UBS released a research report indicating that Li Ning's first-quarter retail sales for its adult product line, excluding Li Ning YOUNG, grew by a mid-single-digit percentage year-on-year. Overall retail sales increased by a high-single-digit percentage, aligning with the bank's expectations. Notably, sales for the Li Ning YOUNG line surged by over 20% year-on-year. UBS maintains a "Buy" rating on Li Ning with a target price of HK$28.6. During the period, the adult product line achieved mid-single-digit growth in offline channels and high-single-digit growth in online channels. The offline retail growth was primarily driven by double-digit growth in outlet stores. The data is consistent with the full-year guidance and matches the performance of Anta Sports during the same period. The report suggests that Nike's strategic shift towards discounting and supply control has positive implications for China's sporting goods industry. Furthermore, management anticipates an acceleration in overall company sales during the second half of the year, citing a low base effect alongside new product launches and store expansion plans. On the cost front, management stated that costs for this year are already locked in, with potential impacts expected to emerge from the first quarter of next year. They forecast a 3 to 4 percentage point impact on footwear costs, while apparel costs will be less affected due to lower sensitivity to oil prices.