Proya(SH:603605) Xin Lang Cai Jing·2025-11-28 00:32Group 1 - The company plans to list on the Hong Kong stock exchange, which is a key step in its global development strategy, providing funding to support supply chain and brand expansion, as well as facilitating overseas acquisitions and enhancing global brand image and recognition [1] - The company experienced short-term performance pressure in Q3 due to adjustment periods and promotional activities, with Q3 revenue at 1.736 billion, down 11.63%, and net profit at 227 million, down 23.64% [2] - Despite the short-term challenges, the company expects a sequential improvement in Q4, maintaining stable overall operations for the year, with projected net profits of 1.6 billion and 1.79 billion for 2025 and 2026, respectively, corresponding to PE ratios of 18x and 16x [3] Group 2 - In Q3, the company's gross margin was 74.68%, up 4 percentage points, driven by product mix optimization and cost reduction efforts, including lower freight rates and improved procurement negotiation capabilities [2] - The sales expense ratio in Q3 was 49.91%, up 4.5 percentage points, attributed to the early promotional activities for the Double 11 shopping festival and increased brand promotion expenses [2] - The company is currently in a steady adjustment phase, focusing on improving operational performance after the adjustment period [3]