郎世宁《十骏图》之一《万吉骦》。图据故宫博物院官网 马，作为中华文明中力量与高洁的象征，既是驰骋疆场的功臣，亦是沟通天人的祥瑞。自上古神话 中"足不践土"的神骏，到帝王陵寝前静默千年的石刻，它们或为"明王在位"的瑞应，或成"力拔山兮"的 绝响，在史册与传说间留下了一道道矫健的身影。 神话典籍里的祥瑞灵骏 《兽经》有云，"马之良者，曰騊駼（táo tú）、曰骥。"騊駼是北方民族的良马，《史记》称此马为匈 奴牧养。《穆天子传》称此马为野马，日行五百里。《瑞应图》中此马被誉为兽中隐士，"有明王在位 则至"。 神话中的马，往往超脱生死。《瑞应图》记载，有一种神马名为腾黄，又名吉光，白身红鬃，永生不 死。传说人乘坐此马，可以活到3000岁；还有产自西方的神马名飞黄，一名乘黄，也有说就是腾黄或吉 黄，外貌类狐，背上有角，可活千岁，相传为黄帝坐骑；更有神马飞兔，矫捷如飞奔的兔子，能日行3 万里。《瑞应图》称"明君有德，则至飞兔"，大禹治水有功，飞兔马作为祥瑞现身。 土地神后土骑乘的神马名为駃（jué）蹄，还有一种与其读音相同的骏马叫駃騠（jué tí），在华北地 区，駃騠也指公马与母驴所生的驴骡，其外形更像驴，耳长，食量小 ...

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]