Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company has shown a resilient operating rhythm with an upward shift in product structure, despite a slight decline in revenue and net profit in the first three quarters of 2025. Revenue reached 2.31 billion yuan, down 1.0% year-on-year, while net profit was 324 million yuan, down 2.8% year-on-year [1][4]. - The company is focusing on enhancing its product mix, with a notable increase in the proportion of products priced above 300 yuan, which reflects a successful strategy in the northwest market [2][4]. - The gross profit margin improved by 1.7 percentage points, although the net profit margin decreased by 2 percentage points due to increased non-operating expenses and income tax [3][4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 550 million yuan, a decrease of 4.9% year-on-year, and a net profit of 25 million yuan, down 33.0% year-on-year. The gross profit margin was 61.4%, up 0.31 percentage points year-on-year [1][3]. - The company’s revenue from products priced above 300 yuan increased by 13.8% year-on-year, indicating a successful product upgrade strategy [2][4]. Market Strategy - The company has been actively adjusting its distribution strategy, focusing on small-scale banquets and enhancing its presence in the catering scene, particularly in the northwest region [2][4]. - The number of distributors in the province increased by 15, while the number outside the province decreased by 26, indicating a strategic focus on strengthening local market resilience [2][4]. Future Outlook - The company anticipates a gradual recovery in consumer demand, particularly in government and business scenarios, with expectations for stable growth in performance supported by infrastructure projects in the province [4][5]. - Revenue forecasts for 2025-2027 have been slightly adjusted, with expected revenues of 2.99 billion yuan, 3.13 billion yuan, and 3.38 billion yuan, reflecting a year-on-year growth of -1.0%, +4.5%, and +8.1% respectively [4][5].