Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.01 HKD based on a 15x PE valuation for 2025 [3][10]. Core Insights - The company shows resilience in its operations for the third quarter, particularly in the running segment, with expectations for continued competitive strength [2]. - The main brand, Xtep, has demonstrated steady growth, while the subsidiary brand, Saucony, has shown strong revenue growth, indicating a positive outlook for the company's multi-brand strategy [9]. Financial Performance Summary - Revenue projections for 2025-2027 are estimated at 14,452 million, 15,795 million, and 17,244 million RMB, respectively, with expected growth rates of 6.4%, 9.3%, and 9.2% [4]. - The company's net profit attributable to the parent company is forecasted to be 1,369 million, 1,558 million, and 1,745 million RMB for 2025-2027, reflecting growth rates of 10.6%, 13.7%, and 12.0% [4]. - Earnings per share are projected to increase from 0.49 RMB in 2025 to 0.62 RMB in 2027, with corresponding growth rates [4][10]. - The gross margin is expected to improve from 44.0% in 2025 to 45.0% in 2027, indicating enhanced profitability [4]. Market Performance - The company's stock price as of October 17, 2025, is 5.8 HKD, with a 52-week high of 6.64 HKD and a low of 4.26 HKD [5]. - The company has a market capitalization of 16,254 million HKD [5]. Competitive Landscape - The report highlights the competitive dynamics within the industry, noting that the company is well-positioned in the running segment, with a focus on product innovation and channel optimization [9]. - The performance of the Saucony brand is particularly noted for its potential growth, with expectations of over 30% sales growth for the year [9].