交银国际研究 公司更新 消费 收盘价 目标价 潜在涨幅 2024年4月23日 港元17.50 港元21.00 +20.0% 李宁 (2331 HK) 1 季度符合指引；但各品类表现分化  1季度业绩符合预期：李宁2024 年1季度零售额整体低个位数增长，对比 个股评级 公司指引的全年同比增长中个位数，符合预期，因1季度有高基数（渠道 中性 重开），而4季度将有低基数（公司大幅削减对经销商的订单以去库存）， 全年增长有可能前低后高。按渠道划分，线上销售在1季度出现良好复苏 1年股价表现 （超20%增长），受得物（同比翻倍，目前占线上销售额接近20%）及抖 音（双位数增长，占线上销售额的 20%）等新平台带动；而线下销售弱于 2331 HK 恒生指数 10% 预期（同比下降低个位数），因正价店（自营店和加盟店）同店销售下降 0% -10% 超过10%，而奥特莱斯店录得增长。线下折扣改善了低个位数百分比，渠 -20% -30% 道库存有改善（4.5 倍）。 -40% -50% -60%  销售指引可能保守，但利润率仍面临压力：管理层重申之前的全年财务指 -70% -80% 引，即收入同比增长中个位数，净利润率低 ...

证券研究报告 | 2024年04月23日 李宁（02331.HK） 买入 第一季度流水小幅增长，零售折扣同比收窄  公司研究·海外公司快评  纺织服饰·服装家纺  投资评级：买入（维持评级） 证券分析师： 丁诗洁 0755-81981391 dingshijie@guosen.com.cn 执证编码：S0980520040004 证券分析师： 关竣尹 0755-81982834 guanjunyin@guosen.com.cn 执证编码：S0980523110002 事项： 公司公告：1、零售表现：截至2024年3月31日止第一季度，李宁销售点（不包括李宁YOUNG）于整个平台之 零售流水按年录得低单位数增长。就渠道而言，线下渠道（包括零售及批发）录得低单位数下降，其中零售（直 接经营）渠道录得中单位数增长，批发（特许经销商）渠道录得中单位数下降；电子商务虚拟店铺业务录得20%-30% 低段增长。2、销售点数量：截至2024年3月31日，于中国，李宁销售点数量（不包括李宁YOUNG）共计6214 个，本年迄今净减少26个。在净减少的26个销售点中，零售业务净增加1个，批发业务净减少27个。李宁 YOUN ...

Financial Performance - Revenue for 2023 reached 27,598,491 thousand RMB, a 6.95% increase from 25,803,383 thousand RMB in 2022[7] - Operating profit for 2023 was 3,559,087 thousand RMB, a 27.17% decrease from 4,886,758 thousand RMB in 2022[7] - Net profit attributable to equity holders for 2023 was 3,186,910 thousand RMB, a 21.58% decrease from 4,063,834 thousand RMB in 2022[7] - Gross profit margin remained stable at 48.4% in 2023, consistent with 2022[7] - Total assets for 2023 increased to 34,207,803 thousand RMB, up 1.67% from 33,646,519 thousand RMB in 2022[7] - Return on equity for 2023 was 13.1%, down from 17.9% in 2022[7] - Earnings per share (basic) for 2023 were 123.21 RMB cents, a 20.71% decrease from 155.38 RMB cents in 2022[7] - Dividend per share for 2023 was 54.74 RMB cents, an 18.31% increase from 46.27 RMB cents in 2022[7] - Revenue increased by 7.0% to RMB 27.598 billion in 2023, with gross profit rising 6.9% to RMB 13.352 billion and a gross margin of 48.4%[11] - Net profit attributable to equity holders was RMB 3.187 billion, with a net profit margin of 11.5%[11] - Operating cash inflow reached RMB 4.688 billion, and the total cash and cash equivalents, restricted bank deposits, and short and long-term bank deposits amounted to RMB 17.976 billion as of December 31, 2023[11] - The company proposed a final dividend of RMB 0.1854 per share, bringing the total annual dividend to RMB 0.5474 per share with a payout ratio of 45%[11] - Revenue for 2023 reached RMB 27,598,491,000, a 7.0% increase compared to 2022[19][22] - Gross profit for 2023 was RMB 13,352,055,000, up 6.9% from 2022[19] - Operating profit for 2023 decreased by 27.2% to RMB 3,559,087,000[19] - Net profit attributable to equity holders dropped 21.6% to RMB 3,186,910,000 in 2023[19] - Directly operated stores revenue grew by 29.6% in 2023[22] - E-commerce revenue increased slightly by 0.9% in 2023[22] - Footwear revenue decreased by 0.7% to RMB 13,389,080,000 in 2023[23] - Apparel revenue rose 15.9% to RMB 12,410,785,000 in 2023[23] - Northern China revenue increased by 8.5% to RMB 13,007,856,000 in 2023[25] - Southern China revenue grew by 5.2% to RMB 14,059,033,000 in 2023[25] - Total sales cost for 2023 was RMB 14,246,436,000, with a gross margin of 48.4%, unchanged from 2022[27] - Sales and distribution expenses increased by 24.1% to RMB 9,080,121,000, accounting for 32.9% of total revenue, up 4.6 percentage points year-on-year[28] - Administrative expenses rose to RMB 1,256,152,000, representing 4.6% of total revenue, up 0.3 percentage points from 2022[29] - Share of profit from equity-accounted investments was RMB 377,972,000, including a one-time gain of RMB 140,457,000 from the disposal of land[30] - EBITDA decreased by 5.9% to RMB 6,157,208,000, and after excluding one-time gains, it fell by 8.0% to RMB 6,016,751,000[31] - Net financing income was RMB 319,110,000, down from