金吾财讯 | 李宁(02331)股价受压，截至发稿，跌3.72%，报20.68港元，成交额4.26亿港元。
李宁发布2025Q4运营数据，Q4全渠道流水低单下滑，线下渠道中单下滑（其中直营渠道低单下滑，批发渠道中单下滑），电商渠道持平。
长江证券表示，分月度来看，预计2025年10月国庆和中秋连休下整体零售较优，而11月和12月有所承压，整体折扣预计仍维持加深态势。2026年1月预计整体表现仍较弱，整体行业竞争态势仍加剧。
后续来看，该机构认为李宁处于底部稳健修复态势，一方面跑鞋新科技的推出及放量有望在2026Q1逐步显效，带动跑鞋相关销售进一步提振，另一方面李宁荣耀、户外相关货盘及新店型仍在开设，或将拓展更多消费人群，亦有望带动品牌势能提升和生意增长，利润率修复仍存在不错弹性。
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