Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, but the launch of a new co-branded product with a retail partner has generated positive market response and potential for future growth [1][2][3]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 760 million yuan, a year-on-year decrease of 36.19% [2]. - The net profit attributable to the parent company's shareholders was -9.81 million yuan, a decline of 117.36% compared to a profit of 56.49 million yuan in the same period last year [2]. - The company's total operating costs were 762 million yuan, down from 1.114 billion yuan year-on-year [2]. Group 2: Market Response and Product Launch - The co-branded product "Jiu Gui · Zi You Ai" launched in the third quarter has gained significant market attention, selling out within half a day on the Douyin platform [3]. - The collaboration with the retail benchmark enterprise, Pang Dong Lai, is seen as a breakthrough, with expectations that the product could contribute several hundred million yuan in annual sales [3]. - The successful launch of "Jiu Gui · Zi You Ai" not only provides direct sales growth but also enhances the company's brand influence and channel expansion [3].