Group 1 - The company held a conference call on September 5, 2023, with six institutions including Changjiang Securities and various fund management companies for targeted research [1] - The company reported a decrease in other business income due to the expiration of the licensing agreement for the Hush Puppies adult footwear category, leading to a reduction in licensing fees [2] - The company plans to self-manage the Hush Puppies adult footwear category, with changes in online and offline sales channels [2] Group 2 - The company has seen growth in its men's and women's clothing business, with revenue from this category expected to reach 10.06% by the end of 2024, up from 22.87% in the first half of this year [3] - The company aims to further develop its men's and women's clothing business through product upgrades and channel expansion [3] - Positive sales feedback was reported for August, attributed to the launch of autumn new products and improved store presentations, indicating increased consumer spending [4] Group 3 - The company has experienced a reduction in government subsidies in the first half of the year, primarily due to decreased support funds for subsidiaries [5] - The company maintains a stable dividend policy and may consider increasing the dividend ratio if profitability continues to improve without significant capital expenditures [4]

Group 1: Financial Performance - The decrease in other business income in the 2025 semi-annual report is primarily due to the expiration of the licensing agreement for Hush Puppies adult footwear, leading to a corresponding reduction in licensing fees [2][3] - The revenue proportion for Hush Puppies men's and women's clothing increased from 10.06% at the end of 2024 to 22.87% in the first half of 2025, indicating strong growth in this category [2][3] Group 2: Future Plans and Market Outlook - The company plans to self-manage the Hush Puppies adult footwear category following the expiration of the licensing agreement, with ongoing changes in online and offline sales channels [3] - The adult footwear will maintain an American casual style, focusing on comfort while incorporating consumer preferences and seasonal trends [3] - Recent feedback indicates an improvement in consumer sentiment, with sales growth observed in August due to new autumn products and seasonal changes [3] Group 3: Dividend and Government Support - The company aims to maintain a relatively stable dividend payout ratio, with potential increases as profitability improves and without significant capital expenditures [3] - The reduction in government subsidies in the first half of the year is attributed to decreased support funds in the subsidiary's location [3]

Group 1: Offline Channel Development - The company plans to optimize offline channels by replacing stores with high traffic and good locations, while also opening new quality stores and regional flagship stores to enhance channel quality [2][3]. Group 2: Online Channel Strategy - Despite a slowdown in online traffic growth, the company aims to use online channels as a platform for new product launches and brand image establishment, while maintaining pricing strategies to promote high-quality development of both online and offline channels [2][3]. Group 3: Product Category Plans - The company intends to adopt a partnership model for the Hush Puppies adult footwear category, which will be managed through collaboration with experienced teams to enhance brand value and resource integration [3]. Group 4: Sales Expense Projections - Sales expenses are expected to increase this year due to the addition of men's and women's clothing lines, necessitating higher marketing costs for various promotional activities [3]. Group 5: Market Pressure and Future Development - The company acknowledges market cyclicality and plans to focus on core business, continuously upgrading products and services to enhance consumer experience, emphasizing brand positioning as key to long-term development [3].