Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company reported a slight decline in revenue for Q3 2025, achieving 4.58 billion yuan, a year-on-year decrease of 3.9%, while the net profit attributable to shareholders was 22.77 million yuan, an increase of 24.3% [2][4] - For the first three quarters of 2025, total revenue was 13.59 billion yuan, down 3.8% year-on-year, with a net profit of 210 million yuan, up 9.4% [2][4] - The company continues to optimize its traditional supermarket operations while expanding its new business formats, with a total of 1,090 stores as of the end of Q3, netting an increase of 6 stores during the quarter [11] Financial Performance - The gross profit margin for Q3 was 23.8%, an increase of 1.1 percentage points year-on-year, reflecting improved operational efficiency and cost management [11] - The company’s operating profit for Q3 was 59.03 million yuan, significantly improved from 5.63 million yuan in the same period last year [11] - The company expects EPS to reach 0.31, 0.38, and 0.45 yuan for 2025, 2026, and 2027 respectively, indicating a positive growth outlook [11] Business Strategy - The company is actively upgrading its supermarket formats and enhancing supply chain capabilities, including increasing the proportion of direct sourcing and developing private label products [11] - The performance in provinces outside the home region showed a 2% year-on-year revenue growth, indicating strong regional expansion [11] - The company is focusing on improving store quality and customer experience through ongoing renovations and adjustments to its existing store formats [11]