Company Overview - Li Ning opened its first global "Dragon Store" in Beijing's Sanlitun Taikoo Li on December 14, showcasing a new brand image linked to traditional culture and emphasizing its status as an official partner of the Chinese Olympic Committee [1] - The store features three themes: "Award Moment," "Competition Moment," and "Life Moment," which comprehensively interpret the brand culture and product professionalism for consumers [1] Product Launch - The new "Honor Gold Label" series integrates professional sports technology with daily commuting needs, offering stylish and minimalist designs for urban consumers [2] - This series is expected to enrich Li Ning's product matrix, extending beyond core sports functionality to attract a broader consumer base [2] - Li Ning has also introduced new running shoe midsole technology "Super Capsule" and updated versions of core running shoe products "Feidian" and "Chitu" [2] Performance and Forecast - With the new Olympic cycle beginning, Li Ning is experimenting with new product lines and store formats, which is likely to enhance its brand influence among consumers [2] - The EPS forecasts for 2025 and 2026 are maintained at 0.92 and 1.07 CNY respectively, with the current stock price corresponding to 18 and 16 times the 2025 and 2026 earnings [2] - Due to the launch of new store formats and products, the target price is raised by 4% to 23.61 HKD, implying a 29% upside potential compared to the current stock price [2]

Group 1 - The core viewpoint of the report is that with the new Olympic cycle beginning, Li Ning (02331) is gradually experimenting with new product lines and store formats, which is expected to enhance the brand's influence among consumers [1] - The company maintains its EPS forecast for 2025/26 at 0.92/1.07 HKD, with the current stock price corresponding to 18/16 times the 2025/26 earnings multiple; the target price has been raised by 4% to 23.61 HKD, indicating a 29% upside potential from the current stock price [1] - The report highlights the opening of Li Ning's first global "Dragon Store" in Beijing, which reinforces the company's positioning in the Olympic product matrix [2] Group 2 - The Dragon Store connects Li Ning's representative design symbols with traditional culture and emphasizes its role as the official partner of the Chinese Olympic Committee, showcasing the brand's culture and product professionalism through themes like "Award Moments," "Competition Moments," and "Life Moments" [3] - The newly launched "Honor Gold Label" series integrates professional sports technology with daily commuting needs, providing high-quality options for urban consumers and expanding Li Ning's product matrix beyond core sports functionality [4] - Li Ning has successfully iterated its core products, introducing new midsole technology "Super Capsule" and new versions of key running shoes "Flying Electric" and "Red Rabbit," while sponsored athletes frequently achieve podium finishes in major events, showcasing the brand's strength in the professional sports field [5]

Group 1 - The core viewpoint is that with the new Olympic cycle beginning, Li Ning (02331) is gradually experimenting with new product lines and store formats, which is expected to enhance the brand's influence among consumers [1] - The company maintains its EPS forecast for 2025/26 at 0.92/1.07 HKD, with the current stock price corresponding to 18/16 times the 2025/26 P/E ratio; the target price has been raised by 4% to 23.61 HKD, indicating a 29% upside potential from the current stock price [1] - The opening of Li Ning's first global "Dragon Store" in Beijing on December 14, along with the launch of the new "Honor Gold Label" product series, is seen as a further strengthening of the company's Olympic product matrix [2] Group 2 - The Dragon Store connects Li Ning's representative design symbols with traditional culture and emphasizes its role as the official partner of the Chinese Olympic Committee, showcasing brand culture and product professionalism through themes like "Award Moments," "Competition Moments," and "Life Moments" [3] - The new "Honor Gold Label" series integrates Li Ning's professional sports technology with consumers' daily commuting needs, offering high-quality options for urban commuting while expanding the product matrix beyond core sports functionality [4] - Li Ning has successfully iterated its core products, recently launching new running shoe midsole technology "Super Capsule" and new versions of core running shoe products "Flying Electric" and "Red Rabbit," demonstrating strong overall capabilities as sponsored athletes frequently reach podiums in top domestic and international events [5]