北京商报讯（记者 王维祎）近日，李宁发布截至2025年6月30日止6个月的中期业绩公告。上半年，李 宁公司实现收入148.17亿元，同比上升3.3%；权益持有人应占净利润为17.37亿元，同比下降11%，净利 率为11.7%；毛利率下降0.4个百分点至50.0%。 截至6月30日，李宁牌（包含李宁核心品牌及李宁YOUNG）常规店、旗舰店、中国李宁时尚店、工厂 店等销售点数量为7534家，较2024年12月31日净减少51家。 公告显示，李宁公司通过持续优化电商平台运营、深化线上营销布局，完善会员服务体系，线上销售规 模与客户黏性同步提升，电商渠道收入同比提升7.4%，贡献最大增量；特许经销商收入增长稳健，同 比增长4.4%，占比进一步提升至46.5%，持续发挥核心支柱作用；零售渠道表现承压，直营店铺布局调 整和消费场景转移，收入同比下降3.4%。公司将关注各渠道的不同增长机会，致力于实现未来收入的 可持续增长。 ...

Core Viewpoint - In Q2 2025, Li Ning's overall revenue experienced low single-digit growth, with offline revenue declining primarily due to the impact of store closures; e-commerce revenue showed mid-single-digit growth, influenced by competition and consumer sentiment [1][2] Revenue Performance - Q2 2025 revenue growth for Li Ning brand (excluding Li Ning YOUNG) was low single-digit, with offline channels (including retail and wholesale) recording a low single-digit decline; direct retail channels saw a mid-single-digit decline, while wholesale channels experienced low single-digit growth; e-commerce business recorded mid-single-digit growth [1][2] - Revenue performance in Q2 was affected by weather conditions in April, gradual improvement in May, and weak performance in June due to holiday misalignment; July continued the weak trend seen in Q2 [1][2] Inventory Management - Inventory management was effective, with the inventory-to-sales ratio improving to approximately 4 months, down from 5 months in Q1 2025; discounts were deepened both online and offline to ensure healthy channel inventory [2] Store Operations - The number of Li Ning sales points totaled 6,099 (excluding Li Ning YOUNG), a net decrease of 18 from the beginning of the year; direct retail business saw a net decrease of 19, while wholesale business increased by 1; the number of children's clothing sales points (Li Ning YOUNG) was 1,435, a net decrease of 33 [2] Marketing Strategy - In H2 2025, the company plans to increase marketing investments around the NBA (Yang Hansheng) and the Olympics, launching limited edition products and personal logo products in line with the NBA Summer League and the Milan Winter Olympics [3] - The marketing expense ratio in H2 is expected to be higher than in H1 due to increased spending [3] Financial Forecast - Revenue projections for 2025-2027 are set at 28.93 billion, 30.51 billion, and 32.08 billion yuan, with year-on-year growth of 0.9%, 5.4%, and 5.2% respectively; net profit forecasts are 2.43 billion, 2.62 billion, and 2.78 billion yuan, with year-on-year changes of -19.5%, +7.8%, and +6.2% respectively [3]