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Group 1: Company Performance - Tmall's sales continue to decline, with a high single-digit decrease in pre-tax total sales for Q3 FY2026, slightly weaker than the overall performance in the first half of the year [1] - Nike's sales in China fell by 16% year-on-year to $1.423 billion, impacted by reduced store traffic and lower sell-through rates [1] - Li Ning reported a mid-single-digit decline in retail sales for Q3, excluding its youth brand [2] Group 2: Market Trends - The sports retail market is under pressure, with Peak's direct sales segment suffering losses exceeding 130 million yuan from January to July [2] - Anta Sports reported low single-digit positive growth in retail sales for its brand products, indicating a significant drop compared to previous years [2] - The overall market environment suggests that Tmall's transformation needs to accelerate [6] Group 3: Strategic Adjustments - Tmall is reducing its scale, with a 1.3% decrease in gross sales area of direct stores compared to the previous quarter and a 13.4% decrease year-on-year [4] - The company plans to optimize its offline store network by cautiously closing underperforming stores and focusing on extending online channels [4] - Tmall is also expanding its offerings, such as launching a running brand store and introducing a pop-up store for the Norwegian outdoor brand Norrona [5][6] Group 4: Collaboration and Future Outlook - Nike is increasing its focus on collaborating with distributors like Tmall, indicating a potential shift in strategy to enhance sales through partnerships [3]