李宁2Q25 roughly inline and transition in pro

招银国际
Jul 15, 2025

一、公司近期表现与市场预期李宁(2331HK)在2025财年第二季度的零售销售大致符合预期,但利润率可能未达预期。尽管管理层重申了全年指引,但在当前消费疲软和行业竞争加剧的情况下,实现目标面临诸多挑战。例如,7月至今的零售销售趋势疲软,6月 线上线下 零售销售均出现负增长;新开店计划可能不及预期,导致批发业务销售增长承压;促销折扣力度加大,对毛利率产生压力等。二、财务预测调整与估值分析基于弱于预期...

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