0112 GMT - Li Ning could continue to lose market share through 2026 before stabilizing in 2027 as its marketing investments start yielding results, Morningstar's Ivan Su says in a note. While Li Ning's 1H margins were more resilient than expected, Su reckons 2H could be affected by heavier discounting and higher marketing expenses related to the Chinese Olympics committee. He leaves his 2025-2026 forecasts largely unchanged, noting that Li Ning has retained its guidance for flat revenue and high-single-digit net margin in 2025 given weaker July and August sales. Morningstar maintains its fair value estimate at HK$29.00. Shares closed Monday at HK$20.28. (megan.cheah@wsj.com)
(END) Dow Jones Newswires
August 25, 2025 21:12 ET (01:12 GMT)
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