智通财经APP获悉，招商证券国际发布研报称，将李宁(02331)目标价从17港元上调47%至25港元，上调 估值倍数，反映增长拐点正在逐步兑现，同时上半年成本控制表现稳健，进一步强化了这一趋势，维 持"增持"评级。该行小幅上调2025–26年销售及净利润预测，幅度分别为1–3%及1–6%，以反映上半年 实际表现。预计2025年净利率为9.9%，与管理层高单位数指引基本一致。 报告指，李宁2025年上半年业绩略超预期，毛利率符预期，成本控制良好。奥运赛事红利加品牌转型驱 动2026年增长重启。该行预测，净利增速将在2026年反弹至增长12%。集团正步入全新的品牌建设阶 段，这一转型有望在中期推动公司实现结构性更强的收入增长。 ...

集团收入增长得益于线上渠道的强劲表现，电商收入同比提升7.4%，主要得益于电商平台运营优化、 线上营销深化及会员服务体系完善。特许经销商收入也保持稳健增长，同比增长4.4%，占比提升至 46.5%。然而，零售渠道受店铺布局调整及消费场景转移影响，收入同比下降3.4%。公司表示将关注各 渠道增长机会，致力于实现未来收入的可持续增长。 李宁发布了2025年中期业绩，上半年收入为148.17亿元人民币，同比增长3.3%。集团股东应占溢利为 17.37亿元人民币。整体毛利率为50.0%。董事会宣布派发中期股息每股33.59分人民币。经营活动产生 的现金净额为24.11亿元人民币。 ...

Group 1 - The core viewpoint of the article highlights the evolving role of sports in society, as discussed by renowned athletes Li Ning and Li Lingwei during the "Olympics and Me" public lecture at Beijing Sport University [1][2] - The public lecture is part of a series launched by the Chinese Olympic Academy, aimed at interpreting the core values of the Olympic spirit through insights from industry experts [1] - Li Ning emphasized that sports have taken on various responsibilities throughout different stages of China's social development, reflecting a richer role in areas such as physical fitness, economic stimulation, and education [2] Group 2 - Li Ning shared his personal journey from being an Olympic champion to transitioning into the business sector, highlighting the challenges he faced in understanding finance, sales, and human resources when starting his company [3] - He advised contemporary youth to embrace challenges and learn from failures, emphasizing the importance of self-belief and resilience in overcoming obstacles [3] - The dialogue also touched on the historical context of sports in China, noting that the initial focus was on enhancing public health, which evolved to include national image and international diplomacy as the country developed [2]