Core Viewpoint - The report from Kaiyuan Securities indicates that Guibao Pet's net profit attributable to shareholders for Q1-Q3 2025 reached 513 million yuan, reflecting a year-on-year increase of 9.05%. However, the net profit for Q3 alone was 135 million yuan, showing a year-on-year decrease of 16.65%. The company continues to experience high revenue growth, but increased promotional expenditures have temporarily pressured profit margins. The gradual release of production capacity is expected to support both overseas orders and domestic high-end product supply. Additionally, the completion of the first phase of the restricted stock incentive plan in October, with 428,300 shares awarded to nine core executives including CEO Du Shifang, is anticipated to enhance operational vitality. The sustained revenue growth, increased promotional investments, and successful implementation of stock incentives lead to a maintained "Buy" rating. Financial Performance - For Q1-Q3 2025, the net profit attributable to shareholders was 513 million yuan, up 9.05% year-on-year [1] - The net profit for Q3 was 135 million yuan, down 16.65% year-on-year [1] Revenue and Growth - The company continues to experience high revenue growth, supported by increased promotional investments [1] - The gradual release of production capacity is expected to meet the demand for overseas orders and domestic high-end products [1] Incentive Plans - The first phase of the restricted stock incentive plan was completed in October, with 428,300 shares awarded to nine core executives [1] - The implementation of the incentive plan is expected to enhance the company's operational vitality [1] Investment Rating - The report maintains a "Buy" rating based on sustained revenue growth, increased promotional investments, and successful stock incentive implementation [1]
研报掘金丨开源证券：维持乖宝宠物“买入”评级，产能逐步释放，股票激励落地持续成长