RMB 327,187,000 in 2022[33] - Income tax expense was RMB 1,069,207,000, with an effective tax rate of 25.1%, slightly up from 25.0% in 2022[34] - Profit attributable to equity holders dropped by 21.6% to RMB 3,186,910,000, with a profit margin of 11.5%, down from 15.7% in 2022[35] - Inventory provision increased to RMB 134,727,000, up from RMB 120,531,000 in 2022[36] - Expected credit loss provision decreased significantly to RMB 45,738,000, down from RMB 159,200,000 in 2022[37] - Operating activities generated a net cash inflow of 4,687,936 thousand RMB, while financing activities used a net cash outflow of 4,216,951 thousand RMB, leading to a net decrease in cash balance of 1,074,126 thousand RMB[39] - The company completed a share placement and subscription in 2021, raising a net amount of 8,571,787,000 RMB, of which 2,828,015,000 RMB was used by the end of 2023, leaving 3,595,564,000 RMB unused[40][41] - 40% of the net proceeds from the share placement were allocated for investment in new product categories and international business expansion, with 1,421,939 thousand RMB remaining unused as of December 31, 2023[42] - The company acquired Vansittart Investment Limited for a total consideration of 2.208 billion HKD (approximately 2.013 billion RMB) to expand its international business in Hong Kong[45] - The company plans to invest up to 3.3 billion RMB in a high-end smart manufacturing and flexible supply chain base in Guangxi, China, with part of the funding coming from the unused proceeds of the share placement[46] Product and Technology Innovation - Li-Ning introduced new technologies such as COMFOAM and the Carbon Core Drive System to enhance product performance and comfort[12] - The "COOL SHELL" cooling technology significantly improved quick-drying performance, surpassing national standards and reaching industry-leading levels[55] - The "Thunder 100" badminton racket introduced the industry's thinnest 6.0mm shaft, enhancing the company's technological competitiveness[54] - The upgraded full-length GCU ground control system increased wear resistance by 70%, with dry and wet slip resistance improving by 8% and 30%, respectively[57] - The "Comfoam Plus" and "Comfoam Lite" formulas significantly reduced shoe weight and improved comfort[57] - The "Wind, Forest, Fire, Mountain" color scheme for professional badminton shoes highlighted the brand's unique attributes in the market[54] - The "AIRSHELL" and "DYNAMIC SHELL" technologies were refined to meet diverse functional needs in fitness apparel[55] - The "Pan Gu FLOW" shoe, inspired by the metaverse, showcased innovative design exploration under the "China Li-Ning" brand[56] - The "Cool Shell" technology featured cross-shaped 3D yarns, significantly enhancing quick-drying performance[55] Retail and Sales Performance - Li-NING 1990 expanded to 36 stores in 23 key cities, focusing on high-end sportswear and launching a new golf product line[14] - The company expanded its core business districts, opening over 1,660 large stores, with a core business district store occupancy rate of nearly 90%[15] - The total number of sales points nationwide reached 7,668, with 6,012 franchised dealers and 1,656 direct retailers as of December 31, 2023[18] - The company's total sales points increased to 7,668 as of December 31, 2023, up by 0.9% from 7,603 in the previous year[62] - Directly operated retail sales points grew by 4.8% to 1,498, while Li-Ning YOUNG sales points increased by 9.2% to 1,428[62] - The number of franchise dealers decreased by 2.5% to 4,742[62] - In the northern region, the total sales points increased by 1.0% to 4,008, with Li-Ning YOUNG sales points rising to 845[63] - In the southern region, the total sales points increased by 0.7% to 3,660, with Li-Ning YOUNG sales points rising to 583[63] - Li Ning's total retail sales for Q4 2023 increased by 20%-30% in the low range year-over-year, with offline channels growing