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<Research>CLSA: LI NING's 2H25 NP Strongly Beats; Focus on This Yr's Guidance
Recommend 2 Positive 6 Negative 5 |
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LI NING (02331.HK)'s 2H25 sales/ net profit increased by 3%/ 13% YoY, surpassing market expectations by 4%/ 28%, according to a report from CLSA. Excluding government subsidies, LI NING's 2H25 net profit would have grown by 17% YoY. The growth in sales was mainly driven by a YoY surge of 8% in wholesale sales, compared to the market expectation of a 3% increase. For the full year of 2025, LI NING's sales and net profit rose by 3% and fell by 3% YoY, respectively, both better than expected. The 2H25 financial report was the company's first semi-annual report that recorded a YoY recovery in net profit since 2H22, though the guidance for 2026 would be crucial. In terms of net profit margin expansion, CLSA doesn't expect LI NING's management to adopt a very aggressive strategy. The broker has kept its target price for LI NING at HKD18, with a rating of Hold. AAStocks Financial News |
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