SIRIO(SZ:300791) GOLDEN SUN SECURITIES·2025-10-29 02:25Investment Rating - The report maintains a rating of "Accumulate" for the company [6] Core Views - The company reported a revenue of 3.29 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.0%, with a net profit attributable to the parent company of 260 million yuan, up 8.5% year-on-year [1] - In Q3 2025, the company achieved a revenue of 1.25 billion yuan, a year-on-year increase of 18.1%, and a net profit of 100 million yuan, up 16.2% year-on-year, indicating a significant acceleration in revenue growth [1][3] - The company is expanding its business in various channels, including MCN, cross-border e-commerce, and new retail brands, while also enhancing its global supply chain efficiency and targeting emerging markets [1][3] Financial Performance - The gross margin for Q3 2025 increased by 1.1 percentage points to 30.8%, attributed to ongoing cost reduction efforts [2] - The company’s net profit margin for Q3 2025 decreased by 0.4 percentage points to 6.8% due to an increase in income tax [2] - The report forecasts net profits for 2025-2027 to be 370 million, 470 million, and 560 million yuan, respectively, with year-on-year growth rates of 14.7%, 25.8%, and 18.3% [3] Future Outlook - For Q4 2025, the company is expected to maintain good revenue growth, driven by the expansion of new consumer clients in China and increased sales efforts in overseas markets [3] - The potential divestiture or sale of Best Formulations PC LLC is anticipated to enhance overall profitability and provide higher profit elasticity [3]