李宁联席CEO钱炜在财报会议上的发言，更直接点出线下渠道的严峻现实："我们能深刻感受到线下客流的同比减少。" 上半年，DTC直营门店收入同比下 降3.4%，即便作为核心的特许经销商渠道实现增长4.4%，也同样面临市场需求不足的压力。 李宁再次站在十字路口。这家曾凭借"国潮"浪潮登顶的本土运动巨头，正经历背水一战。 2025年上半年财报一出炉，没有惊喜，只有一串让人揪心的数字，连续两年陷入净利润下滑，利润"失血"速度又快了：2024年净利润同比下降5.5%至30.13 亿元，2025年上半年净利润进一步下滑11.0%至17.37亿元（2024年上半年净利润下滑7.98%至19.52亿元）。 更让人着急的是和安踏等竞争对手的差距越拉越大：2024年安踏收入同比增速达13.6%，年内溢利增超五成至169.89亿元；而李宁2024年收入同比仅增 3.9%，2025年上半年收入增速进一步放缓至3.3%，远低于疫情前的增长水平。 对此，李宁以退为进，优化门店结构净关闭51家店铺，提质增效，主动放弃部分市场份额，换取更健康的资产结构。 可代价远不止于此。李宁上半年毛利率下降0.4个百分点至50.0%，净利率也跟着承压；DT ...

在三大本土体育品牌中，李宁本期的收入增速相对平缓。特步上半年收入同比增长7.1%，安踏虽未公布正式中报，但多家机构预测其收入增速有望达到 13%。 尽管增速不及同业，李宁本期收入仍略超市场预期——华兴证券等机构此前预测约为145亿元。受此影响，业绩发布后李宁股价持续走高。 在8月22日上午的中期业绩发布会上，集团执行主席兼联席行政总裁李宁表示："李宁将持续加大运动投入，尤其在大众运动领域。" 加码专业赛事，深耕大众运动 （文/霍东阳 编辑/张广凯） 李宁集团执行董事及联席CEO钱炜在业绩会上表示，李宁将更积极的去投入到运动资源的投入。 8月21日晚，李宁发布了2025年中期业绩报告。期内，李宁的收入达到148.17亿，同比增长3.3%；毛利润74.15亿元，同比增长2.48%；归母净利润17.37亿， 同比减少10.99%。 这很大程度和李宁与中国奥委会再度携手有关。5月6日，李宁品牌与中国奥委会在国家体育总局共同宣布，李宁正式成为2025-2028年中国奥委会体育服装 合作伙伴。 | (人民幣百萬) | 2025年 | 2024年 | 轉好! | | --- | --- | --- | --- | | | ...

Core Viewpoint - The company reported a mixed performance for H1 2025, with revenue growth of 3.3% but a decline in net profit by 11%, indicating challenges in maintaining profitability despite revenue increases [1] Financial Performance - Revenue for H1 2025 reached 14.817 billion yuan, with a gross margin decrease of 0.4 percentage points to 50% due to deeper discounts in direct sales and an increased share of franchise channels [1] - Operating profit increased by 1.5% to 2.438 billion yuan, while net profit fell by 11% to 1.74 billion yuan, primarily due to adjustments in the domestic and foreign funding structure leading to higher tax provisions [1] - The company maintained a dividend payout ratio of 50%, consistent with the previous year, emphasizing shareholder returns [1] Business Segments Offline Business - Wholesale revenue grew by 5% to 6.48 billion yuan, while direct sales revenue declined by 4% to 3.23 billion yuan due to store adjustments aimed at improving profitability [2] - The number of direct and wholesale stores at the end of H1 2025 was 1,278 and 4,821 respectively, reflecting a net closure of 19 direct stores and an addition of 1 wholesale store [2] E-commerce - E-commerce sales showed strong growth with a high double-digit increase, outperforming offline sales, although retail discounts increased by approximately 1 percentage point [2] Product Performance - The company’s adult apparel revenue grew by 2%, with significant growth in running and training categories at 15% each, while basketball and lifestyle categories saw declines of 20% and 7% respectively [3] - The total sales of professional running shoes exceeded 14 million pairs, with key series performing well [3] - The children’s apparel segment also showed positive growth, with offline revenue increasing by 10%-20% and a net closure of 33 stores [3] Cash Flow and Inventory - Operating cash inflow for H1 2025 was 2.411 billion yuan, a decrease of 12%, but the company maintained a healthy cash reserve of 19.191 billion yuan, up 6% from the beginning of the year [3] - Inventory decreased by 7% to 2.4 billion yuan, with a healthy inventory turnover ratio maintained [3] Future Outlook - The company expects revenue for 2025 to remain flat, with a projected decline in net profit by 21.5% due to increased expenses related to Olympic sponsorships [4] - The company is focusing on optimizing product and marketing strategies, with plans to enhance brand influence through Olympic-related activities [4] - Long-term growth is anticipated through the expansion of product categories and improved operational efficiency [4] Earnings Forecast - Projected earnings for 2025-2027 are 2.366 billion, 2.540 billion, and 2.759 billion yuan respectively, with a PE ratio of 20 times for 2025 [5]

