Investment Rating - The report maintains a "Strong Buy" rating for the company [3][6]. Core Insights - The company reported impressive performance with a 36.22% year-on-year increase in revenue and a 25.33% increase in net profit for Q3 2025 [1][6]. - Online sales continued to show high growth, with a 72.86% year-on-year increase in Q3 2025, while offline sales grew by 14.26% [1][6]. - The company is expected to achieve net profits of 126 million, 158 million, and 188 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 31%, 25%, and 19% [1][6]. Financial Performance - For Q3 2025, the company achieved total revenue of 608 million yuan and a net profit of approximately 25.49 million yuan [6]. - The gross margin for Q3 2025 was 15.55%, showing a slight decrease of 0.40 percentage points year-on-year [6]. - The company’s total revenue for the first three quarters of 2025 was 2.164 billion yuan, reflecting a year-on-year growth of 29.30% [6]. Revenue and Profit Forecast - The company’s projected total revenue for 2025 is 3.01 billion yuan, with a year-on-year growth of 28% [2][9]. - The projected operating profit for 2025 is 152 million yuan, representing a 34% increase compared to the previous year [2][9]. - The expected earnings per share (EPS) for 2025 is 0.48 yuan, with a price-to-earnings (PE) ratio of 25.5 [2][9]. Market Position and Strategy - The company is focusing on digital management and targeting the young demographic with a differentiated positioning in the light luxury fashion sector [6]. - The company is enhancing its e-commerce channel development and deepening its presence in key online platforms such as Tmall, JD.com, and Douyin [6].

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][9] Core Views - The company achieved impressive growth in 2024 and Q1 2025, with revenue increasing by 23% and net profit by 20% in 2024, and Q1 2025 showing revenue growth of 43% and net profit growth of 34% [1][7] - The online and offline channels demonstrated strong synergy, with Q1 2025 online sales up by 61% and offline sales up by 33%, highlighting the company's differentiated brand positioning and digital management capabilities [1][7] - The company is expected to maintain good profitability due to effective cost control, with projected net profits for 2025-2027 at 126 million, 158 million, and 188 million respectively, representing year-on-year growth rates of 31%, 25%, and 19% [1][9] Financial Performance - In 2024, the company reported total revenue of 2.36 billion (up 22.55% year-on-year) and a net profit of 96 million (up 20.02% year-on-year) [7] - The gross margin for 2024 was 13.38%, a decrease of 1.26 percentage points, influenced by product mix changes and the rising share of lower-margin e-commerce channels [2][10] - The company plans to distribute a cash dividend of 1.40 per 10 shares, totaling 36.69 million, with a cash dividend ratio of 38.17% [7] Channel Performance - E-commerce revenue reached 1.29 billion in 2024, accounting for 54.83% of total revenue, with significant growth in emerging live-streaming channels [7][8] - The company expanded its store network, ending 2024 with 235 stores, including 121 franchise stores and 54 direct stores, indicating a strong growth strategy [8] Profitability Forecast - The company is expected to continue enhancing its digital management and brand positioning, with projected net profits for 2025-2027 showing consistent growth [9][10] - The report anticipates a steady increase in revenue, with total revenue projected to reach 3.01 billion in 2025, reflecting a year-on-year growth of 28% [10][12]