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02331
LI NING
HKD
21.400-0.060
(-0.28%)
1D
AI Analysis for 02331
AI Analysis
High
21.680
Open
21.220
VWAP
21.38
Vol
14.35M
Mkt Cap
43.58B
Low
21.060
Amount
306.76M
EV/EBITDA(TTM)
6.44
Total Shares
2.58B
EV
4.97B
EV/OCF(TTM)
6.43
P/S(TTM)
1.75
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
8.5
01-27aastocksCiti 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.
8.5
01-26aastocksLI 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%.
6.0
01-21aastocksG 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.
4.5
01-21aastocksHSI 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.
4.0
01-19aastocksJPM 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.
Money Flow
Over the past 66 trading days, overall net money flow is 175.59M, with retail investors contributing 43.63M and major investors adding 71.98M.
Net Buy $ Volume
Net Sell $ Volume
CLSA
CLSA
Hold
upgrade
$16 -> $18
2026-01-16
Reason
The analyst rating for LI NING (02331.HK) is maintained at "Hold" by CLSA due to several factors. While the company's 4Q25 retail sales were moderate and in line with expectations, year-to-date sales have not shown improvement. CLSA expressed concerns about the unclear path for earnings recovery in FY2026, particularly with increased investments related to the upcoming Olympics and Paralympics. Additionally, the broker noted that conservative store expansion and ongoing discount pressures are likely to continue. Although CLSA raised its target price from $16 to $18, they emphasized that a re-rating of the company's valuation will require more evidence that new initiatives can effectively drive a rebound in retail sales.
CLSA
Hold
Price Target
$16 -> $18
2026-01-16
upgrade
The analyst rating for LI NING (02331.HK) is maintained at "Hold" by CLSA due to several factors. While the company's 4Q25 retail sales were moderate and in line with expectations, year-to-date sales have not shown improvement. CLSA expressed concerns about the unclear path for earnings recovery in FY2026, particularly with increased investments related to the upcoming Olympics and Paralympics. Additionally, the broker noted that conservative store expansion and ongoing discount pressures are likely to continue. Although CLSA raised its target price from $16 to $18, they emphasized that a re-rating of the company's valuation will require more evidence that new initiatives can effectively drive a rebound in retail sales.
UOB Kay Hian
UOB Kay Hian
Hold
maintain
2026-01-16
Reason
The analyst rating from UOB Kay Hian for LI NING (02331.HK) is maintained at "Hold" due to a low single-digit year-over-year decline in retail sell-through for 4Q25, weak consumer sentiment, and ongoing discount pressure expected this year. However, the firm lifted its target price from $18.5 to $20.2, citing better-than-expected government subsidies, improved expense control by the company, and cost savings from closing loss-making stores as positive factors influencing their outlook.
UOB Kay Hian
Hold
Price Target
2026-01-16
maintain
The analyst rating from UOB Kay Hian for LI NING (02331.HK) is maintained at "Hold" due to a low single-digit year-over-year decline in retail sell-through for 4Q25, weak consumer sentiment, and ongoing discount pressure expected this year. However, the firm lifted its target price from $18.5 to $20.2, citing better-than-expected government subsidies, improved expense control by the company, and cost savings from closing loss-making stores as positive factors influencing their outlook.
Goldman Sachs
Goldman Sachs
Neutral
maintain
2026-01-16
Reason
The analyst rating for LI NING (02331.HK) is kept at Neutral by Goldman Sachs due to the following reasons:
1. Performance in Retail Sales: LI NING recorded a low single-digit decline in 4Q25 retail sales, which was slightly better than the mid-single-digit decline in 3Q25 and in line with market expectations.
2. Revenue Guidance: The company's management indicated that FY2025 revenue will see a slight increase year-over-year, an improvement from previous guidance of flat revenue.
3. Net Profit Margin: The net profit margin is at the high end of the high single-digit guidance, attributed to better-than-expected government subsidies and effective operational expense control.
4. Forecast Adjustments: Goldman Sachs raised its 2025 net profit forecast for LI NING by 15% and made slight increases to the 2026-2027 net profit forecasts, reflecting the positive impact of government subsidies and expense management.
5. Target Price Adjustment: The target price was increased from $19.2 to $19.5, but the rating remains Neutral as the analyst is waiting for clearer signs of fundamental demand or indications that discounting has reached its lowest point.
Overall, while there are positive developments, the Neutral rating reflects a cautious approach pending further evidence of demand recovery.
Goldman Sachs
Neutral
Price Target
2026-01-16
maintain
The analyst rating for LI NING (02331.HK) is kept at Neutral by Goldman Sachs due to the following reasons:
1. Performance in Retail Sales: LI NING recorded a low single-digit decline in 4Q25 retail sales, which was slightly better than the mid-single-digit decline in 3Q25 and in line with market expectations.
2. Revenue Guidance: The company's management indicated that FY2025 revenue will see a slight increase year-over-year, an improvement from previous guidance of flat revenue.
3. Net Profit Margin: The net profit margin is at the high end of the high single-digit guidance, attributed to better-than-expected government subsidies and effective operational expense control.
4. Forecast Adjustments: Goldman Sachs raised its 2025 net profit forecast for LI NING by 15% and made slight increases to the 2026-2027 net profit forecasts, reflecting the positive impact of government subsidies and expense management.
5. Target Price Adjustment: The target price was increased from $19.2 to $19.5, but the rating remains Neutral as the analyst is waiting for clearer signs of fundamental demand or indications that discounting has reached its lowest point.
Overall, while there are positive developments, the Neutral rating reflects a cautious approach pending further evidence of demand recovery.
