Core Viewpoint - DBS forecasts that Li Ning's sales will experience moderate growth of 1% and 6% in the fiscal years 2025 and 2026 respectively, driven by stable growth in the running and outdoor apparel categories, as well as investments related to the 2026 Winter Olympics [1] Summary by Category - **Sales Growth Forecast** - Li Ning's sales are expected to grow by 1% in FY2025 and 6% in FY2026 [1] - **Growth Drivers** - The primary drivers for this growth include stable performance in the running and outdoor apparel segments [1] - The upcoming 2026 Winter Olympics is anticipated to boost related investments [1] - **Target Price Adjustment** - DBS has raised Li Ning's target price from HKD 17.4 to HKD 19.5 while maintaining a "Buy" rating [1]

Group 1 - The core viewpoint of the report is that Li Ning's sales are expected to grow modestly by 1% in fiscal year 2025 and by 6% in fiscal year 2026, driven by stable growth in the running and outdoor apparel categories, as well as investments related to the 2026 Winter Olympics in Milan [1] - The growth in the sports lifestyle segment is stabilizing, indicating a positive trend for the company's overall performance [1] - The target price for Li Ning has been raised from HKD 17.4 to HKD 19.5, with a "Buy" rating assigned by the bank [1]