Zhi Tong Cai Jing·2026-01-19 02:20Core Viewpoint - Li Ning's stock has seen an increase of over 4%, currently trading at 21.18 HKD with a transaction volume of 338 million HKD, despite a reported decline in retail sales for Q4 2025 [1] Group 1: Sales Performance - Li Ning announced a low single-digit decline in retail sales for its sales points (excluding Li Ning YOUNG) across the platform for Q4 2025 [1] - Guosen Securities reported that the decline in Li Ning's bulk sales for Q4 was a low single-digit decrease, which is an improvement compared to Q3, primarily due to a reduction in the decline of offline channels [1] - The inventory turnover ratio improved to 4-5 months, indicating better inventory management [1] Group 2: Revenue and Profitability Outlook - Morgan Stanley forecasts a moderate revenue growth for Li Ning in 2025, with net profit margins expected to stabilize at a high single-digit level, suggesting an upward adjustment in market consensus for last year's net profit [1] - According to浦银国际, strong market sentiment could lead to significant upward momentum in Li Ning's stock price if there is a clear trend of brand recovery and improvement in sales [1]