Marubi(SH:603983) Xin Lang Cai Jing·2025-11-10 00:33Core Viewpoint - The company reported its Q3 2025 results, showing a revenue increase of 25.5% year-on-year, with a net profit growth of 2.13% [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 2.45 billion yuan, with a net profit of 240 million yuan [1]. - In Q3 alone, revenue reached 690 million yuan, reflecting a 14.3% year-on-year growth, while net profit was 69.48 million yuan, up 11.6% year-on-year [1]. - The non-recurring net profit decreased by 20% year-on-year in Q3 [1]. Segment Performance - In Q3 2025, revenue by product category was as follows: eye care (150 million yuan, +20%), skincare (310 million yuan, +42%), cleansing (70 million yuan, +23%), and beauty products (150 million yuan, -27%) [2]. - The main brand is expected to maintain good growth, while the sub-brand "Lianhuo" is under pressure [2]. - Average prices for skincare products increased due to a higher sales proportion of eye care products and a decrease in lower-priced eye care product sales [2]. Profitability Analysis - For Q1-Q3 2025, the net profit margin decreased by 2.3 percentage points to 10% [2]. - Gross margin slightly increased by 0.3 percentage points to 74.9% [2]. - The increase in sales, management, and R&D expense ratios contributed to a total expense ratio increase of 3.1 percentage points [2]. Investment Outlook - The company continues to implement a big product strategy, with its two main brands, "Marubi" and "Lianhuo," showing sustained growth [3]. - New products like "Little Gold Needle Cream" and "Little Gold Needle Mask" are expected to contribute to growth [3]. - EPS forecasts for 2025, 2026, and 2027 are 0.95, 1.12, and 1.29 yuan per share, respectively, maintaining a "buy" rating [3].