李宁：Conservative guidance but quite expected-20250331

31 Mar 2025 CMB International Global Markets | Equity Research | Company Update Li Ning (2331 HK) Conservative guidance but quite expected FY24 results were inline with market expectation while 4Q24 operating numbers were slightly better than expected. Going forward, on one hand, the Company is outlining conservative FY25E guidance and the plan to invest more for the future, and on the other hand, the numbers in 1Q25E are already trending better. Therefore, we tend to think the worst should have already gon ...