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! | | --- | --- | --- | --- | | | ...

查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2025年上半年收入、归母净利润同比+3.3%、-11.0% 李宁发布2025年中期业绩。公司2025年上半年实现营业收入148.2亿元人民币（下同），同比增长3.3%， 归母净利润17.4亿元、同比下滑11.0%。EPS为0.67元，拟每股派发中期现金红利0.34元人民币，派息率为 50%。 经营指标方面，2025年上半年公司毛利率同比下降0.4PCT 至50.0%，经营利润率同比下降0.2PCT至 16.5%，归母净利率同比下降1.9PCT至11.7%。其中归母净利率降幅大于经营利润率主要系所得税率提升 所致。 点评： 电商/经销/直营收入分别同比+4.4%/-3.4%/+7.4%，总门店数净减少0.7% 分品类来 ...

财务业绩 2025年上半年，集团稳步夯实经营基础，积极蓄力业务发展，收入保持稳健增长。期内，集团收入达 148.17亿元人民币，较2024年同期上升3.3%(2024年上半年：143.45亿元人民币)。毛利为74.15亿元人民 币，较2024年同期上升2.5%(2024年上半年：72.36亿元人民币)，集团整体毛利率为50.0%，较去年同期 下降0.4个百分点(2024年上半年：50.4%)。 期内，集团权益持有人应占溢利为17.37亿元人民币(2024上半年：19.52亿元人民币)；权益持有人应占 溢利率为11.7%(2024年上半年：13.6%)；权益持有人应占权益回报率为6.5%(2024年上半年：7.8%)。每 股基本收益为67.43分人民币(2024年上半年：75.80分人民币)。董事会决议宣派截至2025年6月30日止六 个月的中期股息，每股已发行或于可换股证券转换后将予发行的本公司普通股33.59分人民币(2024年上 半年：37.75分人民币)，中期派息比率为50%。 现金流管理方面，期内经营活动产生的现金净额为24.11亿元人民币(2024年上半年：27.30亿元人民 币)。于2025年6月 ...

Core Viewpoint - The sales of robotic vacuum cleaners are declining, with many consumers expressing dissatisfaction with their performance and reliability [2][3]. Group 1: Company Performance - Ecovacs reported a revenue of 8.676 billion yuan for the first half of 2025, a year-on-year increase of 24.37%, and a net profit of 979 million yuan, up 60.84% [4][6]. - The market responded positively to Ecovacs' performance, with its market capitalization surpassing 50 billion yuan by August 20, 2025, reflecting a nearly threefold increase since its lowest point in February 2024 [9]. - Despite the overall market slowdown, Ecovacs managed to maintain a competitive edge in the high-end market segment, with sales in the 4000-4500 yuan price range increasing by 8.85% [13]. Group 2: Market Dynamics - The domestic robotic vacuum cleaner market has seen a decline in growth, with a 2-3% drop in sales volume in 2022 and a 2.9% decrease in total revenue for Ecovacs in the first three quarters of 2024 [10][12]. - Increased competition from new entrants and price-sensitive consumers opting for lower-priced alternatives have pressured Ecovacs' market position [12][26]. - The market concentration among the top four players (Ecovacs, Roborock, Yunji, and Trifo) is high, with their combined market share exceeding 95% in the online segment [19][20]. Group 3: Strategic Initiatives - Ecovacs benefited from government subsidies for the recycling of old appliances, which stimulated sales in the robotic vacuum sector, leading to a 45.48% year-on-year increase in industry sales [13]. - The company has focused on new product development, introducing patented technologies that address consumer pain points, such as self-cleaning mop systems [14][16]. - Ecovacs is diversifying its product line and expanding its brand portfolio, including the launch of the "TianKe" brand targeting high-end cleaning appliances [27][29]. Group 4: International Expansion - Ecovacs has been increasing its focus on international markets, with significant revenue growth in Europe, where sales increased by 51.6% [32]. - The company is adapting its strategies for different markets, with a focus on localized operations in key regions like Germany and France for its Ecovacs brand, while "TianKe" targets the U.S. market [33]. - The global market for robotic lawn mowers is still in its early stages, presenting opportunities for Ecovacs to capture market share as consumer demand grows [35].

