Goldman Sachs released a research report stating that LI NING (02331) delivered interim core operating profit that exceeded expectations, while management maintains a relatively conservative outlook for the second half of the year. Goldman Sachs noted that the core business profit margin during the period surpassed expectations, helping to strengthen investor confidence in the fundamental health of the Li Ning brand. The firm expects that reduced tax rate and impairment pressures will support accelerated net profit growth in the coming years. Goldman Sachs maintains its 2025 sales and net profit forecasts largely unchanged, while raising its 2026-2027 net profit forecasts by 7% to 8% to reflect tax rate normalization and reduced impairments.