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<Research>CMSI Lowers LI NING's TP to HKD22; Signs of Recovery Rising
Recommend 12 Positive 5 Negative 10 |
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LI NING (02331.HK)'s retail performance in 3Q25 was mixed but met expectations, CMSI wrote in its research report. While its overall retail sales (excluding Li Ning YOUNG) declined by a mid-single-digit percentage YoY, its e-commerce business logged high single-digit growth, reflecting more resilient growth momentum in online channels. LI NING failed to reach the turning point for accelerated revenue growth in 2H25, which CMSI attributed to intense market competition, challenges in the basketball and casual categories, and a still sluggish overall consumption environment. That being said, LI NING's continued investment in product innovation, category expansion (such as outdoor and badminton), and brand building (such as Olympic-related efforts) steered the brand in the right direction. As structural issues are gradually resolved, CMSI expects these initiatives to lay the foundation for LI NING's future performance turnaround. CMSI has kept an Overweight rating on LI NING but cut its target price from HKD25 to HKD22. AAStocks Financial News |
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