李宁(2331.HK)：流水符合预期短期经营承压

长江证券2025-07-23

事件描述李宁发布2025Q2 运营数据，全渠道流水低单增长，直营中单下滑，批发低单增长，电商中单增长，零售表现符合预期。事件评论品类分化延续，篮球下滑扩大。流水分品类来看，预计2025Q2 跑步和健身品类流水增速较优，篮球品类相对承压。库存保持稳健，折扣短期承压。预计2025Q2 库销比保持稳定，库龄及库存金额均保持健康水平。但折扣仍短期面临压力（2025Q2 线上线下预计均有所加深），竞争加剧...

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李宁(2331.HK)：流水符合预期 短期经营承压

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李宁(2331.HK)：流水符合预期短期经营承压