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].

Core Viewpoint - The article discusses the challenges posed by unauthorized online sales, emphasizing the need for a comprehensive strategy to purify online channels and restore brand integrity [1] Group 1: Understanding the Problem - Unauthorized online sales undermine brand pricing structures, erode channel confidence, and dilute brand value, necessitating a holistic approach rather than merely removing links [1] Group 2: Steps for Action - Step 1: Precise Source Tracking and Monitoring - Implement 24/7 monitoring of major platforms like Taobao, Pinduoduo, and Douyin to identify the sources of unauthorized products, whether from distributors or counterfeiters, and create a database of problematic stores [3] - Step 2: Combined Offensive Strategies - Utilize a multi-faceted approach to combat unauthorized sales, including: - Intellectual Property Complaints: The primary and most effective method, leveraging trademark, copyright, and patent infringement claims through official channels [4] - Counterfeit Complaints: Report obvious counterfeit products as "selling fake goods," which can lead to severe penalties for the offending store [5] - Scratched Code/Obscured Complaints: Report violations where sellers obscure product traceability codes, serving as strong evidence for complaints [6] - Legal Notices: For persistent large sellers, a professionally drafted legal notice can serve as a significant deterrent [7] Group 3: Long-term Governance - Establish a channel price monitoring system to institutionalize and normalize monitoring efforts [8] - Improve distributor agreements by clearly defining online sales standards and breach responsibilities to prevent issues from the source [9] - Maintain regular communication and audits with distributors to foster a positive cycle of compliance and cooperation [10] - Price control and rights protection should be viewed as an upgrade in refined management rather than a zero-sum battle, focusing on guiding all sellers to operate within brand-defined rules for mutual market growth [11]