Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a net profit turnaround in Q3 2025, with a net profit of 0.3 billion yuan, a significant increase of 136.6% year-on-year, despite a revenue decline of 10.0% to 10.9 billion yuan in the same quarter [4][5] - The overall revenue for the first three quarters of 2025 was 34.6 billion yuan, down 13.8% year-on-year, with a net profit of 2.7 billion yuan, reflecting a decrease of 34.5% [4] - The company is expected to see a recovery in performance due to an expanding brand matrix and strong sales during the Double Eleven shopping festival [4][6] Financial Summary - For 2025, the company is projected to achieve a revenue of 58.55 billion yuan, with a net profit of 4.86 billion yuan, corresponding to an EPS of 1.15 yuan [7] - The gross margin for the first three quarters of 2025 was approximately 74.3%, an increase of 0.6 percentage points compared to the same period in 2024 [5] - The sales expense ratio increased to 53.1%, primarily due to intensified competition and increased marketing expenditures [5] Market Performance - The company's stock price is currently at 46.01 yuan, with a market capitalization of 19.49 billion yuan [1] - The stock has experienced a turnover rate of 70.45% over the past three months [1] - The company has shown strong performance in various sales channels, with notable growth in GMV for its brands on platforms like Douyin and Tmall [5][6]
贝泰妮（300957）：公司信息更新报告：2025Q3扭亏为盈，产品矩阵扩容双11业绩亮眼