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高盛:上调李宁(02331)明后两年盈测
智通财经网· 2025-08-25 06:39
智通财经APP获悉,高盛发布研报称,李宁(02331)中期核心经营利润胜预期,管理层对下半年看法较为 保守。高盛指出,期内核心业务利润率胜预期,有助增强投资者对李宁品牌基本面健康的信心,预期税 率及减值压力减少将支持未来几年净利润加速增长。高盛维持2025年销售额及净利润预测大致不变,将 2026至2027年净利润预测上调7%至8%,以反映税率正常化及减值减少。 ...
港股异动 李宁(02331)再涨近6% 中期收入同比增长3.3% 野村称上半年主要数据超出市场预期
Jin Rong Jie· 2025-08-25 06:08
东吴证券发布研报称,展望下半年,李宁将持续深化"单品牌、多品类、多渠道"战略,并借助与中国奥 委会的合作,增加专业运动资源投入,同时公司已将内部组织结构调整为以品类制为核心的业务模型, 提升品类经营效率,拓展多品类如乒乓球、羽毛球、匹克球、网球、高尔夫球等。公司经营基本盘稳 固,渠道库存趋于健康,未来随奥运主题营销催化有望释放业绩弹性,维持"买入"评级。 本文源自:智通财经网 智通财经获悉,李宁(02331)再涨近6%,截至发稿,涨4.37%,报20.56港元,成交额6.47亿港元。 消息面上,李宁公布中期业绩,收入同比上升3.3%至148.17亿元,毛利约74.15亿元,同比增长2.48%; 息税前利润加折旧及摊销(EBITDA)约35.13亿元,同比增长2%;净利约17.37亿元,每股基本收益67.43 分,中期股息每股33.59分。野村指出,李宁上半年主要数据超出市场预期;大和则表示,李宁上半年 净利润率略优于该行预期,且该行对管理层下调指引的忧虑并未出现。 ...
李宁(02331):25H1利润下滑,坚定推进科技升级及奥运营销投入
CMS· 2025-08-25 06:04
证券研究报告 | 公司点评报告 2025 年 08 月 25 日 李宁(02331.HK) 25H1 利润下滑,坚定推进科技升级及奥运营销投入 消费品/轻工纺服 25H1 公司收入增长 3%,利润下滑 11%;其中跑步品类保持良好增长,公司会 持续优化渠道结构,坚定对奥运等营销资源的投入,管理层保持 2025 年收入持 平,净利润率高单位数指引;预计 2025-2027 年净利润规模分别为 23.8 亿元、 25.3 亿元、27.2 亿元,同比增速为-21%、7%、7%,当前股价对应 25PE20X, 维持强烈推荐评级。 2)分渠道:25H1 电商收入增长 7%至 43 亿(占比 29%),电商直营流水 实现高单位数增长。线下直营收入下滑 3%至 34 亿元(占比 23%),加盟 收入增长 4%至 69 亿元(占比 47%)。 基础数据 | 总股本(百万股) | 2585 | | --- | --- | | 香港股(百万股) | 2585 | | 总市值(十亿港元) | 50.9 | | 香港股市值(十亿港元) | 50.9 | | 每股净资产(港元) | 10.5 | | ROE(TTM) | 11.1 | ...
港股异动 | 李宁(02331)再涨近6% 中期收入同比增长3.3% 野村称上半年主要数据超出市场预期
智通财经网· 2025-08-25 05:39
消息面上,李宁公布中期业绩,收入同比上升3.3%至148.17亿元,毛利约74.15亿元,同比增长2.48%; 息税前利润加折旧及摊销(EBITDA)约35.13亿元,同比增长2%;净利约17.37亿元,每股基本收益67.43 分,中期股息每股33.59分。野村指出,李宁上半年主要数据超出市场预期;大和则表示,李宁上半年 净利润率略优于该行预期,且该行对管理层下调指引的忧虑并未出现。 东吴证券发布研报称,展望下半年,李宁将持续深化"单品牌、多品类、多渠道"战略,并借助与中国奥 委会的合作,增加专业运动资源投入,同时公司已将内部组织结构调整为以品类制为核心的业务模型, 提升品类经营效率,拓展多品类如乒乓球、羽毛球、匹克球、网球、高尔夫球等。公司经营基本盘稳 固,渠道库存趋于健康,未来随奥运主题营销催化有望释放业绩弹性,维持"买入"评级。 智通财经APP获悉,李宁(02331)再涨近6%,截至发稿,涨4.37%,报20.56港元,成交额6.47亿港元。 ...
