砸下3.6亿销售费用 净利反降4%！自由点母公司舆情阴霾难消

Core Viewpoint - The company, Baiya Co., is facing challenges in its online sales channels due to public sentiment and platform strategy adjustments, leading to a decline in revenue and profit despite overall growth in other areas [2][3]. Financial Performance - For Q3 2025, Baiya Co. reported revenue of 858.79 million yuan, an increase of 8.33% year-on-year, while net profit decreased by 3.89% to 56.53 million yuan [4][5]. - In the first three quarters of 2025, the company achieved a total revenue of 2.62 billion yuan, up 12.80% from the previous year, with net profit of approximately 244.56 million yuan, a growth of 2.53% [5]. Online Sales Channel - The online sales channel experienced a revenue decline of 11.4% in Q3, totaling 341 million yuan, and a 10.2% decrease year-to-date, amounting to 933 million yuan [6]. - The "refurbished sanitary napkin" incident negatively impacted the company's online sales, with a 9.44% year-on-year decline in the first half of the year [6]. Offline Sales Channel - Baiya Co. saw significant growth in offline sales, with revenue reaching 1.62 billion yuan in the first three quarters, a 35.7% increase year-on-year [6]. - The company reported a 113.4% growth in revenue from regions outside its core areas [6]. Brand Performance - The brand "Ziyoudian" remains a key revenue driver, with a 16.4% increase in revenue to 2.51 billion yuan in the first three quarters, accounting for 95.58% of total revenue [7]. - The company is focusing on enhancing brand influence and expanding its consumer base through marketing efforts, including appointing a new brand ambassador [7]. Investment in Sales and R&D - Sales expenses for the first three quarters reached 1.01 billion yuan, a 15.7% increase, representing approximately 38.35% of total revenue [8][9]. - R&D investment was only 49.37 million yuan, a slight decrease from the previous year, indicating a low R&D expense ratio of less than 2% [9].