Core Insights - The company reported a revenue of 1.089 billion yuan for the first three quarters of 2025, a year-on-year decrease of 17.68%, and a net profit attributable to shareholders of 114 million yuan, down 26.62% year-on-year [1] - In Q3 2025, the company achieved a revenue of 361 million yuan, a decline of 24.29% year-on-year, with a net profit of 34.48 million yuan, down 39.35% year-on-year [1] Group 1: Brand and Production Capacity - The company's proprietary brand continues to perform well, with the Jueyan brand experiencing rapid growth in the high-end price segment [2] - New production capacity from the Taizhou and New Zealand factories is expected to contribute to further growth in domestic business [2] Group 2: Financial Performance - The gross profit margin for Q3 2025 was 32.24%, an increase of 1.29 percentage points year-on-year, while the net profit margin was 9.53%, a decrease of 2.54 percentage points year-on-year [2] - Sales expenses for Q3 2025 were 29.68 million yuan, up 19.08% year-on-year, primarily due to the extended promotional period for Double Eleven [2] - Research and development expenses increased by 27.39% year-on-year to 9.80 million yuan [2] Group 3: Profit Forecast and Investment Rating - The company is expected to achieve revenues of 1.632 billion, 1.840 billion, and 2.143 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 163 million, 200 million, and 241 million yuan [3] - Corresponding price-to-earnings ratios are projected to be 25.87, 21.09, and 17.46 times for the respective years [3] - The investment rating is maintained at "Recommended" based on the company's product advantages in the high-end price segment [3]

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company achieved a revenue of 1.659 billion yuan in 2024, representing a year-on-year growth of 17.6%, and a net profit of 182 million yuan, marking a return to profitability [1] - The gross margin improved to 29.4% in 2024, an increase of over 10 percentage points year-on-year, driven by product mix optimization and enhanced capacity utilization in overseas bases [1] - The company plans to focus on its proprietary brands and create blockbuster products to drive growth in 2025 [3] Financial Performance - In 2024, revenue from various segments included: 505 million yuan from pet skin chews (+19.1%), 608 million yuan from plant-based chews (+43.7%), 403 million yuan from nutritious meat snacks (+26.6%), and 118 million yuan from staple and wet food (-43.6%) [1] - Quarterly performance showed a revenue of 336 million yuan in Q4 2024 (down 32.1% year-on-year) and 329 million yuan in Q1 2025 (down 14.4% year-on-year), with net profits of 27 million yuan and 22 million yuan respectively [1] Revenue and Profit Forecast - Projected revenues for 2025-2027 are 1.914 billion yuan, 2.163 billion yuan, and 2.387 billion yuan, with year-on-year growth rates of 15.34%, 13.04%, and 10.37% respectively [4] - Expected net profits for the same period are 199 million yuan, 221 million yuan, and 251 million yuan, with growth rates of 9.16%, 11.15%, and 13.53% respectively [4] Market Position and Strategy - The company reported domestic sales of 288 million yuan in 2024, primarily driven by proprietary brands, which saw a 33% increase in revenue, with the Jueyan brand growing by 52% [3] - The overseas capacity utilization remains high, with factories in Vietnam operating at full capacity and significant improvements in profitability from the Cambodia factory [2][9]