CICC Increases LI NING's Target Price to HKD24.4 with Revised Higher EPS Projections
Operating Conditions: LI NING reported a low single-digit year-over-year decline in retail sell-through for 4Q25, alongside a net reduction of 41 retail outlets, as the retail environment remained weak with increased discounts.
Inventory and Sell-Through Improvement: Despite the challenging retail conditions, LI NING saw a quarter-over-quarter improvement in sell-through growth and a return to healthy inventory levels.
Earnings Forecasts: CICC raised its earnings per share (EPS) forecasts for LI NING for 2025 and 2026 by 14% and 3%, respectively, while also introducing a 2027 EPS forecast, reflecting the company's effective expense management and ongoing investments.
Target Price Adjustment: The target price for LI NING has been increased by 3% to HKD24.4, maintaining an Outperform rating from analysts.
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Citi Sees Promise in ANTA SPORTS (02020.HK) Acquisition of Puma with Target Price of $107
ANTA SPORTS Acquisition: ANTA SPORTS announced its acquisition of Puma, raising investor questions about its impact on the company's business in China.
Citi Research Insights: Citi Research predicts that the acquisition could lead to rapid revenue growth for Puma in China and suggests potential integration of retail and distribution operations.
Market Recommendations: The broker maintains a "Buy" recommendation for ANTA SPORTS and sets a target price of $107, alongside other companies in the sportswear sector.
Short Selling Data: As of February 10, 2026, ANTA SPORTS has a short selling ratio of 14.717%, while other companies like TOPSPORTS and LI NING also show significant short selling activity.
Citi Maintains Buy Rating on ANTA SPORTS; Negative Impacts of Puma Acquisition Already Reflected in Price
ANTA SPORTS Acquisition: ANTA SPORTS announced the acquisition of a 29% stake in Puma for EUR1.5 billion, making it Puma's largest shareholder upon completion.
Market Reaction: Citi reports that the market has largely priced in the negatives related to the acquisition, maintaining a Buy rating on ANTA SPORTS with a target price of HKD107.
Short Selling Data: ANTA SPORTS has a short selling amount of $63.93M with a ratio of 10.045%, indicating significant market activity.
Industry Comparisons: Citi's stock picks favor ANTA SPORTS over competitors like TOPSPORTS and LI NING, all of which are rated Buy.
LI NING Invests in Wealth Management Products Worth a Total of RMB 1.9 Billion
Li Ning's Financial Activities: Li Ning's subsidiaries have made several structured deposit subscriptions totaling RMB1.93 billion, with varying terms and expected annual return rates ranging from 0.6% to 3%.
Short Selling Information: The company is experiencing significant short selling activity, with a total of $79.79 million shorted and a short selling ratio of 24.382%.
G Sachs Lowers ANTA SPORTS Price Target to HKD108; Fourth Quarter Results Meet Expectations
4Q25 Performance: ANTA SPORTS' 4Q25 results met market expectations, but management's cautious outlook for 2026 revenue and profit margins may negatively impact market sentiment.
Market Sentiment: The conservative view on future sales, combined with rumors of potential acquisitions, could lead to fluctuations in ANTA SPORTS' stock price.
Long-term Outlook: Despite short-term concerns, Goldman Sachs maintains a positive long-term growth outlook for ANTA SPORTS, keeping a Buy rating while lowering the target price from HKD115 to HKD108.
Comparative Performance: ANTA SPORTS outperformed competitors LI NING and POU SHENG INT'L in 4Q25, highlighting its effective multi-brand strategy and cost control in a challenging market.
HSI Declines 90 Points as SINOTRUK Drops Over 5% Following Block Trade Report; Gold Mining Stocks Rise
Market Opening: The HSI, HSCEI, and HSTECH opened lower, with declines of 0.3% and 0.7%, reflecting a negative market sentiment.
ANTA SPORTS Performance: ANTA SPORTS saw a 5.6% drop in share price due to low retail sales growth and management's indication of a challenging investment year ahead.
Other Stock Movements: LI NING and POP MART also experienced declines, while SINOTRUK reported a significant block trade despite a slight opening increase.
Financial Sector Trends: Major financial stocks like HSBC, HKEX, and AIA faced minor declines, while gold-related stocks like CHINAGOLDINTL and ZIJIN MINING saw gains amidst rising gold prices.
JPM Maintains Underweight Rating on LI NING; Obstacles Persist This Year
LI NING's Recovery Efforts: JPMorgan recognizes LI NING's management efforts to revitalize the brand, although the company is expected to face a low earnings base with declines projected from 2023 to 2025.
Earnings Forecast: A modest earnings increase of only 2% is anticipated for LI NING in 2026, which is significantly lower than the expected over 10% increase for competitors ANTA SPORTS and XTEP INT'L.
