Zhi Tong Cai Jing·2025-08-26 09:09Core Viewpoint - The report from CMB International indicates that Li Ning (02331) has experienced a resurgence in core operating profit in the first half of this year, reflecting the company's transformation efforts and inherent brand value [1] Summary by Relevant Sections - Company Performance - Li Ning's core operating profit has started to grow again in the first half of the year [1] - Investment Rating and Target Price - CMB International maintains a "Buy" rating for Li Ning and raises the target price from HKD 18.95 to HKD 23.02 [1] - Market Outlook - The firm expresses optimism about a potential recovery in the coming years, especially as extraordinary China begins to repurchase more Li Ning shares and the government's willingness to promote consumption increases [1] - Management Guidance - The management's decision to maintain the guidance for the fiscal year 2025 is deemed reasonable by CMB International [1]