> **来源：[研报客](https://pc.yanbaoke.cn)** # 李宁 LI NING (2331 HK) 4Q25营运表现点评：4Q25流水符合预期，上调25年净利率指引 4Q25 Operating Review: GMV in Line with Expectations; 25E Net Profit Margin Raised # 观点聚焦 Investment Focus 维持优于大市 Maintain OUTPERFORM <table><tr><td>评级</td><td>优于大市 OUTPERFORM</td></tr><tr><td>现价</td><td>HK$19.55</td></tr><tr><td>目标价</td><td>HK$22.30</td></tr><tr><td>HTI ESG</td><td>0.8-2.2-3.5</td></tr></table> E-S-G: 0-5, (Please refer to the Appendix for ESG comments) <table><tr><td>市值</td><td>HK$50.53bn / US$6.48bn</td></tr><tr><td>日交易额(3个月均值)</td><td>US$42.39mn</td></tr><tr><td>发行股票数目</td><td>2,585mn</td></tr><tr><td>自由流通股(%)</td><td>86%</td></tr><tr><td>1年股价最高最低值</td><td>HK$20.28-HK$13.96</td></tr></table> 注: 现价 HK$19.55 为 2026 年 01 月 15 日收盘价 资料来源：Factset <table><tr><td></td><td>1mth</td><td>3mth</td><td>12mth</td></tr><tr><td>绝对值</td><td>10.6%</td><td>17.7%</td><td>34.9%</td></tr><tr><td>绝对值（美元）</td><td>10.4%</td><td>17.4%</td><td>34.7%</td></tr><tr><td>相对MSCI China</td><td>5.0%</td><td>16.2%</td><td>-7.2%</td></tr></table> <table><tr><td>Rmb mn</td><td>Dec-24A</td><td>Dec-25E</td><td>Dec-26E</td><td>Dec-27E</td></tr><tr><td>Revenue</td><td>28,676</td><td>28,793</td><td>30,103</td><td>31,686</td></tr><tr><td>Revenue (+/-)</td><td>4%</td><td>0%</td><td>5%</td><td>5%</td></tr><tr><td>Net profit</td><td>3,013</td><td>2,640</td><td>2,724</td><td>3,011</td></tr><tr><td>Net profit (+/-)</td><td>-5%</td><td>-12%</td><td>3%</td><td>11%</td></tr><tr><td>Diluted EPS (Rmb)</td><td>1.17</td><td>1.02</td><td>1.05</td><td>1.16</td></tr><tr><td>GPM</td><td>49.4%</td><td>49.0%</td><td>49.2%</td><td>49.4%</td></tr><tr><td>ROE</td><td>11.5%</td><td>10.3%</td><td>10.0%</td><td>10.5%</td></tr><tr><td>P/E</td><td>17</td><td>19</td><td>19</td><td>17</td></tr></table> 资料来源：公司信息,HTI (PleaseseeAPPENDIX1forEnglishsummary) 4Q25流水符合预期，上调25年净利率指引。4Q25公司流水呈低单位数下降，其中10月受益于国庆与中秋双节连休为正增长，11-12月终端需求转弱，流水回落至低-中单位数下滑。分渠道看，线下流水中单位数下降，批发/直营流水为中单/低单位数下滑，线上流水持平。直营渠道表现较优，主要因为约一半自营店铺为奥莱店，为去冬季库存折扣增加，4Q折扣同比环比低单位数加深，线下折扣略低于60中段位置，因此年末全渠道库销比在4-5X健康水平。元旦流水超预期，受益于3天假期，1月至今整体表现较弱，管理层对26年行业增速和客单价呈谨慎态度。公司指引全年收入有望实现正增长，净利率水平高个位数偏上水平，好于我们预期，受益于1.政府补贴实际落地情况好于预期；2.下半年营销开支实施弹性管控成效显著，叠加亏损店铺关闭处置得当，渠道费率表现优于预期。 下半年除户外品类外，其他品类增速均放缓。4Q25跑步品类录得中单位数增长，较1H25明显放缓，主要因为1.消费力较弱；2.下半年本是跑步淡季；3.11月末上海马拉松博览会期间发布搭载超及超胶囊全新科技平台的飞电6Elite和飞电6Ultra跑鞋，消费者反馈良好，有一定断货。未来李宁跑步品类坐2望1,26年将继续增加对跑步品类的投放，获取份额。综训品类是李宁的优势品类之一，2H25放缓主要因为部分三合一、卫衣卫裤等SKU已调整至户外及运动生活品类。篮球及运动生活品类第四季度均出现负增长，其中运动生活品类流水占比较高，其表现疲软对整体业绩形成一定拖累，未来公司会通过产品优化，发布可替代新品和营销规划，拉动该品类表现。羽毛球是25年主要增速引擎之一，占比为高单位数，9M25实现收入 $30\%$ 以上增长，4Q25延续良好态势，但受该项运动总体市场体量较小的限制，环比增速有所放缓。公司目前户外品类体量不大，但未来增速可期。 大货渠道以提升经营质量为重，积极尝试龙店/户外店等新兴渠道。公司以大货业务稳健推进为核心，聚焦经营质量提升，采用“一店一策”模式，联合财务部门实施单店KPI测试，运营精细化程度较高。同时公司积极探索新兴渠道布局，近期龙店部分快闪店（运营周期2周）和慢闪店（运营周期2个月）落地，未来1-2个月继续新增十几家快闪店，公司将借米兰冬奥会契机开展消费者互动活动。龙店定位精品路线不以量取胜，初期需验证新店型产出效率及运营效果，开店节奏相对稳健，第一家实体龙店将于26年年中在上海南京东路店铺落地。龙店产品在设计、面料、剪裁及价格上均与现有产品形成明确区隔，公司已将“荣耀”系列设立为独立品类并配备专人负责，尤其针对荣耀金标系列制定了更清晰的发展规划；目标客群锁定具备消费能力、认可国家荣耀、追求社会地位的中产人群（规模约1-2亿），这类客群愿意为高品质生活、中国奥运精神及前沿创意买单。产品层面主打高级感与商务简约风格，在用材、面料及logo设计（含与COC联合logo的位置、尺寸、颜色选择）上经过反复打磨与测评；使用场景以日常通勤为核心，兼顾轻运动需求，推出的棉羽、秋季风衣等产品兼具功能性与设计感。此外，户外店，位于故宫内的李宁独家店铺也在推进中。 投资建议与盈利预测：李宁的品类和渠道调整在今年基本结束，延续几年的下行周期接近尾声，2026年公司将继续加大资源和宣传的投放，对利润率有一定压力，但我们看好投入后对中长期品牌力和消费者心智的建设。