【国金可选消费|纺服】李宁：Q2流水稳健，期待经营调整显效

国金可选消费赵...07-16

业绩简评公司于7月14日发布2025年二季度运营情况，李宁（不含李宁YOUNG）零售流水同比录得低单位数增长。线下渠道录得低单位数下降，其中直营渠道录得中单位数下降，批发渠道录得低单位数增长；电商渠道录得中单位数增长。符合市场预期。经营分析整体零售流水微增，门店结构持续优化。截至6月30日，李宁（不含李宁YOUNG）零售流水同比录得低单位数增长，其中电商渠道中单位数增长成为关键驱动，线下渠道整体呈...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2551125264?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-07-16 20:35","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2551125264","market":"us","top_or_hot":-1,"title":"【国金可选消费|纺服】李宁：Q2流水稳健，期待经营调整显效","media":"国金可选消费赵...","content":"<div>\n<p>业绩简评公司于7月14日发布2025年二季度运营情况，李宁（不含李宁YOUNG）零售流水同比录得低单位数增长。线下渠道录得低单位数下降，其中直营渠道录得中单位数下降，批发渠道录得低单位数增长；电商渠道录得中单位数增长。符合市场预期。经营分析整体零售流水微增，门店结构持续优化。截至6月30日，李宁（不含李宁YOUNG）零售流水同比录得低单位数增长，其中电商渠道中单位数增长成为关键驱动，线下渠道整体呈...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250716213641a6ada2f0&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【国金可选消费|纺服】李宁：Q2流水稳健，期待经营调整显效</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【国金可选消费|纺服】李宁：Q2流水稳健，期待经营调整显效\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-16 20:35 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250716213641a6ada2f0&s=b><strong>国金可选消费赵...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>业绩简评公司于7月14日发布2025年二季度运营情况，李宁（不含李宁YOUNG）零售流水同比录得低单位数增长。线下渠道录得低单位数下降，其中直营渠道录得中单位数下降，批发渠道录得低单位数增长；电商渠道录得中单位数增长。符合市场预期。经营分析整体零售流水微增，门店结构持续优化。截至6月30日，李宁（不含李宁YOUNG）零售流水同比录得低单位数增长，其中电商渠道中单位数增长成为关键驱动，线下渠道整体呈...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250716213641a6ada2f0&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LNNGY","symbol_name":"李宁ADR","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250716213641a6ada2f0&s=b","article_id":"2551125264","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250716213641a6ada2f0&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2551125264","pubTimestamp":1752669329,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"截至6月30日，李宁零售流水同比录得低单位数增长，其中电商渠道中单位数增长成为关键驱动，线下渠道整体呈低单位数下降。李宁YOUNG门店数精简至1435个，较一季度末净减18个，年内累计净减少33个。Q2流水增速的放缓主要由于618销售情况偏弱。25Q2流水与折扣面临双重压力，线上线下折扣同比加深低单位数，截至Q2末库销比约4个月，较为健康。期待运动品类以及COC产品系列后续发力，带动公司25H2以及26年经营改善。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LNNGY":"李宁ADR","BK4202":"服装、服饰与奢侈品","COC":"COR3 & Co. (Holdings) Ltd."},"translate_title":"[Guojin Optional Consumption | Textiles and Clothing] Li Ning: Q2 turnover is stable, and we look forward to effective operating adjustments","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"COC":1,"LNNGY":0.9},"content_text":"业绩简评公司于7月14日发布2025年二季度运营情况，李宁（不含李宁YOUNG）零售流水同比录得低单位数增长。线下渠道录得低单位数下降，其中直营渠道录得中单位数下降，批发渠道录得低单位数增长；电商渠道录得中单位数增长。符合市场预期。经营分析整体零售流水微增，门店结构持续优化。截至6月30日，李宁（不含李宁YOUNG）零售流水同比录得低单位数增长，其中电商渠道中单位数增长成为关键驱动，线下渠道整体呈低单位数下降。截至25Q2末，大货门店6099个，较一季度末净增11个，但年内累计净减少18个，其中直营净减少19个，批发净增1个。李宁YOUNG门店数精简至1435个，较一季度末净减18个，年内累计净减少33个。Q2流水增速的放缓主要由于618销售情况偏弱。品类表现差异显著，折扣压力仍存。跑步、健身品类25Q2流水实现高单位数增长，运动生活持平，篮球同比下滑超20%，户外/羽毛球增长良好。25Q2流水与折扣面临双重压力，线上线下折扣同比加深低单位数，截至Q2末库销比约4个月，较为健康。期待后续产品渠道调整效果显现。公司将以控风险、稳经营为核心策略，平衡流水、折扣、售罄率与库存，重点围绕中国奥委会（COC）合作深化“奥运+科技”主题，并持续投入篮球、跑步、运动生活及户外等核心品类。期待运动品类以及COC产品系列后续发力，带动公司25H2以及26年经营改善。风险提示零售不及预期、品牌力下降、行业竞争加剧。投资评级的说明：买入：预期未来 6－12 个月内上涨幅度在 15%以上；增持：预期未来 6－12 个月内上涨幅度在 5%－15%；中性：预期未来 6－12 个月内变动幅度在 -5%－5%；减持：预期未来 6－12 个月内下跌幅度在 5%以上。相关报告1.《李宁25Q1点评：流水稳健，25年稳中求进》，2025.4.302.《李宁点评：品牌调整进行时，25年稳中求进》，2025.3.303.《李宁公司点评：维持全年指引，Q4有望迎来拐点》，2024.10.24＋报告信息证券研究报告：《Q2流水稳健，期待经营调整显效》对外发布时间：2025年7月16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":"1","news_tag":"dataReport","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, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.9","shortVersion":"4.35.9","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2551125264","isCrawlerRequest":true}