Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown a positive revenue growth in Q3 2025, driven by new product launches such as jelly wine and light enjoyment series, alongside the gradual market entry of its whiskey business [7] - The report anticipates that the company will achieve revenue of 30.7 billion, 35.25 billion, and 40.5 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 7.09 billion, 8.53 billion, and 9.78 billion RMB [7] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 2.27 billion RMB, a year-on-year decrease of 4.89%, and a net profit of 549 million RMB, down 4.35% year-on-year [7] - In Q3 2025, revenue reached 781 million RMB, reflecting a year-on-year increase of 2.99%, while net profit was 160 million RMB, a decrease of 6.76% year-on-year [7] - The company's sales net profit margin in Q3 2025 was 20.52%, down 2.15 percentage points year-on-year, attributed to increased sales expenses and a rise in tax rates [7] Earnings Forecast - The projected earnings for the company are as follows: - Revenue (in million RMB): 3,070 (2025E), 3,525 (2026E), 4,050 (2027E) - Net profit (in million RMB): 709 (2025E), 853 (2026E), 978 (2027E) - EPS (in RMB): 0.68 (2025E), 0.81 (2026E), 0.93 (2027E) - PE ratios: 40.3 (2025E), 33.5 (2026E), 29.2 (2027E) [6][8]