Runben Biotechnology (SH:603193) Xin Lang Cai Jing·2025-10-23 00:27Core Viewpoint - In Q3 2025, the company achieved revenue of 342 million yuan, representing a growth of 16.67%, with stable overall growth. The revenue from mosquito repellent, baby care, and essential oil series was 132 million yuan (+48.5%), 146 million yuan (-2.8%), and 43 million yuan (-7.0%) respectively. The increase in mosquito repellent sales was mainly driven by the outbreak of Chikungunya fever, while the decline in baby care product sales was due to higher autumn and winter temperatures affecting the sales of baby cream [1][3][4]. Revenue and Profit Summary - For the first three quarters of 2025, the company reported a total revenue of 1.238 billion yuan, an increase of 19.28%, and a net profit attributable to the parent company of 266 million yuan, up by 1.98%. The basic EPS was 0.66 yuan (+3.13%), and the weighted ROE was 12.25%, down by 0.66 percentage points [2]. Product Performance - The Q3 revenue growth was primarily driven by mosquito repellent products, with online channels showing steady improvement. The GMV for the company's products on Tmall, JD, and Douyin platforms in Q3 was 130 million yuan (+19.5%), 74 million yuan (+23.8%), and 65 million yuan (+8.6%) respectively. Monthly GMV on Tmall showed fluctuations, with a year-on-year change of -9.7%, +48.8%, and +53.9% from July to September [3][4]. Marketing and Cost Analysis - The company's net profit in Q3 was 79 million yuan, down by 2.89%, with a non-recurring net profit of 74 million yuan, down by 7.58%. The decline in net profit was attributed to increased marketing expenditures due to intensified competition in the baby care market. The gross margin for Q3 was 58.96%, up by 1.39 percentage points, while the net margin was 22.93%, down by 4.62 percentage points. The sales, management, R&D, and financial expense ratios were 29.09% (+5.54 percentage points), 2.40% (-0.12 percentage points), 2.55% (-0.80 percentage points), and -0.80% (+2.40 percentage points) respectively [4]. Future Outlook - Looking ahead to Q4 2025, the company plans to focus on the youth care series and accelerate the launch of autumn and winter new products, while steadily expanding its multi-channel sales network. The company has introduced a new series of products targeting youth, including oil control and acne treatment products, and continues to focus on the baby care segment with key products like egg yolk oil cream [4]. Profit Forecast - Based on increased competition in the baby care market, the company has adjusted its profit forecast, expecting revenues of 1.58 billion, 1.90 billion, and 2.26 billion yuan for 2025-2027, with year-on-year growth rates of 19.7%, 20.3%, and 18.8% respectively. The net profits are projected to be 309 million, 374 million, and 449 million yuan, with corresponding P/E ratios of 37x, 30x, and 25x, maintaining a "buy" rating [5].