Core Insights - Delmar's Q3 2025 performance fell short of market expectations, primarily due to intensified industry competition [2][4] Financial Performance - For Q1-Q3 2025, Delmar achieved revenue of 2.384 billion yuan, a year-on-year decrease of 1% [1][2] - The net profit attributable to shareholders was 89 million yuan, down 15% year-on-year [1][2] - The net profit excluding non-recurring items was 80 million yuan, reflecting a 16% decline year-on-year [1][2] - In Q3 alone, revenue was 699 million yuan, a 10% year-on-year decrease [2][4] - The net profit for Q3 was 20 million yuan, down 44% year-on-year [2][4] - The net profit excluding non-recurring items for Q3 was 16 million yuan, a 48% decline year-on-year [2][4] Brand and Product Focus - The company is focusing on its core brands, "Delmar" and "Philips," with the "Delmar" brand covering home environment products [3] - In H1 2025, revenue from home environment products was 677 million yuan, a 3% year-on-year increase [3] - The "Philips" brand, which includes water health and personal care products, generated 657 million yuan in revenue for water health, a 14% year-on-year increase [3] - Personal care products saw a revenue decline of 9% year-on-year, totaling 342 million yuan [3] Profitability and Cost Structure - The gross margin for Q3 2025 was 32.01%, an increase of 0.80 percentage points year-on-year [4] - Selling expense ratio increased to 20.11%, up 1.93 percentage points year-on-year, attributed to heightened competition and reduced subsidies [4] - Management expense ratio rose to 4.78%, an increase of 0.58 percentage points year-on-year [4] - The net profit margin for Q3 was 2.88%, down 1.63 percentage points year-on-year [4] Future Outlook - The company has slightly lowered its profit forecast, expecting net profits of 144 million, 167 million, and 186 million yuan for 2025-2027, representing year-on-year growth of 1.1%, 16.2%, and 10.9% respectively [4] - The corresponding price-to-earnings ratios are projected to be 32x, 28x, and 25x [4] - The company maintains an "overweight" investment rating, supported by a multi-brand strategy and growth in the water health category [4]
德尔玛(301332)2025年三季报点评：25Q3业绩承压 毛利率同比改善