机构：国盛证券 研究员：杨莹/侯子夜/王佳伟 ① 线下业务：专业渠道发货带动批发业务营收增长，直营渠道门店调整导致营收下滑。2025H1 李宁牌 批发业务营收同比增长5%至64.8亿元，直营渠道营收同比下降4%至32.3 亿元，我们判断期内批发业务 增速较快，部分原因系专业渠道发货贡献所致，而针对直营渠道公司继续对低效店铺进行关停整改，以 提升盈利能力，截止2025H1 李宁成人装直营/批发门店数量较年初分别-19/+1 至1278/4821 家。展望 2025 年，考虑到消费环境的不确定性我们预计2025 年直营业务或仍将处于调整阶段，与此同时下半年 由于多节假日是鞋服销售旺季，批发拓店力度环比上半年有望加大，同时专业渠道发货仍将继续带动批 发业务增长。 ① 电商业务：销售增速优异，运营情况健康。2025H1 电商业务直营流水同比增长高单位数，李宁上半 年电商表现仍优于线下。从经营质量来看，面对相对激烈的市场竞争，李宁上半年电商零售折扣同比加 深约1pcts，电商库存周转维持在健康水准。 2）产品端：立足专业运动定位，围绕消费者需求，提升产品竞争力。 2025H1 李宁成人流水同比增长2%，其中跑步/综训/ ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 23 年 月 日 李宁（02331.HK） 2025H1 经营超预期，关注公司长期业绩改善 公司 2025H1 营收增长 3.3%，经营利润增长 1.5%，归母净利润下降 11%，整体表现超预期。2025H1 公司营收同比增长 3.3%至 148.17 亿 元，毛利率同比-0.4pcts 至 50%，我们判断毛利率的下降一方面同直营 业务折扣加深有关，另一方面加盟渠道占比的提升也对毛利率带来一定 的负面压力，2025H1公司管理+销售费用率同比下降0.7pcts至34.2%。 综上来看 2025H1 公司经营利润率同比下降 0.2pcts 至 16.5%，经营利润 同比增长 1.5%至 24.38 亿元，归母净利润同比下降 11%至 17.4 亿元， 归母净利率同比下降 1.9pcts 至 11.7%，归母净利润同经营利润的增速差 异主要系期内公司对境内外资金结构进行调整从而产生较大的预提所得 税。派息方面，2025H1公司派息比率为 50%，同比持平，公司持续重视 股东回报。 李宁成人装：2025H1 公司持续推动渠道结构优化，在品类层 ...

公司持续强化品牌营销，推动品牌与产品的持续迭代公司夯实森马品牌定位，今年春节营销活动传播声 量突破4 亿，4 月品牌焕新升级官宣新口号"再造新常服"，实现全域曝光突破16 亿，有效提振当月线下 零售规模增长12%。今年上半年，森马品牌八大心智产品收入占比提升27个百分点，其中，防晒服、森 柔棉、舒服裤系列销售额同比增长超50%。巴拉巴拉品牌在今年上半年完成产品线迭代更新，构建了日 常生活、城市户外和高光时刻三大核心场景，聚焦T 恤、长裤、外套等核心品类，未来将持续致力于打 造更多消费者心智爆品。上半年，巴拉巴拉品牌以"中国小朋友"的社会化营销为主轴引起了社会面、用 户面、行业面的强烈反响，总曝光超过10 亿，同时第八代品牌旗舰店投入运营，单店零售有显著提 升。 盈利预测与评级 公司公告2025 年中报，实现营收61.49 亿元，同比增长3.26%，归母净利润3.25 亿元，同比下降 41.17%，基本每股收益0.12 元。2025 年半年度，公司拟向全体股东每10 股派发1.50 元现金红利（含 税）。 点评： 上半年公司费用率上升明显，第二季度营收端有所改善2025 年上半年，公司毛利率/净利率分别为 46 ...

