机构：中银国际 研究员：Tony LI/Penny PENG LN announced that its 2Q25 retail sell-through increased by 1% YoY only, weaker than its expectations but in line with our channel check. This reflected the competitive landscape for sportswear brands has become tougher in 1H25, and LN, still undergoing its reform initiatives, could be vulnerable to such pressure. Its mgmt. saw such trend continued in early 3Q, and expect it could be difficult to maintain 2025 full year GPM as last year's level. We expect this could imply furt ...