乖宝宠物(301498) - 2025 Q3 - 季度财报

Report Overview Important Notice The board and management guarantee the quarterly report's truthfulness, accuracy, and completeness - The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions[2][3] - The company's principal officer, head of accounting, and head of accounting department declare and guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[3] Audit Status The financial statements for this quarter are unaudited - The third quarter financial statements are unaudited[4][28] Key Financial Data Key Accounting Data and Financial Indicators Q3 2025 and YTD operating revenue grew significantly, but Q3 net profit attributable to shareholders decreased; assets and equity grew steadily Key Financial Indicators for Q3 2025 and Year-to-Date | Metric | Current Period (Q3 2025) | YoY Change (Current Period) | YTD (9M 2025) | YoY Change (YTD) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 1,516,774,924.78 | 21.85% | 4,737,454,765.81 | 29.03% | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 134,991,762.23 | -16.65% | 513,010,893.92 | 9.05% | | Net Profit Attributable to Shareholders of Listed Company, Excluding Non-Recurring Gains and Losses (CNY) | 125,289,500.93 | -17.74% | 492,709,068.06 | 11.26% | | Net Cash Flow from Operating Activities (CNY) | -- | -- | 497,981,458.54 | 25.58% | | Basic Earnings Per Share (CNY/share) | 0.34 | -15.00% | 1.28 | 8.47% | | Weighted Average Return on Net Assets | 2.99% | -1.07% | 11.72% | -0.32% | | Metric | End of Current Period (Q3 2025) | End of Prior Year (FY 2024) | Change from Prior Year End | | :--- | :--- | :--- | :--- | | Total Assets (CNY) | 5,509,998,060.81 | 5,009,510,974.95 | 9.99% | | Total Equity Attributable to Shareholders of Listed Company (CNY) | 4,475,192,218.66 | 4,143,904,039.11 | 7.99% | Non-Recurring Gains and Losses Items and Amounts Non-recurring gains/losses totaled CNY 9.70 million for the period and CNY 20.30 million YTD, mainly from fair value changes Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (CNY) | Amount YTD (CNY) | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -1,663,107.62 | -1,920,088.61 | | Government Grants Recognized in Current Profit/Loss | 39,000.00 | 600,500.00 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises (Excluding Effective Hedge Accounting Related to Normal Business Operations) | 7,852,516.64 | 23,240,237.17 | | Other Non-Operating Income and Expenses (Excluding Above Items) | 7,007,784.85 | 5,365,051.18 | | Less: Income Tax Impact | 3,583,562.77 | 7,045,242.52 | | Minority Interest Impact (After Tax) | -49,630.20 | -61,368.64 | | Total | 9,702,261.30 | 20,301,825.86 | - The company has no other profit/loss items meeting the definition of non-recurring gains/losses, nor does it classify non-recurring items as recurring[8] Changes and Reasons for Key Accounting Data and Financial Indicators Key financial statement metrics changed significantly due to business growth, investments, compensation, and exchange rates Balance Sheet Item Changes Major Balance Sheet Item Changes and Reasons | Item | Change Percentage | Reason for Change | | :--- | :--- | :--- | | Prepayments | 142.37% | Primarily due to increased prepayment for promotion and consulting fees | | Fixed Assets | 38.51% | Primarily due to construction in progress transferred to fixed assets | | Construction in Progress | -62.54% | Primarily due to completion and transfer of construction in progress to fixed assets | | Deferred Income Tax Assets | 38.02% | Primarily due to increased deferred income tax from lease liabilities and unrealized intercompany profits | | Other Non-Current Assets | 51.22% | Primarily due to increased prepayments for fixed asset acquisition | | Short-Term Borrowings | 54.55% | Primarily due to increased short-term operating borrowings | | Accounts Payable | 45.65% | Primarily due to increased accounts payable for goods | | Contract Liabilities | -45.38% | Primarily due to decreased advance receipts | | Taxes Payable | 32.71% | Primarily due to increased income tax payable | | Non-Current Liabilities Due Within One Year | 32.55% | Primarily due to increased lease liabilities due within one year | | Other Current Liabilities | -66.88% | Primarily due to decreased advance receipts and corresponding tax reduction | | Long-Term Employee Compensation Payable | 114.31% | Primarily due to increased long-term performance incentives | | Surplus Reserve | 41.37% | Primarily due to increased parent company profit and surplus reserve | | Minority Interests | -100.00% | Primarily due to the acquisition of minority interest in a subsidiary | Income Statement Item Changes Major Income Statement Item Changes and Reasons | Item | Change Percentage | Reason for Change | | :--- | :--- | :--- | | Total Operating