Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 3.449 billion yuan for 2025, a decrease of 0.79% year-on-year, and a net profit of 570 million yuan, down 8.79% year-on-year. The fourth quarter alone saw a revenue of 1.038 billion yuan, down 6.69% year-on-year, with a net profit of 178 million yuan, down 7.65% year-on-year [7] - The company has committed to a dividend payout ratio of no less than 80% from 2026 to 2028, emphasizing shareholder returns [7] - The company is expected to achieve revenue growth of 14.7%, 10.4%, and 9.0% for the years 2026, 2027, and 2028, respectively, with corresponding net profits of 662 million, 761 million, and 861 million yuan [7] Financial Performance - The company achieved a gross margin of 40.67% in 2025, an increase of 0.89 percentage points year-on-year, and a net margin of 17.48%, a decrease of 1.07 percentage points year-on-year [7] - The revenue from online channels grew by 56.91% year-on-year, while offline channels saw a decline of 12.76% [7] - The earnings per share (EPS) for 2026 is projected to be 0.62 yuan, with a price-to-earnings (PE) ratio of 19.5 [6][7] Revenue and Profit Forecast - Revenue forecasts for the upcoming years are as follows: 3.956 billion yuan in 2026, 4.367 billion yuan in 2027, and 4.761 billion yuan in 2028 [6] - The net profit forecasts are 662 million yuan for 2026, 761 million yuan for 2027, and 861 million yuan for 2028, reflecting growth rates of 16.3%, 14.9%, and 13.1%, respectively [6][7] Market Performance - The company’s stock price closed at 12.35 yuan on March 13, 2026, with a circulating share capital of 1.065 billion shares [2] - The company’s performance over the last 12 months shows a decline of 19%, compared to the Shanghai and Shenzhen 300 index [4]