Li Ning Co Ltd (2331) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Li Ning Co Ltd HK$29.57, price HK$12.30, upside +140.4%, quality 72 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range HK$12.10 – HK$95.55 · fair‑value band HK$22.17 – HK$36.96 · the HK$12.30 price screens below the HK$29.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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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.
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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.
Stock analysis
Li Ning Co Ltd (2331) currently trades at HK$12.30, while our model-based Fair Value estimate is HK$29.57, implying the stock looks roughly 58.4% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of HK$38.44 per share, and 22 of the 26 models we run sit above the HK$12.30 price.
Bear case: the Asset-Based group reads lowest at HK$7.26, and 4 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: HK$22.17 (bear) to HK$36.96 (bull), the price of HK$12.30 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 72/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Li Ning Co Ltd reported revenue of 29.6B CNY in FY2025 versus 22.6B CNY in FY2021, a compound +7.0%/yr. Reported net income was 2.9B CNY in FY2025, compounding −7.5%/yr from FY2021.
Key figures
Market cap HK$37.7B (≈ $4.8B) · P/E ratio 9.3 · P/S ratio 0.92 · EPS (TTM) HK$1.33 · Dividend yield 5.5% · Net margin 9.9% · Return on equity 10.9% · Return on assets (EBIT) 12.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 46% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 38% fair-value upside, at 140%, 2331 screens cheaper than that median.
Fair Value models
Bear HK$22.17Fair Value HK$29.57Bull HK$36.96
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.4%
Start year 2020 (pandemic). Over 10 years: +15.4% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+16.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.9%
Dividend (yield on the price)5.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.11% vs 23%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.15% → 13%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−31.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in CNY, China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about −33.0% a year for the price and +3.9% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Leisure · 190 stocks
Beats the industry median on 13/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside+140% · Top 25%
Profitability
Return on equity (TTM)11% · Above median
Return on assets7% · Top 25%
Net margin (TTM)10% · Top 25%
Operating margin (TTM)10% · Above median
Growth and dividend
Revenue growth3% · Above median
Dividend yield (TTM)5.5% · Top 25%
Valuation Multiplesvs Leisure median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Li Ning Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2331
Frequently asked questions
Is Li Ning Co Ltd (2331) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of HK$29.57 versus a price of HK$12.30, about +140% upside (undervalued).
What is the fair value of 2331?
Our model-based fair value for Li Ning Co Ltd is HK$29.57 (as of Sep 24, 2026), built from audited fundamentals. The current price: HK$12.30.
What is the quality score of 2331?
Li Ning Co Ltd has a Quality Score of 72/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Li Ning Co Ltd (2331)?
Our model-based price target is the fair value of HK$29.57 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario HK$22.17, optimistic scenario HK$36.96. It is a calculation from audited fundamentals, not an analyst target.
What is the Li Ning Co Ltd stock forecast for 2026?
Our models put fair value at HK$29.57, about +140% upside versus a price of HK$12.30 (undervalued). Cautious scenario HK$22.17, optimistic scenario HK$36.96. The calculation is refreshed regularly with new filings.
What is the revenue of Li Ning Co Ltd (2331)?
Li Ning Co Ltd reported trailing-twelve-month revenue of about 29.6B CNY (latest available figure, as of Sep 24, 2026).
Does Li Ning Co Ltd pay a dividend?
Li Ning Co Ltd currently shows a dividend yield of about 5.49% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Li Ning Co Ltd (2331)?
For today's price to be fair in a discounted-cash-flow model, Li Ning Co Ltd would have to grow free cash flow by -31.8 % per year for five years (discount rate 10.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2331 use?
Our models discount Li Ning Co Ltd at 10.2 %: a base by market capitalisation (mid), damped by beta 0.96, country premium for Hong Kong. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Li Ning Co Ltd that is -31.8 % per year a year over ten years, using the same discount rate (10.2 %) and the same formula as our fair value.
How much growth has Li Ning Co Ltd (2331) delivered so far?
Over the past 5 years revenue at Li Ning Co Ltd grew +15.4 % a year. The price currently implies -31.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Li Ning Co Ltd (2331) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Li Ning Co Ltd (-31.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Li Ning Co Ltd (2331)?
