李宁_花旗 2025 中国峰会新动态_维持 2025 年业绩指引

Flash | 16 Nov 2025 14:10:19 ET │ 10 pages Li Ning (2331.HK) CITI'S TAKE Li Ning's retail sales growth during 11.11 Festival was "in line with mgt's expectation" and mgt has maintained its 25E full-year guidance (i.e., YoY flattish sales with HSD of NPM). Albeit a promotional environment, mgt targets to well balance its control of channel inventories (which is its operational top priority) and retail discount (which directly affects its margins). It saw YoY deepened retail discount in both online and offlin ...