李宁联席CEO钱炜在财报会议上的发言，更直接点出线下渠道的严峻现实："我们能深刻感受到线下客流的同比减少。" 上半年，DTC直营门店收入同比下 降3.4%，即便作为核心的特许经销商渠道实现增长4.4%，也同样面临市场需求不足的压力。 李宁再次站在十字路口。这家曾凭借"国潮"浪潮登顶的本土运动巨头，正经历背水一战。 2025年上半年财报一出炉，没有惊喜，只有一串让人揪心的数字，连续两年陷入净利润下滑，利润"失血"速度又快了：2024年净利润同比下降5.5%至30.13 亿元，2025年上半年净利润进一步下滑11.0%至17.37亿元（2024年上半年净利润下滑7.98%至19.52亿元）。 更让人着急的是和安踏等竞争对手的差距越拉越大：2024年安踏收入同比增速达13.6%，年内溢利增超五成至169.89亿元；而李宁2024年收入同比仅增 3.9%，2025年上半年收入增速进一步放缓至3.3%，远低于疫情前的增长水平。 对此，李宁以退为进，优化门店结构净关闭51家店铺，提质增效，主动放弃部分市场份额，换取更健康的资产结构。 可代价远不止于此。李宁上半年毛利率下降0.4个百分点至50.0%，净利率也跟着承压；DT ...

2025年8月21日，李宁有限公司发布2025年中期业绩。上半年，李宁公司继续贯彻"单品牌、多品类、多 渠道"核心战略，稳健经营，聚焦专业运动，进一步夯实经营基础，积极蓄力业务发展，实现收入达 148.2亿元，同比上升3.3%。上半年，李宁公司毛利为74.1亿元，同比上升2.5%，整体毛利率为50.0%， 净利润为17.4亿元，净利率为11.7%。同时，李宁公司保持现金流充沛，库存健康可控，为稳健发展打 下重要基础。 强化专业运动品牌心智：战略布局顶级运动资源，持续加大科技研发 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。" 上半年，李宁公司保持单品牌战略定力，战略性投入顶级专业运动资源，继续强化科技研发，持续提升 专业运动形象，夯实李宁品牌发展基石。 凭借在专业运动领域长期的品牌势能与技术积淀，李宁品牌成为2025-2028年中国奥委会及中国体育代 表团官方合作伙伴，将通过高品质的产品和高效率的服务 ...

李宁公司今日（8月22日）发布半年报，上半年实现营业收入148.2亿元，同比上升3.3%，实现净利润为 17.4亿元，净利率为11.7%。 上半年，李宁公司全渠道库销比维持在4个月，公司库存周转天数为61天，库龄结构保持健康，库存情 况处于行业领先的健康水平。 上半年，李宁公司经营活动产生的现金净额为24.1亿元，截至6月30日，公司现金及现金等价物总计 118.0亿元，较2024年底净增加43亿元，公司现金余额为191.9亿元，较2024年底净增加10.5亿元。 李宁跑步、篮球、综训三大运动品类零售流水占比达67%，专业运动品类占绝对主导地位。跑步、综训 品类引领增长。上半年全渠道李宁专业跑鞋销量突破1400万双，其中以"超轻""赤兔""飞电"三大系列为 核心的跑鞋矩阵展现出强劲的产品竞争力，三大核心系列跑鞋上半年总销量突破526万双，持续增 长；"赤兔8 PRO"成为天猫等平台的竞训跑鞋榜单冠军，上半年全渠道销量达230万双。 得益于专业运动定位聚焦以及在科技研发上的长期积累，上半年李宁专业产品收入占比持续增长至超 60%，驱动业务增长，鞋产品收入占比达到56%，显示专业运动品牌壁垒。 在营销方面，李宁品 ...