我们预期李宁2025-2027年收入至287.9/301.0/316.9亿元（原为291.3/306.4/323.0亿元），同比增长 $0.4\% / 4.5\% / 5.3\%$ ；2025-2027年归母净利润分别为26.4/27.2/30.1亿元（原为24.9/28.4/31.7亿元），同比增长 $-12.4\% / 3.2\% / 10.5\%$ ，对应2025-2027年PE为17.2X/16.7X/15.1X。我们维持李宁“优于大市”评级，给予2026年19XPE估值（原为 $17.5x$ ），目标价提高 $6\%$ 至22.3港币(0.90HKD/RMB)，有 $13.9\%$ 上行空间。 风险提示。国内经济波动导致内需不足、库存承压、竞争加剧。 寇媛媛 Yuanyuan Kou yy.kou@htisec.com 林泽宇CalebLin caleb.zy.lin@htisec.com 表 1 可比上市公司估值预测 <table><tr><td rowspan="2">上市公司</td><td rowspan="2">证券代码</td><td rowspan="2">币种</td><td rowspan="2">收盘价</td><td colspan="3">EPS</td><td colspan="3">PE（倍）</td></tr><tr><td>2025E</td><td>2026E</td><td>2027E</td><td>2025E</td><td>2026E</td><td>2027E</td></tr><tr><td>2020.HK</td><td>安踏集团</td><td>元</td><td>81.8</td><td>4.7</td><td>5.3</td><td>5.9</td><td>15.5</td><td>13.7</td><td>12.3</td></tr><tr><td>1368.HK</td><td>特步国际</td><td>元</td><td>5.3</td><td>0.5</td><td>0.6</td><td>0.6</td><td>9.4</td><td>8.5</td><td>7.8</td></tr><tr><td>NKE.N</td><td>耐克</td><td>USD</td><td>65.6</td><td>1.6</td><td>2.4</td><td>2.9</td><td>41.5</td><td>27.9</td><td>22.9</td></tr><tr><td>ADS.DF</td><td>阿迪达斯</td><td>EURO</td><td>162.1</td><td>7.5</td><td>10.6</td><td>12.6</td><td>21.6</td><td>15.3</td><td>12.8</td></tr><tr><td>LULU.O</td><td>LULULEMON</td><td>USD</td><td>203.1</td><td>13.0</td><td>12.7</td><td>13.9</td><td>15.6</td><td>16.1</td><td>14.8</td></tr></table> 资料来源：Bloomberg，HTI注：收盘价为2026年1月15日数据（美股为1月14日数据），盈利预测来源于Bloomberg一致预期 Table 1 财务报表分析和预测 <table><tr><td>利润表(百万元)</td><td>2024A</td><td>2025E</td><td>2026E</td><td>2027E</td></tr><tr><td>营业收入</td><td>28,676</td><td>28,793</td><td>30,103</td><td>31,686</td></tr><tr><td>营业成本</td><td>(14,520)</td><td>(14,672)</td><td>(15,290)</td><td>(16,022)</td></tr><tr><td>其他成本</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>毛利</td><td>14,156</td><td>14,121</td><td>14,813</td><td>15,664</td></tr><tr><td>税金及附加</td><td></td><td></td><td></td><td></td></tr><tr><td>销售、一般和管理费</td><td>(10,627)</td><td>(11,165)</td><td>(11,914)</td><td>(12,390)</td></tr><tr><td>EBITDA</td><td>4,687</td><td>4,013</td><td>4,002</td><td>4,432</td></tr><tr><td>营业利润</td><td>3,529</td><td>2,956</td><td>2,899</td><td>3,274</td></tr><tr><td>财务费用</td><td>175</td><td>134</td><td>159</td><td>172</td></tr><tr><td>投资收益/损失</td><td></td><td></td><td></td><td></td></tr><tr><td>税前利润</td><td>4,110</td><td>3,589</td><td>3,706</td><td>4,107</td></tr><tr><td>所得税费用</td><td>(1,097)</td><td>(948)</td><td>(982)</td><td>(1,096)</td></tr><tr><td>少数股东权益</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>净利润</td><td>3,013</td><td>2,640</td><td>2,724</td><td>3,011</td></tr><tr><td>扣非净利润</td><td>3,013</td><td>2,640</td><td>2,724</td><td>3,011</td></tr></table> <table><tr><td>现金流量表(百万 元)</td><td>2024A</td><td>2025E</td><td>2026E</td><td>2027E</td></tr><tr><td>净利润</td><td>3,013</td><td>2,640</td><td>2,724</td><td>3,011</td></tr><tr><td>少数股东权益</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>折旧摊销</td><td>(1,158)</td><td>(1,057)</td><td>(1,103)</td><td>(1,158)</td></tr><tr><td>运营资产的增加/减少</td><td>9,891</td><td>9,604</td><td>10,061</td><td>10,261</td></tr><tr><td>应收账款</td><td>1,250</td><td>1,197</td><td>1,180</td><td>1,165</td></tr><tr><td>存货</td><td>2,598</td><td>2,348</td><td>2,752</td><td>2,884</td></tr><tr><td>应付