Core Viewpoint - The company reported a strong performance in Q3 2025, with revenue and net profit attributable to shareholders increasing by 6.0% and 33.5% respectively, driven by robust growth in the konjac product line and positive feedback on new products [1][2][3] Financial Performance - In Q3 2025, the company achieved total revenue of 14.9 billion and net profit attributable to shareholders of 2.3 billion, marking year-on-year increases of 6.0% and 33.5% respectively [2] - For the first three quarters of 2025, total revenue reached 44.3 billion, up 14.7% year-on-year, while net profit attributable to shareholders was 6.0 billion, reflecting a 22.6% increase [2] - The company's gross margin improved to 31.6%, a year-on-year increase of 1.0 percentage point, primarily due to a restructuring of product categories and a decrease in the proportion of low-margin products [3] Product and Channel Performance - The konjac product line continued to show strong growth, contributing significantly to revenue, with new flavors being actively promoted [2][3] - The new quail egg product received positive sales feedback, particularly in Sam's Club [2] - The quantitative distribution channel experienced high growth, with the number of terminal outlets reaching 200,000 to 300,000 [2] - E-commerce sales hit a low point in July but have been gradually recovering since then [2] Investment Outlook - The company plans to focus on the konjac category over the next three years while leveraging R&D to enhance other product lines and strengthen brand power through key products [3] - Expected earnings per share (EPS) for 2025-2027 are projected to be 2.99, 3.46, and 4.05 yuan, respectively, with a 20x price-to-earnings (PE) valuation for 2026 [2][3]