李宁(2331.HK):3季度销售表现走弱 恢复节奏仍显乏力;维持中性评级

交银国际
Oct 28, 2025

3 季度销售进一步走弱,4 季度折扣压力仍存:根据公司公告,2025 年3季度李宁品牌(不包括李宁YOUNG)全平台零售流水录得同比下降中单位数,增速由升转跌(2 季度:低单位数增长),整体表现逊于同业(特步主品牌/361 度:增长低单位数/约10%)。管理层表示,3 季度流水逐月走弱(7 月/8-9 月流水分别同比下跌低单位数/中单位数);进入4 季度以来,终端流水和折扣仍面临压力,销售端复苏...

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