Jiajiayue(SH:603708) Shenwan Hongyuan Securities·2025-10-28 14:54Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's Q3 performance shows significant improvement in operational quality, with ongoing supply chain optimization contributing to enhanced service experience and operational efficiency [7] - The company reported a revenue of 13.588 billion yuan for the first three quarters of 2025, a year-on-year decrease of 3.81%, while the net profit attributable to shareholders was 206 million yuan, reflecting a year-on-year increase of 9.43% [7] - The company continues to adjust its store layout and enhance operational efficiency, with a total of 1,090 stores as of Q3 2025, including 921 direct-operated stores and 169 franchise stores [7] Financial Summary - For 2025, the company expects total revenue of 18.802 billion yuan, with a projected net profit of 201 million yuan, corresponding to a PE ratio of 34 [6] - The gross profit margin for Q1-Q3 2025 was 20.37%, an increase of 1.10 percentage points year-on-year, with Q3 gross profit margin reaching 23.79% [7] - The company’s operating expenses ratio for Q1-Q3 2025 was 21.30%, a decrease of 0.80 percentage points year-on-year, indicating improved cost management [7]