Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for the first three quarters of 2025 was 1.089 billion, a year-on-year decrease of 17.68%, with a net profit attributable to the parent company of 114 million, down 26.62% year-on-year [2][5] - In Q3 2025, the company achieved revenue of 361 million, a year-on-year decline of 24.29%, and a net profit of 34 million, down 39.35% year-on-year [2][5] - Despite short-term profit pressure, the company is focusing on accelerating product innovation and building its own brand, with new product launches in various categories [5] Summary by Sections Recent Performance - The company reported a revenue of 10.89 billion for the first three quarters of 2025, down 17.68% year-on-year, and a net profit of 1.14 billion, down 26.62% year-on-year [2] - Q3 2025 results showed revenue of 3.61 billion, a decline of 24.29% year-on-year, and a net profit of 0.34 billion, down 39.35% year-on-year [2] Financial Metrics - The gross 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 [5] - The company’s total revenue projections for 2025-2027 are adjusted to 15.88 billion, 18.28 billion, and 21.32 billion, with net profits of 1.67 billion, 2.19 billion, and 2.54 billion respectively [5][7] Brand Development - The company is accelerating its own brand development, with new product launches under the "Jueyan" brand targeting small dogs and expanding its product matrix to meet diverse pet nutrition needs [5] - The "Haoshijia" brand is also launching new products to fill market gaps, creating a synergistic effect between the two brands [5] Future Outlook - The company is expected to improve its performance in the future, with a focus on domestic brand development, maintaining a good growth potential in the long term [5]