账款</td><td>6,043</td><td>6,060</td><td>6,129</td><td>6,211</td></tr><tr><td>其他运营相关现金</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>经营活动产生的现金</td><td>4,648</td><td>4,617</td><td>4,174</td><td>4,851</td></tr><tr><td>资本支出</td><td>(1,033)</td><td>(1,037)</td><td>(1,083)</td><td>(1,139)</td></tr><tr><td>资产收购和剥离</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>投资</td><td></td><td></td><td></td><td></td></tr><tr><td>其他投资相关的现金</td><td>(137)</td><td>(256)</td><td>(256)</td><td>(256)</td></tr><tr><td>投资活动产生的现金</td><td>(1,171)</td><td>(1,294)</td><td>(1,339)</td><td>(1,395)</td></tr><tr><td>支付的股息</td><td>(1,434)</td><td>(1,506)</td><td>(1,320)</td><td>(1,362)</td></tr><tr><td>其他融资相关的现金</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>融资活动产生的现金</td><td>(2,047)</td><td>(2,100)</td><td>(1,940)</td><td>(2,024)</td></tr><tr><td>汇率变化的影响</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>总现金流</td><td>6,825</td><td>1,223</td><td>894</td><td>1,432</td></tr></table> 资料来源：HTI <table><tr><td>主要财务指标</td><td>2024A</td><td>2025E</td><td>2026E</td><td>2027E</td></tr><tr><td>每股收益</td><td>1.17</td><td>1.02</td><td>1.05</td><td>1.16</td></tr><tr><td>每股净资产</td><td>110.68</td><td>109.16</td><td>115.11</td><td>122.10</td></tr><tr><td>每股经营现金流</td><td>0.18</td><td>0.18</td><td>0.15</td><td>0.17</td></tr><tr><td>每股股利</td><td>0.58</td><td>0.51</td><td>0.53</td><td>0.58</td></tr><tr><td>毛利率%</td><td>49.4%</td><td>49.0%</td><td>49.2%</td><td>49.4%</td></tr><tr><td>EBITDA率%</td><td>16.3%</td><td>13.9%</td><td>13.3%</td><td>14.0%</td></tr><tr><td>营业利润率%</td><td>12.3%</td><td>10.3%</td><td>9.6%</td><td>10.3%</td></tr><tr><td>净利率%</td><td>10.5%</td><td>9.2%</td><td>9.0%</td><td>9.5%</td></tr><tr><td>净资产收益率%</td><td>11.5%</td><td>10.3%</td><td>10.0%</td><td>10.5%</td></tr><tr><td>营业收入yoy%</td><td>3.9%</td><td>0.4%</td><td>4.5%</td><td>5.3%</td></tr><tr><td>EBIT yoy%</td><td>17.0%</td><td>-16.2%</td><td>-1.9%</td><td>12.9%</td></tr><tr><td>扣非净利润yoy%</td><td>-5.5%</td><td>-12.4%</td><td>3.2%</td><td>10.5%</td></tr><tr><td>资产负债率</td><td>3.7</td><td>3.8</td><td>3.8</td><td>3.9</td></tr><tr><td>流动比率</td><td>2.7</td><td>2.8</td><td>2.9</td><td>3.1</td></tr><tr><td>存货周转天数</td><td>86</td><td>80</td><td>77</td><td>82</td></tr><tr><td>应收账款周转天数</td><td>17</td><td>15</td><td>14</td><td>13</td></tr><tr><td>应付账款周转天数</td><td>144</td><td>148</td><td>143</td><td>139</td></tr></table> <table><tr><td>资产负债表(百万元)</td><td>2024A</td><td>2025E</td><td>2026E</td><td>2027E</td></tr><tr><td>现金及等价物</td><td>15,763</td><td>16,985</td><td>17,880</td><td>19,312</td></tr><tr><td>应收账款</td><td>1,250</td><td>1,197</td><td>1,180</td><td>1,165</td></tr><tr><td>存货</td><td>2,598</td><td>2,348</td><td>2,752</td><td>2,884</td></tr><tr><td>流动性资产</td><td>20,528</td><td>21,447</td><td>22,729</td><td>24,278</td></tr><tr><td>固定资产</td><td>4,610</td><td>2,894</td><td>2,894</td><td>2,894</td></tr><tr><td>无形资产</td><td>386</td><td>230</td><td>210</td><td>191</td></tr><tr><td>总资产</td><td>35,708</td><td>35,081</td><td>36,712</td><td>38,582</td></tr><tr><td>应付账款</td><td>6,043</td><td>6,060</td><td>6,129</td><td>6,211</td></tr><tr><td>短期有息负债</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>流动负债</td><td>7,586</td><td>7,632</td><td>7,785</td><td>7,952</td></