智通财经网·2025-12-17 08:10Group 1 - The core viewpoint of the report is that with the new Olympic cycle beginning, Li Ning (02331) is gradually experimenting with new product lines and store formats, which is expected to enhance the brand's influence among consumers [1] - The company maintains its EPS forecast for 2025/26 at 0.92/1.07 HKD, with the current stock price corresponding to 18/16 times the 2025/26 earnings multiple; the target price has been raised by 4% to 23.61 HKD, indicating a 29% upside potential from the current stock price [1] - The report highlights the opening of Li Ning's first global "Dragon Store" in Beijing, which reinforces the company's positioning in the Olympic product matrix [2] Group 2 - The Dragon Store connects Li Ning's representative design symbols with traditional culture and emphasizes its role as the official partner of the Chinese Olympic Committee, showcasing the brand's culture and product professionalism through themes like "Award Moments," "Competition Moments," and "Life Moments" [3] - The newly launched "Honor Gold Label" series integrates professional sports technology with daily commuting needs, providing high-quality options for urban consumers and expanding Li Ning's product matrix beyond core sports functionality [4] - Li Ning has successfully iterated its core products, introducing new midsole technology "Super Capsule" and new versions of key running shoes "Flying Electric" and "Red Rabbit," while sponsored athletes frequently achieve podium finishes in major events, showcasing the brand's strength in the professional sports field [5]