Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has achieved a revenue of 4.737 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 29.03%. The third quarter alone contributed 1.517 billion yuan, showing a quarter-on-quarter decrease of 12.88% but a year-on-year increase of 21.85% [1][8] - The company's gross profit margin has improved, reaching 42.83% for the first three quarters of 2025, up 0.85 percentage points year-on-year. The net profit margin, however, has been under pressure due to increased marketing expenses, standing at 10.84%, down 2.01 percentage points year-on-year [2][10] - 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.com, and Douyin reached 1.21 billion yuan in the first half of 2025, a year-on-year increase of 39.72% [3][17] Summary by Sections Financial Performance - 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%. The third quarter's net profit was 135 million yuan, reflecting a quarter-on-quarter decrease of 22.35% and a year-on-year decrease of 16.65% [1][8] - The sales expenses for the first three quarters were 1.034 billion yuan, up 48.86% year-on-year, leading to a sales expense ratio of 21.82% [2][10] Profitability Metrics - The overall sales gross profit margin for the first three quarters of 2025 was 42.83%, with the third quarter gross profit margin at 42.92% [2][10] - The company’s net profit margin for the first three quarters was 10.84%, with the third quarter net profit margin at 8.91% [2][10] Future Outlook - The company maintains profit forecasts for 2025-2027 at 740 million, 940 million, and 1.19 billion yuan respectively, with corresponding EPS of 1.9, 2.4, and 3.0 yuan [3][17] - The company is expected to continue benefiting from the expansion of high-margin direct sales and premium brands, supporting strong growth in both volume and profit [3][17]
乖宝宠物（301498）：2025三季报点评：品牌直销拓展稳步推进，毛利率维持同比改善趋势