Zhi Tong Cai Jing·2026-01-09 06:13Group 1 - The core viewpoint of the report indicates that despite overall pressure on discretionary consumption in 2025, Li Ning (02331) is expected to achieve slightly better-than-previous market expectations in its operations, with significant elasticity if consumer demand recovers [1][2] - The company launched a new store format and product line, with the opening of its first "Dragon Store" in Beijing's Sanlitun Taikoo Li and the introduction of the new Honor Gold Standard product series, which aims to enhance brand identity and cater to urban middle-class needs [1] - The new store and product offerings are expected to attract new consumer demographics and meet emerging demands, aligning with the upcoming Olympic partnership [1] Group 2 - The company is projected to see slight revenue growth in 2025, driven by categories like badminton, with improved expense ratios anticipated in the second half of 2025 due to ongoing channel optimization [2] - The major shareholder has increased their stake from 10.53% at the end of 2024 to 14.27% by the end of 2025, reflecting confidence in the company's long-term development [3] - The earnings per share (EPS) forecasts for 2025-2027 have been slightly adjusted to 0.95, 1.07, and 1.22 yuan respectively, with a target price set at 25.41 HKD, maintaining a "buy" rating [4]