港股运动服饰巨头李宁(2331.HK)二季度运营数据逊于预期，引发机构看空情绪。CGS国际分析师将评级从"增持"下调至"持有"，主因零售端折扣力度加大挤压盈利空间。该机构预计，2025财年公司利润率将持续承压，消费者信心疲软迫使企业二季度加大促销力度。更值得关注的是，奥运会相关支出导致分销费用率攀升，可能进一步侵蚀利润。
分析师在最新报告中指出："李宁需要时间优化产品结构组合，同时提升奥运营销投入效率。"基于上述判断，CGS国际大幅下调盈利预测，将2025至2027财年每股收益预期调降13.1%-16.5%，目标价更从22.40港元砍至17.30港元。
市场迅速反应此番预警，截至发稿李宁股价报15.88港元。多重压力叠加下，这家运动品牌正面临渠道库存消化与营销成本控制的转型阵痛。
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