Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company achieved a total revenue of 1.378 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 1.00%. However, the net profit attributable to shareholders decreased by 34.06% to 54 million yuan [1][7]. - In Q3 2025, the company reported a revenue of 492 million yuan, a year-on-year increase of 4.27%, while the net profit attributable to shareholders decreased by 19.06% to 18 million yuan [1][7]. - The direct sales channel showed stability, with improvements in the distribution channel structure, particularly with key clients like Haidilao and Hema [1][10]. Summary by Sections Financial Performance - The gross margin for Q3 2025 was 21.1%, a decrease of 1.4 percentage points year-on-year, attributed to changes in product and channel structure [2][10]. - The sales and management expense ratios were 4.7% and 9.6%, respectively, with the sales expense ratio declining year-on-year due to improved cost control [2][10]. - The net profit margin for Q3 2025 was 4.0%, showing a year-on-year decrease of 0.8 percentage points but a recovery from the low point in Q2 [2][10]. Strategic Initiatives - The company is deepening strategic cooperation with core clients like Yum and actively developing new products, focusing on the new retail channel [2][12]. - The company is leveraging its customization and R&D capabilities to expand into membership stores and upgraded supermarket formats, with a focus on baked goods and frozen prepared dishes [2][13]. Earnings Forecast - The revenue forecasts for 2025-2027 are adjusted to 1.907 billion, 2.059 billion, and 2.217 billion yuan, respectively, with year-on-year growth rates of 2.1%, 7.9%, and 7.7% [3][14]. - The net profit forecasts for the same period are 80 million, 90 million, and 100 million yuan, with year-on-year changes of -5.2%, 14.5%, and 7.9% [3][14]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 48.9, 42.7, and 39.6 for the years 2025, 2026, and 2027, respectively [3][15].