LI NING (02331) delivered first-half 2025 results that exceeded expectations, potentially providing downside support for the stock price, with a "Hold" rating assigned. The company reported sales growth of 3.3% year-over-year for the first half of 2025, surpassing forecasts of 1% and market expectations of 1.8%. The gross margin reached 50%, aligning with market consensus but exceeding the anticipated 49.4%.
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