by 20%-30% in the high range and e-commerce growing by mid-single digits[49] - The number of Li Ning sales points (excluding Li Ning YOUNG) in China decreased by 55 to 6,240 by the end of 2023, while Li Ning YOUNG sales points increased by 120 to 1,428[49] - Li Ning's same-store sales for Q4 2023 grew by 10%-20% in the low range year-over-year, with retail channels growing by 30%-40% in the high range[49] - The running category achieved a 40% increase in retail sales in 2023, with total sales of running shoes exceeding 9 million pairs, a 62% year-over-year growth[51] - The basketball category saw the "Wade Way" series achieve an 88% sell-through rate, while the "All City" series sold over 1 million pairs in 2023[52] - Li Ning's five core categories (running, basketball, badminton, fitness, and sports lifestyle) recorded a 12% increase in total retail sales in 2023[50] - The "Feidian 3 Challenger" running shoe sold over 1.3 million pairs in 2023, becoming a standout product in the carbon plate running shoe market[51] - Li Ning's basketball products, such as the "YuShuai ULTRA," improved athletes' performance with a 12% increase in continuous vertical jump speed and a 4.1% increase in running vertical jump height[52] - The "BADFIVE" street basketball series successfully upgraded its product performance and market positioning, collaborating with artist Mister Cartoon to launch themed collections in 2023[53] - The "SOFT GO" series achieved annual sales exceeding 15 million pairs, becoming a core growth driver for the lifestyle category in the next two to three years[56] - The "LI-NING 1990" brand launched a new golf product line, expanding its premium fashion sports portfolio[56] Corporate Governance and Board Activities - The board consists of 7 directors, including 3 executive directors and 4 independent non-executive directors[75] - The board's diversity composition includes 5 males and 2 females, with age groups ranging from 30 to over 61 years old[77] - The board's service tenure includes 2 directors with 1-5 years, 1 with 6-10 years, and 4 with over 10 years of service[77] - The company's employee gender ratio is approximately 1:1, achieving gender diversity[77] - The board's main responsibilities include setting long-term goals, approving financial plans, and monitoring operational performance[81] - The company provides comprehensive induction and continuous professional development for all directors[82] - The company has appointed four independent non-executive directors, accounting for more than one-third of the board members, with one possessing appropriate accounting qualifications or financial management expertise[84] - Each executive and independent non-executive director has signed a three-year service contract with the company[85] - The company has arranged appropriate insurance for its directors and senior executives to cover potential legal actions, with annual reviews of the insurance coverage[86] - The Nomination Committee is responsible for formulating and implementing nomination policies for board members and senior management, and evaluating the board's structure, size, and composition[87] - The Nomination Committee is chaired by Mr. Li Ning and includes Ms. Wang Yafei and Dr. Chan Chun Bun as members[88] - In 2023, the Nomination Committee nominated Mr. Song Chuntao as Chief Human Resources Officer and Mr. Wang Yi as Chief Marketing Officer[89] - The Remuneration Committee is responsible for formulating remuneration policies and structures for directors and senior management to attract, retain, and motivate talent essential for the company's long-term success[90] - The Remuneration Committee reviewed and approved the 2023 bonus plan and salary adjustment scheme[91] - The Remuneration Committee reviewed and approved the 2023 Employee Stock Ownership Plan (ESOP) and the 2016 Restricted Share Award Plan[91] - The Audit Committee held three meetings with the