tr><tr><td>长期有息负债</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>长期负债</td><td>2,019</td><td>1,705</td><td>1,778</td><td>1,833</td></tr><tr><td>总负债</td><td>9,605</td><td>9,337</td><td>9,563</td><td>9,784</td></tr><tr><td>股本</td><td>236</td><td>236</td><td>236</td><td>236</td></tr><tr><td>留存收益</td><td>25,868</td><td>25,509</td><td>26,913</td><td>28,562</td></tr><tr><td>其他普通股权益</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>总股本</td><td>26,104</td><td>25,745</td><td>27,149</td><td>28,798</td></tr><tr><td>所有者权益</td><td>26,104</td><td>25,745</td><td>27,149</td><td>28,798</td></tr><tr><td>总负债和所有者权益</td><td>35,708</td><td>35,081</td><td>36,712</td><td>38,582</td></tr></table> # APPENDIX 1 # Summary 4Q25 GMV met expectations; 25E net profit margin guidance raised. 4Q25 company GMV declined by low-single-digit percentage points. October saw positive growth thanks to the combined National Day/Mid-Autumn Festival holiday, while November-December terminal demand weakened, pulling GMV down to a low-to-mid-single-digit decline. By channel: offline GMV fell midsingle-digit; wholesale/DTC GMV declined mid-single-digit/low-single-digit, respectively; online GMV was flat. DTC outperformed, mainly because around half of self-operated stores are outlet stores, with deeper discounts to clear winter inventory. 4Q discounts deepened by low-single-digit YoY and QoQ, with offline discounts slightly below the mid-60% range. Consequently, full-channel stock-to-sales ratio stood at a healthy 4-5x at year-end. New Year's Day GMV was better than expected due to the 3-day holiday, but overall performance since early January has been weak. Management remains cautious on 26E industry growth and ASP. The company guided for positive full-year revenue growth and a net profit margin of high-single-digit range or above, better than our expectation, supported by: 1) government subsidies actually disbursed better than expected; 2) elastic control of 2H marketing spend proved effective, combined with proper closure/disposal of loss-making stores, leading to better-than-expected channel expense ratio. Excluding outdoor, other categories saw slower growth in 2H. 4Q25 running grew mid-single-digit, a notable slowdown from 1H25, mainly due to: 1) weaker consumer spending power; 2) 2H being the seasonal low for running; 3) launch of Feidian 6 Elite and Feidian 6 Ultra (featuring new Super BOOM and Super BOOM Capsule technology platforms) during the late-November Shanghai Marathon Expo received strong consumer feedback and saw some stockouts. Going forward, Li-Ning Running aims to be #2 aiming for #1; 2026 will see continued increased investment to gain share. Training is one of Li-Ning's strengths but slowed in 2H25 mainly as some 3-in-1, hoodie, and sweatpant SKUs were reclassified into outdoor and sports lifestyle categories. Basketball and sports lifestyle both recorded negative growth in 4Q. Sports lifestyle, which has a relatively high GMV share, weighed on overall results. The company will drive performance through product optimization, new replacement SKUs, and marketing plans. Badminton was one of 2025's key growth engines (high-single-digit revenue share), with $>30\%$ growth in 9M25 and strong momentum