Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - In the first three quarters of 2025, the company achieved revenue of 6.44 billion yuan, a year-on-year increase of 1.5%, while the net profit attributable to shareholders was 1.02 billion yuan, a year-on-year decrease of 41.2% [4][13] - The third quarter of 2025 saw revenue of 2.32 billion yuan, a year-on-year increase of 3.9% and a quarter-on-quarter increase of 12.4%. However, the net profit attributable to shareholders was 340 million yuan, a year-on-year decrease of 47.0% but a quarter-on-quarter increase of 10.6% [4][13] - The company is experiencing pressure on profits due to tariffs and depreciation, which may have impacted Q3 profits significantly [14] - The Moroccan factory is ramping up production, with expectations for large-scale output in Q4 2025 and 2026, enhancing the company's brand presence in the high-end market [15] Financial Performance Summary - Revenue projections for 2025-2027 are 9.52 billion yuan, 11.465 billion yuan, and 12.805 billion yuan, representing year-on-year growth rates of 12%, 20%, and 12% respectively [16] - The net profit attributable to shareholders is projected to be 1.36 billion yuan, 1.89 billion yuan, and 2.27 billion yuan for 2025-2027, with a significant decrease of 38% in 2025 followed by recoveries in subsequent years [16] - The company’s EBITDA for 2025 is estimated at 2.414 billion yuan, with a P/E ratio of 16.2 and a P/B ratio of 1.5 [17]