Runben Biotechnology (SH:603193) Soochow Securities·2025-10-20 14:34Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company focuses on the mosquito repellent and baby care segments, positioning its products as "high quality and cost-effective," with significant strategic space due to its brand and product category management [3] - Despite a downward adjustment in the net profit forecast for 2025-2027 due to adverse weather conditions affecting sales, the company is expected to regain high growth with the launch of new baby care products [3] Financial Performance Summary - For Q3 2025, the company reported a revenue of 3.42 billion yuan, a year-on-year increase of 16.67%, and a net profit of 790 million yuan, a decrease of 2.89% year-on-year [8] - The company's total revenue for the first three quarters of 2025 reached 12.38 billion yuan, up 19.3% year-on-year, with a net profit of 2.66 billion yuan, reflecting a year-on-year increase of 1.98% [8] - The gross profit margin for Q1-Q3 2025 was 58.3%, slightly down by 0.06 percentage points year-on-year, while the gross margin for Q3 alone was 59.0%, up by 1.39 percentage points year-on-year [8] Product Category Performance - In Q1-Q3 2025, the revenue from mosquito repellent, baby care, and essential oil categories was 5.1 billion, 5.5 billion, and 1.3 billion yuan, respectively, with year-on-year growth rates of 20.9%, 24.6%, and a decline of 12.3% [8] - The mosquito repellent products saw significant sales growth due to factors like the dengue fever outbreak, while baby care product sales were impacted by higher autumn and winter temperatures [8]