里昂研究报告指,李宁(02331.HK) 2025年第四季零售销售表现温和,符合预期,而2026年初至今销售仍未见起色。2025财年净利润率处于高单位数指引的高位,好过市场预期,但主要因关店以致成本减少以及政府补助,而非新举措的成效。该行认为,李宁2026财年盈利能力的复苏路径目前仍不清晰,特别是考虑到2026年与奥运会及残奥会相关的投资将增加。该行预计门店保守扩张及折扣压力将持续。下一轮估值重估...
Source Link里昂研究报告指,李宁(02331.HK) 2025年第四季零售销售表现温和,符合预期,而2026年初至今销售仍未见起色。2025财年净利润率处于高单位数指引的高位,好过市场预期,但主要因关店以致成本减少以及政府补助,而非新举措的成效。该行认为,李宁2026财年盈利能力的复苏路径目前仍不清晰,特别是考虑到2026年与奥运会及残奥会相关的投资将增加。该行预计门店保守扩张及折扣压力将持续。下一轮估值重估...
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