Costs | 32.28% | Primarily due to revenue growth and corresponding cost increase | | Taxes and Surcharges | 47.79% | Primarily due to increased VAT and corresponding surcharges | | Selling Expenses | 48.86% | Primarily due to growth of own brands, increased direct sales channel proportion, and new product promotion leading to higher business promotion and sales service fees | | Financial Expenses | 37.86% | Primarily due to decreased exchange gains | | Other Income | -47.90% | Primarily due to decreased government subsidies | | Credit Impairment Losses | -103.12% | Primarily due to a decrease in the increase of accounts receivable during the reporting period | | Asset Impairment Losses | -56.46% | Primarily due to decreased impairment of packaging materials and other assets during the reporting period | | Non-Operating Income | 82.35% | Primarily due to the impact of accounts payable no longer required to be paid | | Non-Operating Expenses | 102.95% | Primarily due to increased public welfare project expenditures | Cash Flow Statement Item Changes Major Cash Flow Statement Item Changes and Reasons | Item | Change Percentage | Reason for Change | | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 33.75% | Primarily due to increased revenue | | Cash Received Related to Other Operating Activities | -38.73% | Primarily due to decreased customer deposits and government subsidies received | | Cash Paid to and for Employees | 33.39% | Primarily due to increased compensation expenses from attracting high-end talent and implementing performance incentive mechanisms | | Taxes and Fees Paid | 31.55% | Primarily due to increased income tax and surcharges | | Cash Paid Related to Other Operating Activities | 51.99% | Primarily due to increased expenses corresponding to business growth | | Cash Received Related to Other Investing Activities | -100.00% | Primarily due to maturity and redemption of cash management products in the prior period | | Cash Paid for Investments | 3075.15% | Primarily due to expenditure for acquiring minority interest in a subsidiary | | Cash Paid Related to Other Investing Activities | -99.65% | Primarily due to the purchase of cash management products in the prior period | | Cash Received from Investments | 100.00% | Primarily due to partial exercise of the first tranche of restricted stock | | Cash Received from Borrowings | 100.00% | Primarily due to increased short-term borrowings | | Cash Received Related to Other Financing Activities | 7400.00% | Primarily due to receipt of loan deposits | | Cash Paid for Debt Repayment | 100.00% | Primarily due to repayment of short-term borrowings | | Cash Paid for Dividends, Profit Distribution, or Interest | 188.54% | Primarily due to increased cash dividends during the reporting period | | Cash Paid Related to Other Financing Activities | 270.79% | Primarily due to increased rent and interest paid on lease liabilities | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -100.00% | Primarily due to exchange rate fluctuations | Shareholder Information Total Common Shareholders and Top Ten Shareholders' Holdings The company had 14,053 common shareholders; Qin Hua is the largest with 45.76% and affiliated with management consulting centers - As of the end of the reporting period, the total number of common shareholders was 14,053 accounts, with no preferred shareholders whose voting rights have been restored[14] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Qin Hua | Domestic Individual | 45.76% | 183,079,018 | 183,079,018 | | GOLDEN PROSPERITY INVESTMENT S.A R.L. | Overseas Legal Entity | 14.08% | 56,316,784 | 0 | | Liaocheng Haiang Enterprise Management Consulting Service Center (Limited Partnership) | Domestic Non-State-Owned Legal Entity | 6.93% | 27,739,245 | 27,739,245 | | Beijing Junlian Shengyuan Equity Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Entity | 5.79% | 23,168,168 | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Entity | 3.82% | 15,264,982 | 0 | | Zhuhai Junlian Boyuan Equity Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Entity | 2.54% | 10,173,922 | 0 | | Liaocheng Huaju Enterprise Management Consulting Service Center (Limited Partnership) | Domestic Non-State-Owned Legal Entity | 1.88% | 7,529,221 | 7,529,221 | | Shanghai Jueshu Asset Management Center (Limited Partnership) - Jueshu Jingfan Multi-Strategy No. 1 Private Securities Investment Fund | Other | 1.50% | 6,000,000 | 0 | | Liaocheng Huazhi Enterprise Management Consulting Service Center (Limited Partnership) | Domestic Non-State-Owned Legal Entity | 0.67% | 2,675,097 | 2,675,097 | | Guotai Junan Financial Holdings Limited - Client Funds | Overseas Legal Entity | 0.63% | 2,502,600 | 0 | - Qin Hua and Qin Xuanang, the executive partner of Liaocheng Haiang