Open Source Securities: Maintaining a "buy" rating on Li Ning Sports, and joining hands with China Resources Cultural and Sports, the strong alliance may accelerate further growth.

The open source securities research report pointed out that on June 18th, Lisheng Sports signed a strategic cooperation agreement with CR Cultural Sports. The two parties will leverage their respective advantages in sports industry resources, event operation, venue operation, digital technology, city services, and other areas to explore innovative paths for the development of the sports industry. CR Cultural Sports has experience in servicing major international events such as the Universiade, National Games, Asian Games, World Games, and Asian Winter Games. By December 2025, venue operation business covers 10 core cities including Beijing, Shenzhen, Shanghai, Guangzhou, and Chengdu, with 20 projects in operation. We believe that the strategic cooperation will help the company expand into diversified sports events and comprehensive sports venue operation. We are optimistic about the company's strong position in motorsports events and the broad growth potential brought by diversified sports layout. We maintain our forecast of 0.62/1.12/1.35 billion yuan for net profit attributable to mother in 2026-2027, and an additional forecast of 2028, with respective PE ratios of 37.3/20.8/17.2 times. We maintain a "buy" rating.