李宁 20251024 摘要 李宁三季度全渠道流水同比下跌中单位数，各月份经营表现逐月走弱， 7 月跌幅为低单位数，8、9 月跌幅加深至中单位数。为应对双节和双十 一，全渠道折扣同比加深低单位数，其中直营和电商折扣加深明显，线 下折扣降至 6 折中段水平。 截至三季度末，李宁主品牌门店数量净增加 15 个，达 6,132 个，但直 营店铺减少 46 家，批发店铺增加 61 家。李宁童装、李宁 Young 店铺 数量增加 12 个，达 1,480 个。全年开店目标维持不变，但对各类店铺 的净开/关数量进行了调整。 李宁预计四季度市场消费环境依然疲软，整体终端表现低于预期，达成 年度财务指引面临挑战，但仍将尽最大努力实现全年目标，维持原有指 引不变。公司将通过业绩平衡收入与库存，但不会过度牺牲折扣。 李宁三季度压力主要体现在篮球和运动生活品类，跑步和健身增速放缓。 终端消费显示出消费降级趋势，奥莱门店表现优于正价店。儿童产品及 女子产品增速好于男子产品，但整体消费力仍显乏力。 李宁将通过折扣控制、库存优先管理等费用管理措施，平衡收入折扣与 利润率影响。营销费用方面，将保证必要投入并深入挖掘品牌赋能价值， 构建完整 ...

Summary of Key Points from the Conference Call Company Overview - **Company**: 罗莱生活 (Rolaile Life) - **Industry**: Home Textiles Financial Performance - **2025 Mid-Year Report**: Excluding one-time management fees, performance exceeded expectations, primarily driven by the home textile core business [1][5] - **Revenue Growth**: 3.6% year-on-year; Q2 revenue increased by 6.8% [1][16] - **Net Profit Growth**: 17% year-on-year; Q2 net profit increased by 4.9%, with a 52.9% increase when excluding litigation impacts [1][16] - **Sales Performance**: E-commerce channel grew by 18.3% year-on-year; direct sales increased by 5.1%; franchise channel declined by 8.7% [1][17] Product Highlights - **Zero Pressure Deep Sleep Pillow**: Became a growth driver with sales of 240,000 units and GMV exceeding 50 million yuan; expected to contribute over 100 million yuan in revenue for the year [1][17] - **Product Pricing**: The pillow is priced at approximately 200 yuan [1][17] Market and Channel Insights - **Market Penetration**: Accelerated penetration into tier 3 and tier 4 markets; same-store monthly revenue increased by 14.9% year-on-year [1][10] - **Channel Performance**: - E-commerce: Compound growth rate of 4.2%, gross margin increased from 44.6% to 53.3% [9] - Direct Sales: Compound growth rate of 1.5%, gross margin improved [9] - Franchise: Declined by 4.9% [9] Inventory Management - **Inventory Status**: Inventory decreased by 17.9% to 1.05 billion yuan; inventory turnover days reduced by 42 days to 169 days, indicating improved inventory management [1][21] - **Historical Context**: Inventory peaked at 1.64 billion yuan in 2022, now at a healthier level [11][12] Subsidiary Performance - **Lexington Subsidiary**: Experienced a loss of 28.75 million yuan in H1 2025 due to a weak U.S. real estate market; expected to turn profitable as the market stabilizes [3][20] - **Impact of U.S. Real Estate Market**: The subsidiary's performance is closely tied to the U.S. housing market, which has shown signs of recovery [15] Dividend Policy - **Dividend Declaration**: Mid-term dividend of 0.2 yuan per share with a payout ratio of 90%; expected annual dividend yield of approximately 6.4% [4][22] Future Outlook - **Profitability Forecast**: Maintained net profit forecast of 510 million yuan for 2025, with a price-to-earnings ratio of 16 times [4][23] - **Industry Trends**: The home textile industry is expected to grow at a CAGR of 3% from 2024 to 2029, with a focus on high-end technology products [13][14] - **Investment Recommendations**: Positive outlook on Rolaile Life's future growth potential, driven by product innovation and market recovery [18][23] Additional Insights - **Technological Upgrades**: The industry is undergoing product upgrades, positively impacting gross margins [19] - **Consumer Demand**: Increased consumer demand for health, comfort, and sleep-related products is driving growth in high-end technology products [8][19]