Group 1 - The company achieved approximately 10% year-on-year growth in offline sales for its main brand and children's clothing in Q3 2025, with e-commerce sales growing around 20%, demonstrating strong operational resilience amid a weakening retail environment [1] - The inventory level remained healthy, with a channel sales ratio stabilizing at 4.5-5 times, and the terminal discount rate maintained at around 30%, indicating effective inventory and discount management [1] - The company has rapidly expanded its core channel innovation "super stores," opening 23 new locations in September alone, totaling 93 stores by the end of Q3, with a strong likelihood of reaching a target of at least 100 stores by year-end [2] Group 2 - The product matrix has been continuously refreshed, with new iterations launched across core categories, including advanced running shoes and basketball footwear, showcasing the company's innovation capabilities [2] - The One Way brand is re-entering the offline market with a focus on the mid-to-high-end outdoor segment, opening 6 new stores during the National Day holiday, which is expected to create a second growth curve for the company [3] - The company has been deepening its capabilities in product, brand, and channel over the past two decades, with a focus on high cost-performance and strong functionality, positioning itself for continued growth and market share increase [4]