Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a recovery in revenue in Q3 2025, with a revenue of 5.9 billion yuan, representing a year-on-year increase of 4.44%. However, the net profit attributable to the parent company decreased by 26.3% year-on-year to 0.8 billion yuan [4][5] - The company is expected to continue its growth trajectory, particularly in the upcoming peak season, with ongoing reforms in traditional channels and expansion into overseas markets, especially in Southeast Asia [4][5] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 15.3 billion yuan, down 4.5% year-on-year, and a net profit of 1.6 billion yuan, down 43.7% year-on-year [4] - The projected net profits for 2025-2027 are 2.4 billion yuan (down 0.1 billion), 3.0 billion yuan, and 3.6 billion yuan (down 0.5 billion), respectively, with corresponding P/E ratios of 21.9, 17.5, and 14.3 times [4][8] - The gross margin for Q3 2025 was 37.1%, a slight increase of 0.3 percentage points year-on-year, while the net profit margin was 13.9%, down 5.8 percentage points year-on-year [6][11] Revenue and Cost Structure - The company has developed a product matrix consisting of flavored beans, nuts, snacks, and healthy legumes, which is expected to support sales in the upcoming peak season [5] - The sales expense ratio for Q3 2025 was 17.3%, an increase of 5.9 percentage points year-on-year, primarily due to increased spending on brand advertising and online marketing [6][11] Market Outlook - The company is focusing on channel reforms, with improvements in traditional supermarket channels and continued growth in snack wholesale channels. E-commerce channels are also being developed, particularly on platforms like Douyin [5] - The upcoming Chinese New Year in 2026 is expected to boost sales in the snack category, as consumption scenarios during the holiday season are anticipated to stimulate demand [4]

Market Overview - The snack food industry has a large market scale with increasing consumer demand, providing significant growth opportunities for the company [1] - The company focuses on core business areas, emphasizing automated production, brand operation, and multi-channel sales [1] Marketing and Brand Strategy - The company has engaged in various marketing activities, including celebrity endorsements and cultural tourism marketing, to enhance brand awareness among younger consumers [2] - Increased marketing investments have been made to support brand building and new product promotion, although short-term effects may not be immediately visible [3] Sales Performance - In the first half of 2025, the company experienced a decline in overall revenue due to the timing of the Spring Festival and a decrease in traditional supermarket business [3] - Despite a rise in sales expenses, the company aims to accelerate new product launches and improve market penetration in the second half of the year [3] Product Development and Innovation - The company has introduced a variety of innovative products, including beans, nuts, and puffed snacks, while also optimizing resource allocation by reducing less efficient products [4] - Continuous product innovation is essential for maintaining competitiveness and addressing market saturation in traditional products [5][6] International Expansion - The company is actively developing overseas markets, particularly in Vietnam and Indonesia, with plans to enhance its core bean product offerings [6] Channel Strategy - The company is expanding new sales channels and optimizing production costs to improve product quality and price competitiveness [7] - A focus on e-commerce platforms, including Tmall, JD.com, and Douyin, is part of the company's strategy to enhance online sales [9] Consumer Trends - The company is responding to consumer demand for high-quality, low-burden snacks by utilizing innovative technologies and optimizing packaging design [10]

Core Viewpoint - The company has transformed from a single bean product brand to a multi-category snack brand, focusing on flavored beans, nuts, and snacks, which is expected to enhance sales scale [2] Product Development - The company is actively expanding its product range to include various new products, which will support further sales growth [2] - The brand has shifted towards a multi-category snack brand, indicating a strategic diversification of its product offerings [2] Marketing and Promotion - To enhance product competitiveness, the company has increased its investment in brand marketing and new product promotion [2] - The company plans to improve the precision and effectiveness of its sales expense allocation based on market conditions and product promotion rhythms [2] Channel Expansion - The company has increased upfront expenses to support overseas and direct sales channel expansion, with some of these initial investments not requiring ongoing expenditure [2] - Future planning will consider market conditions and channel development to optimize promotional strategies [2]

Group 1: Sales and Marketing Strategy - The company has transformed from a single bean product brand to a multi-category snack brand, including flavored beans, nuts, and snacks, to enhance sales scale [2] - Increased investment in brand marketing and new product promotion to improve product competitiveness and expand cooperation opportunities [2] - The company aims to enhance the precision and effectiveness of sales expense allocation based on market conditions and product promotion [2] Group 2: Channel Development - Established stable cooperation with major domestic channels, focusing on innovative and cost-effective products to meet diverse channel needs [3] - Strengthening the core product layout in overseas markets while introducing new products based on local market demands to increase market share [3] - E-commerce is a key sales channel, with ongoing efforts to enrich online product categories and enhance self-operated channel cooperation, leading to performance growth [5] Group 3: Product and Brand Innovation - The company targets dual upgrades in product and brand, utilizing fresh-keeping freeze-drying technology and low-temperature baking to enhance product health attributes [4] - Launched the "Zhen Guo" sub-brand featuring freeze-dried fruits and nuts, aligning with the latest trends in snack consumption [4] - Long-term brand value growth is expected through continuous product innovation and brand exposure [4] Group 4: Cost Management - To mitigate raw material cost fluctuations, the company will engage in hedging activities and implement strategies such as low-price purchasing and price locking [6]