Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 2.623 billion yuan for Q3 2025, representing a year-on-year growth of 12.80%. The net profit attributable to the parent company was 245 million yuan, up 2.53% year-on-year, while the net profit excluding non-recurring items was 238 million yuan, an increase of 5.15% [6] - The company continues to optimize its product structure, with significant growth in its health product series, particularly probiotics and organic cotton products, which saw a revenue growth of 35.5% year-on-year in Q3 2025 [10] - The offline market has shown strong growth, with a 35.7% year-on-year increase in offline channel revenue for the first three quarters of 2025, while online channel revenue declined by 10.2% [10] Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 54.00%, a decrease of 0.88 percentage points year-on-year, and a net margin of 9.33%, down 0.93 percentage points year-on-year [10] - The company’s total revenue is projected to reach 3.68 billion yuan in 2025, with a growth rate of 13.07%, and the net profit attributable to the parent company is expected to be 323 million yuan, reflecting a growth rate of 12.43% [9][10] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 34.2, 26.7, and 20.3 respectively [11] Market Position and Strategy - The company is recognized as a leader in the probiotics product series and is actively expanding its market presence beyond core regions, focusing on resource allocation to non-core provinces [10] - The company plans to continue enhancing brand and channel investments to improve brand awareness and drive future growth [10]