智通财经APP获悉，里昂发布研报称，李宁(02331)2025年上半年业绩优于预期，或会为股价提供下行支 撑，评级为"持有"。报告指出，李宁2025年上半年销售额同比增长3.3%，该行及市场预期增长1%及 1.8%，毛利率与市场共识持平，为50%，高于该行预期的49.4%。 ...

Group 1: Logistics and Warehousing Industry - In July 2025, the national express delivery volume reached 16.4 billion pieces, a year-on-year increase of 15.1%, with a total of 112.05 billion pieces from January to July, up 18.7% year-on-year [5][6] - The express delivery industry is experiencing a trend of concentration, with the CR8 increasing to 86.9, reflecting a 1.7 point year-on-year increase, indicating a significant rise in the market share of leading companies [6][7] - The revenue of the express delivery industry in July 2025 increased by 8.9% year-on-year, while the average revenue per piece decreased by 5.3%, showing a narrowing of the price decline and a shift towards healthier competition [7][8] Group 2: New Energy Power Generation Industry - The report discusses the supply-demand contradictions and cyclical nature of the new energy industry, particularly focusing on the photovoltaic sector [10] - It emphasizes the importance of reviewing the photovoltaic industry's supply-side capacity cycles and new technologies [10] Group 3: Building Materials Industry - The report outlines a research framework focusing on sub-industries such as cement, glass fiber, and consumer building materials [11] Group 4: Robotics Industry - The report highlights breakthroughs in humanoid robots, particularly in their ability to walk without visual aids, indicating significant advancements in technology [12][13] - It suggests that the humanoid robot industry is rapidly evolving, driven by technological deepening and practical applications, with a focus on key manufacturers and core component suppliers [13][15] Group 5: Dairy Products Industry - The report indicates that raw milk prices are expected to continue declining, with a potential supply-demand balance in the second half of 2025, benefiting from reduced costs and improved demand [17][18] - It notes that beef prices are entering an upward cycle, driven by supply reduction and decreased import pressures, which could enhance profitability for livestock companies [18][20] Group 6: Company Reports - Futu Holdings reported a strong net inflow of funds, with H1 2025 revenue and net profit reaching 10.006 billion and 4.72 billion HKD, respectively, marking increases of 74.89% and 109.76% year-on-year [22][23] - Baba Foods achieved H1 2025 revenue of 8.35 billion, a year-on-year increase of 9.31%, with net profit rising by 18.08% [26][28] - Milky Way achieved a 13.17% year-on-year increase in net profit for H1 2025, driven by a focus on intelligent supply chain services [35][36]

舒华体育8月22日晚间发布公告称，公司第四届第十八次董事会会议于2025年8月22日在公司会议室召 开。会议审议了《关于修订公司部分治理制度的议案》等文件。 （文章来源：每日经济新闻） ...

Group 1 - The Hang Seng Technology Index increased by over 2% [1] - The Hang Seng Index rose by 0.5% [1] - Sectors such as semiconductors, telecommunications equipment, sports goods, and Apple-related concepts showed significant gains [1]

Core Insights - The company reported a revenue of 14.82 billion yuan for the first half of 2025, representing a year-on-year growth of 3.3% [1] - Gross profit reached 7.41 billion yuan, with a gross margin of 50.0%, while net profit was 1.74 billion yuan, yielding a net margin of 11.7% [1] - The company has become the official partner of the Chinese Olympic Committee and the Chinese sports delegation for 2025-2028, launching a marketing campaign titled "China Glory, Li Ning Together" across over 5,200 stores nationwide [1] Financial Performance - Revenue for the first half of 2025 was 14.82 billion yuan, up 3.3% year-on-year [1] - Gross profit was 7.41 billion yuan, with a gross margin of 50.0%, and net profit was 1.74 billion yuan, with a net margin of 11.7% [1] - R&D investment increased by 8.7% year-on-year, with cumulative R&D investment exceeding 3.8 billion yuan over the past decade [1] Product Development - The company focuses on six core categories, including running and basketball, while expanding into new areas like outdoor and tennis [2] - Retail sales in the running category grew by 15%, with over 14 million pairs of professional running shoes sold [2] - The company launched new products utilizing advanced technologies, such as "Ultra Light" and "Aerospace Dry" [1][2] Operational Efficiency - As of June 30, 2025, the company operated 7,534 stores, maintaining a healthy inventory turnover with an inventory turnover period of 61 days [2] - E-commerce direct sales experienced high double-digit growth, while Li Ning Young's offline retail sales grew by 10%-20% [2] - The company has optimized its supply chain, expanding flexible supply capabilities and completing its national logistics network [2] Future Outlook - The company plans to adhere to a "single brand, multi-category, multi-channel" strategy, focusing on product competitiveness and the effectiveness of its Olympic Committee partnership [2] - The company aims to drive long-term sustainable growth through steady operations in the second half of 2025 [2]

