研报掘金丨中邮证券：大参林利润释放潜力大，维持“买入”评级

Core Viewpoint - Dazhenlin's Q3 performance shows rapid growth and continuous improvement in operational quality, supported by effective promotional strategies and cost management [1] Financial Performance - Retail business revenue for Q1-Q3 2025 reached 16.34 billion yuan, a slight decrease of 0.07% year-on-year [1] - Gross margin for the retail segment was 37.70%, an increase of 0.44 percentage points compared to the previous year [1] Strategic Initiatives - The company has implemented strategies such as promotional optimization, product line optimization, supply chain integration, and procurement cost reduction, leading to significant improvements in the retail segment's gross margin [1] - The company has dynamically optimized its store network while closing 447 direct-operated stores [1] Expansion and Store Network - As of September 30, 2025, the company operated 17,385 stores, including 7,029 franchise stores, with a net increase of 832 stores [1] - The company opened 300 self-built stores and added 979 franchise stores during the period [1] Market Positioning - The company is adapting to industry cycles, enhancing quality and efficiency, and has significant profit release potential, maintaining a "buy" rating [1]