太平鸟前三季度净利暴跌74%，累计关店超2000家

Core Insights - The company reported its worst quarterly results since going public, with a significant decline in both revenue and net profit [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 4.217 billion yuan, a year-on-year decrease of 7.15% [1] - The net profit attributable to shareholders plummeted by 73.79%, amounting to only 28.259 million yuan [1] - The non-recurring net profit also worsened, resulting in a loss of 55.46 million yuan [1] Factors Affecting Performance - The company attributed the substantial decline in performance to multiple factors, including decreased operating revenue, increased inventory impairment losses, and reduced government subsidies [1] Inventory and Store Closures - As of the end of Q3 2025, the company's inventory stood at 1.764 billion yuan, reflecting a 1.65% increase compared to the end of 2024 [1] - In response to ongoing performance pressures, the company has been closing inefficient stores, with 504 closures and only 240 openings in the first three quarters, resulting in a net reduction of 264 stores [1] - The total number of remaining physical stores as of Q3 2025 is 3,109, with over 2,000 stores closed cumulatively [1]