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02331
LI NING
HKD
19.5500.180
(0.93%)
1D
High
20.000
Open
19.260
VWAP
19.71
Vol
10.88M
Mkt Cap
43.58B
Low
19.250
Amount
214.47M
EV/EBITDA(TTM)
5.64
Total Shares
2.58B
EV
4.35B
EV/OCF(TTM)
5.62
P/S(TTM)
1.59
Li Ning Co Ltd is a company principally engaged in the research and development, design, manufacturing and sales of sporting goods. The Company is principally engaged in the operation of professional and leisure footwear, apparel, equipment and accessories under the LI-NING brand. The Company is also engaged in the manufacturing, development, marketing, distribution and sales of various sports products which are self-owned by or licensed to the Group, including Double Happiness (table tennis), AIGLE (outdoor sports) and Kason (badminton), which are operated through joint venture/associate with third parties of the Group. The Company principally conducts its businesses in domestic and overseas markets.
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News
6.5
01-13aastocksCiti Research: Chinese Consumption Sector Prioritizes Sustainable Profit Growth; Recommended Stocks Include ANTA SPORTS, HAIDILAO, POP MART, and More
Citi Research Forecast: Citi Research predicts a shift in investor portfolios between 'value' and 'growth' in China's consumption sector, emphasizing a cautious outlook on immediate government consumption stimulation in a low-inflation environment.
Top Stock Picks: In the consumer discretionary sector, Citi's top picks include ANTA SPORTS, POP MART, HAIDILAO, Atour Lifestyle, and MIDEA GROUP, while in consumer staples, they favor CHINA RES BEER, EASTROC BEVERAGE, and MAO GEPING.
Potential Outperformance: If China's consumption recovery surpasses expectations, stocks like LI NING, CTG DUTY-FREE, and HAITIAN FLAV are anticipated to outperform the market.
Short Selling Data: The report includes short selling data for various stocks, indicating market sentiment and potential risks associated with these investments.
4.0
01-12aastocks<Research>CMSI Reduces Revenue and Profit Projections for LI NING (02331.HK) in 2026
CMSI Rating: CMSI maintains an Overweight rating for LI NING (02331.HK), indicating confidence in the company's long-term potential despite current challenges.
Short Selling and Performance: The company is experiencing significant short selling, with a ratio of 29.288%, and has faced weak performance in 4Q25 and a slow start in 1Q26 due to external factors like a warm winter.
Revenue and Profit Forecasts: CMSI has lowered its 2026 revenue forecast for LI NING by 3% and reduced its net profit forecast by 14.7%, while also increasing sales and administrative expenses to support brand reinvestment.
Target Price: A target price of $22 has been set for LI NING, reflecting the broker's adjusted outlook based on the company's current performance and strategic initiatives.
4.0
01-09aastocks<Research>CMSI: LI NING (02331.HK) Management Focused on Long-Term Brand Value; Rating Maintained as Buy
Research Report on LI NING: CMSI maintains a Buy rating on LI NING (02331.HK) despite short-term challenges, including weak sales in 4Q25 and a slow start in 1Q26 due to warmer weather.
Management Strategy: The management is focused on long-term brand value rather than short-term profit maximization, which is seen as a necessary transition period.
Market Activity Outlook: CGS anticipates that trading activity in the Hong Kong stock market will continue to rise, particularly in the tech and consumption sectors.
Target Price and Investment Outlook: CMSI has set a target price of $22 for LI NING, viewing any volatility from the 2026 forecast adjustments as an opportunity for investment before a projected recovery in 2027.
4.0
2025-12-29aastocksGuosen Securities Maintains Outperform Rating for LI NING (02331.HK), Positive on Brand Momentum Recovery
Operational Changes: Starting in 2024, LI NING plans to reduce the scale of its directly-operated stores, which is expected to improve its direct operating profit margin from about 10% in 2023 to mid-double digits by the first half of 2025.
Franchise Growth: The wholesale channel remains stable, and there is a slight increase in the number of franchise stores, indicating a recovery in distributor confidence and potential for improved store performance.
Future Outlook: Analysts predict a turnaround for LI NING as a leading domestic sports brand, with long-term profit growth potential supported by strong cash reserves.
Valuation Assessment: The company's valuation is maintained at a range of $21.2 to $22.3, reflecting a PE ratio of approximately 19x-20x for 2026, with an "Outperform" rating from Guosen Securities.
