JGJC(SZ:000799) Xin Lang Cai Jing·2025-11-17 00:33Core Viewpoint - The company reported a significant decline in total revenue and net profit for the first three quarters of 2025, but showed signs of improvement in Q3 with a slight revenue increase and reduced net losses [1][2]. Financial Performance - Total revenue for Q1-Q3 2025 was 760 million, a decrease of 36% year-on-year, with a net loss of 10 million, down 117% year-on-year. In Q3 2025, total revenue was 198 million, an increase of 1% year-on-year, with a net loss of 19 million, compared to a loss of 65 million in Q3 2024 [1]. - The gross margin in Q3 2025 decreased by 3 percentage points to 61.22%. The sales expense ratio decreased by 31 percentage points to 34.98%, while the management expense ratio decreased by 3 percentage points to 15.86%. The net margin improved by 23 percentage points to -9.45% [2]. Operational Highlights - The company experienced strong performance in banquet scenarios, particularly in the Hunan region, which boosted terminal sales and positive scanning data. The company continued to deepen its BC linkage marketing model, achieving good sales results through promotions linked to banquets and consumer scanning [3]. - The company actively innovated its channels, expanding into chain KA, corporate group purchases, and international channels. A co-branded product "Jiu Gui · Free Love" launched in Q3 quickly became a hit among consumers [3]. Profit Forecast - The company is adjusting its operational strategy and strengthening cost control, with new products in supermarkets receiving high market recognition. The expected EPS for 2025-2027 is projected to be 0.04, 0.24, and 0.49 respectively, with corresponding PE ratios of 1461, 279, and 135 times [4].