值得买前三季度营收8.06亿元同比降20.37%，归母净利润1344.86万元同比增253.49%，研发费用同比下降7.62%

Core Insights - The company reported a revenue of 806 million yuan for the first three quarters of 2025, a year-on-year decrease of 20.37% [1] - The net profit attributable to shareholders was 13.45 million yuan, showing a significant year-on-year increase of 253.49% [1] - The basic earnings per share stood at 0.07 yuan [2] Financial Performance - The gross margin for the first three quarters of 2025 was 49.52%, an increase of 3.36 percentage points year-on-year [2] - The net profit margin was 1.80%, up 1.15 percentage points compared to the same period last year [2] - In Q3 2025, the gross margin was 50.35%, a year-on-year increase of 6.14 percentage points, but a quarter-on-quarter decrease of 6.45 percentage points [2] - The net profit margin for Q3 was 0.44%, up 1.34 percentage points year-on-year, but down 6.50 percentage points from the previous quarter [2] Expense Management - Total operating expenses for Q3 2025 were 376 million yuan, a decrease of 65.26 million yuan year-on-year [2] - The expense ratio was 46.67%, an increase of 3.06 percentage points year-on-year [2] - Sales expenses decreased by 20.08%, management expenses decreased by 14.50%, and R&D expenses decreased by 7.62% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 23,000, a decrease of 4,864, or 17.47%, from the end of the previous half [2] - The average market value of shares held per shareholder increased from 227,400 yuan to 333,300 yuan, a growth of 46.57% [2] Company Overview - The company, Beijing Zhi De Mai Technology Co., Ltd., was established on November 10, 2011, and went public on July 15, 2019 [3] - Its main business includes operating the content-based shopping guide platform "What is Worth Buying" and providing promotional services for e-commerce and brands [3] - The revenue composition includes 41.83% from information promotion, 28.38% from internet marketing platform services, 27.62% from operational service fees, 2.00% from brand marketing, and 0.17% from product sales [3]