YanKershop(SZ:002847) Xin Lang Cai Jing·2025-10-28 02:35Core Insights - The company reported Q3 2025 results with revenue of 1.486 billion, a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 232 million, up 33.55% year-on-year [1] - Gross margin improved both year-on-year and quarter-on-quarter, reaching 31.63%, an increase of 1.01 percentage points year-on-year and 0.65 percentage points quarter-on-quarter, attributed to a higher proportion of high-margin brand products [1] - The company optimized channel investment, resulting in a decrease in expense ratio to 13.44%, down 3.34 percentage points year-on-year, with sales expense ratio at 8.59%, down 3.54 percentage points year-on-year [1] Financial Performance - Q3 2025 net profit margin reached 15.60%, an increase of 3.21 percentage points year-on-year, while the net profit margin excluding non-recurring items was 14.78%, up 3.97 percentage points year-on-year [1] - The company expects revenue growth for 2025-2027 to be 61.86 billion, 76.66 billion, and 89.42 billion respectively, with year-on-year growth rates of 16.63%, 23.93%, and 16.64% [2] - Projected net profits for 2025-2027 are 833 million, 1.052 billion, and 1.259 billion respectively, with year-on-year growth rates of 30.24%, 26.25%, and 19.66% [2] Strategic Focus - The company is focusing on a category brand strategy, optimizing product channel structure by eliminating low-efficiency SKUs and emphasizing high-potential products like "Da Mo Wang" sesame sauce and "Egg Yolk Quail Eggs" [2] - The company is enhancing its channel structure by prioritizing quantitative distribution channels and launching new products in membership stores like Sam's Club [2] - A long-term strategic partnership has been established with Liu Bi Ju, indicating confidence in the sustained growth potential of key products [2]