Broker Ratings: UOB Kay Hian has maintained a Hold rating on LI NING, raising its target price to HKD 20.2, while keeping the target price at HKD 14.6 and an Underweight rating.
Short Selling Data: As of January 19, 2026, LI NING has a short selling ratio of 21.243% with $128.12M short sold, compared to lower ratios for ANTA SPORTS and XTEP INT'L.
Citi Sees Promise in ANTA SPORTS (02020.HK) Acquisition of Puma with Target Price of $107
ANTA SPORTS Acquisition: ANTA SPORTS announced its acquisition of Puma, raising investor questions about its impact on the company's business in China.
Citi Research Insights: Citi Research predicts that the acquisition could lead to rapid revenue growth for Puma in China and suggests potential integration of retail and distribution operations.
Market Recommendations: The broker maintains a "Buy" recommendation for ANTA SPORTS and sets a target price of $107, alongside other companies in the sportswear sector.
Short Selling Data: As of February 10, 2026, ANTA SPORTS has a short selling ratio of 14.717%, while other companies like TOPSPORTS and LI NING also show significant short selling activity.
Citi Maintains Buy Rating on ANTA SPORTS; Negative Impacts of Puma Acquisition Already Reflected in Price
ANTA SPORTS Acquisition: ANTA SPORTS announced the acquisition of a 29% stake in Puma for EUR1.5 billion, making it Puma's largest shareholder upon completion.
Market Reaction: Citi reports that the market has largely priced in the negatives related to the acquisition, maintaining a Buy rating on ANTA SPORTS with a target price of HKD107.
Short Selling Data: ANTA SPORTS has a short selling amount of $63.93M with a ratio of 10.045%, indicating significant market activity.
Industry Comparisons: Citi's stock picks favor ANTA SPORTS over competitors like TOPSPORTS and LI NING, all of which are rated Buy.
LI NING Invests in Wealth Management Products Worth a Total of RMB 1.9 Billion
Li Ning's Financial Activities: Li Ning's subsidiaries have made several structured deposit subscriptions totaling RMB1.93 billion, with varying terms and expected annual return rates ranging from 0.6% to 3%.
Short Selling Information: The company is experiencing significant short selling activity, with a total of $79.79 million shorted and a short selling ratio of 24.382%.
G Sachs Lowers ANTA SPORTS Price Target to HKD108; Fourth Quarter Results Meet Expectations
4Q25 Performance: ANTA SPORTS' 4Q25 results met market expectations, but management's cautious outlook for 2026 revenue and profit margins may negatively impact market sentiment.
Market Sentiment: The conservative view on future sales, combined with rumors of potential acquisitions, could lead to fluctuations in ANTA SPORTS' stock price.
Long-term Outlook: Despite short-term concerns, Goldman Sachs maintains a positive long-term growth outlook for ANTA SPORTS, keeping a Buy rating while lowering the target price from HKD115 to HKD108.
Comparative Performance: ANTA SPORTS outperformed competitors LI NING and POU SHENG INT'L in 4Q25, highlighting its effective multi-brand strategy and cost control in a challenging market.
HSI Declines 90 Points as SINOTRUK Drops Over 5% Following Block Trade Report; Gold Mining Stocks Rise
Market Opening: The HSI, HSCEI, and HSTECH opened lower, with declines of 0.3% and 0.7%, reflecting a negative market sentiment.
ANTA SPORTS Performance: ANTA SPORTS saw a 5.6% drop in share price due to low retail sales growth and management's indication of a challenging investment year ahead.
Other Stock Movements: LI NING and POP MART also experienced declines, while SINOTRUK reported a significant block trade despite a slight opening increase.
Financial Sector Trends: Major financial stocks like HSBC, HKEX, and AIA faced minor declines, while gold-related stocks like CHINAGOLDINTL and ZIJIN MINING saw gains amidst rising gold prices.
JPM Maintains Underweight Rating on LI NING; Obstacles Persist This Year
LI NING's Recovery Efforts: JPMorgan recognizes LI NING's management efforts to revitalize the brand, although the company is expected to face a low earnings base with declines projected from 2023 to 2025.
Earnings Forecast: A modest earnings increase of only 2% is anticipated for LI NING in 2026, which is significantly lower than the expected over 10% increase for competitors ANTA SPORTS and XTEP INT'L.
Broker Ratings: UOB Kay Hian has maintained a Hold rating on LI NING, raising its target price to HKD 20.2, while keeping the target price at HKD 14.6 and an Underweight rating.
Short Selling Data: As of January 19, 2026, LI NING has a short selling ratio of 21.243% with $128.12M short sold, compared to lower ratios for ANTA SPORTS and XTEP INT'L.
