招商证券国际发表报告指，维持对李宁(02331.HK) “增持”评级，认为当前阶段是必要的过渡期。虽然短期阻力仍在，表现为四季度表现疲软，流水按年个位数下降，以及受暖冬影响2026年首季度起步缓慢，但管理层的成本管控为公司提供缓冲。该行预计李宁2025财年报告净利润将略超预期，受益于补贴及营运效率提升。着眼于长期，该行认为2026年是品牌再投资的关键年份，管理层明确优先保障品牌力，而非追求短期利润...
Source Link招商证券国际发表报告指，维持对李宁(02331.HK) “增持”评级，认为当前阶段是必要的过渡期。虽然短期阻力仍在，表现为四季度表现疲软，流水按年个位数下降，以及受暖冬影响2026年首季度起步缓慢，但管理层的成本管控为公司提供缓冲。该行预计李宁2025财年报告净利润将略超预期，受益于补贴及营运效率提升。着眼于长期，该行认为2026年是品牌再投资的关键年份，管理层明确优先保障品牌力，而非追求短期利润...
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