李宁25Q2流水点评：折扣加深库存改善预计下半年增加费用投放

东吴证券2025-07-15

投资要点公司公布2025Q2 经营数据：李宁（不含young）全渠道零售流水同比增长低单位数，其中线下/电商渠道流水分别同比下滑低单位数/增长中单位数，线下渠道中直营/批发分别同比下滑中单位数/增长低单位数。截止25Q2 末，李宁主品牌店铺数量6099 个，较上季末净增11 个，较上年末净减18 个；其中直营店铺1278 家，较上年末净减19 家；批发店铺4821 家，较上年末净增1 家；李宁...

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李宁25Q2流水点评：折扣加深 库存改善 预计下半年增加费用投放

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李宁25Q2流水点评：折扣加深库存改善预计下半年增加费用投放