核心观点 25Q1-3 及25Q3 收入增速分别为1.00%、+14.27%，得益于新品类、新渠道发力，渠道结构调整和费用 优化，环比表现明显改善，烘焙、冷冻菜肴类产品持续贡献增量，积极拥抱新零售客户，以终端服务为 导向优化经销渠道结构，公司市场策略在三季度逐渐见效。年初以来，公司成本核算口径调整以及产品 搭赠增加，毛利率同比下滑，且维持较高市场费用投入水平，利润端有所承压，三季度公司优化费用投 放策略，减少价格竞争性费用，利润降幅收窄。展望未来，随着公司产品、渠道、费用调整策略逐渐见 效，我们看好四季度低基数下公司经营业绩有望进一步改善。 事件 公司公布2025 年三季报： 2025 年前三季度，公司实现营收13.78 亿元，同比+1.00%；归母净利润0.54 亿元，同比-34.06%；扣非 归母净利润0.54 亿元，同比-34.15%。 25Q3 单季，公司实现营收4.92 亿元，同比+4.27%；归母净利润0.18 亿元，同比-19.08%；扣非归母净 利润0.20 亿元，同比-14.00%。 盈利预测：随着公司产品、渠道、费用策略调整，新品类、新零售渠道规模效应逐渐显现，经销渠道终 端服务能力提升， ...

Group 1 - The core viewpoint of the news is that Stone Technology (688169) experienced a significant stock price increase of over 11% following the release of its 2025 semi-annual report, which showed strong revenue growth and improved profitability [1][3]. - In the first half of 2025, Stone Technology achieved an operating income of 7.903 billion yuan, representing a year-on-year growth of 78.96% [3]. - The company's net profit attributable to shareholders in the second quarter increased by 53.29% quarter-on-quarter, indicating an improvement in profitability [3]. Group 2 - Open Source Securities has raised its profit forecasts for Stone Technology for 2025-2027, expecting net profits of 2.02 billion, 3.08 billion, and 3.92 billion yuan respectively, compared to previous estimates of 2.00 billion, 2.71 billion, and 3.52 billion yuan [3]. - The expected earnings per share (EPS) for 2025-2027 are projected to be 7.79, 11.87, and 15.12 yuan, with the current stock price corresponding to price-to-earnings (PE) ratios of 23.5, 15.4, and 12.1 times [3]. - The company is anticipated to benefit from high-margin new products and categories, which are expected to drive overall gross profit margin improvement [3].