李宁：一季度销售稳健复苏折扣改善、库存健康

申万宏源研究2025-04-30

李宁发布2025 年一季度运营数据，销售延续稳健复苏。25Q1 李宁品牌（不含李宁童装）全渠道流水同比增长低单位数，童装表现好于大货，一季度流水高单位数增长。整体需求延续稳健复苏趋势，表现符合预期。从不同渠道看，一季度批发渠道流水同比增长低单位数，电商流水增长10%-20%低段，直营流水同比下降低单位数，主要是因为渠道结构优化，24 年直营店数量减少。24 年公司直营门店数净减少201 家至...

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李宁：一季度销售稳健复苏 折扣改善、库存健康

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李宁：一季度销售稳健复苏折扣改善、库存健康