Core Insights - Anta's main brand and FILA recorded low single-digit revenue growth in Q3 2025, with other brands experiencing a growth of 45%-50% [1][2] - The company has adjusted its revenue guidance for the Anta main brand to low single-digit growth for the year, while maintaining forecasts for other brands [1][3] - The overall revenue projections for the group from 2025 to 2027 are set at 78.06 billion, 86.73 billion, and 95.55 billion yuan, with year-on-year growth rates of 10%, 11%, and 10% respectively [3] Brand Performance - Anta's main brand saw low single-digit growth in offline sales and high single-digit growth online, with inventory levels remaining healthy [1][2] - FILA's performance was strong, with mid-single-digit growth in bulk sales and high single-digit growth in e-commerce, maintaining discount levels similar to the previous quarter [2][3] - Other brands like Descente, Kelong, and MAIA reported significant revenue growth, with Kelong achieving a 70% increase and MAIA focusing on differentiated strategies for Asian women's apparel [2][3] Strategic Initiatives - The company is exploring new retail formats and optimizing operational efficiency, including the expansion of outdoor segments and increasing coverage in key commercial areas [1][3] - Anta's international expansion includes a three-year plan to open 1,000 stores in Southeast Asia and the launch of its flagship store in Los Angeles by the end of the year [2] - FILA has launched a tennis strategy and product line, renewing its sponsorship of the China Open and engaging in partnerships with universities for research and development [2]