WLY(SZ:000858) Xin Lang Cai Jing·2025-10-31 04:40Core Viewpoint - The company is actively adjusting to industry challenges by reducing channel burdens and experiencing a recovery in product pricing from pre-holiday lows, particularly focusing on the "1+3" product structure to capture banquet demand [1] Group 1: Company Strategy - The company is implementing traditional channel reforms, having already adopted a direct distribution model in 20 cities and continuing to promote corporate group purchases [1] - The company is also expanding into weaker markets and developing a "three stores in one" strategy [1] Group 2: Financial Performance - In Q3 2025, the company's net profit margin decreased by 9.3 percentage points year-on-year to 24.7%, with a gross margin decline of 13.5 percentage points, primarily due to a significant drop in the main brand and a shift in product structure [1] - The sales expense ratio increased by 1.1 percentage points, and the management expense ratio rose by 3.2 percentage points in the same period [1] Group 3: Market Outlook - The company is advised to continue monitoring inventory reduction and product pricing performance, with feedback from the dual festivals indicating positive trends [1]