李宁上半年收入增长3.3％ 净利润下滑11％

Core Insights - Li Ning reported a revenue of 14.817 billion yuan for the first half of the year, representing a year-on-year increase of 3.3% [1] - The net profit attributable to equity holders was 1.737 billion yuan, a decrease of 11% year-on-year, with a net profit margin of 11.7% [1] - The gross profit margin declined by 0.4 percentage points to 50.0% [1] E-commerce Performance - The company optimized its e-commerce platform operations and enhanced online marketing strategies, leading to a 7.4% year-on-year increase in e-commerce channel revenue, which contributed the largest incremental growth [1] - The membership service system was improved, resulting in increased online sales scale and customer loyalty [1] Distribution Channels - Revenue from authorized distributors grew steadily by 4.4% year-on-year, further increasing their share to 46.5%, continuing to play a core supporting role [1] - Retail channel performance faced pressure, with revenue from direct stores declining by 3.4% due to adjustments in store layout and shifts in consumer scenarios [1] Store Network - As of June 30, the number of sales points for Li Ning brand (including core brand and Li Ning YOUNG) was 7,534, a net decrease of 51 stores compared to December 31, 2024 [1]