Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [5] Core Views - The company is focusing on high-quality growth for its main brand, with a strategic reduction in promotional activities and a streamlined product line [2] - The company has made significant investments in new projects and technologies to expand its product offerings and enhance its market channels [2] - The company has achieved a breakthrough in core product technology, enhancing the performance of its flagship products [3] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 3.464 billion yuan, a year-on-year decrease of 13.78%, and a net profit attributable to the parent company of 272 million yuan, down 34.45% [1] - In Q3 2025, revenue was 1.092 billion yuan, a year-on-year decrease of 9.95%, while net profit attributable to the parent company increased by 136.55% to 25 million yuan [1] - The gross margin for the first three quarters of 2025 was 74.34%, slightly up by 0.62 percentage points year-on-year, while the net profit margin was 7.85%, down by 2.48 percentage points [1] Sales and Expense Ratios - The sales expense ratio for the first three quarters of 2025 was 53.06%, an increase of 3.04 percentage points year-on-year, while the management expense ratio was 9.44%, up by 0.98 percentage points [1] - In Q3 2025, the sales expense ratio decreased to 50.64%, down by 9.79 percentage points year-on-year, indicating improved cost management [1] Revenue and Profit Forecast - The revenue forecast for 2025, 2026, and 2027 is adjusted to 5.679 billion, 6.190 billion, and 6.809 billion yuan respectively, reflecting a downward revision due to increased industry competition [4] - The net profit forecast for the same years is adjusted to 465 million, 608 million, and 668 million yuan respectively, with corresponding price-to-earnings ratios of 41.49, 31.76, and 28.89 times [4]
贝泰妮（300957）：25Q3盈利改善拐点，主品牌高质量增长