Group 1 - The company reported a 3.3% year-on-year increase in revenue for the first half of 2025, reaching 14.82 billion RMB, but experienced a decline in gross margin and net margin due to deeper retail discounts and channel adjustments [1] - The management maintained the annual guidance for 2025, expecting flat revenue and a high single-digit net margin, while acknowledging challenges in the operating environment and increased marketing expenses related to the Olympics [1] - The company is currently in an adjustment period, with uncertainty regarding the recovery pace in the second half of the year, and will continue to monitor sales trends and operational efficiency improvements [1] Group 2 - The offline channel was negatively impacted by continued weak customer traffic, with revenue from direct sales, wholesale, and e-commerce showing year-on-year changes of -3.4%, +4.4%, and +7.4% respectively, indicating online performance was better than offline [2] - The company reduced its store count by 51 to 7,534 by the end of the first half, with a decrease of 19 in direct stores, while maintaining a healthy inventory level with a stock-to-sales ratio of 4 months [2] - The company focused on professional sports categories, with footwear sales increasing by 4.9% year-on-year, while apparel sales declined by 3.4%, and running category sales grew by 15%, supported by strong performance from key running shoe IPs [2]

用确定的"稳"应对不确定的"变"，用灵活的"攻""调""控"夯实长久的"稳"。这一发展轨迹正在李宁 (02331)身上良好验证。 8月21日，李宁正式发布2025年中报，"稳健"特质再次显露无疑。一方面，公司发展稳健，上半年实现 收入148.2亿元，同比增长3.3%;毛利74.1亿元，同比增长2.5%，毛利率高达50%，净利润 17.4 亿元;与此 同时，期内公司现金及现金等价物总计118亿元，较2024年底净增加43亿元。另一方面，公司在产品创 新上积极投入，上半年研发投入增长8.7%，明显高于营收增速。 当然，李宁的"稳健"离不开公司的"攻""调""控"动作。 今年3月份，李宁管理层就提到"公司核心策略是稳健，但稳健经营不是保守经营，是该攻的攻、该控的 控、该调的调"。在8月22日的业绩会上，李宁联席CEO钱炜再度对这一策略做出解析。 结合行业环境来看，中国运动鞋服行业是一个典型的"黄金赛道"，但也是竞争极其激烈的"红海战场"。 据艾媒咨询预计，至2025年，中国运动鞋服行业市场规模有望增至5989亿元，2021-2025年预期年化增 速为11.62%。行业发展规模巨大，但竞争也在显著加剧，呈现出多品牌混 ...

