Financial Performance - In Q1-Q3 2025, the company achieved revenue of 4.74 billion yuan, a year-on-year increase of 29.0%, and a net profit attributable to shareholders of 510 million yuan, up 9.1% year-on-year [1] - For Q3 2025, the company reported revenue of 1.52 billion yuan, a year-on-year increase of 21.9%, but a net profit attributable to shareholders of 130 million yuan, down 16.6% year-on-year [1] - The gross profit margin for Q1-Q3 2025 was 42.8%, an increase of 0.8 percentage points year-on-year, while for Q3 2025, it was 42.9%, up 1.1 percentage points year-on-year [1] Expense Analysis - The total expense ratio for Q1-Q3 2025 was 28.8%, an increase of 2.9 percentage points year-on-year, with sales, management, and R&D expense ratios at 21.8%, 5.7%, and 1.5%, respectively [1] - In Q3 2025, the total expense ratio rose to 31.1%, up 5.1 percentage points year-on-year, with sales, management, and R&D expense ratios at 23.3%, 6.3%, and 1.4%, respectively [1] Market Position and Brand Development - The company’s brand, Maifudi, achieved a market share of 6.2% in 2024, ranking first among domestic pet brands, and was recognized as "China's No. 1 Pet Food Brand" by Euromonitor in August 2025 [2] - The company is focusing on high-end product innovation, with the launch of new products like the "0 Pressure Fresh Milk" series and the premium dog food brand "Wang Zhenchun," which is expected to drive new growth [2] - During the pre-Double Eleven sales period (October 9-22), Maifudi and Fliegate ranked first and second in sales on Douyin's pet brand list, indicating strong sales performance [2] Profit Forecast and Investment Rating - The company is a leading player in the domestic pet food market, benefiting from the rise of domestic brands and its strong brand, product, R&D, and channel capabilities [2] - Due to the impact of tariffs on overseas OEM business, the net profit forecasts for 2025-2027 have been revised down from 750 million, 980 million, and 1.23 billion yuan to 700 million, 880 million, and 1.07 billion yuan, representing year-on-year growth of 12.5%, 25.2%, and 21.8% respectively [2] - The latest closing price corresponds to P/E ratios of 49, 39, and 32 times for 2025, 2026, and 2027, respectively, maintaining a "Buy" rating [2]
乖宝宠物(301498)2025年三季报点评：关税影响外销代工 自有品牌持续高增