Core Insights - The company reported Q3 revenue of 1.517 billion yuan, representing a year-over-year increase of 21.85% but a quarter-over-quarter decrease of 12.88% [1] - The net profit attributable to the parent company for Q3 was 135 million yuan, showing a year-over-year decline of 16.65% and a quarter-over-quarter decline of 22.35% [1] - For the first three quarters of 2025, the company achieved revenue of 4.737 billion yuan, a year-over-year increase of 29.03%, and a net profit of 513 million yuan, up 9.05% year-over-year [1] Revenue Breakdown - Domestic revenue maintained rapid growth, with Q3 domestic business revenue estimated to have increased by over 35%, and the self-owned brand growth exceeding 40% [1] - The company's gross margin in the domestic market is expected to continue improving due to brand premiumization [1] - International revenue is estimated to have declined by approximately 5%-7% in Q3, primarily due to tariff impacts [1] Margin and Expense Analysis - The gross margin for Q3 was 42.92%, showing a year-over-year increase of 1.09 percentage points, but a slight quarter-over-quarter decrease of 0.89 percentage points [2] - The expense ratio for Q3 was 31.07%, up 5.05 percentage points year-over-year, with sales expenses increasing by 52% [2] - Sales, management, and R&D expense ratios were 23%, 6.3%, and 1.4% respectively, with sales expenses driven by the growth of self-owned brands and increased promotional activities [2] Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been revised down by 5.88%, 8.11%, and 11.37% to 706 million yuan, 886 million yuan, and 1.112 billion yuan respectively [3] - The estimated EPS for 2026 is projected at 2.21 yuan, with a target price adjustment to 110.5 yuan, reflecting a 50X PE valuation for 2026 [3] - The company is recognized for its efficient organizational structure and strong core competitive advantages, particularly in the domestic self-owned brand market [3]
乖宝宠物(301498)：自主品牌保持高速增长 境外业务拖累盈利