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， ...

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].

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。 ...

Core Viewpoint - The importance of brand building for public hospitals is emphasized, highlighting its role in enhancing internal cohesion and external reputation [1][3]. Group 1: Brand Significance - The brand of a public hospital is crucial for internal unity and external recognition, impacting both hard and soft aspects of hospital development [1]. - The "East Qilu" brand symbolizes over a century of efforts by the Qilu community, reflecting the hospital's commitment to brand development [3]. Group 2: Brand Development Strategies - The hospital focuses on enhancing brand depth by researching and preserving the cultural heritage of "East Qilu," producing annual publications to document its history [3]. - Efforts to increase brand warmth aim to foster employee loyalty and recognition, with initiatives like the "Shandong University Qilu Hospital Brand Image Recognition Manual" to standardize branding elements [4]. - The hospital is expanding the breadth of its brand by creating a series of specialized brands, such as the "Qilu Truth Lecture" for party building and the "Qilu Doctor's Say" for public engagement, enriching the cultural significance of "East Qilu" [4].

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 Points - The core viewpoint of the articles is that Li Ning has officially become the sports apparel partner of the Chinese Olympic Committee for the period of 2025-2028, marking a significant milestone in the brand's history and enhancing its professional image in the sports industry [1][2]. Group 1: Partnership Announcement - Li Ning will provide professional sports equipment support for all major international events attended by the Chinese sports delegation, including the Los Angeles 2028 Olympics and the Milan-Cortina 2026 Winter Olympics [1]. - This partnership is expected to enhance Li Ning's brand recognition and authority, as its logo will be prominently displayed during key events, increasing global exposure [1][8]. Group 2: Historical Context - Li Ning, a legendary figure in Chinese gymnastics, has a long-standing relationship with the Olympics, having previously sponsored the Chinese Olympic team for 12 consecutive years from 1992 to 2004 [2]. - The brand's unique background and historical achievements contribute to its strong national recognition and brand equity, which are rare resources in the competitive sports apparel market [2][3]. Group 3: Product Development and Innovation - Li Ning has invested over 3.5 billion yuan in research and development over the past decade, focusing on various sports categories such as basketball, running, and badminton [3]. - The brand has developed a matrix of products to meet different athletic needs, showcasing its commitment to technological innovation in sports equipment [3]. Group 4: Consumer Experience Enhancement - Li Ning has upgraded its store image and display to enhance consumer experience, reflecting its partnership with the Chinese Olympic Committee [4][6]. - The stores feature prominent branding elements that connect consumers with the brand's history and its association with Chinese sports development [4][5]. Group 5: Brand Value Accumulation - The partnership with the Chinese Olympic Committee is expected to deepen emotional connections between consumers and the Li Ning brand, enhancing brand loyalty and perception [7][8]. - Participation in top-tier events will provide Li Ning with a platform to increase its international visibility and attract a broader consumer base [7][8].

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]