aiyingshi(SH:603214) Xin Lang Cai Jing·2025-11-19 08:31Core Viewpoint - The company is accelerating its offline store openings, reflecting the successful implementation of the 6th generation standardized store model, which features smaller store sizes, streamlined SKUs, differentiated products, and transparent sales mechanisms. This has led to increased online revenue and sustained growth in overall income [1][2]. Group 1: Financial Performance - In Q3, the company's revenue increased by 15% year-on-year, with improvements in both online and offline channels. The revenue for Q3 was 889 million, representing a 15.1% increase, while the net profit attributable to the parent company was 6 million, up by 2.4%. The net profit excluding non-recurring items was 2 million, showing a significant increase of 121.8% [1]. - The offline channel saw a net increase of 29 stores quarter-on-quarter and 53 stores year-on-year, which is crucial for driving offline growth. Online self-operated sales improved significantly, while agency operations continued to grow rapidly. However, revenue from supplier services decreased [1]. - The company's net profit margin was 0.6%, a decrease of 0.1 percentage points year-on-year, while the net profit margin excluding non-recurring items was 0.2%, an increase of 1.1 percentage points year-on-year, indicating stable profitability [1]. Group 2: Strategic Initiatives - The company is successfully opening new Gundam bases, which are expected to create a second growth curve. The first Gundam base opened in Suzhou last year, and new stores in Changsha and Shenyang are set to open soon, benefiting from high consumer traffic in these cities [2]. - The collaboration with Bandai Namco is anticipated to strengthen the company's market position and contribute to long-term growth, especially considering the rising trend of the "Guzi economy" in China [2]. - The company is expected to return to an expansion phase in 2025, achieving steady growth, with projected net profits of 140 million and 180 million for 2025 and 2026, respectively. The corresponding price-to-earnings ratios for 2025 and 2026 are estimated to be 18x and 14x [2].