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李宁(2331.HK):2025上半年表现稳健 3季度经营仍有挑战;维持中性评级
Ge Long Hui· 2025-08-23 12:00
Group 1 - The company reported a 3.3% year-on-year increase in revenue for the first half of 2025, reaching 14.82 billion RMB, but experienced a decline in gross margin and net margin due to deeper retail discounts and channel adjustments [1] - The management maintained the annual guidance for 2025, expecting flat revenue and a high single-digit net margin, while acknowledging challenges in the operating environment and increased marketing expenses related to the Olympics [1] - The company is currently in an adjustment period, with uncertainty regarding the recovery pace in the second half of the year, and will continue to monitor sales trends and operational efficiency improvements [1] Group 2 - The offline channel was negatively impacted by continued weak customer traffic, with revenue from direct sales, wholesale, and e-commerce showing year-on-year changes of -3.4%, +4.4%, and +7.4% respectively, indicating online performance was better than offline [2] - The company reduced its store count by 51 to 7,534 by the end of the first half, with a decrease of 19 in direct stores, while maintaining a healthy inventory level with a stock-to-sales ratio of 4 months [2] - The company focused on professional sports categories, with footwear sales increasing by 4.9% year-on-year, while apparel sales declined by 3.4%, and running category sales grew by 15%, supported by strong performance from key running shoe IPs [2]