里昂：李宁去年下半年净利润远胜预期，维持目标价为18港元

Group 1 - The core viewpoint of the report indicates that Li Ning's sales and net profit for the second half of last year increased by 3% and 13% year-on-year, respectively, exceeding market expectations by 4% and 28% [1] - The growth in sales is primarily attributed to a year-on-year increase of 8% in wholesale sales, which was above the market expectation of a 3% increase [1] - The report highlights that the second half of 2025 marks the first fiscal report since the second half of 2022 to show a year-on-year recovery in net profit, making the guidance for 2026 crucial [1] Group 2 - The target price for Li Ning is maintained at HKD 18, with a rating of "Hold" [1]