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<Research>Nomura Keeps Neutral on LI NING; 2025 Results Slightly Beat
Recommend 1 Positive 4 Negative 1 |
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According to Nomura's report, LI NING (02331.HK)'s 2025 results showed that the company's revenue increased by 3.2% YoY to RMB29.6 billion, slightly above the market's and the broker's expectations. LI NING's distributor sales and online sales also remained robust, growing by 6.3% and 5.3% YoY, respectively, while direct retail sales slipped by 3.3% YoY due to a net reduction in stores. Its annual gross profit margin fell by 0.4 ppts YoY to 49% because of the reduced revenue contribution from directly operated stores and deeper discounts amid intensified competition. Nomura has kept a Neutral rating on LI NING, with a target price of HKD20.4. AAStocks Financial News |
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