extending into 4Q25, though sequential growth slowed due to the sport's relatively small overall market size. Outdoor remains small in scale but has promising growth potential. Focus on improving core wholesale channel quality; actively testing new formats such as Dragon Stores/Outdoor Stores. The company is prioritizing steady progress in core wholesale, with a focus on improving operating quality via a "store-specific strategy" and joint store-level KPI reviews with the finance department, enhancing operational granularity. At the same time, it is actively exploring new channels: recent Dragon Store pop-ups (2-week cycle) and slow-pop-ups (2-month cycle) have launched, with a dozen more pop-ups planned over the next 1-2 months. Consumer engagement activities will be held around the Milan Winter Olympics. Dragon Stores are positioned as a premium route, not volume-driven; near-term focus is on validating new format productivity and operations, with measured rollout. The first physical Dragon Store will open in mid-2026 on Nanjing East Road, Shanghai. Dragon Store products are clearly differentiated from existing lines in design, fabric, fit, and price. The "Glory" series has been established as an independent category with a dedicated team, and a clearer roadmap has been defined especially for the Glory Gold Label line. The target customer is affluent middle-class consumers (estimated 100-200 million) who value national glory and social status, and are willing to pay for premium lifestyle, Chinese Olympic spirit, and cutting-edge design. The product focus is on sophistication and business minimalism, with repeated refinement and testing on materials, fabrics, and logo design (including placement, size, and color of the joint COC logo). Usage scenarios center on daily commuting with light sports needs; down/outerwear and autumn trench coats, for example, balance functionality and design. Separately, an Outdoor Store and a LiNing exclusive store inside the Forbidden City are also in progress. Investment View & Earnings Forecast: Li-Ning's category and channel adjustments are largely completed this year, and the multi-year downcycle is nearing an end. 2026 will see continued increases in resource and marketing spending, which will pressure margins, but we are positive on the medium-to-long-term benefits for brand equity and consumer mindshare. We forecast 2025-2027 revenue at 28.79/30.10/31.69 billion RMB, $+0.4\% / +4.5\% / +5.3\%$ YoY; 2025-2027 net profit attributable to parent at 2.64/2.72/3.01 billion RMB, $-12.4\% / +3.2\% / +10.5\%$ YoY, corresponding to 17.2x/16.7x/15.1x2025-2027E PE. We maintain Outperform and apply 19x 2026E PE to derive a target price of HK$22.3(0.90HKD/RMB), implying 13.9% upside. Risk: Lack of domestic demand due to fluctuations in the domestic economy, inventory pressure, and increased competition. # APPENDIX 2 # ESG Comments # Environmental: 公司关注产品碳足迹，气候变化脆弱性。减少水资源压力，并生物多样性和土地利用。 Social: 公司关注劳工管理、健康和安全、人力资本发展和供应链劳工标准 Governance: 公司关注对董事会、薪酬、所有权和控制权以及会计等公司治理结构 # 附录APPENDIX # 重要信息披露 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司（HTIRL），Haitong Securities India Private Limited（HSIPL），Haitong International Japan K.K.