Core Viewpoint - The company's Q3 2025 performance fell short of expectations, with revenue and net profit growth impacted by trade friction, intensified competition, and increased promotional expenses [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, the company reported a revenue increase of 29% year-on-year to 4.74 billion yuan, while net profit rose by 9.1% to 510 million yuan [1]. - In Q3 2025, revenue grew by 21.8% year-on-year to 1.52 billion yuan, but net profit decreased by 16.6% to 135 million yuan, which was below expectations [1]. - The company's gross margin improved by 0.9 percentage points year-on-year to 42.4% in Q3 2025, driven by the growth of high-end brands [2]. Group 2: Market Trends - The company's proprietary brands continued to experience significant growth, with online sales of the Fregat brand increasing by over 100% in Q3 2025, contributing to an overall brand growth estimate of around 40% [2]. - The high-end product strategy is enhancing gross margins, although net profit margins are pressured by trade friction, competition, and increased promotional expenses [2]. Group 3: Strategic Positioning - The company is positioned in a strategic opportunity period for market share growth, with its brand and product development capabilities significantly ahead of other domestic competitors [3]. - The company has been recognized as the "No. 1 Pet Food Brand in China" by Euromonitor, validating its high-end capabilities and growth potential for premium product lines [3]. Group 4: Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025 and 2026 by 6% and 5% respectively, now estimating net profits of 700 million and 850 million yuan [4]. - The current stock price corresponds to a P/E ratio of 49 and 40 for 2025 and 2026, respectively, with a target price of 118 yuan indicating a 38% upside potential based on a 55 P/E for 2026 [4].
乖宝宠物(301498)：加大战略性费用投入 卡位中国宠食第一品牌