Group 1: Market Performance - The Hong Kong A-shares and the Hong Kong Stock Connect Consumption 50 ETF (159268) both saw gains, with the ETF rising over 1% and attracting a net inflow of 6.4 million yuan for six consecutive days, totaling over 150 million yuan [1] - Notable stocks included Miniso, which surged over 18% post-earnings, Li Ning up over 7%, Anta Sports up over 3%, and Pop Mart up over 2% [1] Group 2: Company Earnings - Miniso reported a second-quarter revenue of 4.966 billion yuan, a year-on-year increase of 23.1%, with adjusted operating profit rising 8.5% to 852 million yuan and an adjusted operating profit margin of 17.2%, exceeding company guidance [2] Group 3: Consumer Trends - McKinsey highlighted five surprising trends in the Chinese consumer market for the first half of 2025, indicating a shift in consumer sentiment despite weak confidence and ongoing pressures in the real estate market [5] - The report noted a steady recovery in core retail categories, with air travel surpassing 2019 levels and China's automotive exports becoming the largest globally, with an expected export volume of nearly 5.5 million vehicles in 2024, eight times that of 2019 [6] Group 4: Tourism and Capital Markets - The number of inbound tourists to China reached a record high, with over 35 million visitors in the first quarter of 2025, a year-on-year increase of 19.6% [9] - The capital market's recovery in 2025 has been significant for consumer enterprises, with four of the top ten IPOs in Hong Kong coming from the consumption sector, indicating strong investor confidence in the long-term prospects of the Chinese consumer market [12] Group 5: Cultural and Product Trends - Pop Mart's Labubu character gained international popularity, with revenue from its monster series increasing by 726% in 2024, contributing significantly to the company's overall revenue [15]

Group 1 - The core viewpoint of the article highlights the growth in the badminton segment of the company, driven by a nationwide enthusiasm for the sport [1] - The company’s executive director and co-CEO, Qian Wei, reported that the sales of badminton rackets and strings are experiencing high growth, with professional-grade high-end rackets achieving a monthly sales volume of 100,000 units [1] - Currently, the badminton business accounts for approximately 7% of the company's overall revenue [1]