（HTJKK）和海通国际证券有限公司（HTISCL）的证券研究团队所组成的全球品牌，海通国际证券集团（HTISG）各成员分别在其许可的司法管辖区内从事证券活动。 # IMPORTANT DISCLOSURES This research report is distributed by Haitong International, a global brand name for the equity research teams of Haitong International Research Limited ("HTIRL"), Haitong Securities India Private Limited ("HSIPL"), Haitong International Japan K.K. ("HTIJKK"), Haitong International Securities Company Limited ("HTISCL"), and any other members within the Haitong International Securities Group of Companies ("HTISG"), each authorized to engage in securities activities in its respective jurisdiction. # HTIRL分析师认证AnalystCertification: 我，寇媛媛，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究报告发布后的30个自然日内交易此研究报告所讨论目标公司的证券。I, Yuanyuan Kou, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; and that I (including members of my household) have no financial interest in the security or securities of the subject companies discussed. I and my household, whom I have already notified of this, will not deal in or trade any securities in respect of the issuer that I review within 30 calendar days after the research report is published. 我，林泽宇，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究报告发布后的30个自然日内交易此研究报告所讨论目标公司的证券。I, Caleb Lin, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; and that I (including members of my household) have no financial interest in the security or securities of the subject companies discussed. I and my household, whom I have already notified of this, will not deal in or trade any securities in respect of the issuer that I review within 30 calendar days after the research report is published. # 利益冲突披露 Conflict of Interest Disclosures 海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至ERD-Disclosure@htisec.com） HTI and some of its affiliates may engage in investment banking and / or serve as a market maker or hold proprietary trading positions of certain stocks or companies in this research report. As far as this research report is concerned, the following are the disclosure matters related to such relationship (As the following disclosure does not ensure timeliness and completeness, please send an email to ERD-Disclosure@htisec.com if timely and comprehensive information is needed). No Disclosure # 评级定义（从2020年7月1日开始执行）： 海通国际（以下简称“HTI”）采用相对评级系统来为投资者推荐我们覆盖的公司：优于大市、中性或弱于大市。投资者应仔细阅读HTI的评级定义。并且HTI发布分析师观点的完整信息，投资者应仔细阅读全文而非仅看评级。在任何情况下，分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况（比如投资者的现有持仓）以及其他因素。 # 分析师股票评级 优于大市，未来12-18个月内预期相对基准指数涨幅在 $10\%$ 以上，基准定义如下 中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。 弱于大市，未来12-18个月内预期相对基准指数跌幅在 $10\%$ 以上，基准定义如下 各地股票基准指数：日本-TOPIX,韩国-KOSPI,台湾-TAIEX,印度-Nifty100,美国-SP500;其他所有中国概念股-MSCIChina. # Ratings Definitions (from 1 Jul 2020): Haitong International uses a relative rating system using Outperform, Neutral, or Underperform for recommending the stocks we cover to investors. Investors should carefully read the definitions of all ratings used in Haitong International Research. In addition, since Haitong International Research contains more complete information concerning the analyst's views, investors should carefully read Haitong International Research, in its entirety, and not infer the contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor's decision