Core Viewpoint - DBS has upgraded its target price for Li Ning (02331) from HKD 17.4 to HKD 19.5, reflecting a recovery in growth despite intense market competition, with a projected price-to-earnings ratio of 16 times for the next 12 months [1] Company Summary - Li Ning is recognized as a leading domestic sportswear brand in China, holding a market share of 10.3% as of 2024 [1] - The company has developed the Li Ning YOUNG and Li Ning China brands to align with youth culture trends [1] - DBS expects Li Ning's sales to grow modestly by 1% in fiscal year 2025 and by 6% in fiscal year 2026, driven by stable growth in running and outdoor apparel categories [1] Industry Summary - The sports lifestyle segment is experiencing stable growth, contributing positively to Li Ning's overall performance [1] - The upcoming 2026 Winter Olympics in Milan is anticipated to further boost investment and sales in the sportswear sector [1] - Improvements in retail discount rates for both offline and e-commerce channels have been noted, indicating better pricing strategies [1]

Core Viewpoint - DBS has released a report stating that Li Ning (02331) is a leading domestic sportswear brand in China, with a market share of 10.3% as of 2024 [1] Group 1: Company Performance - Li Ning has developed the Li Ning YOUNG and Li Ning China brands to align with youth culture trends [1] - The company has improved retail discount rates in both offline and e-commerce channels [1] Group 2: Market Outlook - Despite intense market competition, growth is recovering, prompting DBS to raise the target price from HKD 17.4 to HKD 19.5 per share, based on a rolling 12-month P/E ratio of 16 times [1] - Sales for Li Ning are expected to grow modestly by 1% and 6% in the fiscal years 2025 and 2026, driven by stable growth in running and outdoor apparel categories, as well as investments related to the 2026 Winter Olympics in Milan [1] - The growth in the sports lifestyle segment is stabilizing [1] Group 3: Comparative Valuation - The revised target P/E ratio of Li Ning is compared to global peers, which are forecasted to have P/E ratios of 24 times and 19.9 times for the fiscal years 2025 and 2026, respectively [1] - The rating for Li Ning is set at "Buy" [1]

Group 1 - The core viewpoint of the report is that Li Ning's sales are expected to grow modestly by 1% in fiscal year 2025 and by 6% in fiscal year 2026, driven by stable growth in the running and outdoor apparel categories, as well as investments related to the 2026 Winter Olympics in Milan [1] - The growth in the sports lifestyle segment is stabilizing, indicating a positive trend for the company's overall performance [1] - The target price for Li Ning has been raised from HKD 17.4 to HKD 19.5, with a "Buy" rating assigned by the bank [1]

Core Viewpoint - Li Ning's stock has risen over 5%, currently leading the blue-chip stocks, indicating positive market sentiment and confidence in the company's future growth [1] Group 1: Stock Performance - As of the report, Li Ning's stock price increased by 5.06%, reaching HKD 17.86, with a trading volume of HKD 656 million [1] Group 2: Shareholding and Investment Insights - Guotai Junan Securities recently reported that Li Ning has cumulatively increased its shareholding by 51.79 million shares by 2025, amounting to approximately HKD 809 million, raising its ownership stake from 10.57% to 13.08% [1] - This increase represents the largest shareholding boost since 2006, reflecting Chairman Li Ning's commitment to the company's development and confidence in its future [1] Group 3: Company Strategy and Outlook - The company is actively enhancing its products, channels, and marketing strategies [1] - The report suggests that Li Ning currently offers a high valuation-to-price ratio, and the improvement in operational trends is expected to lead to a "Davis Double" effect [1] - The recommendation to maintain a "Buy" rating indicates a positive outlook for the company's performance [1]

消息面上，国金证券近期研报指出，2025年李宁通过非凡领越累计增持5179万股，总金额约8.09亿港 元，持股比例由10.57%提升至13.08%，为2006年以来增持幅度最大一年，显示出董事长李宁本人对公 司发展的重视与公司未来发展的信心。此外，公司产品、渠道、营销调整持续发力。该行认为，李宁目 前估值性价比较高，看好经营趋势改善带动戴维斯双击。维持"买入"评级。 智通财经APP获悉，李宁(02331)涨超5%，暂领升蓝筹。截至发稿，涨5.06%，报17.86港元，成交额6.56 亿港元。 ...

8月21日，李宁将披露2025财年中报。 本文源自：金融界 8月14日，李宁(02331)盘中上涨5.29%，截至11:09，报17.9元/股，成交3.88亿元。 李宁有限公司是一家专业运动用品品牌，拥有完善的研发、设计、制造、市场、品牌营销、经销及零售 运营能力，主要经营李宁品牌专业及休闲运动鞋、服装、器材和配件产品业务。该公司已在全球建立起 领先的多渠道销售网络和供应链管理体系，2020年市值超过千亿港元，是第一家在港股上市的中国内地 体育用品企业。 截至2024年年报，李宁营业总收入286.76亿元、净利润30.13亿元。 作者：行情君 ...

