佩蒂股份Q3业绩双降：转型阵痛凸显 出口业务承压

Core Viewpoint - The pet food industry is experiencing a dual challenge of export pressure and consumer differentiation, leading to a decline in both revenue and net profit for Petty Co. in Q3 2025 [1] Group 1: Performance Highlights - Despite an overall decline in performance, Petty Co. has shown significant growth in the domestic market, driven by the expansion of its proprietary brand and precise positioning [2] - The company has made progress in overseas capacity layout by establishing factories in Southeast Asia to mitigate the impact of U.S. tariffs, and its New Zealand production line is now operational [2] - The gross profit margin improved year-on-year to 32.07% in the first three quarters, benefiting from economies of scale in overseas factories and enhanced margins from domestic proprietary products [2] Group 2: Core Challenges - The high growth of domestic brands could not offset the significant decline in overseas markets, compounded by the transitional pressures of new capacity ramp-up [3] - The overseas business is the main drag on performance, with U.S. tariffs leading to reduced export orders and cautious customer ordering patterns [3] - The domestic market faces increased competition and cost pressures, with rising sales expenses due to intensified marketing efforts and a slight decline in agency business due to last year's high base [3] - High accounts receivable levels are concerning, with extended payment cycles from overseas customers potentially impacting cash flow [3] - The decline in Q3 performance reflects both external shocks and the inevitable growing pains of the company's transformation, highlighting the need to balance overseas risk mitigation with deepening domestic market engagement [3]