Key Risks for Rating 机构：中银国际 研究员：Andy CHEN 3Q25 net profit was RMB726m, up 8% YoY, slightly below expectation. Quarterly sales decelerated, with LSD%-to-MSD% YoY increase in food sales & LSD%-to-MSD% YoY decrease in beverage sales. Management expects 4Q25 beverage business to face further headwinds on industry destocking. Nevertheless, it is encouraging that its long-term top-line guidance as well as profitability improvement logic is intact. Its current valuation seems not excessive. Key Factors for Rating ...