机构：中信建投证券 研究员：叶乐/黄杨璐 核心观点 零售折扣率加深，影响品牌利润率：后续如果通过增加零售折扣率处理库存，将对品牌的利润率水平造 成一定影响。 事件 公司发布2025 年二季度经营情况：25Q2 流水情况，李宁牌（不含李宁YOUNG）整体流水低单位数增 长，线下渠道（包括零售及批发）录得低单位数下降，其中直营零售渠道中单位数下降、批发渠道低单 位数增长、电商业务录得中单位数增长。 经销商涂码串货风险：串货可能导致产品在不同地区的价格不一致，破坏制造商设定的价格体系，影响 正常的市场秩序，使消费者对品牌的信任度下降。 简评 25Q2 流水低单位数增长，线下继续承压、电商增速环比放缓。25Q2李宁牌流水低单位数增长，其中4 月因天气较冷线下较弱、5 月逐步好转、6 月假期错位下表现疲软，7 月以来延续q2 流水较弱表现。分 渠道看，25Q2 线下流水低单位数下滑主要受直营影响，直营渠道流水中单位数下滑；25Q2 电商业务流 水同比中单位数增长，整体受到行业竞争和消费低迷态势影响。25Q2 批发业务整体保持流水增长低单 位数。从品类来看，预计跑步、健身相关增长较优但环比有所放缓，运动生活q2 表现平稳 ...

Core Viewpoint - Dongpeng Beverage announced a delay in the construction of its headquarters building project to June 2026, originally scheduled for June 2025, due to construction challenges and unforeseen factors [1] Group 1: Project Update - The headquarters building project has seen an actual investment of 125 million yuan, with a progress rate of 60.34% as of June 29, 2025 [1] - The main structure of the building has been completed, while interior and exterior installations are ongoing [1] Group 2: Financial Performance - In Q1 2025, Dongpeng Beverage reported a revenue of 4.85 billion yuan, a year-on-year increase of 39.2%, and a net profit attributable to shareholders of 980 million yuan, up 47.6% [1] - The net profit excluding non-recurring items was 959 million yuan, reflecting a 53.5% year-on-year growth [1] Group 3: Market Position and Expenses - From 2022 to 2024, the revenue from energy drinks accounted for 96.6%, 91.9%, and 84.0% of total revenue, indicating a slight decline due to the introduction of new products [1] - Advertising and promotion expenses for the same period were 1.449 billion yuan, 1.956 billion yuan, and 2.681 billion yuan, with growth rates of 5.91%, 34.94%, and 37.09% respectively [2] - Research and development expenses were significantly lower, totaling only 161 million yuan over three years, which is less than 6% of advertising expenses [2]

| | 我公司研发 | | 销售费用率对比 | | | --- | --- | --- | --- | --- | | | 销售费用率(%) | 同比(%) | 研发费用率(%) | 同比 (%) | | 冰川网络 | 82. 55% | 19.92% | 15. 94% | -3. 26% | | 三七互娱 | 55. 69% | 0. 75% | 3. 71% | -0. 61% | | *ST大展 | 49. 50% | 0. 35% | 31. 64% | -0. 72% | | 昆仑万维 | 40. 69% | 7.73% | 27.25% | 7. 56% | | 巨人网络 | 34. 39% | -0. 47% | 23. 66% | -0. 01% | | ST华通 | 34. 23% | 8. 79% | 7. 43% | -4. 41% | | 栏英网络 | 33.91% | 6.51% | 11. 69% | -0. 57% | | 名臣健康 | 32. 14% | -8. 45% | 5.03% | -1. 77% | | 掌趣科技 | 29.00% | -1.87% | 32. 05 ...