Oct 23rd by a report from Morgan Stanley indicated that Li Ning's third-quarter performance met expectations, the company reiterated its full-year revenue and net income margin forecasts. In addition, sales during the National Day holiday continued to improve, recent performance may exceed market expectations. The company is optimizing operating expenses, aiming to achieve a low double-digit net profit margin target. Regarding Li Ning's announcement of the establishment of a new overseas joint venture, the bank believes that the market needs time to digest and expects the joint venture to have limited profit impact on Li Ning from 2025 to 2026, further details of business plans are yet to be disclosed. The bank's target price for Li Ning is HK$21, with a rating of 'shareholding'.