Tianfeng Securities·2025-11-04 15:20Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Insights - The company has experienced a mid-single-digit decline in retail sales for the third quarter ending September 30, 2025, with offline channels seeing a high single-digit decline, while e-commerce recorded a high single-digit growth [1] - The company has strengthened its brand through partnerships with the Chinese Olympic Committee and has showcased its products at various international sporting events, enhancing its visibility and cultural representation [2] - The company has expanded its instant retail capabilities by partnering with Meituan, allowing for a rapid delivery service across nearly a hundred cities, catering to diverse consumer needs [3] - The profit forecast for 2025-2027 remains unchanged, with expected revenues of 29.1 billion RMB, 30 billion RMB, and 31.1 billion RMB, and net profits of 2.5 billion RMB, 2.7 billion RMB, and 2.9 billion RMB respectively [4] Summary by Sections Retail Performance - As of September 30, 2025, the company had 6,132 sales points in China, with a net increase of 33 points from the previous quarter, despite a net decrease in retail points [1] Brand Development - The company has been appointed as the official sportswear partner for the Chinese Olympic Committee for the 2025-2028 period, showcasing its commitment to cultural representation and sportsmanship [2] Instant Retail Expansion - The company has launched its products on the Meituan platform, enhancing its distribution strategy and providing a quick delivery service to meet consumer demands [3] Financial Forecast - The company maintains its earnings forecast for 2025-2027, projecting steady revenue and profit growth [4]