The free-cash-flow yield on the price is 16.87 %: that much free cash flow Li Ning Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Li Ning Co Ltd (2331)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Li Ning Co Ltd it is HK$29.57 per share (as of Sep 24, 2026), against a price of HK$12.30. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Li Ning Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2331 trades below its calculated fair value: price HK$12.30, fair value HK$29.57, a gap of about +140% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2331?
No. The price is what the market pays today (HK$12.30); the fair value is what the company's own numbers justify (HK$29.57). For Li Ning Co Ltd the two are HK$17.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is Li Ning Co Ltd worth?
The market values Li Ning Co Ltd at about HK$37.7B (market capitalisation, as of Sep 24, 2026). Per share that is HK$12.30; our models calculate a fair value of HK$29.57 per share.
What do the bullish and bearish scenarios say about 2331?
Our models span a range for Li Ning Co Ltd: cautious scenario HK$22.17, base HK$29.57, optimistic HK$36.96 per share (as of Sep 24, 2026, price HK$12.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2331?
Li Ning Co Ltd trades at a price-to-earnings ratio of 9.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$29.57 is built from several models across several years. Other multiples: PEG 1.5, P/B 1.2, P/S 1.1, EV/EBITDA 3.1.
What is the PEG ratio of 2331?
The PEG ratio of Li Ning Co Ltd is 1.53 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Li Ning Co Ltd (2331)?
Balance-sheet figures for Li Ning Co Ltd (as of Sep 24, 2026): return on equity 10.9%. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is 2331 from its 52-week high?
Li Ning Co Ltd trades at HK$12.30, about 46% below its 52-week high of HK$22.66 and at the low of HK$12.30 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of HK$29.57 is for.
Which stocks are comparable to Li Ning Co Ltd?
From the same area (Consumer Cyclical) we also value ANTA Sports Products Limited, Pop Mart International Group, Amer Sports, Inc, Hasbro, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Li Ning Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price HK$12.30, calculated fair value HK$29.57 (+140%), Quality Score 72/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2331 calculated?
We run Li Ning Co Ltd through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$29.57, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. Li Ning Co Ltd currently trades 140 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Li Ning Co Ltd (2331)?
The closing price on Sep 24, 2026 was HK$12.30. Our model-based fair value is HK$29.57, about +140% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Li Ning Co Ltd right now?
The rarer combination: high quality (72/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (HK$22.17). The market is more pessimistic than our downside scenario.
Where does the earnings growth of Li Ning Co Ltd (2331) come from?
Earnings per share at Li Ning Co Ltd grew +27.4 % a year from 2015 to 2025. Broken into its drivers: revenue per share +14.7 %, EBIT margin +16.3 %, tax rate −2.0 %, residual (interest, one-offs) −2.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Li Ning Co Ltd
How large is the market capitalisation of Li Ning Co Ltd (2331)?
The market capitalisation of Li Ning Co Ltd is HK$37.7B (≈ $4.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Li Ning Co Ltd (2331)?
The price-to-sales ratio of Li Ning Co Ltd is 0.92 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Li Ning Co Ltd (2331)?
Earnings per share at Li Ning Co Ltd are HK$1.33 (price ÷ EPS = P/E 9.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Li Ning Co Ltd (2331)?
The dividend yield of Li Ning Co Ltd is 5.5% (payout 50.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Li Ning Co Ltd (2331)?
The net margin of Li Ning Co Ltd is 9.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Li Ning Co Ltd (2331)?
The return on equity (ROE) of Li Ning Co Ltd is 10.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Li Ning Co Ltd (2331)?
On an EBIT basis the return on assets of Li Ning Co Ltd is 12.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Li Ning Co Ltd (2331)?
The operating margin of Li Ning Co Ltd is 10.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Li Ning Co Ltd (2331)?
Revenue at Li Ning Co Ltd is growing +3.1% versus a year earlier (3y avg +4.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Li Ning Co Ltd (2331)?
Earnings per share at Li Ning Co Ltd are growing +12.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Li Ning Co Ltd (2331) hold?
Li Ning Co Ltd holds more cash than debt, 14.6B CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Sep 24, 2026