Lates News

Guosen Securities research report stated that Li Ning still faces marketing cost pressure in the short term, but operating efficiency is improving, and mid-term sales growth is expected to accelerate, driving profit recovery. In the first half of 2025, the company achieved steady performance in a challenging operating environment, especially with a good profit performance after excluding non-recurring items. In the second half of the year, additional costs will be incurred due to resources invested in cooperation with the China Olympic Committee, but these will gradually be converted into sales driving force in the future. We maintain profit forecasts for the company, expecting the company's net profit attributable to the parent company to be 25.1/28.3/30.4 billion yuan in 2025-2027, with year-on-year changes of -16.6%/12.5%/7.7%. We are optimistic about the company's current healthy operating foundation and the potential for brand growth acceleration through future marketing efforts, raising the target price to 21.1-22.3 Hong Kong dollars, corresponding to a 2026 PE of 18-19x, and maintaining an "outperform the market" rating.