Ge Long Hui·2026-01-16 05:57Core Viewpoint - Goldman Sachs reports that Li Ning's management indicates a slight year-on-year revenue increase for the fiscal year 2025, compared to the previous guidance of flat revenue [1] Group 1: Financial Performance - The net profit margin is positioned at a high single-digit guidance level, supported by government subsidies and better-than-expected control of operating expenses [1] - The company anticipates an increase in advertising and promotional investments for 2026, while aiming to further optimize other operating expenses [1] Group 2: Forecast Adjustments - Goldman Sachs raises Li Ning's net profit forecast for 2025 by 15%, and also increases the net profit forecasts for 2026 and 2027 by 1% [1] - The target price is slightly raised from HKD 19.2 to HKD 19.5, maintaining a "Neutral" rating [1]