Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's self-owned brand business is in a rapid growth phase, with strong brand incubation and product iteration capabilities, expected to continue outperforming the industry and increasing market share [2][6] - The high-end brand strategy is clear, with the sub-brand "弗列加特" maintaining high growth, and product structure upgrades driving domestic gross margin improvements. However, net profit is temporarily under pressure due to a decline in export revenue and rising expenses [2][6] - The projected EPS for 2025 and 2026 is 1.75 and 2.24 yuan, respectively, with corresponding PE ratios of 49X and 38X, making it a key recommendation [2][6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 4.737 billion yuan, a year-on-year increase of 29.03%, and a net profit of 513 million yuan, up 9.05% year-on-year. The third quarter alone saw revenue of 1.517 billion yuan, a 21.85% increase, but net profit decreased by 16.65% [6] - The gross margin for Q3 2025 was 42.9%, an increase of 1.1 percentage points year-on-year, driven by improved profitability from domestic self-owned brands and product structure upgrades [6][10] - Sales expenses increased significantly, with a sales expense ratio of 23.3%, up 4.6 percentage points year-on-year, primarily due to increased marketing efforts and competitive pressures [6][10] Brand and Market Dynamics - The self-owned brand revenue is expected to grow at around 40% domestically, while export OEM business is projected to decline by approximately 7% due to tariff impacts and price adjustments [10] - The high-end sub-brand "弗列加特" continues to show strong growth, and the main brand "麦富迪" is also growing faster than the industry average, supported by the mid-to-high-end "Barf" and "奶弗" series [10] - The direct sales channel, which has a higher gross margin, is rapidly increasing its share, indicating effective channel optimization [10]