事件：公司发布2025 年三季报，公司2025Q1-Q3 实现营业总收入50.00亿元，同比-2.44%；实现归母净 利润3.96 亿元，同比+0.37%；实现扣非归母净利润2.71 亿元，同比-13.25%。单季度来看，公司25Q3 实现营业总收入14.32 亿元，同比-1.87%；实现归母净利润0.83 亿元，同比+34.91%；实现扣非归母净 利润0.47 亿元，同比+7.33%。 品牌影响力持续深化，净利润表现亮眼。公司25Q3 实现营业总收入14.32亿元，同比-1.87%；实现归母 净利润0.83 亿元，同比+34.91%。公司持续深化产品创新，提高产品品质，并打造差异化产品矩阵，实 现全渠道产品定制化推进，品牌影响力不断强化。 盈利能力短期略有承压，经营效率持续提升。公司25Q1-Q3 毛利率/净利率分别为23.77%/7.92%，同比 分别-1.26pct/+0.22pct；其中单25Q3 毛利率/净利率分别为22.34%/5.76%，同比-0.41pct/+1.57pct。公司 25Q1-Q3期间费用率为16.73%，同比-0.03pct，销售/管理/研发/财务费用率分别为 12.76%/3 ...

Core Insights - The company reported a total revenue of 1.378 billion yuan for Q1-Q3 2025, a year-on-year increase of 1.00% [1] - The net profit attributable to shareholders for the same period was 54 million yuan, a decrease of 34.06% year-on-year [1] - In Q3 2025, the company achieved a revenue of 492 million yuan, up 4.27% year-on-year, but the net profit attributable to shareholders fell by 19.08% to 18 million yuan [1] Revenue and Profitability - The company’s gross margin for Q1-Q3 2025 was 22.73%, down 1.52 percentage points year-on-year, while the net margin was 3.88%, down 2.05 percentage points [1] - In Q3 2025, the gross margin was 21.18%, a decline of 1.26 percentage points year-on-year, and the net margin was 3.64%, down 1.04 percentage points [1] - The increase in costs is attributed to the implementation of CIF pricing and adjustments in product bundling and policies [1] Channel Performance - The company faced slight pressure in distribution channels but saw strong performance in new retail channels [1] - Key clients such as Haidilao, Hema, and Walmart performed well, while clients like Wallace and Yum faced challenges due to gaps in new product proposals [1] - The company plans to leverage baked goods and frozen dishes to enhance relationships with top-tier clients [1] Expense Management - The company’s expense ratio for Q1-Q3 2025 was 16.95%, an increase of 1.23 percentage points year-on-year [1] - In Q3 2025, the expense ratio was 15.39%, with slight changes in sales, management, R&D, and financial expense ratios [1] - The company is actively adjusting its channels and will clarify future expense investments [1] Future Outlook - The company expects gradual recovery in the restaurant industry as the economy improves [1] - With strong product R&D capabilities, the company aims to expand its product matrix and accelerate new product iterations to meet current consumer demands [1] - Revenue projections for 2025-2027 are 1.952 billion, 2.086 billion, and 2.295 billion yuan, with net profits of 82 million, 94 million, and 110 million yuan respectively [1]