珀莱雅(603605)：三季度业绩有所承压 战略调整蓄力长期成长

Core Insights - The company experienced slight pressure on performance during the third quarter due to the seasonal downturn, with revenue for the first three quarters of 2025 reaching 7.098 billion, a year-on-year increase of 1.89%, and net profit attributable to shareholders at 1.026 billion, a year-on-year increase of 2.65% [1] Financial Performance - In Q3 alone, the company reported revenue of 1.736 billion, a year-on-year decrease of 11.63%, and net profit attributable to shareholders of 227 million, a year-on-year decrease of 23.64% [1] - The decline in Q3 performance is attributed to the pre-promotion expenses for the Double 11 shopping festival, which affected the company's financials [1] Brand and Channel Analysis - The main brand, Pechoin, saw a single-digit decline in revenue for the first three quarters, while the ROI on Tmall and Douyin platforms was 3.2 and 2.5, respectively, with return rates of 38% and 35% [2] - The brand Caitang experienced double-digit revenue growth, with Tmall and Douyin ROI at 2 and 1.7, respectively [2] - The brand OR saw revenue more than double, while the brand Yuefuti had single-digit growth, and the brand Yuanshi Bota approached double growth [2] - Online revenue growth was low single-digit, maintaining the same proportion of total revenue as in the first half of the year, while offline revenue saw a high double-digit decline [2] Margin and Cost Structure - In Q3 2025, the gross margin was 74.68%, an increase of 3.96 percentage points year-on-year, while the net margin was 13.19%, a decrease of 2.01 percentage points year-on-year [3] - The increase in gross margin is attributed to category structure optimization and cost reduction measures, including lower freight rates and improved procurement negotiation capabilities [3] - The company increased its promotional expenses due to the early timing of the Double 11 event, leading to a narrowing of the gross profit margin by 0.54 percentage points [3] Operational Efficiency - The inventory turnover days for Q1-Q3 2025 were 119 days, a decrease of 10 days year-on-year, while accounts receivable turnover days increased by 4 days to 16 days [3] - The company continues to optimize inventory management, contributing to the reduction in inventory turnover days [3] - The operating cash flow for Q3 2025 was -95 million, a year-on-year increase of 63.25% [3]