销售费用激增近4成，中宠股份三季度陷“增收不增利”

Core Viewpoint - The financial report of Zhongchong Co., Ltd. (002891.SZ) for Q3 2025 highlights a significant contrast between revenue growth and profit decline, raising concerns about the current development model in the pet food industry [2] Financial Performance - Revenue for Q3 increased by 15.86% year-on-year, reaching 1.428 billion yuan, marking a new quarterly high, but the growth rate has slowed compared to the previous two quarters [3] - Net profit attributable to shareholders decreased by 6.64% year-on-year to 130 million yuan [3] - The net profit excluding non-recurring gains and losses increased by 18.86% to 124 million yuan [3] - Operating cash flow increased by 18.24% to 234 million yuan [3] - Basic earnings per share fell by 7.44% to 0.4391 yuan, while diluted earnings per share decreased by 2.96% to 0.4391 yuan [3] - Total assets increased by 20.54% to 5.364 billion yuan [3] Expense Growth - Sales expenses surged by nearly 40% to 462 million yuan, significantly outpacing revenue growth [4] - Management and R&D expenses also rose by 59.44% and 44.50%, respectively, further squeezing profit margins [4] Brand Development and Global Strategy - Zhongchong Co., Ltd. is heavily investing in brand development, focusing on domestic and international brand promotion and employee incentive programs [4] - The company has established over 23 modern pet food production bases globally and exports to 90 countries, with a North American headquarters to enhance regional competitiveness [4] - The global capacity layout aims to mitigate risks from single markets and support the international expansion of its brands [4] Challenges and Future Outlook - The rapid expansion has led to concerns, including a 77.02% increase in asset impairment losses, primarily due to increased inventory write-downs [4] - Interest-bearing liabilities rose to 1.488 billion yuan, with an interest-bearing asset-liability ratio of 27.73% [4] - Analysts note that the company is in a critical transition from OEM to brand ownership, which may involve short-term pain but is essential for long-term competitiveness [5] - The success of Zhongchong Co., Ltd. in navigating this investment phase could position it favorably in the growing pet food market, contingent on its ability to convert high investments into stable profitability [5]