Investment Rating - The investment rating for the company is "Outperform the Market" [5][19] Core Views - The company has shown steady growth in its proprietary brand business, with a revenue of 4.737 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 29.03%. The third quarter alone generated 1.517 billion yuan, reflecting a quarter-on-quarter decrease of 12.88% but a year-on-year increase of 21.85% [1][8] - The gross margin has improved, maintaining a year-on-year upward trend at 42.83% for the first three quarters of 2025, an increase of 0.85 percentage points year-on-year. However, the net profit margin has been pressured due to increased marketing expenses, with a net profit margin of 10.84%, down 2.01 percentage points year-on-year [2][13] - The company is actively transitioning from a distribution model to a direct sales model, which is expected to enhance profitability. Direct sales revenue from platforms like Tmall, JD, and Douyin reached 1.21 billion yuan in the first half of 2025, a year-on-year increase of 39.72%, accounting for 37.73% of total revenue [3][19] Financial Summary - For the first three quarters of 2025, the company reported a net profit of 513 million yuan, a year-on-year increase of 9.05%, with Q3 net profit at 135 million yuan, down 22.35% quarter-on-quarter and down 16.65% year-on-year [1][8] - The sales expenses for the first three quarters of 2025 amounted to 1.034 billion yuan, a year-on-year increase of 48.86%, leading to a sales expense ratio of 21.82% [2][13] - The company forecasts net profits of 740 million yuan, 940 million yuan, and 1.19 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.9 yuan, 2.4 yuan, and 3.0 yuan [19][20]
乖宝宠物（301498）：2025 三季报点评：品牌直销拓展稳步推进，毛利率维持同比善趋势