4.5
2025-12-17aastocksHSI Rises by 233 Points as LI NING Jumps Over 4%; YOFC Surges 21%
Hong Kong Stock Market Performance: Hong Kong stocks rose, with the HSI gaining 233 points (0.9%) to close at 25,468, driven by China's equity market, while total market turnover fell to $183.141 billion.
Key Stock Movements: YOFC surged 21.2% amid significant turnover, while LENS and COWELL also saw gains of 4.2% and 2.6%, respectively, due to Apple's plans to expand iPhone production.
Industrial Production in China: China's industrial production year-on-year for November was reported at 4.8%, slightly below the previous value of 4.9% and below the forecast of 5%.
Gains in Various Sectors: Notable increases were seen in sportswear (LI NING +4.3%), airlines (CHINA SOUTH AIR +5.9%), luggage (SAMSONITE +3.7%), and travel platforms (TONGCHENGTRAVEL +3.4%).
Money Flow
Over the past 66 trading days, overall net money flow is 106.16M, with retail investors contributing 16.99M and major investors adding 108.18M.
Net Buy $ Volume
Net Sell $ Volume
CMSI
Buy
maintain
$22
2026-01-09
Reason
The analyst rating of "Buy" on LI NING (02331.HK) by CMSI is based on several key factors. Despite facing short-term challenges such as weak sales performance in 4Q25 and a slow start in 1Q26 due to warmer weather, the management's strict cost control is seen as a protective measure. Additionally, the management's commitment to prioritizing long-term brand value over short-term profit maximization is viewed positively. CMSI believes that any volatility from the 2026 forecast adjustments presents an opportunity for investors, as they anticipate a recovery in 2027. The target price set at $22 further supports the positive outlook.
CMSI
Buy
Price Target
$22
2026-01-09
maintain
The analyst rating of "Buy" on LI NING (02331.HK) by CMSI is based on several key factors. Despite facing short-term challenges such as weak sales performance in 4Q25 and a slow start in 1Q26 due to warmer weather, the management's strict cost control is seen as a protective measure. Additionally, the management's commitment to prioritizing long-term brand value over short-term profit maximization is viewed positively. CMSI believes that any volatility from the 2026 forecast adjustments presents an opportunity for investors, as they anticipate a recovery in 2027. The target price set at $22 further supports the positive outlook.
Guosen Securities
Outperform
maintain
2025-12-29
Reason
The analyst rating for LI NING (02331.HK) is maintained at "Outperform" due to several key factors highlighted in the report by Guosen Securities. These include:
1. Operational Improvements: The company has proactively reduced the scale of its directly-operated stores and controlled store area, which has led to an improvement in direct operating profit margin, projected to rise from about 10% in 2023 to mid-double digits in 1H25.
2. Stable Wholesale Channel: The wholesale channel has remained stable, and there has been a slight increase in the number of franchise stores, indicating a gradual recovery in distributor confidence.
3. Potential for Brand Momentum Recovery: If brand momentum recovers, it is expected that store performance will improve, and discount rates at existing stores will decrease, which could enhance operating leverage and drive further channel expansion.
4. Long-term Profit Growth Potential: The company is viewed as having significant long-term profit growth potential, supported by ample cash reserves.
5. Valuation: The reasonable valuation range for the company is maintained at $21.2 to $22.3, corresponding to a PE ratio of about 19x-20x for 2026, suggesting that the stock is fairly valued relative to its growth prospects.
These factors collectively support the positive outlook and the "Outperform" rating for LI NING.
Guosen Securities
Outperform
Price Target
2025-12-29
maintain
The analyst rating for LI NING (02331.HK) is maintained at "Outperform" due to several key factors highlighted in the report by Guosen Securities. These include:
1. Operational Improvements: The company has proactively reduced the scale of its directly-operated stores and controlled store area, which has led to an improvement in direct operating profit margin, projected to rise from about 10% in 2023 to mid-double digits in 1H25.
2. Stable Wholesale Channel: The wholesale channel has remained stable, and there has been a slight increase in the number of franchise stores, indicating a gradual recovery in distributor confidence.
3. Potential for Brand Momentum Recovery: If brand momentum recovers, it is expected that store performance will improve, and discount rates at existing stores will decrease, which could enhance operating leverage and drive further channel expansion.
4. Long-term Profit Growth Potential: The company is viewed as having significant long-term profit growth potential, supported by ample cash reserves.
5. Valuation: The reasonable valuation range for the company is maintained at $21.2 to $22.3, corresponding to a PE ratio of about 19x-20x for 2026, suggesting that the stock is fairly valued relative to its growth prospects.
