On August 24, LI NING fell 5.12% in regular trading, trading at HKD 13.53 per share, with turnover of HKD 138 million.

The decline follows LI NING's interim results released on August 20, after which management explicitly lowered full-year revenue guidance from high-single-digit growth to low-single-digit growth, while also cutting the net profit margin target to mid-to-high single digits. Management stated that terminal demand has been soft since Q2, with no signs of improvement as of mid-to-late August.

For H1, LI NING reported revenue of RMB 15.24 billion, up 2.8% YoY, with attributable net profit of RMB 1.82 billion, up 4.5%. Gross margin improved 0.9 percentage points to 50.9%. However, offline discounts deepened mid-single digits YoY in Q2 as the company traded margin for inventory health. BOCOM International noted that H2 demand recovery timing remains uncertain and terminal discount pressure is expected to persist. Meanwhile, Jefferies cut its target price from HKD 48 to HKD 40, reflecting reduced conviction in near-term recovery momentum.

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