Market Performance - The Hang Seng Index rose by 0.32% to 25,184.66 points, while the Hang Seng Tech Index increased by 1.61% to 5,586.84 points, and the National Enterprises Index gained 0.53% to 9,022.51 points [1] - Major tech stocks showed an upward trend, with Kuaishou rising over 4%, Xiaomi and Tencent up by 1.6%, and Alibaba increasing by over 1% [1] - Semiconductor stocks surged, with Huahong Semiconductor up over 12% and SMIC rising over 6% [1] - Sportswear stocks continued to rise, with Li Ning increasing over 7% after earnings [1] Company Earnings - China Petroleum & Chemical Corporation reported a revenue of 1,409.05 billion yuan, a decrease of 10.6% year-on-year, and a net profit of 21.483 billion yuan, down 39.8% year-on-year [2] - Kuaishou reported a revenue of 67.654 billion yuan, an increase of 12.04% year-on-year, and a net profit of 8.9 billion yuan, up 9.9% year-on-year [3] - China National Pharmaceutical Group reported a revenue of 36.363 billion yuan, a decrease of 1.48% year-on-year, and a net profit of 0.295 billion yuan, an increase of 1.02% year-on-year [4] - Miniso reported a revenue of 9.393 billion yuan, an increase of 21.1% year-on-year, but a net profit of 0.906 billion yuan, down 22.6% year-on-year [5] - Bilibili reported a revenue of 7.338 billion yuan, an increase of 19.76% year-on-year, and a net profit of 0.219 billion yuan, turning from a loss of 0.609 billion yuan in the previous year [5] Strategic Developments - Shengye has initiated a global strategy to build an AI + international supply chain technology platform [6] - Yuan Zheng Technology plans to develop a strategic layout for equipment assetization and related RWA applications [7] - Oconview Bio-B reported that its OT-301's second Phase III clinical trial achieved its primary endpoint [8] Market Outlook - Huatai Securities noted that the market is in a critical phase with a lack of trading themes and important events pending verification, suggesting a window for position adjustment [9] - UBS indicated that the attractiveness of H-shares' risk-return profile has weakened, predicting potential consolidation in the short term [9] - CITIC Securities highlighted that the half-year earnings reporting period will be crucial for the continuation of the Hong Kong stock market, with a shift from liquidity-driven to earnings-driven market dynamics [9] - Zhongtai International reported a record net inflow for Hong Kong Stock Connect, with $6.03 billion flowing into the Chinese stock market in July, indicating strong domestic investor sentiment [10]

Market Overview - The Hong Kong stock market saw all three major indices rise in the morning session, with the Hang Seng Tech Index surging by 1.8% at one point and closing up 1.61% [1] - The Hang Seng Index and the Hang Seng China Enterprises Index increased by 0.32% and 0.53% respectively, indicating a noticeable improvement in market sentiment [1] Sector Performance - Large technology stocks generally experienced upward trends, with Kuaishou rising over 4%, Xiaomi and Tencent up by 1.6%, and Alibaba increasing by more than 1% [1] - Semiconductor stocks were notably impacted by two news items, with Hua Hong Semiconductor soaring over 12% and SMIC rising more than 6% [1] - Sportswear stocks continued to climb, with Li Ning's post-earnings surge exceeding 7%, reaching a new high [1] - Apple-related stocks collectively rose as Bank of America indicated that the Apple supply chain is entering a multi-year upgrade cycle [1] Weak Performers - Airline stocks fell sharply following news that Boeing is negotiating to sell up to 500 aircraft to China, with China Southern Airlines dropping over 6% [1] - Heavy infrastructure, brain-computer interface, coal, gaming, solar, and oil stocks showed weak performance [1]

责任编辑：郭栩彤 谈及近两年线下客流压力问题，李宁集团联席CEO钱炜表示，"线下客流我们的确碰到不小的一个挑 战，我们能够深刻的感受到线下客流的同比减少，这带来了一些生意流水上的压力和挑战，我们不断对 线下渠道进行结构优化，包括整体优质店铺的扩展、整改，低效店铺的闭店、关店和整改，这是我们一 直在持续推动的一个过程，未来我们也会持续推动这样的结构性调整，在优质店铺不断的扩面及整改同 时，针对低效业务进行关闭和调整。" 他还提到，"我们在新渠道的建设方面还有很多需要改善、提升和拓展的空间。未来，我们对既有渠道 在进行低效店铺关店、高效店铺扩面和不断调整的同时，也会针对不同的新渠道进行更多的尝试和拓 展，来获取更多与消费者接触的空间，以及为消费者能够带来更好的产品体验和购物体验。"（闫妍） 8月22日，李宁有限公司召开2025年中期业绩发布会。上半年，李宁公司实现收入达148.2亿元，同比上 升3.3%。上半年，李宁公司毛利为74.1亿元，同比上升2.5%，整体毛利率为50.0%，净利润为17.4亿 元，净利率为11.7%。 中期业绩发布会上，李宁公司透露，截至上半年李宁大货店铺平均面积242平方米，平均月店效3 ...