李宁再涨近6% 中期收入同比增长3.3% 野村称上半年主要数据超出市场预期
Zhi Tong Cai Jing· 2025-08-25 05:38
李宁(02331)再涨近6%,截至发稿,涨4.37%,报20.56港元,成交额6.47亿港元。 消息面上,李宁公布中期业绩,收入同比上升3.3%至148.17亿元,毛利约74.15亿元,同比增长2.48%; 息税前利润加折旧及摊销(EBITDA)约35.13亿元,同比增长2%;净利约17.37亿元,每股基本收益67.43 分,中期股息每股33.59分。野村指出,李宁上半年主要数据超出市场预期;大和则表示,李宁上半年 净利润率略优于该行预期,且该行对管理层下调指引的忧虑并未出现。 东吴证券发布研报称,展望下半年,李宁将持续深化"单品牌、多品类、多渠道"战略,并借助与中国奥 委会的合作,增加专业运动资源投入,同时公司已将内部组织结构调整为以品类制为核心的业务模型, 提升品类经营效率,拓展多品类如乒乓球、羽毛球、匹克球、网球、高尔夫球等。公司经营基本盘稳 固,渠道库存趋于健康,未来随奥运主题营销催化有望释放业绩弹性,维持"买入"评级。 ...
大悦城撤出长沙;全国首座华润“万象里”落子济南;LV美妆全球首店开业;盒马鲜生四地同开
Sou Hu Cai Jing· 2025-08-25 05:27
Group 1 - Traditional retail giants are facing significant performance challenges, with major players like Baisheng Group reporting an 18.4% drop in same-store sales and announcing the closure of its Beijing store by year-end [3][4] - Other retailers such as Xinhua Department Store and Tianhong reported revenue declines of 0.99% and 1.79% respectively, while Nanning Department Store experienced a net loss of 13.38 million yuan, a 653.3% increase in loss [3][4] Group 2 - The outlet mall sector is experiencing a growth spurt, with multiple new projects announced, including the opening of Wuhan Shanshan Outlet on September 25, which will be the first "Lakeside Outlet" in Central China [5][6] - The emergence of differentiated concepts like "Lakeside Outlet" and "Warehouse-style Outlet" indicates that this sector is effectively targeting various consumer needs amid a backdrop of consumption downgrade [6] Group 3 - A wave of renaming among shopping centers reflects strategic shifts and the need for brand upgrades, with examples including the rebranding of "Changsha Beichen Triangular Deyue City" to "Changsha Beichen Hui" [7][8] - The rebranding of "Shenyang Vanke Plaza" to "Wan Qian Hui" resulted in a 15% increase in foot traffic and a 26% rise in sales, demonstrating the effectiveness of targeted brand revitalization [8] Group 4 - China is becoming a testing ground for global brand innovations, with notable first stores like LV Beauty opening in Nanjing and Haidilao launching an innovative concept store in Beijing [10][11] - This trend indicates a shift in China's market position from a follower to a leader in global brand innovation, as brands increasingly prioritize launching new products in China [11] Group 5 - There is a dual acceleration in the internationalization of brands in China and the globalization of local brands, with companies like Anta and Li Ning deepening market penetration through themed stores [12][13] - The significant growth of brands like Pop Mart, which reported a 204.4% increase in revenue, highlights China's market as a critical battleground for both international and domestic brands [13]
李宁(2331.HK):2025H1经营超预期 关注公司长期业绩改善
Ge Long Hui· 2025-08-25 04:04
Core Viewpoint - The company reported a mixed performance for H1 2025, with revenue growth of 3.3% but a decline in net profit by 11%, indicating challenges in maintaining profitability despite revenue increases [1] Financial Performance - Revenue for H1 2025 reached 14.817 billion yuan, with a gross margin decrease of 0.4 percentage points to 50% due to deeper discounts in direct sales and an increased share of franchise channels [1] - Operating profit increased by 1.5% to 2.438 billion yuan, while net profit fell by 11% to 1.74 billion yuan, primarily due to adjustments in the domestic and foreign funding structure leading to higher tax provisions [1] - The company maintained a dividend payout ratio of 50%, consistent with the previous year, emphasizing shareholder returns [1] Business Segments Offline Business - Wholesale revenue grew