External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>1H25 net profit dropped YoY, but the core operating profit started to grow again.</li><li>With a potentially tougher outlook in 2H25E, we have revised down our net profit forecasts, but given Li Ning’s efforts on turnaround and the intrinsic value of the brand, we maintain our BUY rating.</li><li>Performance from Jul to MTD in Aug 2025 was weak, and therefore the risks of higher retail discounts and store closures are still there. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1H25 net profit dropped YoY, but the core operating profit started to grow again.With a potentially tougher outlook in 2H25E, we have revised down our net profit forecasts, but given Li Ning’s efforts on turnaround and the intrinsic value of the brand, we maintain our BUY rating.Performance from Jul to MTD in Aug 2025 was weak, and therefore the risks of higher retail discounts and store closures are still there. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Li Ning (2331 HK) - Still Positive Despite All Margin Drags in 2H25E

<ul><li>2Q25 retail sales were inline, but the margin was likely a miss.</li><li>Together with the deteriorated outlook for 2H25E (even though the FY25E guidance was maintained), we should be more cautious.</li><li>However, given Li Ning’s efforts for turnaround and the intrinsic value of the brand, as well as its undemanding valuation at 15x FY25E P/E, we maintain our BUY rating</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

2Q25 retail sales were inline, but the margin was likely a miss.Together with the deteriorated outlook for 2H25E (even though the FY25E guidance was maintained), we should be more cautious.However, given Li Ning’s efforts for turnaround and the intrinsic value of the brand, as well as its undemanding valuation at 15x FY25E P/E, we maintain our BUY ratingContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Li Ning (2331 HK) - 2Q25 Roughly Inline and Transition in Progress

Analyst

Steve

<ul>
<li>According to public news today afternoon during trading hours, the founder and biggest shareholder of <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a>, Mr. Li Ning, is mulling privatizing the public company. </li>
<li>Mr. Li Ning has shown the opposite intention over the last few years, with several major sell-down of stake.</li>
<li>The company is trading at 16x 2024 PE, with visibility being quite low.  </li>
</ul>


According to public news today afternoon during trading hours, the founder and biggest shareholder of Li Ning (2331 HK), Mr. Li Ning, is mulling privatizing the public company. 
Mr. Li Ning has shown the opposite intention over the last few years, with several major sell-down of stake.
The company is trading at 16x 2024 PE, with visibility being quite low.  


Li Ning (2331 HK):  Update On The Name Given Potential Privatization News

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

<ul><li>1Q25 results were roughly inline and FY25E guidance was maintained; therefore we maintain our BUY rating and TP.</li><li>However, the inventory level in 1Q25 actually deteriorated QoQ and YoY, plus the rather weak management comments on Apr 2025, and we thus have turned slightly more cautious about 2Q25E outlook.</li><li>The stock is trading at 14x FY25E P/E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q25 results were roughly inline and FY25E guidance was maintained; therefore we maintain our BUY rating and TP.However, the inventory level in 1Q25 actually deteriorated QoQ and YoY, plus the rather weak management comments on Apr 2025, and we thus have turned slightly more cautious about 2Q25E outlook.The stock is trading at 14x FY25E P/E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Li Ning (2331 HK) - A Cautious Outlook After a Maintained Guidance

China

Li Ning Company Limited researches, designs, manufactures, distributes, and retails sports footwear, apparel and accessories for sport and leisure use.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Li Ning (2331 HK)

Li Ning (2331 HK) - Still Positive Despite All Margin Drags in 2H25E

With a potentially tougher outlook in 2H25E, we have revised down our net profit forecasts, but given Li Ning’s efforts on turnaround and the...

CMB International

Li Ning (2331 HK) - 2Q25 Roughly Inline and Transition in Progress

2Q25 retail sales were inline, but the margin was likely a miss. Together with the deteriorated outlook for 2H25E (even though the FY25E guidance...

CMB International

Li Ning (2331 HK): Update On The Name Given Potential Privatization News

Share price on a downward momentum, likely due to bearish feedback from certain distributors on recent trends. I believe the company's target of...

Steve

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

Li Ning (2331 HK) - A Cautious Outlook After a Maintained Guidance

1Q25 results were roughly inline and FY25E guidance was maintained; therefore we maintain our BUY rating and TP. However, the inventory level in...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)