Daiwa
maintain
$24
2026-01-16
Reason
The analyst rating for LI NING (02331.HK) is a "Buy" based on several factors. The company managed to deliver better-than-expected operating data for 4Q25, slightly exceeding last year's revenue guidance, with an estimated net profit margin approaching 10%. Additionally, there is an expectation for LI NING to reverse its downturn this year, driven by increased brand popularity and the launch of new products and stores. Daiwa has reiterated a target price of HKD24 and considers LI NING as its top pick among Chinese sportswear brands, indicating confidence in the company's recovery progress.
Daiwa
Price Target
$24
2026-01-16
maintain
The analyst rating for LI NING (02331.HK) is a "Buy" based on several factors. The company managed to deliver better-than-expected operating data for 4Q25, slightly exceeding last year's revenue guidance, with an estimated net profit margin approaching 10%. Additionally, there is an expectation for LI NING to reverse its downturn this year, driven by increased brand popularity and the launch of new products and stores. Daiwa has reiterated a target price of HKD24 and considers LI NING as its top pick among Chinese sportswear brands, indicating confidence in the company's recovery progress.
CICC
CICC
upgrade
$24.4
2026-01-16
Reason
The analyst rating for LI NING (02331.HK) is based on several factors highlighted in the article. CICC elevated its earnings per share (EPS) forecasts for 2025 and 2026 due to the company's effective expense control in 2025 and ongoing investments planned for 2026. Additionally, despite a low single-digit year-over-year decline in retail sell-through and a challenging retail environment, LI NING showed improvement in sell-through growth on a quarter-over-quarter basis and managed to return inventory levels to a healthy state. As a result, CICC raised LI NING's target price by 3% to HKD24.4 and maintained an Outperform rating.
CICC
Price Target
$24.4
2026-01-16
upgrade
The analyst rating for LI NING (02331.HK) is based on several factors highlighted in the article. CICC elevated its earnings per share (EPS) forecasts for 2025 and 2026 due to the company's effective expense control in 2025 and ongoing investments planned for 2026. Additionally, despite a low single-digit year-over-year decline in retail sell-through and a challenging retail environment, LI NING showed improvement in sell-through growth on a quarter-over-quarter basis and managed to return inventory levels to a healthy state. As a result, CICC raised LI NING's target price by 3% to HKD24.4 and maintained an Outperform rating.
Nomura
Neutral
maintain
2026-01-16
Reason
The analyst rating for LI NING was kept at Neutral due to concerns about the sustainability of the sales momentum recovery observed in 4Q25. The sales improvement was primarily attributed to holiday effects, but there has been a significant weakening since winter began and into 2026. The company's management acknowledged a gradual decline in sales during November and December 2025, leading to increased discounting and aggressive promotional strategies to accelerate destocking. Additionally, there has been no significant improvement in sales at the start of 2026, prompting the broker to raise the target price while maintaining a cautious outlook.
Nomura
Neutral
Price Target
2026-01-16
maintain
The analyst rating for LI NING was kept at Neutral due to concerns about the sustainability of the sales momentum recovery observed in 4Q25. The sales improvement was primarily attributed to holiday effects, but there has been a significant weakening since winter began and into 2026. The company's management acknowledged a gradual decline in sales during November and December 2025, leading to increased discounting and aggressive promotional strategies to accelerate destocking. Additionally, there has been no significant improvement in sales at the start of 2026, prompting the broker to raise the target price while maintaining a cautious outlook.
Haitong International
Haitong International
maintain
2026-01-16
Reason
The analyst rating from Haitong International for LI NING (02331.HK) is based on several key factors:
1. Completion of Adjustments: LI NING has largely completed its category and channel adjustments, which positions the company for future growth.
2. End of Downward Cycle: The multi-year downward cycle for the company is nearing its end, suggesting a potential recovery and improvement in performance.
3. Increased Investment: The company plans to ramp up its investment in resources and marketing, which, while it may pressure profit margins in the short term, is expected to strengthen the brand and positively influence consumer perception in the mid-to-long term.
4. Target Price Increase: Haitong International has raised its target price for LI NING by 6% to HKD22.3, indicating confidence in the stock's potential for growth, with an upside potential of 13.9%.
Overall, these factors contribute to Haitong International maintaining an "Outperform" rating on LI NING.
Haitong International
Price Target
2026-01-16
maintain
The analyst rating from Haitong International for LI NING (02331.HK) is based on several key factors:
1. Completion of Adjustments: LI NING has largely completed its category and channel adjustments, which positions the company for future growth.
2. End of Downward Cycle: The multi-year downward cycle for the company is nearing its end, suggesting a potential recovery and improvement in performance.
3. Increased Investment: The company plans to ramp up its investment in resources and marketing, which, while it may pressure profit margins in the short term, is expected to strengthen the brand and positively influence consumer perception in the mid-to-long term.
4. Target Price Increase: Haitong International has raised its target price for LI NING by 6% to HKD22.3, indicating confidence in the stock's potential for growth, with an upside potential of 13.9%.
Overall, these factors contribute to Haitong International maintaining an "Outperform" rating on LI NING.
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.
Valuation Metrics
Forward PE
5Y Average PE
24.52
Current PE
16.24
Overvalued PE
38.45
Undervalued PE
10.58
Forward EV/EBITDA
5Y Average EV/EBITDA
14.78
Current EV/EBITDA
5.43
Overvalued EV/EBITDA
24.01
Undervalued EV/EBITDA
5.54
Forward PS
5Y Average PS
3.68
Current PS
1.44
Overvalued PS
6.02
Undervalued PS
1.34
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