Li Ning Co Ltd

02331: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Li Ning: Sales Track Plan, but Margin Levers Remain Absent; CNY 29 Fair Value Estimate Unchanged

Ivan Su

Apr 23, 2026

Li Ning's retail sell-through (excluding kidswear) grew at a mid-single-digit pace in the first quarter. With kidswear up more than 20%, group sell-through reached the high single digits, consistent with management's reiterated full-year revenue guidance.

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Li Ning Co Ltd

Li Ning: Sales Track Plan, but Margin Levers Remain Absent; CNY 29 Fair Value Estimate Unchanged

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