Core Viewpoint - In Q3 2025, the overall sales volume of Li Ning brand (excluding Li Ning YOUNG) experienced a decline in unit numbers, with offline sales significantly impacted by foot traffic and consumer spending, while e-commerce showed a high single-digit growth year-on-year [1][2][3] Sales Performance - Q3 2025 saw a high single-digit decline in offline sales, primarily due to reduced foot traffic and consumer spending, with direct retail channels performing better than wholesale channels, benefiting from strong performance in outlet channels [1][2] - E-commerce business recorded a high single-digit growth year-on-year, with an increase in growth rate compared to Q2 [2][3] - The children's clothing segment continued to outperform adult clothing, with expectations of double-digit growth in children's apparel [2] Inventory and Discounts - The company increased its inventory turnover ratio at the end of Q3 2025, with a ratio corresponding to 5-6, as preparations were made for upcoming holidays and promotional events [1][2] - Both online and offline discount rates deepened in low single digits during Q3 2025, as the company intensified promotional efforts [2][3] Channel Expansion and Marketing Strategy - As of Q3 2025, the total number of Li Ning's sales points reached 6,132, with a net increase of 15 points since the beginning of the year, while children's clothing sales points totaled 1,480, with a net increase of 12 points [3] - The company plans to enhance marketing investments focusing on the "Olympics + Technology" theme in Q4 2025, aiming to improve product development and brand influence [3] - New product launches are expected in Q4, including technologically advanced products and collaborations, which are anticipated to drive sales improvement [3] Financial Forecast - The projected revenue for the company from 2025 to 2027 is estimated at 28.93 billion, 30.51 billion, and 32.08 billion yuan, with year-on-year growth rates of +0.9%, +5.4%, and +5.2% respectively [4] - The expected net profit attributable to shareholders for the same period is forecasted at 2.43 billion, 2.62 billion, and 2.78 billion yuan, with year-on-year changes of -19.5%, +7.8%, and +6.2% respectively [4]