Fuanna(SZ:002327) Xin Lang Cai Jing·2025-10-27 10:41Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating a challenging business environment and ongoing adjustments in operations [1][5]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.63 billion yuan, a year-on-year decrease of 13.8%, and a net profit attributable to shareholders of 160 million yuan, down 45.5% [1]. - The earnings per share (EPS) for the period was 0.19 yuan [1]. - Quarterly performance showed a consistent decline in revenue and net profit, with Q1 to Q3 revenue changes of -17.8%, -15.3%, and -7.6%, and net profit changes of -54.1%, -47.7%, and -28.7% respectively [1]. Revenue Breakdown - Revenue by product category for the first half of 2025 showed declines across all segments: bedding sets (-21.6%), comforters (-13.3%), pillows (-14.7%), and others (-7.7%) [1]. - Revenue by channel for the first half of 2025 indicated that online sales accounted for 45.9%, with a decline of 5%, while franchise and direct sales saw declines of 43.3% and 9.1% respectively [2]. Margin and Cost Analysis - The gross margin for the first three quarters of 2025 decreased by 1.6 percentage points to 53.5%, attributed to increased product restructuring and inventory clearance efforts [3]. - The expense ratio increased by 4.3 percentage points to 41.1%, with sales expenses rising significantly [3]. Inventory and Receivables - As of September 2025, inventory decreased by 6.2% year-on-year to 830 million yuan, with a turnover period of 285 days, an increase of 31 days [4]. - Accounts receivable decreased by 8.9% year-on-year to 240 million yuan, with a turnover period of 65 days, an increase of 19 days [4]. Future Outlook - The company has adjusted its profit forecasts for 2025 to 360 million yuan, reflecting a 35% downward revision, with expectations of gradual recovery post-inventory clearance and business adjustments [5]. - The company maintains a high dividend payout ratio of over 90% from 2021 to 2024, indicating a strong return to shareholders despite current challenges [5].