to buy or sell a stock should depend on individual circumstances (such as the investor's existing holdings) and other considerations. # AnalystStockRatings Outperform:The stock's total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below. Neutral: The stock's total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. Underperform:The stock's total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below. Benchmarks for each stock's listed region are as follows: Japan - TOPIX, Korea - KOSPI, Taiwan - TAIEX, India - Nifty100, US - SP500; for all other China-concept stocks - MSCI China. 截至2025年12月31日海通国际股票研究评级分布 截至2025年9月30日海通国际股票研究评级分布 <table><tr><td></td><td>优于大市</td><td>中性 (持有)</td><td>弱于大市</td><td>优于大市</td><td>中性 (持有)</td><td>弱于大市</td></tr><tr><td>海通国际股票研究覆盖率</td><td>93.9%</td><td>6.0%</td><td>0.1%</td><td>92.3%</td><td>7.5%</td><td>0.2%</td></tr><tr><td>投资银行客户*</td><td>3.0%</td><td>4.0%</td><td>0.0%</td><td>3.3%</td><td>3.9%</td><td>0.0%</td></tr></table> *在每个评级类别里投资银行客户所占的百分比。 上述分布中的买入，中性和卖出分别对应我们当前优于大市，中性和落后大市评级。 只有根据FINRA/NYSE的评级分布规则，我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。 # 此前的评级系统定义（直至2020年6月30日）： 买入，未来12-18个月内预期相对基准指数涨幅在 $10\%$ 以上，基准定义如下 中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。 卖出，未来12-18个月内预期相对基准指数跌幅在 $10\%$ 以上，基准定义如下 各地股票基准指数：日本-TOPIX,韩国-KOSPI,台湾-TAIEX,印度-Nifty100;其他所有中国概念股-MSCIChina. Haitong International Equity Research Ratings Distribution, as of December 31, 2025 <table><tr><td></td><td>Outperform</td><td>Neutral (hold)</td><td>Underperform</td></tr><tr><td>HTI Equity Research Coverage</td><td>93.9%</td><td>6.0%</td><td>0.1%</td></tr><tr><td>IB clients*</td><td>3.0%</td><td>4.0%</td><td>0.0%</td></tr></table> *Percentage of investment banking clients in each rating category. Haitong International Equity Research Ratings Distribution, as of September 30, 2025 <table><tr><td>Outperform</td><td>Neutral(hold)</td><td>Underperform</td></tr><tr><td>92.3%</td><td>7.5%</td><td>0.2%</td></tr><tr><td>3.3%</td><td>3.9%</td><td>0.0%</td></tr></table> BUY, Neutral, and SELL in the above distribution correspond to our current ratings of Outperform, Neutral, and Underperform. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. Please note that stocks with an NR designation are not included in the table above. # Previous rating system definitions (until 30 Jun 2020): Buy: The stock's total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark, as indicated below. NEUTRAL: The stock's total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. SELL: The stock's total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark, as indicated below. Benchmarks for each stock's listed region are as follows: Japan - TOPIX, Korea - KOSPI, Taiwan - TAIEX, India - Nifty100; for all other China-concept stocks - MSCI China. 海通国际非评级研究：海通国际发布计量、筛选或短篇报告，并在报告中根据估值和其他指标对股票进行排名，或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值，而仅供参考使用。 Haitong International Non-Rated Research: Haitong International publishes quantitative, screening or short reports which may rank stocks according to valuation and other metrics or may suggest prices based on possible valuation multiples. Such rankings or suggested prices do not purport to be stock ratings or target prices or fundamental values and are for information only. 