Investment Rating - The report maintains a "Buy" rating for the company, projecting significant revenue and profit growth in the coming years [4]. Core Insights - The company reported a revenue of 1.497 billion yuan in Q3 2025, representing a year-over-year increase of 9.08%, and a net profit of 633 million yuan, up 34.51% year-over-year, primarily driven by the increasing traction of the 996 Legend Box [1][3]. - The company's gross margin improved to 84.19%, with a decrease in sales and management expense ratios, indicating comprehensive cost optimization [2]. - The 996 Legend Box has gained exclusive licensing agreements for popular IPs, which is expected to contribute significantly to revenue growth in the next two years [3]. Financial Summary - Revenue projections for 2025-2027 are 6 billion, 7.9 billion, and 8.3 billion yuan, respectively, with net profits expected to be 2.3 billion, 2.9 billion, and 3.2 billion yuan [4][6]. - The current P/E ratios are projected to be 22, 18, and 16 for the years 2025, 2026, and 2027, respectively, indicating a favorable valuation trend [4][6].