李宁(2331.HK):流水符合预期 短期经营承压

长江证券
Jul 23, 2025

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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