Morgan Stanley released a research report stating that it maintains Li Ning's “gain” rating, with a target price of HK$22.5. The company recorded a decline of one or more units in retail sales in July of this year, but the trend improved in August. Among them, the online decline narrowed, while online sales were driven by live streaming events. Overall retail sales in August were relatively stable year over year. The company believes that it is still too early to comment on September trends, but it is expected that the Mid-Autumn Festival holiday will support September's performance. The bank mentioned that Li Ning was affected by industry competition and the increase in sales share in special stores, and offline retail discounts deepened from July to August, but this was not driven by inventory removal; the company had previously lowered orders for the second half of the year.

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