Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2025, with total revenue at 3.48 billion yuan, down 1.6% year-on-year, and net profit attributable to shareholders at 240 million yuan, down 43.2% year-on-year [1] - In Q3 2025, the company saw a positive revenue growth of 3.1% compared to the previous year, although net profit continued to decline [1] Financial Performance - Revenue for Q1, Q2, and Q3 of 2025 was 1.30 billion yuan, 1.09 billion yuan, and 1.09 billion yuan respectively, with year-on-year changes of -3.7%, -3.5%, and +3.1% [1] - Net profit for the same quarters was 170 million yuan, 30 million yuan, and 40 million yuan, with year-on-year changes of -31.9%, -71.4%, and -45.7% [1] - Gross margin for the first three quarters decreased by 0.2 percentage points to 65.6% [3] Brand and Channel Performance - For the first half of 2025, the revenue performance of different brands showed a decline for Baoxiniang (-9.6%) and growth for Haji's (+8.4%) and Lefeiye (+20.5%) [2] - The revenue contribution from direct sales, online, group purchases, and franchising was 43.2%, 18.7%, 17.8%, and 13.1% respectively, with online sales showing a significant growth of 17.7% [2] Inventory and Cash Flow - Inventory increased by 17.0% to 1.41 billion yuan as of September 2025, with inventory turnover days rising by 21 days to 308 days [3] - Operating net cash flow for the first three quarters was 100 million yuan, down 32.1% year-on-year [3] Future Outlook - The company has adjusted its profit forecasts for 2025-2027, with net profit estimates reduced by 36%, 35%, and 33% respectively [4] - The projected earnings per share (EPS) for 2025-2027 are 0.23 yuan, 0.26 yuan, and 0.29 yuan, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 [4]