Core Viewpoint - The company is experiencing steady revenue growth despite short-term challenges, with a strong medium to long-term order certainty and a gradual recovery in profitability expected [1][2] Group 1: Financial Performance - In Q3 2025, the company achieved revenue of $400 million, a year-on-year increase of 3.7%, with manufacturing revenue at $390 million, also up 3.6% year-on-year [1] - The shipment volume reached 13.9 million pairs, reflecting a year-on-year growth of 7.8%, while the average selling price (ASP) was $28.2, down 3.8% year-on-year [1] - The company slightly adjusted its profit forecast, expecting net profits of $161 million, $179 million, and $198 million for 2025-2027, with year-on-year growth rates of -6%, 11%, and 11% respectively [2] Group 2: Production Capacity and Efficiency - The company is addressing short-term production efficiency issues, with improvements noted since June 2025, leading to a resolution of efficiency problems and better preparation for future capacity expansions [1] - The company plans to add 20 million pairs of new capacity to support business growth over the next three years, driven by strong customer orders, particularly in the sports sector [2] Group 3: Investment Recommendations - The company maintains a strong recommendation rating, supported by its position as a leading manufacturer in the sports fashion footwear sector, with stable core customer orders and ongoing new customer acquisition [2] - The company is committed to a fixed dividend policy of over 70% and plans to repurchase or issue special dividends of $60 million annually [2]