Lyon: Raised the target price of LI NING (02331) to 18 Hong Kong dollars, maintaining a "hold" rating.
Li-Ning (02331) retail sales performance in the fourth quarter of 2025 was moderate, in line with expectations. The net profit margin for the 2025 fiscal year is at the high end of the high single digits guidance, better than market expectations.
Lyon released a research report stating that LI NING (02331) had a moderate retail sales performance in the fourth quarter of 2025, meeting expectations. The net profit margin for the 2025 fiscal year is at a high level of high single digits, exceeding market expectations, mainly due to cost reductions and government subsidies resulting from store closures. The bank expects more evidence for the next round of valuation revaluation to show that the company's new initiatives can drive retail sales recovery. The target price has been raised from HK$16 to HK$18, maintaining a "hold" rating.
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