| | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | --- | | 营业收入(元) | | 1,896, 233, 455. 85 | 2, 977, 541, 831. 42 | -36. 32% | | 归属于上市公司股东的净利 | | -252,894,645,52 | -218, 775, 589. 22 | -15. 60% | | 润(元) | | | | | | (元) | 归属于上市公司股东的扣除 非经常性损益的净利润 | -254. 419. 893. 40 | -249, 577, 833. 82 | -1. 94% | | 经营活动产生的现金流量净 | | 31, 210, 716. 79 | 152. 262. 576. 28 | -79. 50% | | 额(元) | | | | | | 基本每股收益(元/股) | | -0. 2709 | -0. 2351 | -15. 23% | | 稀释每股收益(元/股) | | -0. 2709 | -0. 2351 | -15. 23% | | 加权平均净资产收益率 | | ...

8月25日晚，遥望科技发布2025年半年度业绩报告。报告期内，公司实现营业收入18.96亿元，同比下降 36.32%，主要是受市面竞品代理商竞争及关闭部分不盈利的IP及线下店铺共同影响所致；归属于上市公 司股东的净利润为-2.53亿元，同比下降15.60%。报告期内，公司亏损主要受阶段性摊销费用（如装修 租金等）、政府补助减少及所得税政策调整等多因素影响。 | Simple of Them . Septed Box . | | | | | --- | --- | --- | --- | | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | 营业收入(元) | 1.896, 233, 455, 85 | 2, 977, 541, 831. 42 | -36. 32% | | 归属于上市公司股东的净利 | -252, 894, 645, 52 | -218, 775, 589, 22 | -15.60% | | 润(元) | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 | -254, 419, 893, 40 | -249, 577, 833, 82 | -1.94% | | ( ...

机构：国盛证券 研究员：杨莹/侯子夜/王佳伟 ① 线下业务：专业渠道发货带动批发业务营收增长，直营渠道门店调整导致营收下滑。2025H1 李宁牌 批发业务营收同比增长5%至64.8亿元，直营渠道营收同比下降4%至32.3 亿元，我们判断期内批发业务 增速较快，部分原因系专业渠道发货贡献所致，而针对直营渠道公司继续对低效店铺进行关停整改，以 提升盈利能力，截止2025H1 李宁成人装直营/批发门店数量较年初分别-19/+1 至1278/4821 家。展望 2025 年，考虑到消费环境的不确定性我们预计2025 年直营业务或仍将处于调整阶段，与此同时下半年 由于多节假日是鞋服销售旺季，批发拓店力度环比上半年有望加大，同时专业渠道发货仍将继续带动批 发业务增长。 ① 电商业务：销售增速优异，运营情况健康。2025H1 电商业务直营流水同比增长高单位数，李宁上半 年电商表现仍优于线下。从经营质量来看，面对相对激烈的市场竞争，李宁上半年电商零售折扣同比加 深约1pcts，电商库存周转维持在健康水准。 2）产品端：立足专业运动定位，围绕消费者需求，提升产品竞争力。 2025H1 李宁成人流水同比增长2%，其中跑步/综训/ ...

【导读】李宁罕见大举增持自家公司，李宁"单品牌"与非凡领越"多元化"协同课题待解 中国基金报记者 赵刚 李宁大举买入"李宁"！ 今年以来，李宁公司创始人李宁及其侄子李麒麟持续大举买入公司股票，至今买入金额已超8亿港元。 如此高频、大额增持，已创下过去20年的纪录。尤其是李宁公司自2024年以来股价表现不佳，此番增持更受关注。 有业内人士分析，创始人大手笔增持，往往代表其对公司未来发展有信心。 不过，与其关联公司非凡领越相比，李宁公司的资本动作并不算多，其单品牌战略如何与非凡领越的多元化形成协同，并最终回馈中小投 资者，值得关注。 另外，此番李宁和李麒麟的增持时点颇具深意。 2023年，李宁公司股价表现不佳，全年下跌超过60%。2024年，李宁公司股价逐步筑底。从历史表现来看，李宁公司目前处于相对低 位，而且公司市盈率约为12.9倍，也显著低于行业龙头。 对于大举买入的原因，非凡领越表示，考虑到李宁公司的市价及其合理性，认为此收购事项乃合适的投资。同时，此举亦可增强集团回 报。 押注奥委会合作伙伴机会？ 在股价低位时大举买入，李宁看好公司哪些机会？ 从业绩来看，李宁公司的收入近三年持续上升，从2022年的258 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported retail operation data for Q2 2025, showing a year-on-year growth of approximately 10% in offline large apparel and children's clothing sales, and about 20% growth in e-commerce sales, indicating a continued stable growth performance [2][5]. - The company is expected to lead its peers with double-digit growth in offline retail, although there is a slight slowdown compared to Q1 2025 [7]. - The company has opened 49 super stores as of Q2 2025, with an area of no less than 800 square meters, which are strategically located in areas with stable foot traffic, expected to contribute to future retail growth [7]. - The company anticipates a strong performance in the 2025 ordering session, with a high certainty of revenue growth for the year. The product matrix is improving, and the exploration of new business formats like super stores is expected to contribute to a second growth driver [7]. - The company is projected to achieve net profits attributable to shareholders of 1.3 billion, 1.48 billion, and 1.65 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 7, 7, and 6 times [7][9].

