Daiwa downgraded LI NING's rating from Buy to Outperform due to concerns about the current macro environment, product cycle, and competitive landscape, which may hinder the company's growth potential. The broker noted challenges in retail sales and discount levels, with negative growth expected in platform sales from April to May and no improvement in June. Earnings visibility for the second half of the year remains low, and uncertainties regarding sales and profit margins are expected to persist in the short term.
