SCSF(SH:600779) Xin Lang Cai Jing·2025-10-31 12:31Core Viewpoint - The company reported significant declines in revenue and net profit for Q1-Q3 2025, indicating challenges in the current market environment [1][2][3]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 2.348 billion yuan, down 38.01% year-on-year, and a net profit of 326 million yuan, down 71.02% year-on-year [1]. - In Q3 2025, the company reported revenue of 850 million yuan, a decrease of 58.91% year-on-year, and a net profit of 221 million yuan, down 75.01% year-on-year [1][2]. - The company's gross margin for Q1-Q3 2025 was 80.18%, a decline of 2.75 percentage points year-on-year, while the net margin was 13.88%, down 15.81 percentage points year-on-year [3]. Channel and Product Strategy - The company implemented channel management measures such as halting shipments and reducing promotional offers to stabilize the market environment, resulting in a significant reduction in Q3 shipment volumes [2]. - The launch of the innovative product "Shuijingfang Jing 18" aims to open new growth opportunities, with plans for further product introductions targeting younger and more personalized market segments [2]. Regional Performance - For Q1-Q3 2025, domestic revenue was 2.177 billion yuan, down 39.55% year-on-year, while international revenue was 32 million yuan, down 37.31% year-on-year [3]. - In Q3 2025, domestic revenue was 809 million yuan, a decrease of 59.85% year-on-year, and international revenue was 800,000 yuan, down 63.48% year-on-year [3]. Expense Management - The company's expense ratio for Q1-Q3 2025 was 47.37%, an increase of 18.51 percentage points year-on-year, with significant increases in sales and management expenses [3]. - In Q3 2025, the expense ratio was 34.34%, up 21.69 percentage points year-on-year, reflecting higher sales and management costs [3]. Future Outlook - The company aims to maintain a long-term perspective and stabilize its operations through strategic measures, projecting revenues of 4.226 billion yuan, 4.449 billion yuan, and 4.896 billion yuan for 2025-2027, with net profits of 549 million yuan, 601 million yuan, and 691 million yuan respectively [4].