Joyoung(SZ:002242) Xin Lang Cai Jing·2025-10-28 08:33Core Insights - The company reported a revenue of 5.59 billion yuan for the first three quarters of 2025, a year-on-year decrease of 9.7%, while the net profit attributable to shareholders was 120 million yuan, an increase of 26.0% [1] - The company's non-recurring net profit reached 190 million yuan, reflecting a year-on-year increase of 48.2% [1] - In Q3 2025, the company achieved a revenue of 1.6 billion yuan, down 11.0% year-on-year, but the net profit attributable to shareholders surged to 1 million yuan, a remarkable increase of 101.1% [1] Revenue and Profitability - The core retail categories showed positive growth, with online sales of the Joyoung brand's products such as wall-breaking machines, soybean milk machines, and rice cookers increasing by 4.7%, 26.5%, and 5.0% respectively in the first three quarters of 2025 [1] - The gross profit margin for the first three quarters of 2025 increased by 0.6 percentage points year-on-year to 26.9%, while Q3 gross profit margin rose by 4.4 percentage points to 26.2% [2][3] - The net profit margin for the first three quarters of 2025 improved by 0.7 percentage points to 2.2%, and for Q3, it increased by 4.6 percentage points to 0.1% [4] Expense Ratios - The expense ratios for sales, management, R&D, and finance showed mixed trends, with the sales expense ratio decreasing by 0.8 percentage points to 16.4% for the first three quarters of 2025, while the management expense ratio increased by 0.3 percentage points to 4.3% [3] - In Q3 2025, the sales expense ratio decreased by 0.7 percentage points to 18.5%, while the management expense ratio increased by 0.5 percentage points to 4.9% [3] Profit Forecast - The company has adjusted its profit forecast, expecting net profits attributable to shareholders to be 151 million yuan, 184 million yuan, and 220 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 23.2%, 21.9%, and 19.6% [4]