Core Viewpoint - Bosideng has established itself as the leading down jacket brand in China, but it struggles to find a second growth curve, leading to concerns about diversification strategies [4][5][6]. Group 1: Historical Diversification Attempts - Bosideng's previous diversification efforts have largely failed, with a significant portion of its revenue from non-core businesses leading to value destruction [9][10]. - The company has faced challenges due to the seasonal nature of down jackets, which limits revenue generation to a few months each year [9]. - Past acquisitions and expansions into various clothing categories have not yielded the expected results, with non-core revenue still accounting for 4% of total income [9][12]. Group 2: Current Diversification Efforts - The company is currently focusing on two new areas: outdoor apparel and luxury down jackets, aiming to leverage its existing strengths in down materials [14][15]. - Bosideng's outdoor product line, particularly in sun protection, initially saw rapid growth but has since stagnated due to high pricing and lack of differentiation [15][19]. - The competitive landscape in the outdoor apparel market is intense, with many brands vying for market share, making it difficult for Bosideng to maintain its premium positioning [16][17]. Group 3: Comparison with Moncler - Unlike Moncler, which successfully diversified into luxury segments while maintaining a strong brand identity, Bosideng's attempts at diversification have diluted its core brand focus [20][22]. - Moncler's success is attributed to its strong ties to the fashion industry and a focus on high-end design, which Bosideng lacks [20][22]. Group 4: Focus on Core Business - Bosideng's recent strategic shift emphasizes returning to its core brand and enhancing its high-end market presence through improved supply chain management and direct sales [24][26]. - The company has reduced its number of stores significantly, focusing on efficiency and higher-quality retail experiences [24][26]. - There is potential for growth in the mid-range market, where Bosideng's other brands have not performed as well as expected, indicating room for improvement [30][31]. Group 5: Future Strategies - The company should consider a "down + other" strategy, combining down materials with other outerwear to strengthen its market position [32][33]. - Acquisitions of high-end niche brands within the same sector could enhance Bosideng's operational capabilities and market reach [32][33]. - The focus should remain on the down jacket segment, as the company has not fully capitalized on its existing market share and brand strength [33].

Group 1 - The article highlights a significant increase in sales of summer cooling products in Changsha, driven by rising temperatures and consumer demand for relief from the heat [1][3] - Portable fans have become a popular choice among consumers, with sales reportedly increasing by 120% year-on-year, showcasing a shift towards more compact and convenient cooling solutions [3][6] - The average price of portable fans ranges from 29.9 yuan to 59.9 yuan, indicating a focus on affordability and value for consumers [3] Group 2 - In addition to electrical appliances, lightweight cooling products such as cooling patches, sprays, and eye masks are gaining popularity among consumers [4] - Sales of cooling clothing items, including ice sleeves and sun protection clothing, have surged by over 200% since July, reflecting a growing trend towards physical protection against heat [6] - The demand for ice cups has also skyrocketed, with sales growth exceeding 300% for two consecutive years, particularly in first-tier cities, indicating a strong consumer preference for cold beverages during hot weather [6]

Core Insights - Pinduoduo is effectively connecting consumers directly with source factories, eliminating unnecessary markups and ensuring affordability without compromising quality [1][4][9] - The e-commerce industry is not in a stagnant phase; instead, it is poised for growth driven by new consumption patterns and technologies, with platforms like Pinduoduo playing a pivotal role in creating a win-win ecosystem for merchants and consumers [1][4] Group 1: Pricing and Cost Structure - The price discrepancies in summer products can be attributed to the information gap; for instance, a sunscreen shirt costs around 40 yuan to produce, yet is sold for only 49.9 yuan on Pinduoduo due to the elimination of additional costs [2][4] - A basic sunscreen umbrella has a production cost of only 10 yuan, demonstrating that high retail prices often stem from marketing and distribution rather than material costs [3][4] - Pinduoduo's "billion subsidy" and "thousand billion support" initiatives help reduce marketing costs for factories, allowing them to offer products at lower prices while maintaining reasonable profit margins [4][9] Group 2: Employment and Economic Impact - Pinduoduo has contributed to the creation of over 55 million jobs, significantly benefiting women and older demographics, and fostering a community-oriented work environment [11] - Factories supported by Pinduoduo are often located in rural areas, providing local employment opportunities and allowing traditional craftsmanship to thrive in modern markets [10][12] - The platform's support has transformed small workshops into larger factories, enabling local residents to transition from agriculture to manufacturing jobs, thus improving their livelihoods [13]

