里昂：升李宁目标价至18港元 维持“持有” 评级

Core Viewpoint - The report from Credit Lyonnais indicates that Li Ning (02331) showed moderate retail sales performance in Q4 2025, aligning with expectations, while the net profit margin for FY 2025 is at a high single-digit level, exceeding market expectations primarily due to cost reductions from store closures and government subsidies [1][2]. Group 1 - Li Ning's Q4 2025 retail sales performance was moderate and met expectations [1][2]. - The net profit margin for FY 2025 is at a high single-digit level, which is better than market expectations [1][2]. - The improvement in net profit margin is mainly attributed to cost reductions from store closures and government subsidies [1][2]. Group 2 - Credit Lyonnais anticipates that further evidence is needed for the next round of valuation reassessment to demonstrate that the company's new initiatives can drive a rebound in retail sales [1][2]. - The target price for Li Ning has been raised from HKD 16 to HKD 18, while maintaining a "Hold" rating [1][2].