Core Viewpoint - The company achieved a revenue of 27.01 billion for FY25, a year-on-year decline of 6.6%, and a net profit attributable to shareholders of 1.29 billion, down 41.9% year-on-year, with FY25H2 showing a revenue and net profit decline of 5.4% and 53% respectively [1] - The expected dividend payout ratio for FY25 is 134%, exceeding market expectations [1] Revenue Breakdown - Revenue from retail and wholesale channels for FY25 decreased by 6.8% and 5.8% year-on-year respectively [1] - Revenue from the main brand and other brands declined by 6.1% and 9.9% year-on-year respectively [1] Store Operations - As of the end of FY25, the company had 5,020 directly operated stores, with a net closure of 1,124 stores, including 258 new openings and 1,382 closures [1] - Total sales area decreased by 12.4% year-on-year, while sales area per store increased by 7.2%, reflecting the company's "one product one strategy" approach to store adjustments [1] Profitability Metrics - The gross margin for FY25 decreased by 3.4 percentage points to 38.4%, primarily due to increased retail discounts, with FY25H2 showing greater discounting than FY25H1 [1] - The net profit margin attributable to shareholders decreased by 2.9 percentage points to 4.8% [1] Inventory and Cash Flow - The company's inventory turnover days were 133 days, a decrease of 1 day year-on-year, with net cash flow from operating activities reaching 3.76 billion, a year-on-year increase of 20% [2] - Cash at the end of the period was 2.59 billion, up from 1.96 billion in the same period last year [2] Brand Collaborations - The company is steadily advancing new brand collaborations, including the introduction of the high-end SOAR running brand to the Chinese market [2] - Collaborations with top outdoor brands for comprehensive operations in China are underway, alongside deepened partnerships with the Canadian high-end trail running brand nordaTM [2] Earnings Forecast - The earnings forecast for FY26-28 has been adjusted, with expected earnings per share of 0.21, 0.25, and 0.30 respectively [2] - A target price of 3.45 HKD is set for FY26, based on a 15 times PE valuation [2]

据《南方都市报》报道称，李宁与中国奥委会的合作协议价值高达8亿元，相比上个周期，签约费上涨了近三分之一。从另一个侧面也足以证明， 如今体育品牌对于中国体育代表团这样稀缺资源的竞争已经白热化，而李宁也将借这次拿下中国奥委会体育服装合作伙伴，持续强化单品牌战 略，深化多品类布局。 "今天非常快乐，回到曾经生活、训练的大楼。回想起，1984年，就是从这里出发，去了洛杉矶奥运会。很荣幸，李宁品牌、李宁团队有机会随着 中国运动员、中国体育代表团再一次向2028年洛杉矶奥运会进军。" 5月6日上午，李宁品牌创始人、集团董事长李宁重返国家体育总局，在这个曾经挥洒汗水的地方，他迎来了自己与中国奥委会的又一次交集—— 中国奥委会与李宁品牌举行合作发布仪式，正式宣布李宁成为2025-2028年中国奥委会体育服装合作伙伴。 没有按发言稿按部就班地致辞，62岁的李宁微笑着即兴发挥了这一段，也成为致辞中最精彩的点睛。从洛杉矶奥运会再度奔向洛杉矶奥运会，41 年的轮回在这一刻成了李宁的又一次出发。 在2025至2028年期间，中国奥委会将组建中国体育代表团参加国际综合性体育赛事，包括洛杉矶2028年奥运会、2026年米兰-科尔蒂纳丹佩佐 ...