Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company reported a total revenue of 1.999 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 1.84%. The net profit attributable to the parent company was 673 million yuan, up 0.33% year-on-year, while the net profit excluding non-recurring items was 615 million yuan, down 3.43% year-on-year [2][4] - In Q3 2025, the company achieved a total revenue of 686 million yuan, reflecting a year-on-year growth of 4.48%. The net profit attributable to the parent company was 232 million yuan, an increase of 4.34% year-on-year, while the net profit excluding non-recurring items was 200 million yuan, down 5.63% year-on-year [2][4] - The company has decided to terminate the acquisition of Weizimei [2][4] Financial Performance - The company’s gross profit margin in Q3 2025 decreased by 3.24 percentage points to 52.93%, while the net profit margin dropped by 0.04 percentage points to 33.86%. The operating expense ratio increased by 0.92 percentage points to 18% [10] - The company is expected to achieve net profits of 801 million yuan, 869 million yuan, and 935 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE valuations of 20, 18, and 17 times [10]