Core Viewpoint - Anjiu Foods (02648) reported a positive performance in Q3 2025, with revenue and net profit showing year-on-year growth, indicating a recovery in profitability and effective channel strategies [1] Financial Performance - Q3 total revenue reached 3.766 billion yuan, a year-on-year increase of 6.61% [1] - Net profit attributable to the parent company was 273 million yuan, up 11.8% year-on-year [1] - Deducting non-recurring items, net profit was 264 million yuan, reflecting a 15.27% increase year-on-year [1] - The gross profit margin for Q3 was 19.99%, remaining stable year-on-year despite rising procurement costs for crayfish and fresh fish [1] Channel Performance - Revenue from various channels in Q3 included: - Distributors: 2.96 billion yuan, down 0.6% year-on-year - Direct sales: 317 million yuan, up 68.1% year-on-year - Supermarkets: 220 million yuan, up 28.1% year-on-year - New retail and e-commerce: 270 million yuan, up 38.1% year-on-year [1] - The company is focusing on customized solutions for supermarkets and has made steady progress in expanding large supermarket clients [1] - The shift towards new retail channels, such as Hema, has also contributed to significant revenue growth [1] Strategic Initiatives - The company is actively pursuing product innovation and channel transformation, emphasizing new product development and customization trends in supermarkets [1] - The industry is experiencing a moderation in price competition, which is aiding the company's recovery in profitability [1]