Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Insights - The konjac category is leading high growth, with profitability accelerating [5] - The company reported a total operating income of 4.427 billion yuan for Q1-Q3 2025, a year-on-year increase of 15%, and a net profit attributable to shareholders of 605 million yuan, up 23% year-on-year [4][5] - The gross margin for Q3 2025 increased by 1 percentage point to 31.63%, driven by channel and product structure optimization [5] - The company is focusing on high-potential products, particularly in the konjac segment, which is expected to continue releasing profits as raw material costs stabilize [6] Summary by Sections Financial Performance - For Q3 2025, total operating income was 1.486 billion yuan, a 6% increase year-on-year, with a net profit of 232 million yuan, up 34% year-on-year [4][5] - The company adjusted its EPS forecasts for 2025-2027 to 2.98, 3.47, and 4.02 yuan respectively, with corresponding PE ratios of 24, 20, and 18 [7] Product and Channel Strategy - The company is leveraging its supply chain advantages to enhance product competitiveness, with a focus on high-potential categories like konjac [7] - The quantitative distribution channel is experiencing rapid growth, and the company is optimizing its channel positioning to enhance sales [6] Market Outlook - The company is expected to benefit from the expansion of its Southeast Asian supply chain and the optimization of its e-commerce channels, which should further improve operational quality [7]