Core Viewpoint - The company reported steady revenue and profit growth in the first three quarters of 2025, indicating a stable operational performance and potential for long-term growth [1][3]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 3.291 billion yuan, a year-on-year increase of 7.96%, and a net profit attributable to shareholders of 260 million yuan, up 8.53% year-on-year [1]. - For Q3 2025, the company recorded revenue of 1.250 billion yuan, representing an 18.11% year-on-year growth, with a net profit of 99.15 million yuan, an increase of 16.20% year-on-year [1]. Profitability Metrics - The net profit margin for the first three quarters of 2025 improved by 0.04 percentage points to 7.91%, while the gross margin increased by 1.05 percentage points to 32.26% [2]. - In Q3 2025, the net profit margin slightly declined by 0.13 percentage points to 7.93%, with a gross margin increase of 1.12 percentage points to 30.76% [2]. Cost Structure - The sales expense ratio increased by 0.67 percentage points, and the management expense ratio rose by 1 percentage point in the first three quarters of 2025, while R&D expenses decreased by 0.18 percentage points [2]. - In Q3 2025, the sales expense ratio increased by 0.45 percentage points, and the management expense ratio rose by 0.16 percentage points, with a slight decrease in financial expenses by 0.29 percentage points [2]. Growth Drivers - The increase in gross margin is attributed to the high growth rates of core product categories such as gummies [2]. - The company is focusing on new retail and expanding its customer base in Europe and the U.S., which may further enhance the order proportion of gummies and soft capsules [2]. Long-term Outlook - The company is expected to maintain a positive long-term growth trend, with projected net profits of 341 million yuan, 431 million yuan, and 538 million yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 22, 18, and 14 times [3].