Core Viewpoint - Nomura has downgraded the target price for Li Ning by 7% from HKD 17.4 to HKD 16.2 while maintaining a "Neutral" rating due to macroeconomic uncertainties and intensified competition in the sportswear industry [1] Group 1: Company Performance - Li Ning has maintained its full-year performance guidance despite the downgrade in target price [1] - The company's retail sales in the first quarter recorded low single-digit growth year-on-year, which is generally in line with market expectations [1] - Sales performance in January and February exceeded expectations, but the sales atmosphere weakened in March and April, particularly in offline channels [1] Group 2: Industry Context - The sportswear industry is facing increased competition, which is expected to negatively impact Li Ning's sales and profitability in the second and third quarters [1] - Macroeconomic uncertainties are contributing to the challenging environment for the company and the industry as a whole [1]