LZLJ(SZ:000568) Xin Lang Cai Jing·2025-10-31 04:40Core Viewpoint - The company is experiencing a stabilization in product structure for Q3 2025, with expectations that the core product, Guojiao 1573, will decline at a similar rate to overall sales, while implementing strict channel price control measures for high-end Guojiao 1573 and actively expanding in the East China region for low-end Guojiao 1573 [1] Financial Performance - In Q3 2025, the company's net profit margin decreased by 1.7 percentage points year-on-year to 46.4%, with a gross profit margin down by 1.0 percentage point to 87.2%. The sales expense ratio increased by 1.7 percentage points, and the management expense ratio rose by 0.3 percentage points [1] Contract Liabilities - As of the end of Q3 2025, the company's contract liabilities amounted to 3.84 billion yuan, reflecting a quarter-on-quarter increase of 3.1% [1] Product Strategy - The company continues to leverage its product matrix advantage, focusing on mid-to-low price segments in line with industry sales characteristics, including resource allocation and the launch of new Erqu products [1] Marketing Activities - With the ongoing recovery of consumption scenarios, the company is intensifying promotional activities to drive sales, supported by channel adjustments [1]