年李宁专业产品收入占比接近 60%，2024 年李宁鞋产品收入 同比增长 7%，鞋收入占比达到 50%。其中跑鞋核心 IP 全年量突破 1060 万 ...

这是新消费智库第 2 6 2 9 期文章 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。中国奥委会有关负责人 , 李宁品牌创始人、集团董事长李宁以及中国国家射击队、乒乓球队、跳水队代表出席发布仪式。 此次中国奥委会与李宁公司的再度合作，体现了李宁公司作为民族品牌服务国家战略的责任与担当。双方的合作将为中国体育代表团提供专业 的产品和服务，助力中国体育健儿取得辉煌成绩，向世界展现中国制造与中国体育的卓越风采。 2. 雀巢日本推出新型浓缩饮料 近日，雀巢日本推出两款新浓缩饮料 Nescafé Espres so Base ，以满足对冰咖啡的多样化需求。 此外，雀巢和翱兰食品配料公司宣布联 合农林业计划，该合作伙伴关系旨在改变可可种植并应对碳排放和森林砍伐的双重威胁。 （ TOPBRAND ） 3. 格力高扁桃仁效果大红袍茶味上新 新消费导读 1. 李宁品牌与中国奥委会正式签约 2. 雀巢日本推出新型浓缩饮料 3. 格力高扁桃仁效果大红袍茶味上新 4. 一颗大 ™与溜溜梅推出联名组合产品 5. lululemon 推出全 ...

Group 1: Core Insights - The rise of grassroots basketball events is evident, with multiple leagues like the Streetball King and 361°'s Touch the Ground League gaining traction and attracting sponsorships [1][2][5] - The basketball population in China has reached 125 million, with a core audience of approximately 76.1 million, indicating a strong foundation for basketball events [3] - The commercial viability of these grassroots events is still developing, with many relying on sponsorships and ticket sales, but facing challenges in monetization [6][9] Group 2: Event Dynamics - Various grassroots basketball leagues are innovating their rules to enhance spectator engagement, such as the 4-on-4 format and unique scoring systems [2][3] - The Streetball King event in Nanchang attracted 10,000 spectators over three days, with significant online engagement, highlighting the potential for audience reach [4] - Many former professional players are transitioning to grassroots leagues, blurring the lines between professional and street basketball [5][9] Group 3: Commercialization Challenges - The commercial sponsorship landscape for grassroots basketball events is inconsistent, with many events still offering free admission and lacking substantial media rights revenue [6][9] - Some events are struggling with profitability, often operating at a loss, and face challenges in attracting significant sponsorship investments [9][10] - The need for a cohesive commercial strategy is emphasized, as events can enhance brand visibility and sales for sponsoring companies, as seen with brands like 361° and Li Ning [10]

2025 年 04 月 30 日 李宁 (02331) ——一季度销售稳健复苏，折扣改善、库存健康 报告原因：有业绩公布需要点评 增持（维持） 投资要点： | | | 上 市 公 司 纺织服饰 财务数据及盈利预测 | 货币单位：人民币 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（亿元） | 276 | 287 | 288 | 301 | 312 | | 同比增长率（%） | 7% | 4% | 0% | 4% | 4% | | 归母净利润（亿元） | 31.9 | 30.1 | 24.8 | 26.4 | 27.8 | | 同比增长率（%） | -22% | -5% | -18% | 7% | 5% | | 每股收益（元/股） | 1.23 | 1.17 | 0.96 | 1.02 | 1.08 | | 毛利率（%） | 48.4% | 49.4% | 49.4% | 49.6% | 49.6% | | 市盈率 | 11 | 12 | 14 | 13 | 13 | | 注："每股收益" ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company's retail revenue for Q1 2025 showed low single-digit growth year-on-year, with offline channels also recording low single-digit growth and e-commerce channels achieving a growth rate in the low range of 10%-20% [2][3] - The company is undergoing channel adjustments, with a net decrease of 29 stores by the end of Q1 2025, including a reduction of 6 direct-operated stores and 23 wholesale stores [3] - The company expects to maintain steady progress, with projected annual revenue for 2025 remaining flat and a net profit margin in the high single digits [4] - The company has become a partner of the Chinese Olympic Committee (COC) for 2025-2028, which is anticipated to enhance brand strength and contribute to future marketing efforts [4] Summary by Sections Performance Review - The company reported a low single-digit growth in retail revenue for Q1 2025, aligning with market expectations [2] - Offline direct sales experienced a low single-digit decline due to channel structure optimization [3] - E-commerce channels showed a growth rate in the low range of 10%-20%, with platforms like Douyin and JD.com leading the online growth [3] Future Outlook - The company aims to maintain steady growth and expects the COC partnership to contribute positively to revenue [4] - The projected revenue for 2025 is estimated at 29,031 million RMB, with a growth rate of 1.24% [10] Profit Forecast and Valuation - The company is expected to maintain stable operations, with net profits projected at 28.57 billion RMB for 2025, 31.33 billion RMB for 2026, and 32.89 billion RMB for 2027 [5] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 12 for 2025, 11 for 2026, and 10 for 2027 [5]