Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded its net profit margin target, achieving a year-on-year increase of 3.21 percentage points to 15.6% in Q3 2025, primarily due to product structure upgrades and supply chain efficiency improvements [4][6] - The company is benefiting from the growth cycle of the konjac product category, successfully implementing a brand strategy transformation and upgrading its product/channel structure [5] - Revenue for Q3 2025 reached 1.486 billion yuan, a year-on-year increase of 6.05%, while net profit attributable to the parent company was 232 million yuan, up 33.55% [6] Financial Performance Summary - Q3 2025: Revenue of 1.486 billion yuan (+6.05%), net profit of 232 million yuan (+33.55%), and non-recurring net profit of 220 million yuan (+45.01%) [6] - For the first three quarters of 2025: Revenue of 4.427 billion yuan (+14.67%), net profit of 605 million yuan (+22.63%), and non-recurring net profit of 554 million yuan (+30.54%) [6] - The company expects to achieve total revenue of 6.004 billion yuan, 7.048 billion yuan, and 7.973 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13.2%, 17.4%, and 13.1% [5][8] Product and Channel Analysis - The konjac product category is expected to continue its strong growth, with significant contributions from the "Big Konjac" product line [6] - Offline channel revenue growth is anticipated to outpace online channels, with double-digit growth expected in offline channels [6] - Online channels are projected to experience a decline due to strategic adjustments, particularly in low-efficiency media channels [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 1.486 billion yuan in Q3, representing a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 232 million yuan, up 33.54% year-on-year [7] - The growth driver is expected to be the konjac product line, with significant contributions from both quantitative and snack wholesale channels [7] - The company is projected to achieve revenues of 5.954 billion yuan, 6.926 billion yuan, and 8.010 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 828 million yuan, 984 million yuan, and 1.147 billion yuan for the same years [7] Financial Performance Summary - Revenue for 2023 is forecasted at 4.115 billion yuan, with a growth rate of 42.2%, and net profit is expected to be 506 million yuan, reflecting a growth rate of 67.8% [6][8] - The gross margin for Q3 was 31.63%, an increase of 1.01 percentage points year-on-year, while the net margin reached 15.57%, up 3.08 percentage points year-on-year [7] - The company’s EPS is projected to grow from 1.88 yuan in 2023 to 4.21 yuan in 2027, with corresponding PE ratios decreasing from 37.0 to 16.7 over the same period [6][8] Market Performance - The company’s stock has shown a performance of -8% compared to the market index, while the Shanghai Composite Index and the consumer food sector have shown increases of 12% and 31% respectively [4]