Ge Long Hui·2026-01-22 06:33Core Viewpoint - Li Ning's Q4 2025 operational data shows a decline in overall channel revenue, with a drop in low and mid-tier sales in offline channels, while e-commerce remains flat [1] Group 1: Operational Performance - Q4 all-channel revenue has decreased, with low-tier sales declining in direct channels and mid-tier sales declining in wholesale channels [1] - E-commerce channel performance remained stable, indicating a potential area of resilience amidst overall declines [1] Group 2: Market Outlook - Short-term retail and discount pressures are anticipated, with expectations of better overall retail performance during the October holidays, but challenges expected in November and December [1] - The overall discounting trend is expected to deepen, indicating ongoing competitive pressures in the industry [1] Group 3: Future Projections - Li Ning is expected to stabilize and recover from the bottom, with new running shoe technologies anticipated to boost sales in Q1 2026 [1] - The expansion of Li Ning's Glory and outdoor product lines, along with new store formats, may attract a broader consumer base and enhance brand momentum [1] - Projected net profit for Li Ning from 2025 to 2027 is estimated at 2.7 billion, 2.9 billion, and 3.1 billion yuan, reflecting a year-on-year change of -10%, +5%, and +7% respectively, with corresponding PE ratios of 18, 17, and 16 times [1]