Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved over 30% year-on-year growth in net profit attributable to the parent company for Q3 2025, solidifying its B-end business while expanding into the C-end market [5][8] - The company is positioned as a leader in standardized cold dishes in China, with domestic and international production capacity gradually being released, supported by its R&D capabilities, sales channel expansion, and rich customer resources [8] Financial Performance Summary - For 2023, the company is projected to have a revenue of 490 million yuan, with a year-on-year growth rate of 34.75%. By 2025, revenue is expected to reach 600 million yuan, reflecting a growth rate of 12.36% [7] - The net profit attributable to the parent company is forecasted to be 35 million yuan in 2023, increasing to 45 million yuan in 2025, with a year-on-year growth rate of 9.84% [7] - The earnings per share (EPS) is expected to grow from 0.25 yuan in 2023 to 0.32 yuan in 2025 [7] - The company’s return on equity (ROE) is projected to improve from 10.90% in 2023 to 12.10% in 2025 [7] Business Development - The company reported a revenue of 450 million yuan for Q1-Q3 2025, representing a year-on-year increase of 16%, with a net profit of 35.74 million yuan, up 14% year-on-year [8] - The gross margin for Q1-Q3 2025 was 18.36%, an increase of 0.6 percentage points year-on-year [8] - The company is expanding its production capacity both domestically and internationally, with significant growth in mushroom and seafood products [8] - The establishment of a wholly-owned subsidiary in Singapore and a holding subsidiary in Thailand is expected to enhance international market presence [8] Market Strategy - The company primarily serves B-end clients, including large chain restaurants, and is gradually expanding into the C-end market, aiming for a "dual-wheel drive" strategy [8] - The company has built long-term strategic partnerships with major clients through stringent food safety standards and quality control systems [8] - The focus on providing value-added services and co-creation with clients is expected to deepen customer relationships and optimize business scale [8]