Market Overview - The S&P 500 index reached a new all-time high with a gain of 0.47%, while the Nasdaq rose nearly 1%, contrasting with a slight decline in the Dow Jones [2][3] - The rally was primarily driven by technology stocks, with Tesla surging nearly 5%, Oracle also jumping 5%, and Nvidia and Apple both increasing over 2% [3] Company-Specific Insights - Tesla's delivery numbers have declined for two consecutive quarters, yet the stock rose over 4%, indicating strong market confidence in the long-term prospects of electric vehicles despite short-term delivery data [3] - Cathie Wood's ARK Investment increased its stake in Tesla during the recent pullback, suggesting that major investors still believe in the long-term growth narrative for electric vehicles [3] Economic Indicators - The 10-year U.S. Treasury yield rose to approximately 4.27%, while the two-year yield experienced volatility following the release of ADP employment data, reflecting ongoing market concerns about the economy and Federal Reserve policy expectations [3] - The U.S. dollar index saw a slight decline, while crude oil prices increased by around 3%, and precious metals like gold and platinum also rose, indicating a potential increase in risk-averse sentiment among investors [3] Trade and Sector Performance - News of a trade agreement between the U.S. and Vietnam led to a surge in apparel and footwear stocks, with Nike rising over 4% [3] - Chinese concept stocks showed mixed performance, with the Golden Dragon Index barely up by 0.06%, while companies like Xpeng and Tiger Securities saw slight gains, contrasted by declines in New Oriental, Alibaba, and Bilibili [3] Investment Strategy - The current market environment is characterized by volatility, with technology giants supporting the indices through performance and AI narratives, while trade policies and economic data introduce uncertainty [4] - Long-term investors are advised to focus on whether the rebound in tech stocks is driven by sentiment recovery or fundamental support, and whether short-term trade benefits can translate into sustained corporate growth [4]

据环球时报报道，美国《华盛顿邮报》5月6日社论，原题：贸易战如何危害美国国家安全 每架F-35"闪电II"战斗机含有超过900磅的稀土元素，每艘"弗吉尼 亚"级潜艇含有9200磅稀土元素。由这些材料制成的永磁体被用于制造"战斧"导弹、"捕食者"无人机以及智能炸弹。几乎所有这些稀土材料都来自中国。中 国几乎承担了全球所有重稀土的加工工作。 贸易（资料图） 彭博社引述美国服装和鞋类协会首席执行官拉马尔的话警告称，目前美国对中国商品仍然加征30%的关税，这将"导致开学季和圣诞假期消费成本高昂"。毕 马威首席经济学家斯旺克表示，关税仍然很高，这意味着美国零售商和消费者仍将承受很大负担，小企业由于利润率较低受到的打击尤其严重。拉马尔呼吁 美国政府与中国和其他国家达成持久协议，为企业提供更多长期确定性。美国战略与国际问题研究中心经济项目主任勒克称，如果不永久取消加征的关税， 美国可能会继续面临"经济低迷"的局面。他说："美国企业在试图制定长期采购和投资决策时仍处于不确定状态。" 据此，中美将同步取消和暂停针对对方的115%关税。此外，双方还一致同意建立中美经贸磋商机制，将定期或不定期轮流在中国、美国开展磋商，或在商 定的 ...