Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 83.65 RMB [7][5]. Core Views - The company has shown resilient growth despite industry pressures, with revenue and net profit for the first three quarters of 2025 reaching 47.7 billion RMB and 12.7 billion RMB, respectively, reflecting year-on-year growth of 4% and 11% [1]. - The company is expected to continue its double-digit growth in the Ejiao series, driven by online channel expansion and consumer recovery [2]. - The company is accelerating its expansion in the tonic product category, with strategic partnerships in various product lines, aiming to transition from a leader in Ejiao to a leader in comprehensive tonics during the 14th Five-Year Plan period [3]. Financial Performance - The sales, management, and R&D expense ratios for the first three quarters of 2025 are 35.2%, 6.1%, and 3.0%, respectively, indicating a continuous optimization in sales expenses and an increase in R&D expenses due to strategic investments [4]. - The operating cash flow for the first three quarters of 2025 is 13.1 billion RMB, slightly higher than net profit, indicating strong cash flow management [4]. Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be 18.0 billion RMB, 20.5 billion RMB, and 23.2 billion RMB, respectively, with year-on-year growth rates of 15%, 14%, and 13% [5][11].