Li Ning Co Ltd

02331: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Li Ning: Growth Under Pressure, but Brand Strength Remains Intact; Maintaining Fair Value Estimate

Ivan Su , Junhao Yang

Aug 21, 2026

Li Ning's revenue grew 2.8% in the first half amid challenging market conditions. Sales in running and basketball categories declined. Management lowered its full-year sales growth and net margin guidance to low-single-digit growth and a mid- to high-single-digit margin, respectively.

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Li Ning Co Ltd

Li Ning: Growth Under Pressure, but Brand Strength Remains Intact; Maintaining Fair Value Estimate

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