Country Daily

报告摘要

Li Ning’s low single-digit retail sell-through decline in 3Q26 was below management’s expectations. For 4Q26, management highlights weather conditions and 11.11 as the key swing factors. However, with its full-year targets already incorporating a cautious view, management maintained its guidance. For Curry, management expects the full product portfolio to be rolled out after 4Q27. A board meeting will be held on 5 November to consider a special dividend. Maintain BUY but cut target price by 11% to HK$19.50.