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<Research>Daiwa: LI NING (02331.HK) 2025 Results Significantly Beat
Recommend
10
Positive
7
Negative
6
LI NING (02331.HK)'s 2025 results significantly beat the estimations of both the market and Daiwa, Daiwa published a research report saying.

The data shows that the 2H25 revenue was RMB14.8 billion, up 3.3% YoY, 3.8-4.2% higher than the forecasts of Daiwa/ market each. Therefore, the broker rated LI NING at Buy.

Daiwa believed that the better-than-expectation results were mainly due to the Company's franchise/ wholesale business, and were likely driven by a strong results rebound in 4Q25. Its 2H25 gross profit margin was 47.9%, in line with Daiwa's projection, but 0.3 ppts ahead of market consensus.

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