Core Insights - The company achieved steady growth in the first three quarters of 2025, with revenue reaching 1.228 billion, a year-on-year increase of 16.66%, and net profit attributable to shareholders at 136 million, up 15.21% year-on-year [1] - The third quarter saw revenue of 386 million, reflecting a year-on-year growth of 10.49%, while net profit was 51 million, up 11.43% year-on-year [1] - The company is focusing on high-quality development, leading to a strategic adjustment in online channel investments, particularly on platforms like Douyin [1] Financial Performance - Gross margin for Q3 2025 was 45.90%, down 8.02 percentage points year-on-year, while the sales expense ratio was 25.51%, a decrease of 8.00 percentage points year-on-year [1] - The company launched a new product, "Jiao Protein" toothpaste, which is expected to become a significant product alongside the "Medical Research Seven Days" toothpaste [1] - Operating cash flow for Q3 2025 was 111 million, showing a year-on-year growth of 4.29%, indicating stable cash flow management [2] Operational Efficiency - Inventory turnover days decreased to 90 days, down 20 days year-on-year, and accounts receivable turnover days were reduced to 7 days, down 1 day year-on-year [2] - The company is optimizing its expense structure and improving the precision and efficiency of its online advertising investments [3] Market Outlook - The company is expected to maintain its steady growth trajectory, with a focus on high-end medical research series products driven by technological innovation and high-margin new products [3] - The forecast for net profit attributable to shareholders for 2025-2027 has been slightly adjusted to 204 million, 243 million, and 294 million, respectively, reflecting the need for time to cultivate new product launches [3]
登康口腔(001328)：业绩持续稳健增长 线上投放阶段性收缩