The analyst rating for LI NING (02331.HK) is Underweight, primarily due to the expectation that the company will require more time for recovery. Despite acknowledging the management's efforts to revitalize the brand, JPMorgan forecasts a low earnings base with declines in earnings projected at 22%, 6%, and 9% from 2023 to 2025. Additionally, they anticipate only a mild earnings increase of 2% for 2026, which is significantly lower than the expected earnings growth of over 10% for competitors like ANTA SPORTS and XTEP INT'L.
