Core Viewpoint - The company is expected to gradually improve its performance due to consumption recovery and effective adjustments, with a cautious "accumulate" rating maintained [2]. Financial Performance - In Q3 2025, the company's revenue was 198 million yuan, a year-on-year increase of 0.78%, while the net profit attributable to the parent company was -19 million yuan, indicating a slight reduction in losses [2]. - The operating cash flow was -92 million yuan, with contract liabilities at 117 million yuan, down 43.44% year-on-year and 13.57% quarter-on-quarter [2]. Cost Control and Profitability - The gross profit margin decreased by 2.81 percentage points to 61.22%, influenced by scale effects and product structure [3]. - The company maintained a relatively high marketing expense ratio to boost market activity, but overall expense ratios showed a decline, with sales/management/R&D/financial expense ratios at 34.98%/-31.32%, 15.86%/-3.1%, 3.06%/+0.71%, and -1.64% respectively [3]. - The net profit margin attributable to the parent company improved by 24.91 percentage points to -8.66% [3]. Marketing Strategy - The company is enhancing its BC linkage marketing model to address weak industry demand, leveraging events like graduations and weddings to connect with target resources [3]. - The launch of "Jiu Gui·Free Love" in Q3, in collaboration with Pang Donglai, has provided new growth momentum [3].