Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 48.0 billion yuan for the first three quarters of 2025, a year-on-year decrease of 8.7%, with a net profit attributable to shareholders of 1.44 billion yuan, down 19.1% year-on-year [7] - The company plans to open 31 new direct and franchise stores in the fourth quarter [7] - The company has launched multiple new products to optimize its product structure, including a series of products in collaboration with a movie [7] - The company is investing 24 million USD to acquire a 20% stake in Maybach Luxury Asia Pacific Co. Limited to expand into the high-end market in the Asia-Pacific region [7] - The forecast for revenue from 2025 to 2027 is 51.2 billion, 54.6 billion, and 57.7 billion yuan, with net profits of 1.66 billion, 1.82 billion, and 2.00 billion yuan respectively, corresponding to PE ratios of 15.9, 14.5, and 13.2 times [7] Financial Performance Summary - For 2023, the company achieved a revenue of 71.44 billion yuan, with a growth rate of 13.4%. The net profit was 2.21 billion yuan, reflecting a growth rate of 30.2% [6] - The projected revenue for 2024 is 56.79 billion yuan, a decrease of 20.5%, with a net profit of 1.95 billion yuan, down 11.9% [6] - The company expects to see a gradual recovery in revenue growth starting in 2026, with a projected increase of 6.5% in 2026 and 5.8% in 2027 [6][8] - The company's return on equity (ROE) is projected to decline from 19.1% in 2023 to 11.5% by 2027 [6][8]