Financial Performance - Company reported a revenue increase of 3.3% to 14.82 billion yuan, with a gross profit rise of 2.5% to 7.41 billion yuan, resulting in a gross margin of 50% [1] - Net profit attributable to equity holders reached 1.74 billion yuan, with a net profit margin of 11.7% [1] - As of June 30, total cash and cash equivalents amounted to 11.8 billion yuan, an increase of 4.3 billion yuan compared to the end of 2024 [1] Market Competition and Strategy - Company acknowledges intense market competition but views it as an opportunity to enhance brand and product competitiveness for sustainable growth [3] - Emphasis on deepening core categories such as running, basketball, and cross-training while exploring new sports categories like outdoor and pickleball [9] Product Performance - Footwear remains the main revenue pillar, with a 5% increase in shoe product revenue, accounting for 56% of total revenue [7] - Retail sales in running and cross-training categories grew by 15%, contributing to 67% of total retail sales [4] R&D and Technological Investment - Company has invested over 3.8 billion yuan in R&D over the past decade, with an 8.7% increase in R&D spending in the first half of 2025 [8] - The introduction of "super" technology in products like the "Yueying 5PRO" running shoes has been well-received in the market [8] Brand Development and Partnerships - Strategic partnership with the Chinese Olympic Committee aims for long-term brand development and exposure in major international events from 2025 to 2028 [12][13] - Company plans to enhance marketing activities and product launches in alignment with its partnership with the Chinese Olympic Committee [13]

在消费市场缓慢复苏的2025年，中国运动服饰行业正经历着深刻的结构性变革。 近日，国产运动品牌巨头李宁交出了一份营收增长但利润率承压的中期成绩单，既展现了"单品牌、多 品类、多渠道"战略的韧性，也折射出行业竞争白热化下的增长挑战。 营收稳增与利润承压，李宁的"质量增长"辩证法 财报显示，上半年，李宁公司继续贯彻"单品牌、多品类、多渠道"核心战略，稳健经营，聚焦专业运 动，进一步夯实经营基础，积极蓄力业务发展，实现收入达148.2亿元，同比上升3.3%，整体符合市场 预期。 这一增速放在当前中国消费市场环境下审视，可谓来之不易。 根据国家统计局数据，2025年上半年社会消费品零售总额同比增长5.0%，而服装鞋帽针纺织品类零售 额增速仅为3.1%，运动服饰作为细分领域虽具韧性，但整体增长已告别过去的高增速时代。 在这样的背景下，李宁3.3%的营收增长体现了其作为行业头部品牌的稳定性。 毛利率与净利润的"双降"现象值得深入解读。李宁公司毛利为74.1亿元，同比上升2.5%，整 体毛利率为50.0%，同比下降0.4个百分点；净利润为17.4亿元，净利率从13.6%降至11.7%。 这一利润表现背后是多重因素的叠加：一 ...

Investment Rating - The report maintains a Neutral rating for the company with a target price of HKD 16.28, indicating a potential downside of 10.1% from the current closing price of HKD 18.11 [2][15]. Core Insights - The company reported a steady performance in the first half of 2025, with revenue increasing by 3.3% year-on-year to RMB 14.82 billion. However, challenges are anticipated in the third quarter due to declining foot traffic and increased marketing expenses related to the Olympics [7]. - The management has maintained its full-year guidance for 2025, expecting flat revenue and a high single-digit net profit margin. The company is currently in an adjustment phase, and the recovery pace in the second half remains uncertain [7]. - The company has a healthy inventory level with a stock-to-sales ratio of four months, despite a net decrease of 51 stores to 7,534 by the end of the first half [7]. Financial Overview - Revenue projections for the company are as follows: RMB 27,598 million in 2023, RMB 28,676 million in 2024, and RMB 29,007 million in 2025, reflecting a growth rate of 7.0%, 3.9%, and 1.2% respectively [6][8]. - Net profit is expected to decline from RMB 3,187 million in 2023 to RMB 2,678 million in 2025, with a corresponding decrease in earnings per share from RMB 1.23 to RMB 1.04 [6][17]. - The company’s gross margin is projected to be 49.1% in 2025, down from 48.4% in 2023, while the net profit margin is expected to decrease to 9.2% in 2025 [8][18]. Market Position and Strategy - The company continues to focus on professional sports categories, with footwear sales growing by 4.9% year-on-year, while apparel sales declined by 3.4%. The running category showed strong growth, with sales increasing by 15% [7]. - The management has increased marketing investments, particularly in collaboration with the Chinese Olympic Committee, to enhance the brand's professional image, despite the anticipated rise in marketing expense ratios in the second half of the year [7].

