On September 30, Guolonghui ┆ Morgan Stanley published research reports indicating that Fast Retailing's "Fourth Front" strategy emphasizes the growth of its brand Uniqlo outside the Greater China region. By the end of August 2026 fiscal year, Southeast Asia, North America, and Europe are expected to drive approximately 82% of operating profit earnings; Greater China is expected to rebound; the Japanese market will remain stable based on profit growth. Morgan Stanley predicts that operating profit for the fiscal year ending in August 2025 is expected to grow by 10.2% annually; for the 2026 fiscal year, it is expected to grow by 11.3%. At the same time, the target price for its Japanese stocks has been raised from 43,000 yen to 55,000 yen, and the rating has been upgraded from "In line with the market" to "Shareholding". Morgan Stanley also mentioned that in response to the decline in consumer confidence in China's mainland and intensifying market competition, Fast Retailing has been renovating its stores in China's mainland, with the monthly sales of these stores increasing by about 1.5 times. The bank predicts that the performance of the China mainland market in fiscal year 2025 will accelerate to hit bottom. In addition, Morgan Stanley believes that as expectations for the performance of Greater China warm up, Fast Retailing's valuation may rise. Once the expectations for the performance of Greater China hit bottom and rebound more significantly, its growth prospects will further improve.