Core Insights - The company reported Q3 2025 results with revenue and net profit attributable to shareholders showing a year-on-year increase of 21.9% and a decrease of 16.6% respectively, impacted by export challenges and rising sales expenses [1][3] - Domestic brands like Freigat and Maifudi continued to show strong growth, while OEM performance was pressured by tariff impacts, affecting overall profitability [1][3] - The gross margin is expected to improve due to structural upgrades, although export pressures may persist, and domestic competition is likely to remain intense [1][3] Financial Performance - For Q3 2025, the company achieved total revenue of 4.74 billion, a year-on-year increase of 29.0%, and a net profit attributable to shareholders of 510 million, up 9.1% year-on-year [1] - In Q3 alone, revenue was 1.517 billion, reflecting a 21.9% year-on-year increase, while net profit was 135 million, down 16.6% year-on-year, primarily due to export tariffs and increased performance bonuses [1][2] - The gross margin for Q3 was 42.9%, an improvement of 1.1 percentage points year-on-year, driven by a higher proportion of domestic high-margin business [2] Cost and Expense Analysis - Sales and management expense ratios for Q3 were 23.3% and 5.7% respectively, with increases of 4.6 percentage points and 0.6 percentage points year-on-year, largely due to rising performance bonuses and increased marketing and e-commerce investments [2] - The actual tax rate increased by 7.2 percentage points to 27.6%, leading to a net profit margin of 8.9%, down 4.1 percentage points year-on-year, indicating a slight decline in profitability [2] Investment Outlook - The company maintains a strong outlook for its proprietary brands, expecting gradual improvement in profitability despite some export pressures [3] - Projected net profits for 2025-2027 are estimated at 690 million, 870 million, and 1.11 billion respectively, with corresponding EPS of 1.73, 2.18, and 2.77, suggesting a 39x PE valuation for 2026 [3]
乖宝宠物(301498)：Q3自主品牌势能延续 竞争加剧、出口拖累利润