2025年8月21日，李宁有限公司(02331)发布2025年中期业绩。上半年，李宁公司继续贯彻"单品牌、多品类、多渠道"核心战略，稳健经营，聚焦专业运动， 进一步夯实经营基础，积极蓄力业务发展，实现收入达148.2亿元，同比上升3.3%。上半年，李宁公司毛利为74.1亿元，同比上升2.5%，整体毛利率为 50.0%，净利润为17.4亿元，净利率为11.7%。同时，李宁公司保持现金流充沛，库存健康可控，为稳健发展打下重要基础。 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。" 强化专业运动品牌心智：战略布局顶级运动资源，持续加大科技研发 上半年，李宁公司保持单品牌战略定力，战略性投入顶级专业运动资源，继续强化科技研发，持续提升专业运动形象，夯实李宁品牌发展基石。 凭借在专业运动领域长期的品牌势能与技术积淀，李宁品牌成为2025-2028年中国奥委会及中国体育代表团官方合作伙伴，将通过高品质的产品和高效率的 ...

2025年上半年，李宁研发投入同比增长8.7%，近10年来，李宁累计研发投入已超过38亿元。与此同时，李宁从科技研发成果到产品应用的转化能力持续增 强。 2025年8月21日，李宁有限公司(02331)发布2025年中期业绩。上半年，李宁公司继续贯彻"单品牌、多品类、多渠道"核心战略，稳健经营，聚焦专业运动， 进一步夯实经营基础，积极蓄力业务发展，实现收入达148.2亿元，同比上升3.3%。上半年，李宁公司毛利为74.1亿元，同比上升2.5%，整体毛利率为 50.0%，净利润为17.4亿元，净利率为11.7%。同时，李宁公司保持现金流充沛，库存健康可控，为稳健发展打下重要基础。 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。" 强化专业运动品牌心智：战略布局顶级运动资源，持续加大科技研发 上半年，李宁公司保持单品牌战略定力，战略性投入顶级专业运动资源，继续强化科技研发，持续提升专业运动形象，夯实李宁品牌发 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][8] Core Views - The company's mid-year performance showed robust revenue growth, with a 21.5% increase in profit, slightly exceeding market expectations due to effective management cost control and increased government subsidies [7] - The overall gross margin saw a slight decline, but long-term prospects for improvement are anticipated as the company continues to expand its children's business and enhance the income share from the Saucony brand [7] - The Saucony brand demonstrated strong growth, with a projected doubling of revenue over the next three years, supported by the opening of new stores and a focus on high-end running products [7] - The company is expected to strengthen its outdoor brand, Merrell, in response to the growing outdoor industry, which could become a potential growth driver in the medium term [7] Financial Forecasts - The company forecasts earnings per share (EPS) of 0.49, 0.56, and 0.63 RMB for 2025, 2026, and 2027 respectively, with a target price of 8.54 HKD based on a 16x PE valuation for 2025 [2][8] - Revenue projections for the years 2023 to 2027 are as follows: 14,346 million RMB (2023), 13,577 million RMB (2024), 14,452 million RMB (2025), 15,795 million RMB (2026), and 17,244 million RMB (2027), reflecting a compound annual growth rate [2][12] - The company's net profit attributable to the parent company is expected to grow from 1,030 million RMB in 2023 to 1,745 million RMB in 2027, with corresponding growth rates of 11.8% (2023), 20.2% (2024), 10.6% (2025), 13.7% (2026), and 12.0% (2027) [2][12]

Investment Rating - The investment rating for Li Ning is "Buy" (maintained) [2][6] Core Views - The report indicates that Li Ning's Q1 performance met expectations, with low discount sales improving and strong growth in running and e-commerce segments. The company focuses on professional sports, increasing resource allocation and expanding new products to cater to niche markets and emerging sectors [6][7][9] Financial Summary and Valuation Metrics - For the fiscal year 2023, Li Ning reported a revenue of 27,598 million HKD, with a year-on-year growth of 7.0%. The projected revenue for 2025 is 28,742 million HKD, reflecting a minimal growth of 0.2% [10] - The net profit for 2023 was 3,187 million HKD, showing a decline of 21.6% year-on-year. The estimated net profit for 2025 is 2,459 million HKD, indicating a further decline of 18.4% [10] - The gross margin for 2023 was 48.4%, with a projected gross margin of 49.8% for 2025. The net margin is expected to decrease from 11.5% in 2023 to 8.6% in 2025 [10] - The price-to-earnings (P/E) ratio for 2025 is projected at 14.6, with a price-to-book (P/B) ratio of 1.4 [10] Operational Insights - In Q1 2025, Li Ning's total store count was 6,088, a decrease of 2% year-on-year. The company plans to close 10-20 direct stores and open 30-40 wholesale stores throughout the year [8] - The report highlights that the running category saw over 20% growth, driven by sponsorship of events and strong performance of new running shoe products [7][9]