by 5% to 6.48 billion yuan, while direct sales revenue declined by 4% to 3.23 billion yuan due to store adjustments aimed at improving profitability [2] - The number of direct and wholesale stores at the end of H1 2025 was 1,278 and 4,821 respectively, reflecting a net closure of 19 direct stores and an addition of 1 wholesale store [2] E-commerce - E-commerce sales showed strong growth with a high double-digit increase, outperforming offline sales, although retail discounts increased by approximately 1 percentage point [2] Product Performance - The company’s adult apparel revenue grew by 2%, with significant growth in running and training categories at 15% each, while basketball and lifestyle categories saw declines of 20% and 7% respectively [3] - The total sales of professional running shoes exceeded 14 million pairs, with key series performing well [3] - The children’s apparel segment also showed positive growth, with offline revenue increasing by 10%-20% and a net closure of 33 stores [3] Cash Flow and Inventory - Operating cash inflow for H1 2025 was 2.411 billion yuan, a decrease of 12%, but the company maintained a healthy cash reserve of 19.191 billion yuan, up 6% from the beginning of the year [3] - Inventory decreased by 7% to 2.4 billion yuan, with a healthy inventory turnover ratio maintained [3] Future Outlook - The company expects revenue for 2025 to remain flat, with a projected decline in net profit by 21.5% due to increased expenses related to Olympic sponsorships [4] - The company is focusing on optimizing product and marketing strategies, with plans to enhance brand influence through Olympic-related activities [4] - Long-term growth is anticipated through the expansion of product categories and improved operational efficiency [4] Earnings Forecast - Projected earnings for 2025-2027 are 2.366 billion, 2.540 billion, and 2.759 billion yuan respectively, with a PE ratio of 20 times for 2025 [5]
李宁(02331.HK):上半年收入增长3.3% 经营利润微增而净利润下滑
Ge Long Hui· 2025-08-25 04:04
风险提示:消费需求疲软;原材料价格波动;品牌恶性竞争;系统性风险。 投资建议:短期仍存营销费用压力但经营效率正在改善,期待中期销售增长提速带动盈利加速复苏。 2025 上半年公司在具有挑战的经营环境中实现了稳健的业绩表现,尤其剔除非经影响后的利润表现较 好,下半年中国奥委会合作等资源投入短期将产生额外费用,但未来将逐步转化为销售驱动力。我们维 持盈利预测, 预计公司2025-2027 年归母净利润25.1/28.3/30.4 亿元,同比-16.6%/12.5%/7.7%。看好公 司当前健康的运营基础和未来营销发力对品牌增长提速的潜力,上调合理估值至21.1-22.3 港元,对应 2026 PE18-19x,维持"优于大市"评级。 库存健康度高,电商表现突出。全渠道库存吊牌金额下降低单位数,库销比4 个月,公司存货周转天数 同比-1 天至61 天,应收账款周转天数同比-1 天至14 天。门店方面,总数7,534 家(比去年底净减51 家),其中大货直营渠道优化调整门店减少19 家,加盟渠道净增1 家。 2025 年收入增速指引持平,净利率高单位数。管理层在公开业绩会上表示,2025 年维持此前指引,以 稳健经营 ...
上半年营收148.2亿元,李宁成绩单背后的战略深耕与长期布局
Hua Xia Shi Bao· 2025-08-25 02:18
文/兴利 在当前零售消费市场逐步回暖、体育用品行业竞争加剧的背景下,李宁有限公司于8月21日交出了一份 扎实的中期成绩单:2025年上半年,公司实现收入148.2亿元,同比增长3.3%;毛利74.1亿元,同比增 长2.5%,整体毛利率稳定在50.0%;净利润达17.4亿元,净利率为11.7%。 这份成绩的背后,是李宁对于"稳健务实"经营思路的坚定践行。从业务布局来看,公司在专业运动领域 的持续深耕、科技研发的不断加码,以及与顶级专业运动资源的重磅合作,不仅共同构筑了李宁在行业 中的核心竞争力,也为企业的长期价值增长奠定了坚实基础。 面对当前挑战与机遇并存的市场环境,李宁集团执行主席兼联席行政总裁李宁先生表示:"当前市场挑 战与机遇交织,我们将保持审慎的态度,继续夯实业务基本盘,同时紧密关注市场动态,积极捕捉并把 握可能出现的结构性机遇,通过一系列战略举措推动集团实现长期可持续增长,致力于成为消费者首选 的专业运动品牌。" 稳健务实贯穿发展,战略深化彰显韧性 在竞争激烈的运动品牌市场中,李宁始终坚守"稳健务实"的发展基调,以"单品牌、多品类、多渠道"战 略为底层逻辑,不断夯实业务基础。从上半年财报数据来看,无论 ...
申万宏源证券晨会报告-20250825
| 指数 | 收盘 | | 涨跌(%) | | | --- | --- | --- | --- | --- | | 名称 | (点) | 1 日 | 5 日 | 1 月 | | 上证指数 | 3826 | 1.45 | 6.81 | 3.49 | | 深证综指 | 2393 | 1.49 | 9.33 | 4.02 | | 风格指数 (%) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 2.24 | 6.66 | 10.61 | | 中盘指数 | 2.04 | 9.62 | 10.8 | | 小盘指数 | 1.56 | 10.22 | 12.9 | | 涨幅居前 行业(%) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 半导体 | 7.66 | 25.39 | 13.01 | | 通信设备 | 4.33 | 31.18 | 49.01 | | 玻璃玻纤 | 4.02 | 11.28 | 46.11 | | 教育 | 3.96 | 8.07 | 3.66 | | 软件开发Ⅱ | ...