【国金可选消费|纺服】李宁1Q25点评：流水稳健，25年稳中求进

国金可选消费赵...2025-04-30

业绩简评公司于4月29日发布2025年一季度运营情况，李宁(不含李宁YOUNG)零售流水同比录得低单位数增长，其中线下渠道录得低单位数增长，电商渠道录得10%-20%低段增长，一季度经营稳健，符合市场预期，维持买入评级。经营分析经营符合预期，渠道持续调整中。公司线下直营流水同比录得低单位数下降，主要是由于渠道结构优化，公司调整店铺数量。批发渠道录得低单位数增长。25Q1末大货门店6088个，较年初...

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-5%－5%；减持：预期未来6－12个月内下跌幅度在5%以上。往期报告+中期策略1.【国金可选消费|纺服】扬州金泉24年报&25Q1点评：短期业绩仍承压，期待经营逐步改善2.【国金可选消费|纺服】丸美生物24&1Q25点评：业绩延续亮眼，丸美&恋火品牌势能持续释放3.【国金可选消费|纺服】珀莱雅点评：1Q25盈利表现超预期，多品牌、多品类战略持续深化4.【国金可选消费|轻工】赛维时代24A&1Q25点评：收入增速亮眼，新品推广投入等影响盈利承压5.【国金可选消费|轻工】中宠股份点评：业绩靓丽，国内自主品牌加速、势能上行＋报告信息证券研究报告：《李宁点评：Q1流水稳健，25年稳中求进》对外发布时间：2025年4月29日报告发布机构：国金证券股份有限公司证券分析师：杨欣SAC执业编号：S1130522080010邮箱：yangxin1＠gjzq.com.cn证券分析师：赵中平SAC执业编号：S1130524050003邮箱：zhaozhongping＠gjzq.com.cn证券分析师：杨雨钦SAC执业编号：S1130524110005邮箱：yangyuqin＠gjzq.com.cn点击下方阅读原文，获取更多最新资讯","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, 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