Investment Rating - The report maintains a Neutral rating for the company with a target price of HKD 16.28, indicating a potential downside of 10.1% from the current closing price of HKD 18.11 [2][15]. Core Insights - The company reported a steady performance in the first half of 2025, with revenue increasing by 3.3% year-on-year to RMB 14.82 billion. However, challenges are anticipated in the third quarter due to declining foot traffic and increased marketing expenses related to the Olympics [7]. - The management has maintained its full-year guidance for 2025, expecting flat revenue and a high single-digit net profit margin. The company is currently in an adjustment phase, and the recovery pace in the second half remains uncertain [7]. - The company has a healthy inventory level with a stock-to-sales ratio of four months, despite a net decrease of 51 stores to 7,534 by the end of the first half [7]. Financial Overview - Revenue projections for the company are as follows: RMB 27,598 million in 2023, RMB 28,676 million in 2024, and RMB 29,007 million in 2025, reflecting a growth rate of 7.0%, 3.9%, and 1.2% respectively [6][8]. - Net profit is expected to decline from RMB 3,187 million in 2023 to RMB 2,678 million in 2025, with a corresponding decrease in earnings per share from RMB 1.23 to RMB 1.04 [6][17]. - The company’s gross margin is projected to be 49.1% in 2025, down from 48.4% in 2023, while the net profit margin is expected to decrease to 9.2% in 2025 [8][18]. Market Position and Strategy - The company continues to focus on professional sports categories, with footwear sales growing by 4.9% year-on-year, while apparel sales declined by 3.4%. The running category showed strong growth, with sales increasing by 15% [7]. - The management has increased marketing investments, particularly in collaboration with the Chinese Olympic Committee, to enhance the brand's professional image, despite the anticipated rise in marketing expense ratios in the second half of the year [7].

展望未来，李宁将坚持"单品牌、多品类、多渠道"战略，围绕产品竞争力、奥委会合作效能等方向优 化"李宁式体验价值"，下半年以稳健经营推动长期可持续增长。 据李宁集团2025年中期业绩。上半年，公司实现收入148.2亿元，同比增长3.3%；毛利74.1亿元，同比 增长2.5%，整体毛利率50.0%；净利润17.4亿元，净利率11.7%，同时保持现金流充沛，库存健康可控。 （李宁集团财报） 在专业运动领域，公司成为2025-2028年中国奥委会及中国体育代表团官方合作伙伴，围绕该资源推 出"中国荣耀，李宁同行"主题营销活动，已在全国超5200家门店落地。研发投入方面，上半年同比增长 8.7%，近10年累计研发投入超38亿元，科技成果转化能力持续增强。得益于专业定位与研发积累，上 半年专业产品收入占比超60%，鞋产品收入占比达56%。2024年推出的超䨻科技已应用于"越影5PRO"慢 跑鞋、"ULTRALIGHT2025"篮球鞋等新品；与国家航天局新闻宣传中心合作推出的"航天速干""航天防 晒"技术成果。 多品类发展上，李宁深耕跑步、篮球等六大核心品类，同时拓展户外、网球等新领域。其中，跑步品类 零售流水增长15%， ...

2025年8月21日，李宁有限公司(02331)发布2025年中期业绩。上半年，李宁公司继续贯彻"单品牌、多品类、多渠道"核心战略，稳健经营，聚焦专业运动， 进一步夯实经营基础，积极蓄力业务发展，实现收入达148.2亿元，同比上升3.3%。上半年，李宁公司毛利为74.1亿元，同比上升2.5%，整体毛利率为 50.0%，净利润为17.4亿元，净利率为11.7%。同时，李宁公司保持现金流充沛，库存健康可控，为稳健发展打下重要基础。 李宁集团执行主席兼联席行政总裁李宁先生表示："当前市场挑战与机遇交织，我们将保持审慎的态度，继续夯实业务基本盘，同时紧密关注市场动态，积 极捕捉并把握可能出现的结构性机遇，通过一系列战略举措推动集团实现长期可持续增长，致力于成为消费者首选的专业运动品牌。" 强化专业运动品牌心智：战略布局顶级运动资源，持续加大科技研发 上半年，李宁公司保持单品牌战略定力，战略性投入顶级专业运动资源，继续强化科技研发，持续提升专业运动形象，夯实李宁品牌发展基石。 凭借在专业运动领域长期的品牌势能与技术积淀，李宁品牌成为2025-2028年中国奥委会及中国体育代表团官方合作伙伴，将通过高品质的产品和高效率的 ...

