Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [5]. Core Insights - The company achieved profitability in Q3 2025 with a net profit of 0.41 billion yuan, marking a year-on-year turnaround, although the net profit margin slightly decreased to 1.43% due to inventory reduction efforts [1][2]. - Revenue for the first three quarters of 2025 reached 8.188 billion yuan, reflecting a year-on-year growth of 20.39%, driven by enhanced marketing efficiency and new product introductions [1][3]. - The ongoing inventory reduction has led to a significant decrease in inventory levels, down 26.5% year-on-year to 1.53 billion yuan by the end of Q3 2025 [2]. Financial Performance Summary - For 2025, the company is projected to generate revenues of 13.025 billion yuan, with net profits expected to reach 371 million yuan, translating to a PE ratio of 26.25 [4][3]. - The financial summary indicates a strong revenue growth trajectory, with expected increases of 56.55% in 2024 and 26.76% in 2025 [4]. - The net profit margin is anticipated to improve gradually, reaching 3.4% by 2027 [4]. Market Outlook - The report highlights a positive outlook for Q4 2025 and 2026, driven by improved US-China relations, which are expected to alleviate cross-border e-commerce demand and cost pressures [2][3]. - The anticipated revenue growth for 2026 is projected at 16.496 billion yuan, with net profits expected to rise to 524 million yuan [4][3].