机构：中银国际 研究员：Tony LI/Penny PENG CTFJ reported -1.9% YoY decline of RSV in 1QFY26 (Apr-Jun 2025), evidencing the continuation of its sequential recovery after the weakness since 1QFY25. This is achieved by a net reduction of 311 stores, which reflected CTFJ's successful strategy of closing underperforming stores and redirecting traffic to better stores. With the launch of new product series such as Joie Collection and collaboration with well-known IPs, we expect CTFJ's FY26 target to achieve a MSD same-store ...