2025年上半年，李宁研发投入同比增长8.7%，近10年来，李宁累计研发投入已超过38亿元。与此同时，李宁从科技研发成果到产品应用的转化能力持续增 强。 2025年8月21日，李宁有限公司(02331)发布2025年中期业绩。上半年，李宁公司继续贯彻"单品牌、多品类、多渠道"核心战略，稳健经营，聚焦专业运动， 进一步夯实经营基础，积极蓄力业务发展，实现收入达148.2亿元，同比上升3.3%。上半年，李宁公司毛利为74.1亿元，同比上升2.5%，整体毛利率为 50.0%，净利润为17.4亿元，净利率为11.7%。同时，李宁公司保持现金流充沛，库存健康可控，为稳健发展打下重要基础。 李宁集团执行主席兼联席行政总裁李宁先生表示："当前市场挑战与机遇交织，我们将保持审慎的态度，继续夯实业务基本盘，同时紧密关注市场动态，积 极捕捉并把握可能出现的结构性机遇，通过一系列战略举措推动集团实现长期可持续增长，致力于成为消费者首选的专业运动品牌。" 强化专业运动品牌心智：战略布局顶级运动资源，持续加大科技研发 上半年，李宁公司保持单品牌战略定力，战略性投入顶级专业运动资源，继续强化科技研发，持续提升专业运动形象，夯实李宁品牌发 ...

Summary of Li Ning Company Conference Call Company Overview - **Company**: Li Ning Company - **Date**: July 16, 2025 Key Points Industry Performance - June sales showed a month-on-month decline, with both online and offline channels experiencing negative growth due to base effects, holidays, and weather conditions [2][3] - Discounts deepened in Q2, particularly in e-commerce, impacting direct wholesale channels [2][4] - Overall gross margin faced challenges in the first half of the year, making it difficult to maintain flat margins for the entire year [2][4] Product Performance - Functional products outperformed lifestyle products, with running and fitness categories achieving double-digit growth in H1 2025, while basketball and lifestyle categories performed poorly, particularly basketball sales [2][5] - The growth in H1 was primarily driven by professional categories, with footwear performing better than apparel [2][5] - Key running shoe IPs such as "Ultra Light," "Chi Tu," and "Fei Dian" met expectations, with "Fei Dian" and "Chi Tu" performing well, while "Ultra Light" showed weaker performance [2][5] Strategic Partnerships - Li Ning signed a long-term contract with Yang Hanshen in 2023, planning to quickly launch related products during key competition periods [2][6] - No signature shoe plans currently exist, but future consideration will depend on performance, alongside enhanced personal marketing efforts [2][7] Marketing and Branding - The company is focusing on Olympic-related marketing, with the "Rong Rong Yao" series as a direct product line for the Olympics [3][7] - Future product launches will include more technology-enhanced products, expanding into other functional categories and lifestyle areas [3][7] Retail and Distribution - Approximately 100 new children's clothing stores are planned for this year, primarily targeting mid-to-low tier markets [3][9] - The number of outlet stores remains stable at around 400, with no large-scale openings planned [3][9][10] - E-commerce growth was only in the mid-single digits in Q2, falling short of expectations due to the impact of the 618 shopping festival [3][12] Financial Outlook - The company maintains guidance for flat revenue and a high single-digit net profit margin for 2025, but faces significant challenges in the second half due to weak terminal trends and intense competition [3][29] - Future plans include gradually accelerating revenue growth over the next 3-5 years, aiming for a net profit margin of at least 10% [3][29] Competitive Landscape - The company acknowledges ongoing competition from international brands like Nike, which still holds the largest market share [3][17] - Domestic brands have made significant progress in operations, technology, and design, narrowing the gap with international competitors [3][17] Cost Management - Marketing expenses are expected to rise due to Olympic sponsorship and athlete endorsements, with the marketing expense ratio projected to increase from 9.5% to a low double-digit level [3][18] - Human resource costs are also anticipated to rise slightly due to team expansion and talent acquisition [3][19] Future Strategies - The company plans to optimize store locations to control rental costs and enhance same-store sales [3][21][22] - Product assortments will be adjusted based on market tier and store type to capture business opportunities effectively [3][23][24] Segment Growth Potential - The running category is projected to maintain a 30% share of overall business, with future growth opportunities balanced against risks associated with over-reliance on a single category [3][26][28] This summary encapsulates the key insights from the Li Ning Company conference call, highlighting the current performance, strategic initiatives, and future outlook within the competitive landscape of the sportswear industry.