Enterprise Management Consulting Service Center (Limited Partnership), are father and son and act in concert. Qin Hua is also the executive partner of Liaocheng Huaju and Huazhi Enterprise Management Consulting Service Centers. Zhuhai Junlian Boyuan Equity Investment Partnership (Limited Partnership) is an acting-in-concert party with Beijing Junlian Shengyuan Equity Investment Partnership (Limited Partnership)[15][16] Changes in Restricted Shares Restricted shares remained unchanged, primarily pre-IPO, with Qin Hua holding the largest portion Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released During Period (shares) | Restricted Shares Increased During Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Proposed Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qin Hua | 183,079,018 | 0 | 0 | 183,079,018 | Pre-IPO Restricted Shares | February 16, 2027 | | Liaocheng Haiang Enterprise Management Consulting Service Center (Limited Partnership) | 27,739,245 | 0 | 0 | 27,739,245 | Pre-IPO Restricted Shares | August 16, 2026 | | Liaocheng Huaju Enterprise Management Consulting Service Center (Limited Partnership) | 7,529,221 | 0 | 0 | 7,529,221 | Pre-IPO Restricted Shares | August 16, 2026 | | Liaocheng Huazhi Enterprise Management Consulting Service Center (Limited Partnership) | 2,675,097 | 0 | 0 | 2,675,097 | Pre-IPO Restricted Shares | August 16, 2026 | | Total | 221,022,581 | 0 | 0 | 221,022,581 | -- | -- | Other Significant Matters Other Significant Matters No other significant matters require disclosure during this reporting period - There are no other significant matters for the company[17] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2025, consolidated assets were CNY 5.51 billion, liabilities CNY 1.04 billion, and equity CNY 4.48 billion, maintaining a stable structure Consolidated Balance Sheet Key Data (September 30, 2025) | Metric | Balance at End of Period (CNY) | Balance at Beginning of Period (CNY) | | :--- | :--- | :--- | | Total Assets | 5,509,998,060.81 | 5,009,510,974.95 | | Total Liabilities | 1,034,805,842.15 | 858,183,911.67 | | Total Equity Attributable to Parent Company Shareholders | 4,475,192,218.66 | 4,143,904,039.11 | | Total Equity | 4,475,192,218.66 | 4,151,327,063.28 | - Total current assets were CNY 2.16 billion, and total non-current assets were CNY 3.35 billion[19] - Total current liabilities were CNY 837 million, and total non-current liabilities were CNY 198 million[20] Consolidated Income Statement (Year-to-Date) As of September 30, 2025, YTD total operating revenue reached CNY 4.74 billion (+29.03%), with net profit of CNY 514 million (+9.05%) Consolidated Income Statement Key Data (Year-to-Date) | Metric | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 4,737,454,765.81 | 3,671,474,874.34 | | Total Operating Costs | 4,092,338,854.91 | 3,093,785,319.69 | | Operating Profit | 671,875,733.03 | 594,382,557.09 | | Total Profit | 676,821,587.26 | 597,291,903.43 | | Net Profit | 513,751,292.82 | 471,761,709.50 | | Net Profit Attributable to Parent Company Shareholders | 513,010,893.92 | 470,420,815.92 | | Basic Earnings Per Share | 1.28 | 1.18 | - Selling expenses were CNY 1.03 billion, a 48.86% year-over-year increase, primarily due to growth in own brands, increased direct sales channel proportion, and new product promotion[23] Consolidated Cash Flow Statement (Year-to-Date) As of September 30, 2025, YTD net cash flow from operating activities was CNY 498 million, investing net outflow CNY 402 million, and financing net outflow CNY 123 million Consolidated Cash Flow Statement Key Data (Year-to-Date) | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 497,981,458.54 | 396,557,720.15 | | Net Cash Flow from Investing Activities | -401,684,899.62 | -492,114,327.73 | | Net Cash Flow from Financing Activities | -122,671,358.52 | -74,950,680.24 | | Net Increase in Cash and Cash Equivalents | -32,859,023.14 | -170,507,287.82 | | Cash and Cash Equivalents at End of Period | 630,847,561.26 | 837,140,126.84 | - Cash received from sales of goods and services was CNY 4.96 billion, a 33.75% year-over-year increase[25] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was CNY 376 million[26] Adjustments to Financial Statement Items at the Beginning of the First Year of Adopting New Accounting Standards from 2025 The company did not adopt new accounting standards in 2025, requiring no adjustments to beginning-of-year financial statements; this quarter's report is unaudited - The company is not required to retrospectively adjust or restate prior year accounting data, and there are no adjustments to financial statement items at the beginning of the first year of adopting new accounting standards from 2025[5][28] - The company's third quarter financial statements are unaudited[28]