8月21日晚间，李宁发布的2025年中期业绩显示，上半年实现收入148.17亿元，同比增长3.3%。鞋类业 务占比持续提升，羽毛球品类实现结构性突破，与中国奥委会（COC）的战略合作则为品牌注入中长 期增长动力。 01 鞋类固盘，羽球专业转型完成 作为李宁核心业务板块，鞋类产品上半年收入达82.31亿元，同比增长4.9%，在总营收中占比55.6%，较 去年同期提升0.9个百分点，成为拉动李宁收入增长的核心引擎。 李宁联席CEO钱炜在业绩说明会上表示，超䨻科技作为核心技术支点，已全面应用于跑鞋、篮球鞋等核 心品类，并实现技术迭代。 以跑鞋为例，搭载超䨻中底科技的"越影5PRO"将中底缓弹比降至10.8，实现缓震与回弹性能的精准平 衡，成为首款面向大众市场的超䨻慢跑鞋，完善了专业跑鞋矩阵的技术覆盖。 三大核心跑鞋IP"超轻""赤兔""飞电"上半年总销量突破526万双，其中"飞电"家族升级超䨻中底后能量回 归率最高达89%；"赤兔8PRO"采用全掌一片式䨻中底，回弹性能提升20%。专为女性跑者打造的"惊 鸿"跑鞋，精准匹配女性脚型与运动习惯，成为女性运动市场的爆款单品。 财报显示，从落地成效看，奥运资源已初步转化为 ...

Financial Performance - Company reported a revenue increase of 3.3% to 14.82 billion yuan, with a gross profit rise of 2.5% to 7.41 billion yuan, resulting in a gross margin of 50% [1] - Net profit attributable to equity holders reached 1.74 billion yuan, with a net profit margin of 11.7% [1] - As of June 30, total cash and cash equivalents amounted to 11.8 billion yuan, an increase of 4.3 billion yuan compared to the end of 2024 [1] Market Competition and Strategy - Company acknowledges intense market competition but views it as an opportunity to enhance brand and product competitiveness for sustainable growth [3] - Emphasis on deepening core categories such as running, basketball, and cross-training while exploring new sports categories like outdoor and pickleball [9] Product Performance - Footwear remains the main revenue pillar, with a 5% increase in shoe product revenue, accounting for 56% of total revenue [7] - Retail sales in running and cross-training categories grew by 15%, contributing to 67% of total retail sales [4] R&D and Technological Investment - Company has invested over 3.8 billion yuan in R&D over the past decade, with an 8.7% increase in R&D spending in the first half of 2025 [8] - The introduction of "super" technology in products like the "Yueying 5PRO" running shoes has been well-received in the market [8] Brand Development and Partnerships - Strategic partnership with the Chinese Olympic Committee aims for long-term brand development and exposure in major international events from 2025 to 2028 [12][13] - Company plans to enhance marketing activities and product launches in alignment with its partnership with the Chinese Olympic Committee [13]