高基数影响当期利润表现，毛利率延续回升趋势。2025Q3 公司实现营业收入21.53 亿元，同比下降 12.94%，主要系公司持续压缩低毛利贸易业务规模，累及整体营收表现。2025Q3，公司实现利润总额 1.86 亿元，同比下降36.23%，主要系去年同期收回新华联欠款并冲回相应资产减值准备致利润基数较 高。盈利结构方面，2025 年前三季度公司综合毛利率46.12%，同比提升2.00pct，延续Q2 回升态势。期 间费用率为30.49%，同比上升1.46pct，其中销售费用率/管理费用率/研发费用率分别为 15.59%/14.30%/0.61%，对应同比变动+0.10/+1.41/–0.05pct。销售费用率/管理费用率上升预计主要系收 入规模下滑带来的摊薄效应所致。 推动门店改造升级，积极探索"书店+IP"多元新业态。公司持续推进区域核心门店向标准化、信息化及 多元化新业态方向转型升级。2025 年11 月21 日，公司发布公告称，拟使用募集资金4,800 万元对现有 湖南图书城进行改造升级，核心实施内容包括建筑内部功能分区重构、空间装修优化及建筑外立面整体 改造。湖南图书城为湖南省新华书店旗下规模最大的 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8][14]. Core Insights - The company has experienced a decline in revenue but an increase in net profit, with a reported revenue of 8.49 billion yuan for the first three quarters of 2025, down 9.37% year-on-year, while net profit attributable to shareholders rose by 22.32% to 1.17 billion yuan [5][6]. - The company is focusing on optimizing its business structure and exploring new business models, such as "bookstore + IP" [7]. - The gross profit margin has shown a recovery trend, reaching 46.12% for the first three quarters of 2025, an increase of 2.00 percentage points year-on-year [6]. Financial Performance Summary - For the first three quarters of 2025, the company reported a total revenue of 8.49 billion yuan, with a net profit of 1.17 billion yuan, reflecting a year-on-year growth of 22.32% [5]. - The company’s revenue for Q3 2025 was 2.15 billion yuan, down 12.94% year-on-year, while net profit for the same period was 153 million yuan, a decrease of 16.33% [5][6]. - The company plans to invest 48 million yuan in upgrading its flagship store, aiming to enhance customer experience and diversify its business offerings [7]. Earnings Forecast - The earnings forecast for 2025, 2026, and 2027 estimates revenues of 12.9 billion yuan, with net profits of 1.55 billion yuan, 1.61 billion yuan, and 1.67 billion yuan respectively [8][10]. - The expected EPS for the same years is projected to be 0.86 yuan, 0.89 yuan, and 0.93 yuan, with corresponding P/E ratios of 13, 13, and 12 [8][10].