在三大本土体育品牌中，李宁本期的收入增速相对平缓。特步上半年收入同比增长7.1%，安踏虽未公布正式中报，但多家机构预测其收入增速有望达到 13%。 尽管增速不及同业，李宁本期收入仍略超市场预期——华兴证券等机构此前预测约为145亿元。受此影响，业绩发布后李宁股价持续走高。 在8月22日上午的中期业绩发布会上，集团执行主席兼联席行政总裁李宁表示："李宁将持续加大运动投入，尤其在大众运动领域。" 加码专业赛事，深耕大众运动 （文/霍东阳 编辑/张广凯） 李宁集团执行董事及联席CEO钱炜在业绩会上表示，李宁将更积极的去投入到运动资源的投入。 8月21日晚，李宁发布了2025年中期业绩报告。期内，李宁的收入达到148.17亿，同比增长3.3%；毛利润74.15亿元，同比增长2.48%；归母净利润17.37亿， 同比减少10.99%。 这很大程度和李宁与中国奥委会再度携手有关。5月6日，李宁品牌与中国奥委会在国家体育总局共同宣布，李宁正式成为2025-2028年中国奥委会体育服装 合作伙伴。 | (人民幣百萬) | 2025年 | 2024年 | 轉好! | | --- | --- | --- | --- | | | ...

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服务，全方位支持中国体育代表团征战国际赛场。 上半年，围绕这一顶级运动资源，李宁品牌推出 "中国荣耀，李宁同行"主题营销活动，并已在全国超 过5200家门店高效落地，向消费者呈现中国奥委会合作伙伴身份，强化品牌作为中国体育坚定支持者的 专业形象。 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。 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。 2024年推出的超䨻科技，已应用于多款2025新品，并收获市场认可——"越影5 PRO"作为首款搭载超䨻 科技的慢跑鞋款， ...

Core Viewpoint - Li Ning's retail performance in Q2 2025 shows a slowdown in growth, with challenges in both offline and online channels, while the company is increasing marketing investments to boost brand visibility and sales potential [2][3][6]. Group 1: Sales Performance - In Q2 2025, Li Ning's overall retail revenue (excluding Li Ning YOUNG) experienced low single-digit growth year-on-year, indicating a noticeable slowdown compared to Q1 [3]. - The offline direct sales channel saw a mid-single-digit decline, while the wholesale channel achieved low single-digit growth; online channels recorded median growth but at a reduced pace compared to Q1 [3][4]. - As of June 30, 2025, the number of retail points (excluding Li Ning YOUNG) was 6,099, reflecting a net decrease of 19 points in the first half of the year [3][4]. Group 2: Inventory Management - Inventory management emerged as a positive aspect for Li Ning, with the inventory-to-sales ratio returning to a healthy level by the end of Q2 2025, despite increased promotional activities [4][5]. Group 3: Marketing Strategy - Li Ning is betting on a high-intensity marketing campaign, including a strategic partnership with the Chinese Olympic Committee and signing NBA player Yang Hanshen, to enhance brand exposure and influence [6][7]. - The partnership with the Chinese Olympic Committee is expected to provide a platform for brand image enhancement during major international events, while the collaboration with Yang Hanshen aims to drive sales through limited product launches [6][7]. Group 4: Long-term Strategy - The company is focusing on optimizing its product matrix and channel efficiency for long-term growth, with an emphasis on core categories like running and basketball, which are expected to see high single-digit growth [8]. - Li Ning is adjusting its direct sales strategy, having significantly reduced the number of direct stores in 2024, but the pace of closures has slowed in 2025, indicating a shift towards enhancing overall channel efficiency [8]. Group 5: Market Outlook - There is a divergence in market sentiment regarding Li Ning's strategy of sacrificing short-term margins for long-term growth, with some analysts maintaining a positive outlook while others adopt a cautious stance [9]. - Investors are particularly interested in whether Li Ning can leverage its marketing efforts in the second half of the year to achieve revenue recovery and if product innovations can translate into tangible sales growth [9].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][11] Core Views - In Q2 2025, the company's retail sales recorded low single-digit growth year-on-year, with a slowdown compared to Q1. E-commerce sales showed mid-single-digit growth, while discounts remained under pressure. The inventory-to-sales ratio improved to four months [3][4][5] - The company has a healthy channel inventory and cash operating situation, with marketing efforts expected to drive brand growth in the long term despite short-term profit pressures due to increased brand investment [3][11] - The company maintains its profit forecast, expecting net profits of 2.51 billion, 2.83 billion, and 3.04 billion yuan for 2025-2027, with year-on-year changes of -16.8%, +12.8%, and +7.6% respectively [11][12] Retail Performance - As of June 30, 2025, the total number of sales points in China (excluding Li Ning YOUNG) was 6,099, a net increase of 11 from the previous quarter, but a net decrease of 18 year-to-date. The number of Li Ning YOUNG sales points was 1,435, with a net decrease of 18 from the previous quarter and 33 year-to-date [2][3] - The retail channel (direct operation) recorded a mid-single-digit decline, while the wholesale channel saw low single-digit growth. E-commerce virtual store business achieved mid-single-digit growth [2][3] Marketing Strategy - The marketing strategy focuses on two main lines: NBA (Yang Hansheng) and the Olympics (COC). The marketing expense ratio is expected to maintain a low double-digit level for the year, with significantly higher rates in the second half compared to the first half [3][5] - The company is launching limited products and personal logos in collaboration with NBA players, while also promoting a new product line centered around the Olympics and technology [5][11] Financial Forecast - The company forecasts revenue growth of 0.5% in 2025, with expected revenues of 28.81 billion yuan, 30.24 billion yuan, and 31.90 billion yuan for 2025-2027 [12][16] - The expected earnings per share for 2025 is 0.97 yuan, with a price-to-earnings ratio (PE) of 15.4 [12][13]