external auditor in 2023 to discuss necessary matters[92] - The Audit Committee reviewed the annual and interim financial statements for compliance with accounting standards and regulations[95] - The Audit Committee established an Anti-Corruption and Anti-Bribery System to enhance internal governance and compliance management[95] - The Board of Directors held at least four regular meetings annually, with agendas and documents sent to directors in advance[96] - The Board reviewed the implementation and effectiveness of the independent opinion mechanism and found it to be effective[96] - The attendance rate for Board, Nomination Committee, Remuneration Committee, and Audit Committee meetings was 100% for all directors[97] - The company's external auditor, PricewaterhouseCoopers, received a total fee of RMB 9,355,000 for audit and non-audit services in 2023, compared to RMB 7,565,000 in 2022[101] - The audit fee for the group in 2023 was RMB 6,680,000, an increase from RMB 6,220,000 in 2022[101] - The fee for tax compliance and other consulting services in 2023 was RMB 2,675,000, up from RMB 1,345,000 in 2022[101] - The company has established a comprehensive risk management and internal control system based on the COSO framework[103] - The internal control system aims to achieve operational efficiency, improve financial reporting reliability, and ensure compliance with laws and regulations[103] - The company has a three-tier internal control organizational structure: ultimate responsibility (Board of Directors), supervision (Audit Committee), and execution (various departments)[104] - The company regularly updates the staffing and training of the Internal Audit Department and Internal Control Group to adapt to organizational changes[104] - The company has implemented the "Li-Ning Internal Control Manual" to strengthen internal control systems, covering various business processes[104] - An annual self-assessment mechanism has been established under the internal control framework to evaluate and improve control effectiveness[105] - The company's risk management and internal control systems were confirmed to be adequate and effective, with no significant deficiencies identified as of December 31, 2023[106] - The internal audit department conducted audits on various systems including sales, product, retail subsidiaries, supply chain, and non-core business systems in 2023[108] - The company optimized internal controls across multiple modules such as sales management, supply chain management, and IT management in 2023[109] - The company has established strict procedures for handling and disclosing insider information, ensuring confidentiality before public release[110] - The company implemented rules and procedures to regulate all employee external media communications, with designated authorized spokespersons[111] - All directors confirmed compliance with the standard code of conduct for securities transactions during the year ended December 31, 2023[112] - The company secretary ensured compliance with board policies, procedures, and applicable laws and regulations throughout 2023[113] - The company has established formal communication channels including interim and annual reports, announcements, circulars, and other corporate communications on its website and the Hong Kong Stock Exchange website[114] - Shareholders holding at least one-tenth of the company's paid-up share capital can request the board to convene an extraordinary general meeting, which must be held within two months of the request[115] - The company adopted revised and restated memorandum and articles of association on June 14, 2023, as approved at the annual general meeting[117] - The company provides over 20 full business days' notice for annual general meetings and 10 full business days' notice for extraordinary general meetings, along with circulars containing necessary information[118] - All directors attended