【国金可选消费|纺服】李宁1Q25点评:流水稳健,25年稳中求进

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业绩简评公司于4月29日发布2025年一季度运营情况,李宁(不含李宁YOUNG)零售流水同比录得低单位数增长,其中线下渠道录得低单位数增长,电商渠道录得10%-20%低段增长,一季度经营稳健,符合市场预期,维持买入评级。经营分析经营符合预期,渠道持续调整中。公司线下直营流水同比录得低单位数下降,主要是由于渠道结构优化,公司调整店铺数量。批发渠道录得低单位数增长。25Q1末大货门店6088个,较年初...

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