Core Viewpoint - Dongwu Securities report indicates that Semir Apparel's net profit attributable to shareholders for the first three quarters is 537 million yuan, a year-on-year decrease of 28.90% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 212 million yuan, showing a year-on-year increase of 4.55% [1] - Revenue in Q3 continued the steady growth trend observed in Q2, with net profit growth turning positive, primarily due to improved cost control [1] - For the first three quarters, offline growth outperformed online, with Balabala performing better than Semir [1] Profitability and Cost Control - Gross profit margin remained stable, indicating effective cost control measures [1] - Benefiting from colder weather, October's terminal retail achieved double-digit year-on-year growth, laying a solid foundation for revenue growth in Q4 [1] Future Outlook - The company maintains its net profit forecasts for 2025-2027 at 980 million, 1.15 billion, and 1.39 billion yuan, respectively, corresponding to PE ratios of 15, 13, and 11 times [1] - The "Buy" rating is upheld for the stock [1]