Core Insights - The company reported a revenue of 1.68 billion yuan for the first three quarters of 2025, a year-on-year decrease of 13.1%, with a net profit attributable to shareholders of -90 million yuan, down 603.1% year-on-year [1] - In Q3 2025, the company achieved a revenue of 650 million yuan, a decline of 14.5% year-on-year, and a net profit of 10 million yuan, down 82.7% year-on-year [1] Revenue Breakdown - For the first three quarters of 2025, revenue from the brewing segment was 820 million yuan, down 26.0% year-on-year, while ready-to-drink segment revenue was 830 million yuan, up 3.9% year-on-year [2] - The decline in brewing revenue was due to the company's strategic decision to delay the peak season inventory preparation from late August to mid-September, resulting in healthier channel inventory levels [2] - Revenue by channel showed a decline in distribution (-19.1%) but growth in e-commerce (+10.2%), exports (+93.2%), and direct sales (+92.4%) [2] Regional Performance - Revenue by region for the first three quarters of 2025 showed declines in East China (-22.4%), Southwest (-7.8%), South China (-17.9%), and North China (-22.0%), while significant growth was observed in Central China (+25.3%), e-commerce (+10.2%), and exports (+93.2%) [2] Profitability and Cost Structure - The gross margin for the first three quarters of 2025 was 32.9%, a decrease of 1.7 percentage points year-on-year, primarily due to the decline in the brewing segment's revenue contribution [3] - The sales and management expense ratios increased to 29.7% and 9.2%, respectively, reflecting a passive rise due to reduced revenue scale [3] - The net profit margin for the first three quarters of 2025 was -5.3%, down 6.2 percentage points year-on-year, indicating short-term pressure on profitability [3] Strategic Adjustments and Future Outlook - The company is optimistic about Q4 sales, having adjusted inventory levels for the brewing segment and focusing on health-oriented product upgrades [3] - New product launches, such as the "original leaf brewed" series and functional health teas, have received positive market feedback and are expected to drive growth [3] - The ready-to-drink segment is being expanded through new channels, including a focus on the restaurant sector and partnerships with membership stores, which are anticipated to contribute to future growth [3][4] Profit Forecast - The company forecasts net profits of 40 million yuan, 70 million yuan, and 90 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.08 yuan, 0.17 yuan, and 0.22 yuan [4] - The proactive adjustment of brewing business rhythms and the return to healthy inventory levels are expected to clear obstacles for future growth [4]