李宁Q1流水稳健，25年稳中求进

国金证券2025-04-30

一、公司一季度经营情况概述李宁公司于2025年一季度的运营数据显示，整体零售流水同比录得低单位数增长。其中，线下渠道和电商渠道分别呈现低单位数和10%-20%低段的增长。尽管直营渠道流水略有下降，但批发渠道实现低单位数增长，表明公司在渠道优化方面取得一定成效。此外，李宁YOUNG门店数量有所减少，显示公司仍在进行关店调整。二、渠道与库存管理表现公司持续优化渠道结构，截至2025年一季度末，大货门店...

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