机构：天风证券 研究员：孙海洋 公司发布2025 年第四季度最新运营状况 截至2025 年12 月31 日止第四季度，李宁销售点（不包括李宁YOUNG）在整个平台的零售流水按年录 得低单位数下降。就渠道而言，李宁线下渠道（包括零售及批发）录得中单位数下降，其中零售（直接 经营）渠道录得低单位数下降，批发（特许经销商）渠道录得中单位数下降；李宁电子商务虚拟店铺业 务录得持平。 李宁户外首店一「COUNTERFLOW 溯」新店启幕。李宁户外为都市人打造一座连接城市与山野的桥 梁，无畏探索，畅享「自在河山」。店铺整体融合砾岩、水泥、金属等材质打造自然粗犷与都市细腻并 存的美学空间。 李宁户外以可靠户外防护性能，融合东方意境美学打造从专业级单品到轻量化出行的多场景户外装备。 李宁携手淘宝闪购达成合作即时零售新体验正式上线2025 年11 月7 日，李宁品牌正式宣布与淘宝闪购 达成合作，上海31 家直营门店作为首批入驻门店同步上线，标志着李宁在构建专业运动装备"所需立所 得" 的即时零售版图中再落关键一子。此次合作是李宁深化"单品牌、多品类、多渠道" 战略的重要实 践，旨在通过拓展即时零售新渠道，精准满足用户在运动健身 ...

Group 1 - The report highlights the increase in user stickiness and the upward revision of annual guidance for Duolingo, with Q2 2025 revenue reaching $252 million, a year-over-year increase of 41.46% [3][4] - The company achieved a gross profit of $183 million in Q2 2025, with a gross margin of 72.38%, benefiting from reduced AI-related costs [4][5] - Duolingo's adjusted EBITDA for Q2 2025 was $79 million, exceeding previous guidance by 27.7%, with a margin of 31.19% [4][5] Group 2 - The report indicates that Yingjia Gongjiu's H1 2025 total revenue was 3.16 billion yuan, a year-over-year decrease of 16.51%, with a net profit of 1.13 billion yuan, down 18.02% [8][9] - In Q2 2025, the company reported revenue of 1.11 billion yuan, a decline of 23.81%, and a net profit of 302 million yuan, down 35.22% [9][10] - The company is focusing on its core product line and optimizing its pricing strategy to manage performance pressures [9][10] Group 3 - China Resources Power's H1 2025 revenue was 50.27 billion HKD, a decrease of 3.1%, with a net profit of 7.87 billion HKD, down 15.9% [12][13] - The decline in net profit was attributed to the absence of subsidiary acquisition gains and increased impairment losses [13][14] - The company plans to maintain stable operations with a focus on coal and renewable energy segments [13][14] Group 4 - Li Ning's H1 2025 revenue was 14.82 billion yuan, a year-over-year increase of 3.3%, while net profit decreased by 11% to 1.74 billion yuan [15][16] - The company experienced growth in e-commerce and licensed distribution channels, but direct sales faced challenges [16][17] - Li Ning's cash flow remains strong, with a net operating cash flow of 2.41 billion yuan, supporting future strategic investments [17][18] Group 5 - Beike-W reported Q2 2025 revenue of 26 billion yuan, an increase of 11.3%, with a net profit of 1.30 billion yuan, down 31.2% [19][21] - The company continues to expand its network of stores and agents, with a total of 60,500 stores, a year-over-year increase of 31.8% [22][23] - Beike is diversifying its business model, focusing on traditional brokerage, home decoration, and rental services [23][24] Group 6 - Wanwu Xingsheng's Q2 2025 revenue reached 4.99 billion yuan, a year-over-year increase of 32.2%, driven by the government's electronic product recycling subsidy policy [25][26] - The company reported a gross margin of 20.7%, slightly down from the previous year, but maintained a positive operating profit [26][27] - Future revenue projections for 2025-2027 are optimistic, with expected growth rates of 28%, 25%, and 22% respectively [27]