港股体育用品股普遍上涨，其中，安踏、李宁均上涨超3%，特步国际涨近2%，裕元集团、361度、滔 搏皆有涨幅。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 02020 | 安踏体育 | 93.050 | 3.39% | | 02331 | 李宁 | 17.560 | 3.29% | | 01368 | 特步国际 | 5.730 | 1.78% | | 02368 | 鹰美 | 4.050 | 1.25% | | 00551 | 裕元集团 | 13.360 | 0.60% | | 01361 | 361度 | 5.800 | 0.69% | | 06110 | 溜搏 | 3.140 | 0.32% | 消息上，里昂发表研究报告指，留意到内地运动服饰品牌持续扩大市占率，上半年销售按年增长 4.2%，优于服装及配饰行业的3.1%增幅。该行首选安踏，将2025至27年销售额预测轻微上调2%，净利 润预测上调1%，目标价由114港元上调至116港元，予"跑赢大市"评级。至于李宁，该行维持"持有"评 级，目标价16港元。同时，该行将特步目标价由5.9港元上调至 ...

Core Insights - The report highlights a significant shift in China's consumption structure from goods to services, with per capita service consumption expected to reach 46.1% of total consumption by 2024, contributing 63% to the growth of consumer spending [2] - The establishment of the Xinjiang-Tibet Railway Company marks the beginning of a major infrastructure project that is expected to enhance regional economic collaboration and reduce logistics costs, with an estimated investment of around 500 billion yuan [7][8] - The report emphasizes the positive impact of major infrastructure projects on China's economic stability and growth, particularly in the context of external uncertainties [9][10] Economic News - The Ministry of Commerce indicates a rapid transition in China's consumption structure, with service consumption growing at an annual rate of 9.6% from 2020 to 2024 [2] - The Ministry of Finance has introduced a one-year "dual interest subsidy" policy aimed at boosting consumer loans for various sectors, including automotive and healthcare [2] - The People's Bank of China is encouraging increased credit support for the service consumption sector to ensure effective policy implementation [4] Company Insights - Alibaba Health has signed a strategic cooperation agreement with Innovent Biologics to enhance supply chain solutions for cold-chain delivery of specific medications [5] - Didi has recently invested in a driverless commercial vehicle company, indicating a strategic move towards autonomous transportation [5] - Jiangfeng Electronics is planning to integrate its flat panel display target material business with Japan's Aifuka Corporation, showcasing international collaboration [5] Infrastructure Projects - The Xinjiang-Tibet Railway is expected to significantly lower logistics costs and enhance economic cooperation between regions, with a construction period projected to exceed 20 years [8][9] - The report outlines that the construction of the Xinjiang-Tibet Railway will provide a safety net for China's economy against external uncertainties, contributing approximately 0.18% to GDP growth annually [8][9] - Other major infrastructure projects are also set to commence, which will serve as important engines for domestic demand and economic stability [10] Investment Recommendations - The report suggests that leading companies in the construction and materials sector will benefit significantly from the Xinjiang-Tibet Railway project, including major state-owned enterprises [9] - It emphasizes that the implementation of major projects will not only yield long-term benefits but also stabilize the economy amid external challenges [11]

中信里昂发布研报称，预期中国运动服饰市场占有率将持续增长，上半年销售额年增4.2%，而运动休 闲服饰(AT&A)年增3.1%。但这仍低于整体消费品销售额年增5%的水平，这亦解释了市场对该行业的温 和情绪。 报告表示，安踏体育(02020)是主要的市场份额获得者，该行预计，国内品牌的销售额和盈利能力将超 国际运动零售商。同时，第三季基数应该会更加稳健，故该行预计品牌零售额在第二季放缓后将季比改 善。然而，折扣压力依然存在。 该行小幅调高了首选股安踏体育的盈测，并将目标价上调至116港元。同时维持李宁(02331)"持有"评 级，等待更多基本面因素的推动。该行另下调特步国际(01368)的盈测，但基于展期和外汇因素，将目 标价上调至6.3港元，并维持"跑赢大市"评级，因风险回报完整无缺。 ...

该行小幅调高了首选股安踏体育的盈测，并将目标价上调至116港元。同时维持李宁(02331)"持有"评 级，等待更多基本面因素的推动。该行另下调特步国际(01368)的盈测，但基于展期和外汇因素，将目 标价上调至6.3港元，并维持"跑赢大市"评级，因风险回报完整无缺。 报告表示，安踏体育(02020)是主要的市场份额获得者，该行预计，国内品牌的销售额和盈利能力将超 国际运动零售商。同时，第三季基数应该会更加稳健，故该行预计品牌零售额在第二季放缓后将季比改 善。然而，折扣压力依然存在。 智通财经APP获悉，中信里昂发布研报称，预期中国运动服饰市场占有率将持续增长，上半年销售额年 增4.2%，而运动休闲服饰(AT&A)年增3.1%。但这仍低于整体消费品销售额年增5%的水平，这亦解释了 市场对该行业的温和情绪。 ...