Core Insights - Wei Long, a leading player in the spicy snack food industry, has signed Guan Le as the brand ambassador for its "Feng Chi Hai Dai" seaweed product, aiming to enhance its market reach and accelerate the growth of its vegetable product line centered around konjac and seaweed [1][7] Brand and Product Alignment - Guan Le's public image of sunshine, health, and vitality aligns perfectly with the characteristics of "Feng Chi Hai Dai," which promotes a non-greasy, pure, and refreshing experience [3] - The collaboration emphasizes a commitment to high-quality ingredients and craftsmanship, ensuring the natural crispness and flavor of seaweed are preserved, which resonates with consumer trust [3][5] Target Consumer Engagement - The partnership effectively targets the core consumer group of young individuals, particularly young women, who prioritize quality of life, health management, and sharing experiences [5] - The introduction of creative videos showcasing the product in relatable daily scenarios aims to lower the barriers to trying the product and foster a habit of frequent consumption [5] Product Innovation and Market Strategy - Wei Long is expanding its product offerings from "Classic Spicy Flavor" to "Refreshing Sour and Spicy Flavor," indicating a strategic move towards diversifying its vegetable product line following the success of "Mo Yu Shuang" [7] - The collaboration with Guan Le is not just about a single product but represents Wei Long's broader strategy to promote multi-category and youth-oriented growth, reinforcing its position as an industry leader [7]

Investment Rating - The report maintains a "Buy" rating for Li Ning with a target price of HKD 19.2 for 2025, based on a 20x PE ratio [1][4][7]. Core Insights - Li Ning's overall platform revenue (excluding Li Ning YOUNG) recorded low single-digit growth in Q2 2025, with offline channels experiencing low single-digit decline while e-commerce channels saw mid-single-digit growth [2][4]. - The growth in revenue is primarily driven by the running and fitness categories, both achieving high single-digit growth, while the basketball category faced a decline of over 20% due to market conditions [2][3]. - The company continues to optimize its channel structure, with a net decrease of 18 stores year-to-date, and plans to expand new store layouts as per strategy [3][4]. Financial Summary - Revenue projections for Li Ning are as follows: 2025E at RMB 28,698 million, 2026E at RMB 30,498 million, and 2027E at RMB 31,943 million, reflecting growth rates of 0.1%, 6.3%, and 4.7% respectively [5][12]. - The forecasted EPS for 2025 is RMB 0.88, with a decline in net profit expected to RMB 2,269 million, a decrease of 24.7% compared to the previous year [5][12]. - The gross margin is projected to remain stable around 49.2% for 2025, with a slight increase to 49.5% by 2027 [5][13].

Financial Performance - In 2024, the company achieved a revenue of 3.531 billion CNY, representing a year-on-year growth of 11.98% [2] - The net profit for 2024 was 142 million CNY, with a year-on-year increase of 30.95%, indicating a higher growth rate compared to revenue [2][9] - The company plans to distribute a cash dividend of 1.5 CNY per 10 shares, amounting to approximately 68.75 million CNY, which is 48.29% of the net profit [4][10] Strategic Focus - The company aims to maintain growth through product innovation, global market expansion, and operational efficiency improvements [2][3] - Future strategies include focusing on core product categories and enhancing the product matrix based on consumer needs [3][7] - The company emphasizes a multi-brand and multi-category strategy, particularly around the "Derma" and "Philips" brands [5][10] Market Outlook - The small home appliance market is expected to grow due to rising consumer income and demand for high-quality, personalized products [4] - The company sees significant growth potential in the Chinese market, where per capita ownership of small appliances remains low compared to developed countries [4] Research and Development - R&D investment for 2024 increased by 25.54%, totaling 190 million CNY, focusing on cleaning, water health, and personal health products [7][12] - The company is adopting an Integrated Product Development (IPD) model to enhance R&D efficiency and product quality [8][12] Investor Relations and Market Management - The company is committed to improving investor relations through various communication channels and enhancing transparency [6][10] - It has implemented measures such as share buybacks and cash dividends to boost investment value and manage market perception [6][10] E-commerce Performance - In 2024, online sales generated 1.636 billion CNY, accounting for 46.34% of total revenue, with plans to expand online sales channels [9][10]

李宁关注门店的运营效能，有序关闭低效的门店，使渠道布局更合理，提 升渠道整体效率。 港股公司报告 | 公司点评 李宁（02331） 证券研究报告 2025 稳健开局 公司发布 25 年第一季度运营状况 整体零售流水（不含李宁 YOUNG）同比低单位数增长，线下渠道中零售（直 营）低单位数下降，批发（特许）低单位数增长；电商增长 10%-20%低段。 中国区李宁销售点（不含李宁 YOUNG）净减少 29 个至 6088 个（零售净减 6 个，批发净减 23 个）；李宁 YOUNG 销售点净减 15 个至 1453 个。 纵向深耕核心品类，横向拓展新品类 "单品牌、多品类、多渠道"的战略下，李宁正在通过核心品类的纵向深耕， 和横向灵活的新兴品类拓展，完成更多市场空间的挖掘。 品类维度，营收来源主要来自跑步、篮球、综训、羽毛球、乒乓球、运动 生活等，24 年跑步零售流水增长 25%，继续领涨。跑步、篮球、综训三大 核心品类的零售流水占比达到 64%。 产品维度，24 年李宁专业产品收入占比接近 60%，2024 年李宁鞋产品收入 同比增长 7%，鞋收入占比达到 50%。其中跑鞋核心 IP 全年量突破 1060 万 ...