These factors collectively support the positive outlook and the "Outperform" rating for LI NING.
Citi
Buy
maintain
2025-12-15
Reason
The analyst rating for LI NING (02331.HK) remains a Buy due to an updated target price, which has been lifted from HKD 18.1 to HKD 20.6. This adjustment reflects expectations for a gradual revenue pickup in 2026, despite a reduction in sales forecasts for 2026-27 by 4% and 3% respectively, and a cut in net profit forecasts for the same period by 6% and 5%. The overall outlook suggests confidence in the company's long-term growth potential, justifying the Buy rating.
Citi
Buy
Price Target
2025-12-15
maintain
The analyst rating for LI NING (02331.HK) remains a Buy due to an updated target price, which has been lifted from HKD 18.1 to HKD 20.6. This adjustment reflects expectations for a gradual revenue pickup in 2026, despite a reduction in sales forecasts for 2026-27 by 4% and 3% respectively, and a cut in net profit forecasts for the same period by 6% and 5%. The overall outlook suggests confidence in the company's long-term growth potential, justifying the Buy rating.
CMSI
CMSI
Overweight
cut
$25 -> $22
2025-10-28
Reason
The analyst rating for LI NING (02331.HK) is Overweight, as maintained by CMSI. The rationale behind this rating includes the mixed retail performance in 3Q25, which met expectations despite a decline in overall retail sales (excluding Li Ning YOUNG). The e-commerce segment showed resilience with high single-digit growth. However, CMSI noted that LI NING did not achieve the anticipated revenue growth acceleration in 2H25 due to intense market competition, challenges in specific product categories, and a sluggish consumption environment.
Despite these challenges, CMSI highlighted LI NING's ongoing investments in product innovation, category expansion, and brand building as positive factors that could support future performance improvements. The expectation is that as structural issues are gradually resolved, these initiatives will help lay the groundwork for a turnaround in LI NING's performance. Consequently, while the target price was reduced from HKD25 to HKD22, the overall outlook remains optimistic, justifying the Overweight rating.
CMSI
Overweight
Price Target
$25 -> $22
2025-10-28
cut
The analyst rating for LI NING (02331.HK) is Overweight, as maintained by CMSI. The rationale behind this rating includes the mixed retail performance in 3Q25, which met expectations despite a decline in overall retail sales (excluding Li Ning YOUNG). The e-commerce segment showed resilience with high single-digit growth. However, CMSI noted that LI NING did not achieve the anticipated revenue growth acceleration in 2H25 due to intense market competition, challenges in specific product categories, and a sluggish consumption environment.
Despite these challenges, CMSI highlighted LI NING's ongoing investments in product innovation, category expansion, and brand building as positive factors that could support future performance improvements. The expectation is that as structural issues are gradually resolved, these initiatives will help lay the groundwork for a turnaround in LI NING's performance. Consequently, while the target price was reduced from HKD25 to HKD22, the overall outlook remains optimistic, justifying the Overweight rating.
Morgan Stanley
Morgan Stanley
Overweight
maintain
$25
2025-10-27
Reason
The analyst rating for LI NING (02331.HK) from Morgan Stanley is Overweight, primarily due to the company's strategy to control non-advertising expenses and manage profit margin pressure through balancing discounts and inventory levels. Despite a weakened sales momentum and expectations of limited short-term growth, the firm believes that the company's operational guidance and planned product launches, particularly related to the Olympics, will support its long-term prospects. The target price set at HKD25 reflects this positive outlook, despite the current challenges.
Morgan Stanley
Overweight
Price Target
$25
2025-10-27
maintain
The analyst rating for LI NING (02331.HK) from Morgan Stanley is Overweight, primarily due to the company's strategy to control non-advertising expenses and manage profit margin pressure through balancing discounts and inventory levels. Despite a weakened sales momentum and expectations of limited short-term growth, the firm believes that the company's operational guidance and planned product launches, particularly related to the Olympics, will support its long-term prospects. The target price set at HKD25 reflects this positive outlook, despite the current challenges.
