Core Insights - Company reported Q3 2025 operational results on October 27, showing low single-digit growth in retail sales for the main brand Anta and FILA, while other brands experienced a significant increase in retail sales by 45%-50% year-on-year [1][2][3] Group 1: Main Brand Performance - Anta's Q3 retail sales remained stable compared to Q2, outperforming the overall industry despite a weak consumer environment and internal adjustments in franchise and e-commerce channels [1] - The company has improved over 100 franchise stores and is expected to continue this initiative, while the new e-commerce head is still in the process of product and channel adjustments [1] - The company has not set aggressive targets for the upcoming Double Eleven shopping festival [1] Group 2: FILA and Other Brands - FILA recorded low single-digit growth in Q3, with offline sales showing low single-digit growth and online sales achieving high single-digit growth [2] - FILA launched a tennis strategy and product plan in September, renewing its sponsorship of the China Open and announcing its first tennis ambassador [2] - Other brands, including Descente, KOLON, and MAIA ACTIVE, continued to drive group growth, with Q3 growth rates of 30%, 70%, and approximately 45% respectively [2] Group 3: Future Outlook and Adjustments - The company has lowered its full-year guidance for the Anta main brand to low single-digit growth due to short-term external pressures and internal adjustments, while maintaining growth targets of low single-digit for FILA and 40% for other brands [3] - The company anticipates that the impact of e-commerce and distributor channel adjustments will diminish by 2026, allowing for a potential release of growth momentum [3] - The company remains optimistic about its multi-brand strategy and expects continued strong performance from its brand matrix [3]