Sales Performance - The sales situation for the first three quarters of the year has been disclosed in the Q3 report, with the fourth quarter being a peak sales season for the company. The autumn and winter products have received positive market feedback, and sales are better than expected across various brands and channels [3]. - The Hush Puppies adult footwear category has started self-operated sales, contributing additional revenue, although its sales proportion remains low as it is still in the early stages [3]. Children's Clothing Strategy - The company maintains a pricing strategy for its children's clothing brands, including Hush Puppies, Water Kids, and Haggis. This strategy has impacted revenue growth but has preserved brand value and targeted the right consumer base. Future plans include continuous product and service upgrades and enhancing store image [3]. Adult Footwear Development - The adult footwear business for Hush Puppies began self-operation in Q4 2025 after the expiration of the previous online authorization on June 30. Although current sales are small, the growth trend is positive, with plans to open more independent stores in the future [3]. - The main price range for Hush Puppies adult shoes is between 900 RMB and 1700 RMB [3]. Marketing and Sales Expenses - The company plans to maintain stable sales expenses in the short term while focusing on product upgrades. Marketing activities will include collaborations, online promotions, and offline advertising as the brand develops [4]. - In the medium to long term, the company may increase promotional investments to enhance brand recognition and accumulate brand momentum [4]. Dividend Policy - The company aims to maintain a relatively stable dividend ratio as part of its commitment to return value to investors. With improving profitability and in the absence of significant capital expenditures, there is potential for increasing the dividend ratio in the future [4].

Group 1 - The company will focus on product upgrades and iterations over the next two years while continuing regular collaborations with celebrities and influencers, as well as online promotions [2] - The company plans to maintain stable sales expenses in the short term, while also expanding offline marketing activities such as advertising and ground promotions as it develops its distribution channels [2] - In the medium to long term, the company will increase promotional investments in line with the development stages of different brands to enhance brand recognition and accumulate brand momentum [2]

Core Viewpoint - The company emphasizes its focus on product upgrades and iterations while maintaining stable sales expenses in the short term, with plans to increase promotional investments in the medium to long term as brand development progresses [1] Group 1: Sales Strategy - The company will continue to implement regular collaborations with celebrities, influencer marketing, and online promotions [1] - Offline marketing activities, such as advertising and ground promotions, will be initiated alongside the expansion of offline channels [1] - Short-term sales expenses are expected to remain stable [1] Group 2: Long-term Plans - In the medium to long term, the company plans to increase promotional investments in line with the different stages of brand development [1] - The focus will be on enhancing brand recognition and accumulating brand momentum [1]