According to a research report from CLSA, LI NING's sales and net profit for the second half of last year increased by 3% and 13% year-on-year, respectively. These figures surpassed market expectations by 4 and 28 percentage points. Excluding government subsidies, the net profit for the second half of 2025 grew by 17% compared to the same period last year. The sales growth was primarily driven by an 8% year-on-year increase in wholesale revenue, which outperformed the market's expectation of a 3% rise. For the full year of 2025, both sales and net profit were better than anticipated. The brokerage has maintained its "Hold" rating on the stock. The report noted that the second half of 2025 marked the first half-year period since the latter half of 2022 to achieve a recovery in year-on-year net profit growth. However, the company's guidance for 2026 will be crucial. Regarding the expansion of net profit margins, the brokerage expects that management will not adopt an overly aggressive strategy.