CLSA
CLSA
Hold
maintain
$16
2025-10-27
Reason
The analyst rating for LI NING (02331.HK) was kept as "Hold" due to several factors highlighted in the CLSA research report. The company recorded a mid-single-digit year-over-year decline in retail sell-through in 3Q25, indicating a slowdown in growth and failure to meet internal targets. While online sales grew at a high single-digit rate, offline sales experienced a high single-digit decline. Additionally, there has been increasing pressure on retail sales and discounts since October, with management noting high consumer price sensitivity and a preference for cost-effective products. Although CLSA maintained its guidance for FY25 results, it anticipates challenges in recovering retail sales and sustaining stable gross margins in 4Q25, leading to the decision to maintain the "Hold" rating with a target price of HKD16.
CLSA
Hold
Price Target
$16
2025-10-27
maintain
The analyst rating for LI NING (02331.HK) was kept as "Hold" due to several factors highlighted in the CLSA research report. The company recorded a mid-single-digit year-over-year decline in retail sell-through in 3Q25, indicating a slowdown in growth and failure to meet internal targets. While online sales grew at a high single-digit rate, offline sales experienced a high single-digit decline. Additionally, there has been increasing pressure on retail sales and discounts since October, with management noting high consumer price sensitivity and a preference for cost-effective products. Although CLSA maintained its guidance for FY25 results, it anticipates challenges in recovering retail sales and sustaining stable gross margins in 4Q25, leading to the decision to maintain the "Hold" rating with a target price of HKD16.
CMBI
CMBI
Buy
downgrade
2025-08-26
Reason
CMBI
Buy
Price Target
2025-08-26
downgrade
BOCI
BOCI
Hold
maintain
2025-08-25
Reason
BOCI
Hold
Price Target
2025-08-25
maintain
Morgan Stanley
Morgan Stanley
Overweight
maintain
$22 -> $25
2025-08-25
Reason
The analyst rating from Morgan Stanley is based on the expectation that LI NING's earnings margin recovery will be a significant driver of earnings growth in the coming years. Despite conservative assumptions due to the dependence on the macroeconomic environment in China, the firm's defensive stance and focus on core operations are anticipated to lead to future operating leverage. Additionally, Morgan Stanley has raised its target price for LI NING from HKD22 to HKD25 while maintaining an Overweight rating, indicating confidence in the company's potential for growth despite challenges such as competition and a weak macro environment.
Morgan Stanley
Overweight
Price Target
$22 -> $25
2025-08-25
maintain
The analyst rating from Morgan Stanley is based on the expectation that LI NING's earnings margin recovery will be a significant driver of earnings growth in the coming years. Despite conservative assumptions due to the dependence on the macroeconomic environment in China, the firm's defensive stance and focus on core operations are anticipated to lead to future operating leverage. Additionally, Morgan Stanley has raised its target price for LI NING from HKD22 to HKD25 while maintaining an Overweight rating, indicating confidence in the company's potential for growth despite challenges such as competition and a weak macro environment.
Nomura
Nomura
Neutral
maintain
2025-08-25
Reason
The analyst rating for LI NING (02331.HK) is maintained at Neutral due to several factors. While the company delivered a 3% year-over-year rise in interim revenue, which was slightly above market expectations, there were declines in both gross and net margins. The net profit fell 11% year-over-year but still exceeded market expectations. The company has maintained its full-year guidance, anticipating flat revenue growth and a high single-digit net margin, which suggests a significant decline in net profit due to a slowdown in business in August and increased sales and advertising expenses impacting operating margins in the second half of the year. Despite these challenges, the broker raised the target price from HKD 16.2 to HKD 20.7, reflecting a cautious outlook.
Nomura
Neutral
Price Target
2025-08-25
maintain
The analyst rating for LI NING (02331.HK) is maintained at Neutral due to several factors. While the company delivered a 3% year-over-year rise in interim revenue, which was slightly above market expectations, there were declines in both gross and net margins. The net profit fell 11% year-over-year but still exceeded market expectations. The company has maintained its full-year guidance, anticipating flat revenue growth and a high single-digit net margin, which suggests a significant decline in net profit due to a slowdown in business in August and increased sales and advertising expenses impacting operating margins in the second half of the year. Despite these challenges, the broker raised the target price from HKD 16.2 to HKD 20.7, reflecting a cautious outlook.
Valuation Metrics
Forward PE
5Y Average PE
24.58
Current PE
16.24
Overvalued PE
38.44
Undervalued PE
10.72
Forward EV/EBITDA
5Y Average EV/EBITDA
14.82
Current EV/EBITDA
5.43
Overvalued EV/EBITDA
24.00
Undervalued EV/EBITDA
5.63
Forward PS
5Y Average PS
3.70
Current PS
1.44
Overvalued PS
6.03
Undervalued PS
1.37
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