研报掘金丨开源证券：维持潮宏基“买入”评级，产品和渠道持续优化

Core Viewpoint - Chao Hong Ji's revenue for the first three quarters of 2025 increased by 28.4% year-on-year, with net profit attributable to shareholders (excluding impairment) rising by 54.5% year-on-year [1] Group 1: Financial Performance - The company's third-quarter revenue performance outperformed the industry [1] - The net profit margin (excluding impairment) showed a significant improvement [1] Group 2: Business Strategy - The company successfully expanded its franchise channels [1] - Differentiated product strength consolidates its core advantages [1] - There is potential for brand expansion overseas [1] Group 3: Future Outlook - Due to the impact of goodwill impairment, the bank has lowered the earnings forecast for 2025 [1] - However, from a long-term perspective, the company's growth logic remains robust due to consumer insights and differentiated product strength [1] - The earnings forecast for 2026-2027 has been raised, maintaining a "buy" rating [1]