今世缘(603369)：守正固基 等待修复

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, indicating ongoing challenges in the market and a need for strategic adjustments to maintain market share [1][2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 8.881 billion yuan, a year-on-year decrease of 10.7% [1] - The net profit attributable to shareholders was 2.549 billion yuan, down 17.4% year-on-year, while the net profit excluding non-recurring items was 2.545 billion yuan, also down 17.2% [1] - In Q3 2025, revenue was 1.930 billion yuan, a decline of 26.8% year-on-year, with net profit at 320 million yuan, down 48.7% [1] Product Performance - In Q3 2025, revenue from various product categories showed significant declines, with the high-end products (Special A+ and Special A) accounting for 95.1% of total revenue, an increase of 1.45 percentage points [1] - Revenue from Special A+ products decreased by 38.0%, while Special A products saw a slight decline of 1.1% [1] Regional Performance - Revenue from domestic and foreign markets was 1.701 billion yuan and 176 million yuan, respectively, with year-on-year declines of 29.8% and 13.8% [1] - The Suzhong region maintained stable performance, with a slight revenue increase of 1.1% [1] Channel Performance - Direct sales and wholesale agency revenues were 86 million yuan and 1.791 billion yuan, showing year-on-year growth of 47.6% and a decline of 30.3%, respectively [1] - The number of domestic and foreign distributors was 617 and 695, reflecting a net change of -29 and +42 compared to the first half of 2025 [1] Profitability and Expenses - The gross profit margin for Q3 2025 was 75.0%, a decrease of 0.55 percentage points year-on-year [2] - The total expense ratio increased to 35.0%, with sales expenses rising by 7.0% year-on-year [2] - The net profit margin for Q3 2025 was 16.6%, down 7.08 percentage points year-on-year [2] Future Outlook - The company forecasts revenues of 10.446 billion yuan and 11.490 billion yuan for 2025 and 2026, respectively, with expected year-on-year changes of -9.5% and +10.0% [2] - Projected net profits for 2025 and 2026 are 3.073 billion yuan and 3.358 billion yuan, with year-on-year changes of -9.9% and +9.3% [2]