Core Insights - The company reported a revenue of 6.777 billion yuan for the first three quarters of 2025, a year-on-year decline of 19.32% [1] - The net profit attributable to shareholders was 2.349 billion yuan, down 6.48% year-on-year [1] Fashion Segment Performance - The fashion segment achieved a revenue of 5.037 billion yuan, with a year-on-year growth of 9.86%, driven by the consolidation of the BONPOINT brand and rapid growth of multiple brands [1] - The main apparel business generated a revenue of 4.427 billion yuan, reflecting a year-on-year increase of 15.75% [1] - The joint venture brand HELLY HANSEN, accounted for using the equity method, continued to grow rapidly with a revenue growth rate of 104% [1] - The net profit attributable to shareholders in the fashion segment was 208 million yuan, a decrease of 43.52% year-on-year due to increased costs and expenses [1] Store Strategy - The company is committed to advancing its "large store strategy" and has deepened "total-to-total" strategic cooperation with multiple commercial systems [1] - During the period, the company opened 140 self-operated stores, closed 115, and adjusted 93, resulting in a total of 1,896 self-operated stores at the end of the period [1] - The total operating area of the stores reached 540,000 square meters [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first nine months of 2025, primarily due to the exit from the real estate business and challenges in the fashion segment's transformation [5][6]. Financial Performance - For the first nine months of 2025, the company achieved revenue of 677,723.53 million yuan, with a net profit attributable to shareholders of 234,913.65 million yuan, representing year-on-year declines of 19.32% and 6.48% respectively [5]. - The fashion segment generated revenue of 503,749.91 million yuan, showing a year-on-year growth of 9.86%, driven by the consolidation of the BONPOINT brand and rapid growth in multi-brand operations [6]. - The net profit for the fashion segment was 20,767.76 million yuan, which decreased by 43.52% year-on-year due to increased costs and expenses [6]. Business Strategy - The company is advancing its "large store strategy," opening 140 new self-operated stores while closing 115 and adjusting 93, resulting in a net increase of 25 self-operated stores and an increase in operational area of 3.12 million square meters [7]. Real Estate Segment - The real estate segment did not launch new projects in the first nine months of 2025, achieving pre-sales of 75,059.29 million yuan and recognizing revenue of 173,175.41 million yuan, with net profit down 70.58% and 54.41% year-on-year respectively [8]. Investment Business - The investment business continued to undergo structural adjustments, achieving a net profit attributable to shareholders of 202,413.77 million yuan, reflecting a year-on-year increase of 3.87% [9]. Profit Distribution - The company proposed a cash dividend of 0.08 yuan per share for the first half of 2025, with a total distribution amounting to 365,781,256.16 yuan based on the total share capital [12][14]. Upcoming Events - The company will hold a performance briefing on November 19, 2025, to discuss the third-quarter results and address investor questions [18][19].