Investment Rating - The investment rating for the company has been downgraded from "Buy" to "Outperform" [3][7]. Core Insights - The company reported a profit turnaround in Q3 2025, with a single-quarter revenue of 1.092 billion yuan, a year-on-year decline of 10%, and a net profit of 25 million yuan, indicating a successful shift from loss to profit [7]. - Revenue for the first three quarters of 2025 was 3.464 billion yuan, down 13.8% year-on-year, with a net profit of 272 million yuan, down 34.5% year-on-year [7]. - The company has streamlined its product line, which has led to revenue pressure but improved profitability through reduced promotional expenses [7]. - The Q4 outlook is optimistic due to strong sales during the Double 11 shopping festival, with the main brand ranking 8th in beauty sales on Tmall [7]. - The company is focusing on brand building and member operations, with a strategy to reduce promotional rights and streamline product offerings [7]. Financial Summary - Total revenue for 2025 is projected at 5.354 billion yuan, with a year-on-year decline of 6.7% [2]. - The net profit forecast for 2025 is 402 million yuan, a decrease of 20.2% year-on-year [2]. - The gross profit margin is expected to be 74.9% in 2025, with a return on equity (ROE) of 6.5% [2]. - The company has adjusted its revenue forecasts for 2025-2027, now expecting 5.354 billion yuan, 5.804 billion yuan, and 6.467 billion yuan respectively [7].
贝泰妮（300957）：25Q3利润端扭亏为盈，精简产品线致收入承压