Core Viewpoint - Guibao Pet Food (301498) reported a strong performance in the first three quarters of 2025, with significant increases in revenue and net profit, although the third quarter showed a decline in net profit compared to the previous year [1][2][3]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 4.737 billion yuan, a year-on-year increase of 29.03% [1][2]. - The net profit attributable to shareholders was 513 million yuan, up 9.05% year-on-year, while the net profit excluding non-recurring items was 493 million yuan, an increase of 11.26% [1][2]. - In Q3 2025, revenue was 1.517 billion yuan, a 21.85% increase year-on-year, but net profit fell by 16.65% to 135 million yuan [2][3]. Asset and Equity Growth - As of the end of Q3 2025, total assets reached 5.51 billion yuan, a 10% increase from the end of the previous year, while net assets attributable to shareholders grew by 8% to 4.475 billion yuan [3]. Sales and Marketing Expenses - Sales expenses surged to 1.034 billion yuan, reflecting a 48.86% increase year-on-year, driven by brand growth, increased direct sales channels, and new product promotions [3]. Shareholder Activity - Golden Prosperity Investment S.A.R.L., the second-largest shareholder, reduced its stake by transferring 12 million shares at a price of 90 yuan per share, totaling 1.08 billion yuan [4][7]. - The shareholding of Golden Prosperity decreased from 17.08% to 14.08% following the transfer [4]. Market Performance - As of October 22, 2025, Guibao Pet Food's stock price was 85.59 yuan, down 3.98% for the day, with a total market capitalization of approximately 34.276 billion yuan, reflecting a 24% decline over the past six months [7].
“烧钱”换市场？乖宝宠物第三季度净利下滑，原始股东频频套现