Ge Long Hui A P P·2025-11-28 05:28Core Viewpoint - Bull Group's net profit attributable to shareholders for the first three quarters of 2025 reached 2.979 billion yuan, a year-on-year decrease of 8.72% [1] - The company is facing short-term pressure in its main business, but the acceleration of new business incubation opens up long-term opportunities [1] Financial Performance - Q3 net profit attributable to shareholders was 919 million yuan, down 10.29% year-on-year [1] - The company has adjusted its profit forecasts for 2025-2026 downwards while increasing the profit forecast for 2027 [1] Market Position and Outlook - The company is expected to leverage its strong channel and brand barriers to replicate success in new sectors and overseas markets [1] - A target price of 47 yuan is set based on a 20x PE for 2026, maintaining a "Buy" rating [1]