大和发表研究报告指，李宁(02331.HK) 上半年净利润率略优于该行预期，且该行对管理层下调指引的忧虑并未出现。该行又看到李宁的核心品牌出现稳定的早期迹象，然而，由于集团扭亏为盈的持续性仍未确定，因此仅将李宁的评级由“跑输大市”上调至“持有”，目标价由14元升至20元，上调2025至2027年每股盈测10至13%。
该行表示，李宁仍然重申其全年净利润率高个位数百分比的指引。然而，由于零售动力在7月和8月放缓，加上宏观环境持续疲弱，公司管理层对下半年仍持审慎态度。(sl/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-22 16:25。)
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