高盛发表研报指，李宁(02331.HK) 去年下半年销售额和经营利润率超出预期，但由于管理层预计在不确定经济环境、更细分的消费者需求以及市场竞争下，2025年营收将按年持平，对全年净利润率指引为高单位数，低于2024年的10.5%，相信是受到投入增加及对中国奥委会的赞助所影响。高盛认为，品牌投资有必要，但将持续关注公司投资对利润率的影响，以及销售再次加快增长的发生时机，维持“中性”评级，并将...
Source Link高盛发表研报指，李宁(02331.HK) 去年下半年销售额和经营利润率超出预期，但由于管理层预计在不确定经济环境、更细分的消费者需求以及市场竞争下，2025年营收将按年持平，对全年净利润率指引为高单位数，低于2024年的10.5%，相信是受到投入增加及对中国奥委会的赞助所影响。高盛认为，品牌投资有必要，但将持续关注公司投资对利润率的影响，以及销售再次加快增长的发生时机，维持“中性”评级，并将...
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