Li Ning Company (82331) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$59.5B (≈ $7.6B) · ISIN KYG5496K1242

What is Li Ning Company really worth?

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

• The price sits close to our fair value, market and models broadly agree here, little valuation tension.
• The price sits in the upper half of our model range, so the margin of safety is thin.
• The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (3 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

39‑month range HK$9.09 – HK$27.77 · fair‑value band HK$8.61 – HK$14.35 · the HK$11.57 price screens above the HK$11.48 fair value. Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Li Ning Company (82331) currently trades at HK$11.57, while our model-based Fair Value estimate is HK$11.48, implying the stock looks roughly 0.8% fairly valued today. The Quality Score stands at 71/100 (solid quality), in the Consumer Cyclical sector. Bull case: the DCF Models group reads highest at a median of HK$19.25 per share, and 14 of the 26 models we run sit above the HK$11.57 price. Bear case: the Asset-Based group reads lowest at HK$3.60, and 12 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Li Ning Company generated revenue of HK$29.6B at a net margin of 9.9%. Revenue grew 3.1% year over year. It earns a return on equity of 10.9%. The balance sheet holds a net cash position of HK$14.6B. Fundamentals as of Aug 27, 2026

Our scenario range runs from HK$8.61 (bear case) to HK$14.35 (bull case); at HK$11.57, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 43% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −1% fair-value upside, at −1%, 82331 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$0.0677 per share, which is 0.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Widest divergence: DCF Models (HK$19.25) versus Asset-Based (HK$3.60). Highest evidence: FCF DCF (76).

Key figures & financial health

Quality Score breakdown

About the company

Li Ning Company Limited, a sports brand company, engages in the research and development, design, manufacture, marketing, distribution, and retail of sporting goods in the People's Republic of China and internationally. The company offers sporting goods, including professional and leisure footwear, apparel, equipment, and accessories under the LI-NING brand.

Full company description

Li Ning Company Limited, a sports brand company, engages in the research and development, design, manufacture, marketing, distribution, and retail of sporting goods in the People's Republic of China and internationally. The company offers sporting goods, including professional and leisure footwear, apparel, equipment, and accessories under the LI-NING brand. It also develops, manufactures, markets, distributes, and sells outdoor sports products under the AIGLE brand; table tennis products under the Double Happiness brand name; and badminton products under the Kason brand name. In addition, the company provides brand licensing, administrative, research and development, and property management services. Further, it operates conventional stores, flagship stores, China LI-NING stores, factory outlets, and multi-brand stores under the LI-NING brand. Li Ning Company Limited was founded in 1990 and is headquartered in Beijing, the People's Republic of China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Li Ning Company reported revenue of HK$29.6B in FY2025 versus HK$22.6B in FY2021, a compound +7.0%/yr. Reported net income was HK$2.9B in FY2025, compounding −7.5%/yr from FY2021.

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Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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