| 李宁 | | 李宁-R | | | --- | --- | --- | --- | | 分时图 | 日K线 | 周K线 | 月K线 | 站在奥运新周期潮头，李宁(02331)在"单品牌、多品类、多渠道"战略之下加速布局，有望逐步步入价 值兑现期。 3月19日，李宁发布了2025年全年业绩报告。根据财报显示，2025年，李宁实现营收为296亿元，同比增 长3.2%，创下历史新高;实现净利润29.4亿元，净利润率9.9%，经营利润率则上升0.4个百分点至 13.2%，整体利润率表现好于预期。 业绩发布后，李宁股价一度上涨13%。 除了营收净利等核心财务指标凸显稳健底色之外，健康的库存和充沛的现金流也进一步显露李宁的经营 韧性——期内，李宁净现金同比增加18.1亿元至199.7亿元，可为公司后续发展提供了充足的"弹药";全 渠道存货周转月数为4个月、存货周转天数为64天，在有挑战的市场环境下均实现持平，意味着公司多 年精细化库存管理能力已经转为实打实的抗风险优势。 2025年稳健的业绩之下，亦显露了李宁"单品牌、多品类、多渠道"背后的战略定力与未来爆发力。 期内，公司聚焦专业运动主航道，通过资源的高效协同打磨品 ...

Core Viewpoint - Li Ning's 2025 financial report shows a revenue growth of 3.2% to 29.6 billion yuan, with a net profit of 2.94 billion yuan and a net profit margin of 9.9%, indicating a stable operational performance amidst a challenging market environment [1][2][4] Financial Performance - Revenue for 2025 reached 29.6 billion yuan, reflecting a 3.2% increase [2][4] - Operating profit margin improved by 0.4 percentage points to 13.2% [1][2] - Net profit stood at 2.94 billion yuan, with a net profit margin of 9.9% [1][2] - Net cash increased by 1.81 billion yuan year-on-year, totaling 19.97 billion yuan [1][2] Inventory Management - Li Ning maintained healthy inventory management with an inventory turnover period of 4 months and turnover days of 64 days, remaining stable year-on-year [4] - The structure of inventory age is healthy, with a balanced ratio of new and old products [4] Strategic Focus - The company emphasizes a "single brand, multiple categories, multiple channels" strategy, focusing on professional sports, brand strength, and long-term sustainability as key opportunities [1][5][14] - Li Ning's commitment to research and development is evident, with over 4 billion yuan invested in R&D over the past decade [5][8] Technological Innovation - The launch of the revolutionary "Super Li Ning Capsule" midsole technology represents a significant breakthrough in performance footwear [6][8] - Li Ning's "Li Ning Technology" platform has undergone four major breakthroughs in the past six years, enhancing its competitive edge in various sports categories [8] Brand Positioning - Li Ning has secured partnerships with top-tier events, including the Chinese Olympic Committee, enhancing its brand credibility and market positioning [9][11] - The company will provide professional sports equipment for major international events from 2025 to 2028, including the Los Angeles 2028 Olympics and the Milan 2026 Winter Olympics [9][11] Product Performance - The running category saw a revenue increase of 10%, becoming Li Ning's largest category, with over 26 million pairs of running shoes sold [12] - The badminton category experienced a 30% revenue growth, supported by optimized product iterations [12] - Basketball and table tennis categories maintained industry-leading positions, with comprehensive product coverage in table tennis [12] Future Opportunities - Li Ning's opportunities lie in its focus on professional sports driven by technology, strategic event partnerships, and strong multi-category operational capabilities [14] - The upcoming Olympic cycle from 2026 to 2028 is expected to further strengthen Li Ning's brand positioning and drive sales through enhanced product offerings and marketing strategies [14]