海通国际A股覆盖：海通国际可能会就沪港通及深港通的中国A股进行覆盖及评级。国泰海通证券（601211.CH），海通国际于上海的母公司，也会于中国发布中国A股的研究报告。但是，海通国际使用与国泰海通证券不同的评级系统，所以海通国际与国泰海通证券的中国A股评级可能有所不同。 Haitong International Coverage of A-Shares: Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect scheme with Shanghai and Shenzhen. GUOTAI HAITONG SECURITIES (601211 CH), the ultimate parent company of HTISG based in Shanghai, covers and publishes research on these same A-Shares for distribution in mainland China. However, the rating system employed by GTHS differs from that used by HTI and as a result there may be a difference in the HTI and GTHS ratings for the same A-share stocks. 海通国际优质100A股（Q100）指数：海通国际Q100指数是一个包括100支由国泰海通证券覆盖的优质中国A股的计量产品。这些股票是通过基于质量的筛选过程，并结合对国泰海通证券A股团队自下而上的研究。海通国际每季对Q100指数成分作出复审。 Haitong International Quality 100 A-share (Q100) Index: HTI's Q100 Index is a quant product that consists of 100 of the highest-quality A-shares under coverage at GTHS in Shanghai. These stocks are carefully selected through a quality-based screening process in combination with a review of the GTHS A-share team's bottom-up research. 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If there is any difference between this claim and other agreements, this disclaimer shall be applied. # 重要免责声明： 非印度证券的研究报告：本报告由海通国际证券集团有限公司（“HTISGL”）的全资附属公司海通国际研究有限公司（“HTIRL”）发行，该公司是根据香港证券及期货条例（第571章）持有第4类受规管活动（就证券提供意见）的持牌法团。该研究报告在HTISGL的全资附属公司Haitong International (Japan) K.K.（“HTJKK”）的协助下发行，HTJKK是由日本关东财务局监管为投资顾问。 印度证券的研究报告：本报告由从事证券交易、投资银行及证券分析及受Securities and Exchange Board of India（“SEBI”）监管的Haitong Securities India Private Limited（“HTSIPL”）所发行，包括制作及发布涵盖BSE Limited（“BSE”）和National Stock Exchange of India Limited（“NSE”）上市公司（统称为「印度交易所」）的研究报告。HTSIPL于2016年12月22日被收购并成为海通国际证券集团有限公司（“HTISG”）的一部分。 所有研究报告均以海通国际为名作为全球品牌，经许可由海通国际证券股份有限公司及/或海通国际证券集团的其他成员在其司法管辖区发布。 本文件所载信息和观点已被编译或源自可靠来源，但HTIRL、HTISCL或任何其他属于海通国际证券集团有限公司（“HTISG”）的成员对其准确性、完整性和正确性不做任何明示或暗示的声明或保证。本文件中所有观点均截至本报告日期，如有更改，恕不另行通知。本文件仅供参考使用。文件中提及的任何公司或其股票的说明并非意图展示完整的内容，本文件并非/不应被解释为对证券买卖的明示或暗示地出价或征价。在某些司法管辖区，本文件中提及的证券可能无法进行买卖。如果投资产品以投资者本国货币以外的币种进行计价，则汇率变化可能会对投资产生不利影响。过去的表现并不一定代表将来的结果。某些特定交易，包括设计金融衍生工具的，有产生重大风险的可能性，因此并不适合所有的投资者。您还应认识到本文件中的建议并非为您量身定制。分析师并未考虑到您自身的财务情况，如您的财务状况和风险偏好。因此您必须自行分析并在适用的情况下咨询自己的法律、税收、会计、金融和其他方面的专业顾问，以期在投资之前评估该项建议是否适合于您。若由于使用本文件所载的材料而产生任何直接或间接的损失，HTISG及其董事、雇员或代理人对此均不承担任何责任。 除对本文内容承担责任的分析师除外，HTISG及我们的关联公司、高级管理人员、董事和雇员，均可不时作为主事人就本文件所述的任何证券或衍生品持有长仓或短仓以及进行买卖。HTISG的销售员、交易员和其他专业人士均可向HTISG的相关客户和公司提供与本文件所述意见相反的口头或书面市场评论意见或交易策略。HTISG可做出与本文件所述建议或意见不一致的投资决策。但HTIRL没有义务来确保本文件的收件人了解到该等交易决定、思路或建议。 请访问海通国际网站www.equities.htisec.com，查阅更多有关海通国际为预防和避免利益冲突设立的组织和行政安排的内容信息。 非美国分析师披露信息：本项研究首页上列明的海通国际分析师并未在FINRA进行注册或者取得相应的资格，并且不受美国FINRA有关与本项研究目标公司进行沟通、公开露面和自营证券交易的第2241条规则之限制。 # IMPORTANT DISCLAIMER For research reports on non-Indian securities: The research report is issued by Haitong International Research Limited ("HTIRL"), a wholly owned subsidiary of Haitong International Securities Group Limited ("HTISGL") and a licensed corporation to carry on Type 4 regulated activity (advising on securities) for the purpose of the Securities and Futures Ordinance (Cap. 571) of Hong Kong, with the assistance of Haitong International (Japan) K.K. 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