Group 1 - The company's revenue in the first half of 2025 decreased by 3.6% year-on-year to 2.39 billion yuan, while the gross margin increased by 0.1 percentage points to 67.1% [1] - Sales expense ratio increased by 3.7 percentage points to 44.2%, primarily due to revenue decline, increased brand promotion costs, and an increase in the number of direct-operated stores [1] - Net profit attributable to shareholders fell by 42.7% year-on-year to 200 million yuan, with a net profit margin decrease of 5.6 percentage points to 8.2% [1] Group 2 - The second quarter continued the downward trend, with revenue declining by 3.5% year-on-year to 1.09 billion yuan and net profit down 71.4% to 30 million yuan [1] - The main brand reported a revenue decline of 9.6%, with a decrease in single-store revenue of 10.4% and a net reduction of 4 stores to 817 [2] - The outdoor brand Le Fei Ye experienced steady growth in sales, increasing by 20.5% [2] Group 3 - Online channels showed strong growth, with an increase of 17.6%, while direct sales and franchise channels saw mixed results [2] - The company adjusted its profit forecast for 2025-2026, expecting net profits of 410 million yuan, 450 million yuan, and 480 million yuan for 2025-2027, reflecting a year-on-year decline of 17.4% for 2025 [4] - The company maintains a positive long-term growth outlook despite short-term revenue and expense pressures [4]