Core Insights - The company reported a revenue of 4.7 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 29%, with a net profit attributable to the parent company of 510 million yuan, up 9% year-on-year [1] - In the third quarter of 2025, the company achieved a revenue of 1.5 billion yuan, a year-on-year growth of 22%, but the net profit attributable to the parent company decreased by 17% to 130 million yuan [1] Financial Performance - The company maintained a resilient revenue growth with a gross margin of 42.9% in Q3 2025, an increase of 1.1 percentage points year-on-year [2] - The expense ratios for sales, management, and R&D in Q3 2025 were 23.3%, 6.3%, and 1.4%, reflecting year-on-year changes of +4.6, +0.6, and -0.3 percentage points respectively [2] - The net profit margin for Q3 2025 was 8.9%, down 4.1 percentage points year-on-year [2] Market Performance - The company performed well during the Double Eleven shopping festival, with its brands Fregate and MYFOODIE ranking 2nd and 5th respectively in the Tmall brand sales list [2] - The ongoing high-end product strategy is showing positive results, with a continued trend of product upgrades [2] Future Outlook - The company is expected to see long-term growth potential, with revised net profit forecasts for 2025-2027 set at 690 million, 890 million, and 1.12 billion yuan respectively, down from previous estimates [2] - The company is likely to continue increasing its market share through its high-end product strategy, indicating promising long-term prospects [2]
乖宝宠物(301498)：高端化持续推进 费用阶段性增加