Core Viewpoint - Li Ning's sales and net profit for the second half of last year increased by 3% and 13% year-on-year, respectively, exceeding market expectations by 4% and 28% [1] Sales Performance - The growth in sales was primarily driven by a wholesale sales increase of 8%, compared to the market expectation of a 3% rise [1] Future Projections - For the second half of 2025, net profit is expected to grow by 17% year-on-year, excluding government subsidies [1] - The overall sales and net profit for the entire year of 2025 are anticipated to surpass expectations [1] Profitability Insights - The second half of 2025 marks the first period since the second half of 2022 to record a year-on-year recovery in net profit [1] - The guidance for 2026 is considered crucial, and it is expected that management will not adopt overly aggressive strategies for net profit margin expansion [1]