22 Aug 2025 01:49:04 ET │ 13 pages Li Ning (2331.HK) Downbeat 2H outlook with worse-than-expected 3Q performance; 25E full-year guidance maintained CITI'S TAKE Compared to market's excitement on its 1H results beat, mgt is downbeat on 2H outlook and have repeatedly cautioned worse-than-expected retail performance in July-Aug (incl. YoY enlarged retail discount in Aug vs July, sequentially worsened offline traffic in July-Aug vs 2Q, mounting GPM pressure in 2H vs 1H). Mgt expect its selling expenses to "subs ...