＜Research＞BOCOMI: LI NING (02331.HK) 1Q24 in Line with Guidance, but Performance Varies across Categories

　　LI NING (02331.HK) +1.550 (+8.378%) Short selling $63.39M; Ratio 16.499% recorded an overall low single-digit growth in retail sales in 1Q24, in line with expectations, BOCOMI issued a research report saying.

　　Online sales showed good recovery in the quarter, while offline sales were weaker than expected, with improved offline discounts and channel inventories.

　　Related NewsUBS Finds LI NING (02331.HK)'s 1Q SSS Growth Weaker Than Expected

　　1Q24 performance was in line with guidance, but performance varied across categories, according to the report. China Li Ning and basketball category were under pressure, with the highlight being running category, as China Li Ning continued to close stores in an attempt to find a new direction.

　　Basketball products also declined, while running shoes remained a highlight. BOCOMI kept rating at Neutral, with a target price of $21, due to results growth and weak ROE outlook.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-04-24 12:25.)

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