Runben Biotechnology (SH:603193) Xinda Securities·2025-10-21 12:03Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 342 million yuan in Q3 2025, representing a year-on-year increase of 16.67%, while the net profit attributable to shareholders was 79 million yuan, a decrease of 2.89% [1] - The decline in profitability is attributed to intensified competition in the infant and child product market, leading to increased marketing expenses and a reduction in financial gains exceeding 6 million yuan for the quarter [1][2] - Future focus areas include changes in industry dynamics, expansion of offline channels, and category expansion into youth products [1] Product Segment Summary - Mosquito Repellent Series: Revenue reached 132 million yuan in Q3 2025, up 48.54% year-on-year, with sales of 21.55 million units, an increase of 32.47%. The average price was 6.14 yuan, up 12.04% [2] - Infant and Child Series: Revenue was 146 million yuan, down 2.76% year-on-year, with sales of 17.16 million units, a decrease of 9.81%. The average price increased to 8.51 yuan, up 7.86% [2] - Essential Oil Series: Revenue was 43 million yuan, down 7.02% year-on-year, with sales of 4.79 million units, a decrease of 4.74%. The average price was 8.87 yuan, down 2.42% [2] Financial Performance Summary - The company’s gross margin and net profit margin for Q3 2025 were 58.96% and 22.93%, respectively, with sales, management, and R&D expense ratios at 29.09%, 2.40%, and 2.55% [3] - The company’s operating cash flow net amount was 220 million yuan, an increase of 40 million yuan year-on-year [3] - Profit forecasts for 2025-2027 project net profits of 305 million, 362 million, and 444 million yuan, corresponding to P/E ratios of 37.2X, 31.3X, and 25.6X [3][5]