Core Viewpoint - Overall, the company achieved an operating income of 4.766 billion yuan in the first three quarters, a year-on-year increase of 10.10%, and a net profit attributable to shareholders of 1.274 billion yuan, a year-on-year increase of 10.58%, demonstrating resilient growth amid external pressures [1][3] Financial Performance - In the first three quarters of 2025, the company reported an operating income of 4.766 billion yuan, a year-on-year increase of 4.41%, and a net profit attributable to shareholders of 1.274 billion yuan, a year-on-year increase of 10.53% [2][3] - The company’s net profit after deducting non-recurring items was 1.155 billion yuan, reflecting a year-on-year increase of 8.23% [2][3] - In Q3 alone, the company achieved an operating income of 1.716 billion yuan, a year-on-year increase of 8.50%, and a net profit of 456 million yuan, a year-on-year increase of 10.29% [3] Product Performance - The company’s core product, Ejiao and its series, is expected to maintain stable growth, with a focus on precise marketing and digital promotion [4] - The compound Ejiao syrup is projected to continue its steady growth due to a comprehensive brand strategy [4] - The company is actively constructing a second growth curve through the promotion of new product lines, including "Royal Weichang 1619" and others, which are expected to contribute positively to future performance [4][5] Strategic Outlook - The company is focusing on the "Growth and Breakthrough" management theme and aims to effectively implement the "1238" strategy [5] - The brand strength of Ejiao is expected to continue growing, contributing to stable product growth [5] - The company is also enhancing its marketing strategies and product offerings to ensure long-term healthy development [7] Profitability and Financial Metrics - The comprehensive gross profit margin for the first three quarters was 73.69%, an increase of 3.33 percentage points year-on-year [6] - The sales expense ratio decreased by 0.65 percentage points to 35.17%, indicating effective cost control [6] - The research and development expense ratio increased by 1.09 percentage points to 3.05%, reflecting a commitment to innovation [6] Earnings Forecast - The company is projected to achieve operating revenues of 6.663 billion yuan, 7.622 billion yuan, and 8.745 billion yuan for the years 2025 to 2027, with net profits of 1.773 billion yuan, 2.067 billion yuan, and 2.407 billion yuan respectively [7]

Core Insights - The company Shupintang has launched a new product, "Organic Fresh Stewed Sea Cucumber," and appointed Olympic champion Tian Liang as its brand ambassador [1] - Shupintang received certification from the international consulting firm, Sullivan, as the "Pioneer of Organic Fresh Stewed Sea Cucumber" in China [1] Company Strategy - Shupintang's founder, Liu Xusheng, emphasizes the product's pursuit of "Four Highs and One Good," which includes high quality, high aesthetics, high cost-performance ratio, high brand value, and good taste [1] - The high quality of the product is attributed to two main factors: superior ingredient standards and excellent processing techniques [1] Market Trends - According to the "2025 Sea Cucumber Nourishment Trend Insight Report," the market size for sea cucumber has exceeded 1.4 trillion yuan, driven by increasing health awareness among consumers [1] - The consumption scenario for sea cucumbers is evolving from traditional nourishment to social and self-indulgent contexts, with key decision-making factors being "high nutrition, authentic origin, and good craftsmanship" [1] Future Outlook - Liu Xusheng believes that the "Organic Fresh Stewed Sea Cucumber" will have a larger market space, effectively meeting current consumer demands and transforming the perception and consumption patterns of sea cucumbers [1] - The product represents a shift from traditional nourishing ingredients to high-end convenience foods, indicating significant market potential [1]