the 2023 annual general meeting and extraordinary general meeting held on June 14, 2023, with a Q&A session for shareholders[118] - The next annual general meeting is scheduled for June 13, 2024, with details and agenda items to be included in the circular sent to shareholders[118] - The board will continuously review and improve corporate governance to maintain high levels of transparency, accountability, and responsibility[120] ESG and Sustainability - The company's board oversees ESG matters, with the ESG Management Committee and execution team responsible for specific deployment and execution[123] - In 2023, the board reviewed and approved updates to the sustainable development vision, strategy, goals, and environmental targets, as well as climate change risk and opportunity assessments[123] - The company is committed to advancing ESG work, integrating sustainable development into its operations and strategic planning, and regularly reviewing progress[123] - The company has established an ESG governance framework with a management committee chaired by the executive director and co-CEO, overseeing ESG strategy and execution[126] - The ESG execution team consists of 4 members, including 1 leader and 3 professionals in social responsibility, environment, and carbon management[126] - The company actively responds to China's "30·60" carbon peak and neutrality strategy, promoting green and low-carbon operations[128] - The company integrates ESG indicators into executive performance evaluations to enhance sustainability management effectiveness[128] - The company emphasizes strict compliance with environmental laws and regulations, focusing on climate change and energy efficiency improvements[130] - The company optimizes talent development mechanisms and conducts diversified training activities to empower employee growth[131] - The company strengthens supplier management, promotes green supply chains, and encourages environmental certifications[132] - The company upgrades information security protection technologies and improves management mechanisms to prevent data leaks[133] - The company improves anti-corruption reporting channels and conducts training activities to enhance integrity awareness[134] - The company actively fulfills corporate social responsibility, supports charitable causes, and promotes sports culture[135] - The company implemented

【广发纺服】李宁2024Q1业绩交流电话会议-20240422 时间：2024年4月22日 嘉宾：CFO 赵总、IRD Queenie 未经允许，严禁在如雪球或个人公众号等媒体转载，对于侵犯公司权益的行为，公司将保 留追究法律责任的权利。 （一）IRD发言： ★Q1运营表现： ★流水： （1）大货：李宁全渠道流水同增低单位数。其中，线下同减低单（批发-中单，直营+中 单，电商同增20%-30%低段。 线下压力更大，主要系去年同期疫情后递延消费反弹、客流转到线下，线下基数较 高、线上较低，今年部分客流回到线上，所以今年线上恢复比较好。 直营好于批发，主要系奥莱驱动，同店直营好于批发，直营正价店和批发的趋势差不 多，奥莱的同店流水也更好 分月度来看，3月比1-2月流水增速略好；4月清明节短期趋势还可以，主要系去年 清明节单独1天假期，今年清明节是3天连续，节日效应更强，但4月mtd以来没有明显 环比加速。 ★同店：24Q1同店同减中单位数。其中，直营/批发/电商分别同比变化-低单位数、-中 双、+20%-30%低段。 批发渠道SSSG较弱的原因：直营主要是奥莱驱动。直营正价店和批发同店均为双位数下 滑。线下同店表 ...

海 外 研 证券研究报告 究 ＃industryId＃ 纺织服装 ＃investSuggestion＃ ＃02331 .HK ＃李dy宁Com pany＃ 港股通（沪/深） dyStockco ＃ 买入 ( i维nve持stS ） d e＃ 渠道库存健＃康title＃， 稳中求进 uggesti on gC e＃ ha n ＃createTime1＃ 2024年 3月 23日 投资要点 公 ＃市场ma数rk据et Data＃ ＃summary＃ 事件：李宁发布23年业绩：收入同比+7.0%至276.0亿元，归母净利润同比-21.6% 司 日期 20240322 至 31.9 亿元。单看 H2，收入同比+1.4%至 135.8 亿元，归母净利润同比-43.1%至 跟 收盘价（港元） 20.45 10.7亿元。每股拟派发末期股息18.54分人民币，全年派息比率45%。 踪 总股本（亿股） 26 点评：电商疲弱&批发砍单拖累收入增长，下半年收入微增 1.4%至 135.8 亿元， 报 流通股本（亿股） 26 全年收入同比增长7.0%至276.0亿元。 净资产（亿元） 244 ~分渠道，直营增长强劲，开店&同店共同驱 ...

Table_BaseInfo 2024 年 3 月 22 日 公司动态分析 李宁（2331.HK） 证券研究报告 运动鞋服 聚焦渠道拓展优化，期待未来稳健增长 投资评级： Xx 买入 xx 事件：李宁公布 2023 年业绩，收入同比增长 7%，毛利率同比持平，扣非归母净利 润下滑25%，整体表现与市场预期大致相符。综合考虑，我们预测2024/2025/2026 目标价格： 28.3 港元 年EPS为1.30/1.45/1.59元，目标价28.3港元，维持“买入”评级。 现价(2024-3-21)： 21.25港元 报告摘要 收入保持增长态势，直营业务表现良好 2023年，李宁录得收入275.98亿元，同比 增长7.0%。按渠道分类，批发业务收入同比略增0.6%至126.28亿元，增速较低主 总市值(百万港元) 54,920.19 要是由于公司为解决窜货问题，减少部分发货订单所致；直营业务表现良好，收入 流通市值(百万港元) 54,920.19 同比增长29.6%至69.07亿元，门店战略性布局效果显著；电商由于基数原因，收入 总股本(百万股) 2,584.48 同比略增0.9%至75.31亿元。从全年零售流水 ...

