上 市 公 司 纺织服饰 2025 年 07 月 15 日 李宁 (02331) ——流水表现符合预期，奥运及 NBA 营销提振品牌势能 报告原因：有业绩公布需要点评 增持（维持） 投资要点： | 投资票 | | --- | 市场数据： 2025 年 07 月 14 日 收盘价（港币） 16.06 恒生中国企业指数 8732.74 52 周最高/最低（港币） 21.00/12.56 H 股市值（亿港币） 415.12 流通 H 股（百万股） 2,584.81 汇率（人民币/港币） 1.0980 一年内股价与基准指数对比走势： -15% 35% 85% 07/15 08/15 09/15 10/15 11/15 12/15 01/15 02/15 03/15 04/15 05/15 06/15 HSCEI 李宁 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 刘佩 A0230523070002 liupei@swsresearch.com 联系 ...

证券研究报告 | 2025年07月15日 李宁（02331.HK） 第二季度流水增长低单位数，库销比环比改善 |  | 公司研究·海外公司快评 | | 纺织服饰·服装家纺  | 投资评级：优于大市（维持）  | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 事项： 公司公告：1、零售表现：截至 2025 年 6 月 30 日止第二季度，李宁销售点（不包括李宁 YOUNG）于整个平 台之零售流水按年录得低单位数增长。就渠道而言，线下渠道（包括零售及批发）录得低单位数下降，其 中零售（直接经营）渠道录得中单位数下降，批发（特许经销商）渠道录得低单位数增长；电子商务虚拟 店铺业务录得中单位数增长。2、销售点数量：截至 2025 年 6 月 30 日，于中国，李宁销售点数量（不 ...

Group 1 - The company's stock experienced abnormal trading fluctuations, with a cumulative closing price increase of over 20% across three consecutive trading days (April 10, 11, and 14, 2025) [2] - The company conducted a self-examination and confirmed that there were no corrections or supplements needed for previously disclosed information [3] - The company is monitoring the impact of recent regulatory guidance from four government departments aimed at supporting the sports industry, which may affect its operations [3] Group 2 - The company's daily operations are normal, and there have been no significant changes in the external business environment [4] - The company is in the planning stage for potential external investments, with no finalized transaction details yet [4] - The company's controlling shareholders did not engage in any stock trading during the period of abnormal fluctuations [5] Group 3 - The board confirmed that there are no undisclosed significant matters that should be disclosed according to the Shenzhen Stock Exchange regulations [6] - The company does not anticipate needing to disclose performance forecasts and plans to release its 2024 annual report on April 28, 2025 [7] - The company emphasizes that all information should be verified through designated media outlets for accurate investment decisions [8]