机构：国证国际 研究员：杨怡然 事件：李宁公布25H1 业绩表现，收入同比增长3.3%，归母净利润同比下滑11%。公司宣派股息33.59 分/股（人民币，下同，列明除外），派息率约50%。 兔、飞电三大核心系列总销量突破526 万双。运动生活品类下滑7%，篮球品类仍在调整中，上半年流 水下滑20%，公司主动调整发货节奏，确保终端生意稳健。6 月公司签约的篮球代言人杨瀚森以首轮第 16 顺位被波特兰开拓者队选中，后续预计也会推出相应的产品，有望带动篮球品类的增长。 门店数量仍在下降，渠道结构持续优化。截止6 月30 日，李宁大货门店数量为6099 个，年初至今净减 少18 个，其中直营零售门店净减少19 个，批发门店净增加1 个；童装门店数量1435 个，年初至今净减 少33 个。未来公司仍将持续对渠道结构进行优化，相信新店的布局也将按照计划进行拓展。 投资建议：公司与COC 的合作逐步落地，并在后续持续开展营销活动，但今年表现可能受到消费环境 影响仍有所承压。由于上半年业绩略超我们预期，我们上调2025-2027 年EPS 至0.94/1.07/1.18 元（前值 为0.88/1.00/1.11 元），参考历 ...

Core Viewpoint - Li Ning's retail performance in Q2 2025 shows a slowdown in growth, with challenges in both offline and online channels, while the company is increasing marketing investments to boost brand visibility and sales potential [2][3][6]. Group 1: Sales Performance - In Q2 2025, Li Ning's overall retail revenue (excluding Li Ning YOUNG) experienced low single-digit growth year-on-year, indicating a noticeable slowdown compared to Q1 [3]. - The offline direct sales channel saw a mid-single-digit decline, while the wholesale channel achieved low single-digit growth; online channels recorded median growth but at a reduced pace compared to Q1 [3][4]. - As of June 30, 2025, the number of retail points (excluding Li Ning YOUNG) was 6,099, reflecting a net decrease of 19 points in the first half of the year [3][4]. Group 2: Inventory Management - Inventory management emerged as a positive aspect for Li Ning, with the inventory-to-sales ratio returning to a healthy level by the end of Q2 2025, despite increased promotional activities [4][5]. Group 3: Marketing Strategy - Li Ning is betting on a high-intensity marketing campaign, including a strategic partnership with the Chinese Olympic Committee and signing NBA player Yang Hanshen, to enhance brand exposure and influence [6][7]. - The partnership with the Chinese Olympic Committee is expected to provide a platform for brand image enhancement during major international events, while the collaboration with Yang Hanshen aims to drive sales through limited product launches [6][7]. Group 4: Long-term Strategy - The company is focusing on optimizing its product matrix and channel efficiency for long-term growth, with an emphasis on core categories like running and basketball, which are expected to see high single-digit growth [8]. - Li Ning is adjusting its direct sales strategy, having significantly reduced the number of direct stores in 2024, but the pace of closures has slowed in 2025, indicating a shift towards enhancing overall channel efficiency [8]. Group 5: Market Outlook - There is a divergence in market sentiment regarding Li Ning's strategy of sacrificing short-term margins for long-term growth, with some analysts maintaining a positive outlook while others adopt a cautious stance [9]. - Investors are particularly interested in whether Li Ning can leverage its marketing efforts in the second half of the year to achieve revenue recovery and if product innovations can translate into tangible sales growth [9].