收入环比改善，魔芋打造增量。劲仔25Q3 营收同比+6.5%，环比Q2 显著改善，我们预计收入端提速与 公司持续拓展渠道，以及"京门爆肚"麻酱魔芋、京周爽爽麻脆卤花生等产品推新密切相关。当前公司小 鱼在渠道覆盖度扩展及京深海鳀鱼麻等产品升级推动下持续提升能力边界，京门爆肚"麻切入魔芋肚品 赛道，有望接力增量产品发展。渠道视角看，劲仔从流通渠道小包装起家，在丰富大包装及散称规格后 拓展商超、便利店等更多渠道布局，对比洽洽、卫龙等大单品公司，我们预计劲仔仍有充足渠道拓展空 间。 事件：公司发布2025 年三季报，前三季度实现营收18.1 亿，同比+2.1%，归母净利润1.7 亿，同 比-19.5%，扣非净利润1.4 亿，同比-25.0%。25Q3单季度营收6.8 亿，同比+6.5%，归母净利润0.6 亿， 同比-14.8%，扣非净利润0.55 亿，同比-17.8%。 短期毛利费用承压，阶段拖累盈利能力。25Q3 劲仔毛利率同比-1.1pct 至28.9%，我们预计与渠道结构 调整，量贩等新兴渠道占比提升相关。25Q3销售费用率同比+1.6pct 至13.8%，预计在渠道拓展铺市及 京门爆肚"麻等新品推广期间仍加大 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company reported a revenue of 1.81 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.1%, while the net profit attributable to shareholders was 170 million yuan, a decrease of 19.5% year-on-year [1]. - In Q3 2025, the company achieved a revenue of 680 million yuan, up 6.5% year-on-year, but the net profit attributable to shareholders was 60 million yuan, down 14.8% year-on-year [1]. - The revenue growth is attributed to channel expansion and new product launches, particularly in the "Jingmen Baodu" and "Jingzhou Shuangshuang" product lines [1][2]. - The company is expected to see revenue growth rates of 3.2%, 12.5%, and 11.2% for 2025, 2026, and 2027, respectively, reaching 2.49 billion, 2.80 billion, and 3.11 billion yuan [3][5]. Financial Performance Summary - The gross margin for Q3 2025 decreased by 1.1 percentage points to 28.9%, attributed to changes in channel structure and increased sales expenses [2]. - The net profit margin for Q3 2025 was 8.8%, a decrease of 2.4 percentage points year-on-year, but showed a quarter-on-quarter improvement [2]. - The company’s net profit for 2025 is projected to be 249 million yuan, reflecting a year-on-year decrease of 14.6%, followed by a recovery in subsequent years with expected growth of 32.0% and 13.1% in 2026 and 2027, respectively [3][5].