事件 公司发布2025Q2 营运情况。李宁（不包括李宁YOUNG）全平台零售流水同比增长低单位数。 点评： 机构：东北证券 跑步健身品类表现持续领先。根据公司公开交流内容，Q2 跑步及健身品类表现继续领先大盘，预计流 水同增高单位数，整体上半年跑步品类表现符合预期；篮球品类仍有承压；运动生活品类Q2 流水同比 基本持平；在户外、羽毛球等较小规模品类上保持较快增长。 研究员：刘家薇/苏浩洋 渠道门店保持稳健策略。截至6 月30 日，李宁销售点数量（不包括李宁YOUNG）较年初净减少18 个至 6099 个，较Q1 末净增加11 个；李宁YOUNG 销售点数量较年初净减少33 个至1435 个，较Q1 末净减少 18个。在波动的终端消费环境中，公司维持稳健的终端门店策略，仍以单店优化为主。Q2 李宁品牌门 店净增加，下半年进入开店旺季，全年预计门店数量有望保持稳健扩张。 终端表现延续Q1 态势。2025Q2 李宁（不包括李宁YOUNG）全平台零售流水同比增长低单位数，基本 延续Q1 增长态势。分渠道来看，线下渠道流水同比下降低单位数，其中直营渠道流水同比下降中单位 数，批发渠道流水同比增长低单位数；电商渠道流水同 ...

Core Insights - Tims China reported a total revenue of 300.7 million RMB for Q1 2025, with system sales reaching 376.3 million RMB, indicating a strong performance in the market [1] - The company launched a strategic new product line, the "Light Lunch Box" series, which includes various food items aimed at enhancing its "coffee + warm food" differentiation advantage [1] - Tims China has expanded its franchise network significantly, increasing the total number of franchise stores to 455, a growth of 153 stores compared to the previous year [1][2] Financial Performance - The self-operated stores contributed 17.15 million RMB, with a contribution rate of 6.7%, reflecting a year-on-year increase of 5.9% [1] - The adjusted EBITDA loss has been significantly reduced by nearly half, indicating improved operational efficiency [1] Market Expansion - As of March 31, 2025, Tims China has expanded its business presence to 27 out of 34 provincial regions in China, with a notable opening of a franchise store in Nanchang, Jiangxi province [1] - The company has successfully launched 25 new products in Q1 2025, including 12 beverages and 13 food items, aligning with consumer demand and product differentiation strategies [2] Customer Growth - Tims China registered a total of 25.15 million members by March 31, 2025, marking a year-on-year growth of 25.7% [2]