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<Research>CMSI Rates LI NING as Overweight; 1Q Sell-Through Growth In Line With Full-Yr Target
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LI NING (02331.HK) recorded mid-single-digit YoY growth in overall retail sell-through in 1Q26, CMSI said in a research report. The growth stood on a low-double-digit increase in the direct-operated channel and a high-single-digit increase in the e-commerce channel, while the wholesale channel posted a low-single-digit increase.

Including around 20% growth in the kidswear business, LI NING's overall reported retail sell-through growth reached high-single-digit levels, in line with the full-year target.

Related News Nomura: Li Ning (02331.HK) 1Q Operating Data In Line; TP HKD23.4, Rating Neutral
CMSI gave LI NING a target price of HKD23.5 and an Overweight rating.

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