According to Citigroup in "The Big Banks," Li Ning is expected to record low single-digit growth in sales for the entire year last year, with a target price of 20.6 yuan

Citi published a research report indicating that in the last quarter of last year, the retail sales of the "Li Ning" brand under Li Ning (02331.HK) recorded a low single-digit decline year-on-year, which is in line with the bank's expectations. According to the retail sales data for the four quarters that have been announced, the company's annual retail sales were roughly flat year-on-year. However, thanks to the strong sales performance of its badminton category in the second half of last year, Citi expects the group's annual sales to still achieve low single-digit growth.

Citi set a target price of HKD 20.6 for Li Ning based on a forecast price-to-earnings ratio of 17 times for 2026, with a rating of "Buy."