Li Ning Co Ltd

02331: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Li Ning Earnings: Deeper Discounting to Weigh on Earnings; Cutting Valuation by 9% to HKD 20

Ivan Su , Junhao Yang

Oct 27, 2026

Li Ning's third-quarter turnover was flat, largely in line with management's guidance for low-single-digit full-year growth. However, excluding kidswear, turnover declined at a low-single-digit rate, with operational headwinds persisting into October.

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Li Ning Co Ltd

Li Ning Earnings: Deeper Discounting to Weigh on Earnings; Cutting Valuation by 9% to HKD 20

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