Core Insights - The company reported double-digit growth in both revenue and net profit for the first three quarters of 2025, driven by its core brand matrix [2][3] - The company plans to apply for bankruptcy liquidation of its loss-making subsidiary to focus on its outdoor main business [2][6] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 585 million yuan, a year-on-year increase of 17.04%, and a net profit attributable to shareholders of 21.21 million yuan, with a growth rate of 147.77% [3] - In Q3 2025, the company recorded revenue of 207 million yuan, up 20.74% year-on-year, and a net profit of 4.40 million yuan, which represents a staggering increase of 1033.98% [3] - Despite strong profit growth, the company's operating cash flow showed short-term volatility, with a net cash flow of -10.71 million yuan as of Q3 2025, although this was an improvement of 82.21% compared to the previous year [3] Brand Development - The company is transitioning from a traditional distributor to a brand operator, having established a brand matrix that includes over ten brands, such as X-BIONIC and HOUDINI [4] - X-BIONIC has emerged as a key growth driver, with revenue of 290 million yuan in 2024, a year-on-year increase of 34.91%, and 214 million yuan in the first nine months of 2025, up 34.62% [4] Other Brands Performance - Other brands also showed significant growth, with HOUDINI's revenue reaching 65.74 million yuan, a year-on-year increase of 110.09%, while CRISPI, MYSTERY RANCH, and LA SPORTIVA reported revenue increases of 12.32%, 22.78%, and 45.28% respectively [5] Strategic Focus - The company is focusing on its core outdoor products business by planning to liquidate its subsidiary Shanghai Xile Cultural Development Co., which has been operating at a loss [6] - As of September 30, 2025, Shanghai Xile had total assets of 15.93 million yuan and total liabilities of 90.70 million yuan, indicating insolvency [6] - The liquidation is expected to have short-term negative impacts on the company's receivables but is aligned with long-term strategic goals to optimize resource allocation and reduce operational risks [6]