Nomura's analyst rating for LI NING is based on the company's operating data for the first quarter of 2026, which met market expectations. Retail sales for the Li Ning brand showed mid-single-digit year-over-year growth, and including the Li Ning Young brand, total retail sales experienced high-single-digit growth, aligning with trends seen in ANTA SPORTS. As a result, Nomura has set a target price of HKD23.4 and assigned a Neutral rating.
