Group 1: Company Performance - Li Ning's retail revenue (excluding Li Ning YOUNG) recorded low single-digit growth compared to the same period last year [1] - Offline channels (including retail and wholesale) saw a low single-digit decline in retail revenue year-on-year, with direct retail channels experiencing a mid single-digit decline and wholesale channels showing low single-digit growth [1] - Online channel retail revenue for Q2 2025 showed mid single-digit growth compared to the same period last year [1] Group 2: Store Network Adjustment - As of June 30, 2025, Li Ning had a total of 6,099 sales points in China (excluding Li Ning YOUNG), a net increase of 11 from the previous quarter, but a decrease of 18 year-to-date [1] - The net decrease of 18 sales points included a net reduction of 19 in retail business, while wholesale business saw a net increase of 1 [1] Group 3: Strategic Partnerships and Marketing - Li Ning signed a partnership with the Chinese Olympic Committee, becoming the sportswear partner for the 2025-2028 Olympic events, which may enhance its brand recognition and support international expansion [2] - The company has focused on local talent, signing CBA stars and recently securing a five-year contract with NBA player Yang Hanshen, who was selected 16th overall in the NBA draft, marking a significant milestone for domestic sports brands [2] Group 4: Financial Forecast Adjustments - Due to anticipated increased marketing investments in the second half of the year, net profit margins are expected to weaken, but marketing expenses related to COC and NBA partnerships are expected to enhance brand visibility [3] - Revenue forecasts for 2025-2027 have been adjusted to 28.9 billion RMB, 29.6 billion RMB, and 30.7 billion RMB respectively, with net profits revised to 2.4 billion RMB, 2.6 billion RMB, and 2.7 billion RMB [3]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Insights - The company reported low single-digit growth in retail sales compared to the same period last year, with offline channels experiencing a low single-digit decline and online channels showing a mid-single-digit increase [1]. - The company has signed a partnership with the Chinese Olympic Committee, becoming the official sportswear partner for the 2025-2028 Olympic events, which is expected to enhance brand recognition and support international expansion [2]. - The company has adjusted its profit forecasts due to consumer pressure, projecting revenues of 28.9 billion RMB, 29.6 billion RMB, and 30.7 billion RMB for 2025-2027, with net profits of 2.4 billion RMB, 2.6 billion RMB, and 2.7 billion RMB respectively [4]. Summary by Sections Financial Performance - Retail sales (excluding Li Ning YOUNG) recorded low single-digit growth year-on-year, with offline channels declining and online channels increasing [1]. - As of June 30, 2025, the total number of sales points in China was 6,099, a net increase of 11 from the previous quarter, but a net decrease of 18 year-to-date [1]. Marketing and Brand Strategy - The partnership with the Chinese Olympic Committee is expected to enhance the company's brand image and leverage its association with major international sporting events [2]. - The company has also signed contracts with emerging CBA stars, including Yang Hanshen, who was selected in the NBA draft, which may help in establishing a stronger presence in the international market [2]. Profit Forecast Adjustments - The company has revised its profit forecasts downward due to anticipated consumer challenges, with expected earnings per share (EPS) of 0.93 RMB, 0.99 RMB, and 1.06 RMB for 2025-2027 [4].

证券研究报告 | 公司点评 | 服装家纺 流水符合预期，奥运投放 5 月起逐步落地 ——李宁点评报告 投资要点 ❑ 李宁发布 25Q2 流水，增速环比略有放缓，符合预期 Q2 李宁品牌全平台流水增长小单位数，环比 Q1 略有放缓。分渠道看，Q2 线下流水下降小单位数，其中直营中单位数下降，批发小单位数增长，直营弱于 加盟与去年下半年到今年上半年直营渠道数量调整有关，线上流水中单位数增 长，好于线下。折扣角度，线上线下同比有小单位数加深，库销比环比改善，下 降至 4 个月左右。 ❑ 跑步、综训领跑、杨瀚森相关产品有望逐步丰富 分品类看 Q2 流水，跑步、综训表现继续领跑，单季度流水仍有高单位数增 长，篮球品类承压，Q2 流水仍有 20%下滑，但考虑杨瀚森入选 NBA 开拓者队 对品牌声量带动，其目前主推驭帅系列篮球鞋，并会逐渐丰富相关产品；运动生 活品类 Q2 流水同比持平，小众品类如户外、羽毛球分别流水占比小单、中单位 数，仍然保持不错增长。 ❑ 奥运投入 5 月起逐步体现 ❑ 盈利预测与估值： 公司与中国奥组委已经完成正式签约，成为 2025-2028 年中国奥委会及中国 体育代表团官方体育服装合作伙伴，5 ...