港股公司报告 | 公司点评 李宁（02331） 证券研究报告 2024年03月 29日 投资评级 2024 预期稳中向好 行业 非必需性消费/纺织及 服饰 23年收入276亿同增7%，归母净利31.9亿同减 22% 6个月评级 买入（维持评级） 当前价格 20.8港元 公司发布23年业绩，全年收入276亿同增7%，其中H1/H2 收入及同比分 目标价格 港元 别为140.2亿（+13%）、135.8亿（+1%）；23 年归母净利31.9 亿同减22%， H1/H2归母净利及同比分别为21.2 亿（-3%）、10.7亿（-43%）；23 年调后 基本数据 归母净利30.5亿。 港股总股本(百万股) 2,584.48 公司派发末期股息 18.54 分人民币，叠加中期股息全年共派发 54.74 分人 港股总市值(百万港元) 53,757.17 民币，全年派息比率45%。 每股净资产(港元) 10.26 收入分渠道，23年直营收入69.1亿同增30%，批发126.3亿同增0.6%，电 资产负债率(%) 28.65 商75.3亿同增0.9%； 一 年内最高/最低(港元) 65.00/14.94 分品类，鞋类收入133. ...

2024 年3 月25 日 耐用消费品及服装: 超配 证券研究报告 / 业绩点评报告 李宁 (2331 HK, 买入, 目标价: HK$26.66) 持续优化产品矩阵与订货模型驱动业绩增长 目标价: HK$26.66 当前股价: HK$20.45 • 2023 年业绩符合我们预期； 股价上行/下行空间 +30% 52周最高/最低价 (HK$) 65.00/14.94 • 李宁进一步优化产品矩阵与订货模型驱动增长，我们预计2024 年营收/归母净利润分 市值 (US$mn) 6,757 别同比增长5.2%/6.6%至290.3/34.0 亿元； 当前发行数量(百万股) 2,584 • 维持买入评级，上调目标价6%至26.66 港元，对应17 倍2025 年P/E。 三个月平均日交易額 70 (US$mn) 2023 年业绩符合预期：1）李宁发布2023 年业绩，营收/归母净利润分别同比+7.0%/ - 流通盘占比 (%) 100 21.6%至276.0/31.8 亿元，折算2H23 营收/归母净利润分别同比+1.4%/-43.1%至135.8/ 主要股东 (%) Viva China 10 10.7 亿元，业绩 ...

交银国际研究 公司更新 消费 收盘价 目标价 潜在涨幅 2024年3月21日 港元21.45 港元21.00 -2.1% 李宁 (2331 HK) 2023 年业绩不达预期，1Q24 表现及全年指引乏力  2023 年净利润未达预期： 公司净利润同比下降22%（低于一致预期的同 个股评级 比下降约13%，与我们预期的同比下降25%一致）。销售额从 2023上半年 中性 的 +13%放缓至 2023下半年的 +1%，这导致经营去杠杆化和2023下半年经 营利润率下降至8.0%（去年同期为16.7%）。按渠道划分，零售/批发/电 商分别同比增长 37%/-11%/-0.2%，原因是李宁在下半年大力削减对分销商 1年股价表现 的订单，以维持健康的库销比（2023 年底为 3.6 倍）。按类别划分，跑步 和健身类产品的销售额在下半年加速增长，而篮球和运动生活类产品的销 2331 HK 恒生指数 20% 售额则出现环比下降。 10% 0% -10%  2024 年1季度零售流水持平；2024 年指引低于预期： 2024 年1季度至今 -20% -30% 销售额「环比持平」，低于 2023 年 4 季度的 20~30 ...

公司研究 | 动态跟踪 李宁 02331.HK 买入（维持） 业绩符合预期，库存恢复至健康水平 股价（2024年03月22日） 20.45港元 目标价格 27.24港元 52周最高价/最低价 63.66/14.94港元 总股本/流通H股（万股） 258,448/258,448 H股市值（百万港币） 52,853 核心观点 国家/地区 中国 行业 纺织服装 ⚫ 公司发布2023业绩公告，实现营业收入276亿，同比增长7%，实现归母净利润 报告发布日期 2024年03月25日 31.9亿，同比下滑21.6%，其中处置地块一次性收益为1.4亿元。全年派息率为 45%（包含中期股息），对比过去3年30%左右的派息率有明显提升。 1周 1月 3月 12月 ⚫ 受批发渠道拖累，23H2公司收入增长承压。23H2收入和归母净利润分别同比增长 绝对表现% -1.21 -0.24 3.28 -65.31 1.4%和下降43.1%，环比23H1增速放缓。拆分来看，23H2批发收入同比下滑 相对表现% 0.11 1.21 2.31 -49.53 11.2%为主要拖累，我们认为主要原因包括：1）主动清理渠道库存。根据23H1披 恒生 ...