Core Viewpoint - The "cooling economy" in Tianjin is thriving due to the ongoing high temperatures, driving strong consumer demand across various sectors, including cooling products, leisure activities, and night economy experiences [1] Group 1: Cooling Products - Sales of cooling appliances, such as air conditioners and smart fans, have surged, with daily foot traffic in stores exceeding 10,000 visitors [2] - Popular cooling accessories like portable fans and sun protection clothing are trending, with some items achieving monthly sales of over 10,000 units on e-commerce platforms [2] - Local delicacies like Tianjin shaved ice have become summer staples, with events like outdoor shaved ice festivals attracting significant customer turnout, selling over 400 servings in a single day [2] Group 2: Leisure Activities - Indoor water activities, such as those offered at the National Ocean Museum's diving center, have seen increased patronage, particularly from families, since its opening on July 6 [3] - Tourist attractions are adapting to the summer heat by introducing new projects, with daily visitor numbers increasing by 30% to 40% compared to regular days [3][4] - The Tianjin Jizhou Cave has become a popular cool retreat, maintaining a temperature around 18 degrees Celsius, attracting visitors seeking relief from the heat [3] Group 3: Night Economy - The night economy in Tianjin is revitalized with new offerings like riverboat cruises featuring live performances, catering to diverse tourist preferences [5] - Newly opened pedestrian streets in the cultural tourism district enhance the night life experience, providing a vibrant atmosphere for visitors [6]

Core Insights - The "YiwU China Small Commodity Index" indicates that China's sun protection clothing market is rapidly expanding, with a market size exceeding 800 billion yuan last year and expected to reach 1 trillion yuan by 2027, marking the emergence of a new consumption market termed "sun protection economy" [1] - The growth of the sun protection economy is attributed to the evolution of consumer structure, upgraded health concepts, and optimized industrial chain integration, reflecting a broader trend in China's new consumption landscape [1][3] - Sun protection has evolved from a niche category in cosmetics to a comprehensive consumer demand spanning skincare, clothing, accessories, travel, and smart technology, driven by a heightened public awareness of health and aesthetic consumption [1][3] Market Trends - Consumers are increasingly prioritizing professionalism, comfort, and scene adaptability in sun protection products, leading to a shift from simple sun-blocking items to innovative designs that combine technology and fashion [2] - Data shows that since the summer of 2024, search volumes for keywords like "sun protection clothing," "ice sleeves," and "sun protection masks" on major e-commerce platforms have increased by over 200%, with some leading brands experiencing sales growth of nearly 5 times [2] - The rise of the sun protection clothing industry is not only a result of consumption upgrades but also benefits from China's complete manufacturing supply chain, from functional innovation in raw materials to digital flexible manufacturing and e-commerce marketing [2] Long-term Outlook - The sun protection economy is increasingly being integrated into lifestyle narratives by brands, promoting a health-conscious, refined, and personalized lifestyle rather than merely selling clothing [3] - The emergence of sun protection clothing is a result of a new cycle of health orientation, design innovation, and manufacturing upgrades, showcasing the vast potential of the Chinese consumer market and the elasticity of niche segments [3] - For sustainable development of the sun protection economy, collaboration among government, industry, enterprises, and research institutions is essential, with the potential to become a key driver for industrial innovation, export trade, and the shaping of Chinese brands [3]

