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.
