---
title: "Goldman Sachs: Slightly lowers the target price for LI NING to HKD 19.2, the turning point is not yet clear"
description: "Goldman Sachs has slightly lowered the target price for LI NING to HKD 19.2, citing weak retail sales and a lackluster industry environment. Although some investors are hopeful for a potential turnaro"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/262815378.md"
published_at: "2025-10-27T04:05:37.000Z"
---

# Goldman Sachs: Slightly lowers the target price for LI NING to HKD 19.2, the turning point is not yet clear

> Goldman Sachs has slightly lowered the target price for LI NING to HKD 19.2, citing weak retail sales and a lackluster industry environment. Although some investors are hopeful for a potential turnaround in the brand and products, Goldman Sachs believes the timeline for a turnaround remains unclear, and the slowdown in key growth pillars may raise additional concerns. Goldman Sachs has made minor adjustments to its revenue forecasts for 2025 to 2027 and lowered its net profit expectations, maintaining a "Neutral" rating

Goldman Sachs published a research report indicating that Li Ning (02331.HK) announced its operational update for the third quarter of 2025 last week and held a conference call for its financial report. Retail sales weakened, decreasing year-on-year to a mid-single-digit percentage, which is a decline from the low single-digit percentage increase in the second quarter. Goldman Sachs believes this aligns with the market's already lowered expectations.

Although Goldman Sachs acknowledges that some investors may expect a potential turnaround for Li Ning in the medium term after a series of efforts in branding and products, they are also encouraged by some early positive signs in product aspects. However, they reiterate that the timeline for Li Ning's turnaround remains unclear in the context of a lackluster industry environment: the slowdown in key growth pillars such as running and training may raise additional concerns among investors, while signs of improvement in basketball and lifestyle segments have yet to emerge.

Goldman Sachs has slightly adjusted its revenue forecasts for Li Ning for 2025 to 2027 to less than 1% and lowered its net profit estimates by 2% to 3%, primarily reflecting the sluggish sales/discount trends in the third and fourth quarters. Goldman Sachs' new 12-month target price is HKD 19.2 (previously HKD 19.8), based on an unchanged price-to-earnings ratio of 16 times for the fiscal year 2026; maintaining a "Neutral" rating

### Related Stocks

- [02331.HK - LI NING](https://longbridge.com/en/quote/02331.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| 港交所文件顯示，貝萊德在李寧的多頭頭寸於 2 月 12 日增加至 5.33% | 貝萊德在李寧的多頭頭寸於 2 月 12 日增至 5.33%，香港交易所文件顯示 | [Link](https://longbridge.com/en/news/276432220.md) |
| 李寧的子公司認購了理財產品 | 李寧子公司認購財富管理產品 | [Link](https://longbridge.com/en/news/273647746.md) |
| [內需] 安踏李寧雙隻下挫近半成 搏反彈可關注安踏購 23885/李寧購 22268 | 安踏和李寧的股價今日均下跌近 5%。安踏公佈 2025 年運營數據，全年零售額實現正增長，投資者可關注其認購證，行使價 112.98 元，2026 年到期，實際槓桿 4.8 倍。李寧股價回落，投資者可關注其認購證，行使價 23.31 元，2 | [Link](https://longbridge.com/en/news/273169672.md) |
| 李寧表示，1 月 18 日，其子公司認購了國債結構性存款及其他產品 | 李寧有限公司：1 月 18 日，單位認購了金額為人民幣 7 億元的中央國債結構性存款，其他事項 | [Link](https://longbridge.com/en/news/273685965.md) |
| 李寧有限公司為限制性股票獎勵計劃設定年度上限 | 李寧有限公司已更新其限制性股票獎勵計劃，允許向中銀國際 - 保誠信託有限公司支付用於從公開市場購買股票的款項。該計劃向包括董事和員工在內的特定參與者授予限制性股票。根據公告，該計劃下公司關聯人士的整體權益約為 61.87% | [Link](https://longbridge.com/en/news/271484768.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.