Core Insights - Ziyan Food (603057) reported its Q3 2025 earnings, showing a revenue of 1.041 billion yuan, a year-on-year increase of 1.75%, while net profit attributable to shareholders decreased by 40.66% to 89.54 million yuan [1] - For the first three quarters, the company recorded a revenue of 2.514 billion yuan, a year-on-year decline of 6.43%, and a net profit of 194 million yuan, down 44.37% [1] - The decline in profit is attributed to decreased performance leading to lower revenue and a significant drop in gross margin [1] Financial Performance - The gross margin for the first three quarters fell from 26.22% in the same period last year to 22.52%, while the net profit margin dropped to single digits at 7.93%, compared to 13.10% in the previous year [1] - The company’s main business involves the research, production, and sales of marinated foods, with key products including "Husband and Wife Lung Slice," "Spicy Chicken," and "Pepper Chicken," primarily using poultry, livestock, vegetables, seafood, and soy products as raw materials [1] Market Performance - Since the end of August, Ziyan Food's stock price has been on a downward trend, closing at 18.76 yuan per share, representing a 29.68% decline over the past two months [1]