李宁：多空辩论；超配

August 24, 2025 10:00 PM GMT Li Ning | Asia Pacific Bull vs. Bear Debate; OW | What's Changed | | | | --- | --- | --- | | Li Ning (2331.HK) | From | To | | Price Target | HK$22.00 | HK$25.00 | We see high likelihood of margin recovery becoming the key earnings driver for the next few years. Its sales growth is still subject to China's macro environment, thus we bake in conservative assumptions. But its "defensive approach" and "focus on core" should lead to future operating leverage. Bear thesis: We think L ...