LI NING (02331) saw its shares surge more than 4% during the trading session. At the time of writing, the stock was up 3.73%, trading at HK$21.16 with a turnover of HK$358 million.

LI NING released an announcement stating that for the fourth quarter of 2025, the retail sell-through for LI NING sales points (excluding LI NING YOUNG) across the entire platform recorded a low single-digit year-on-year decline.

In a research report, UOB Kay Hian noted that for the full year, LI NING's management is confident of surpassing previous guidance, with revenue expected to achieve moderate growth and the net profit margin anticipated to reach the upper end of the high single-digit percentage guidance. UOB Kay Hian believes this was driven by better-than-expected government subsidies, enhanced expense control by the company, and cost savings from the closure of some loss-making stores during the period. The firm maintained its "Hold" rating on LI NING.