Core Viewpoint - For FY25, the company expects revenue and net profit attributable to shareholders to grow by 11.6% and 14.3% year-on-year, respectively, with the down jacket business showing resilience despite a warm winter challenge [1][2] Revenue and Profit Summary - FY25 revenue reached 25.9 billion yuan, an increase of 11.6%, with operating profit at 4.967 billion yuan (+12.9%) and net profit at 3.514 billion yuan (+14.3%) [1] - The company declared a final dividend of 0.22 HKD per share, alongside an interim dividend of 0.06 HKD, resulting in a cash dividend payout ratio of 84% [1] Business Segment Performance - The brand down jacket business accounted for 83.7% of FY25 revenue, generating 21.67 billion yuan (+11.0%), with H1 and H2 revenues of 6.06 billion yuan (+22.7%) and 15.01 billion yuan (+7.0%), respectively [2] - By brand, FY25 revenue for Bosideng, Xuezhongfei, and Bingjie was 18.48 billion yuan (+10.1%), 2.21 billion yuan (+9.2%), and 0.13 billion yuan (-12.9%) [2] - The company’s direct sales and wholesale revenue for down jackets were 15.09 billion yuan (+5.2%) and 5.72 billion yuan (+24.3%), respectively [2] OEM and Other Business Insights - The OEM business grew significantly, with revenue of 3.37 billion yuan (+26.4%), while the high-end women's wear segment faced a decline, generating 0.65 billion yuan (-20.6%) [3] - The company experienced a goodwill impairment of 170 million yuan in the women's wear segment [3] Profitability and Efficiency - The overall gross margin for FY25 was 57.3%, down 2.3 percentage points, primarily due to declines in the gross margins of the brand down jackets and women's wear [3] - The operating profit margin for the down jacket business was 23.0%, an increase of 0.7 percentage points, aided by effective cost control [3] - The company’s operating profit margin for FY25 was 19.2% (+0.2 percentage points), with a net profit margin of 13.6% (+0.3 percentage points) [3] Inventory and Future Outlook - As of FY25, the company’s inventory stood at 3.95 billion yuan (+23.6%), with an inventory turnover period of 118 days (+3 days) [4] - For FY26, the main brand will focus on down jacket categories and enhance competitive advantages, with expectations for steady growth in the OEM business and improvements in the performance of sub-brands [4] - Revenue projections for FY26 to FY28 are 28.53 billion yuan, 31.22 billion yuan, and 34.08 billion yuan, with corresponding net profits of 3.92 billion yuan, 4.34 billion yuan, and 4.80 billion yuan [4]

Core Viewpoint - The company reported a revenue of 25.9 billion RMB and a net profit of 3.51 billion RMB for the fiscal year 2024/25, reflecting a year-on-year growth of 11.6% and 14.3% respectively, indicating strong performance despite external challenges [3][4]. Group 1: Financial Performance - For the fiscal year 2024/25, the company achieved a gross margin of 57.3%, a decrease of 2.3 percentage points year-on-year, while the operating margin increased by 0.2 percentage points to 19.2% [3][6]. - The company proposed a final dividend of 0.22 HKD per share, resulting in a total payout ratio of 84.1% for the year [3]. - The company's inventory increased to 3.95 billion RMB, up 23.6% from the beginning of the year, with inventory turnover days slightly increasing to 118 days [7]. Group 2: Business Segmentation - Revenue from the main business segments showed varied performance: brand down jackets grew by 11%, OEM processing by 26.4%, women's wear declined by 20.6%, and diversified clothing increased by 2.9% [4]. - The brand down jacket segment accounted for 83.7% of total revenue, with the main brand Bosideng contributing 85.3% of this segment's revenue [4][5]. - Online sales for the entire brand reached 7.58 billion RMB, a year-on-year increase of 9.3%, with online sales of brand down jackets accounting for 34.5% of the segment's revenue [4]. Group 3: Strategic Focus - The company is implementing a dual-focus strategy on down jackets and fashionable functional apparel, aiming for steady growth despite challenges such as warm winters and changing consumer environments [8]. - The company has strengthened its brand building, market promotion, product quality, and supply chain management, which contributed to its resilient performance [8].