Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company's H1 2025 results exceeded expectations, with retail revenue increasing by 2% year-on-year, driven by a 15% increase in both running and training categories, while basketball and leisure categories saw declines of 20% and 7% respectively [1] - The company has signed a formal partnership with the Chinese Olympic Committee, becoming the official sportswear partner for the Chinese Olympic team from 2025 to 2028, with marketing efforts expected to ramp up in the second half of 2025 [4] - The company anticipates revenue growth of 2.0%, 4.6%, and 3.7% for the years 2025, 2026, and 2027 respectively, with net profit projections of 24.2 billion, 28.1 billion, and 32.7 billion, reflecting a significant recovery in profitability [4] Financial Summary - For H1 2025, the company reported revenue of 14.82 billion, a 3.3% increase year-on-year, with e-commerce growth leading at 7.4% [1] - The gross margin for H1 2025 was 50.0%, a slight decrease of 0.4 percentage points year-on-year, attributed to a decrease in DTC (Direct-to-Consumer) sales proportion and deeper discounts in direct sales [2] - The net profit for H1 2025 was 1.74 billion, down 11.0% year-on-year, with a net profit margin of 11.7%, a decrease of 1.9 percentage points [2] Inventory Management - The company's inventory turnover and age structure remained stable, with channel inventory at 4.0 months, slightly up from 3.9 months year-on-year, and 82% of inventory being new products aged under 6 months [3] Future Outlook - The company plans to increase investments in professional research and development, sports sponsorships, and marketing exposure to enhance its competitive positioning in the long term [4] - The company is expected to see a gradual increase in marketing activities related to the Olympics, with new product launches and sponsorships in various sports categories [4]
李宁(02331):中报超预期,期待奥运为代表的专业资源发力