荣泰健康（603579）：营收降幅收窄，费用投放阶段性加大

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 1.148 billion yuan for the first three quarters of 2025, a year-on-year decline of 1.39%. The net profit attributable to the parent company was 111 million yuan, down 22.24% year-on-year, and the net profit after deducting non-recurring gains and losses was 66 million yuan, down 48.28% year-on-year. In Q3 alone, the revenue was 338 million yuan, a decline of 0.43% year-on-year, with a net profit of 25 million yuan, down 18.25% year-on-year, and a net profit after deducting non-recurring gains and losses of 10 million yuan, down 62.32% year-on-year [2][5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.148 billion yuan, with a year-on-year decline of 1.39%. The net profit attributable to the parent company was 111 million yuan, down 22.24% year-on-year, and the net profit after deducting non-recurring gains and losses was 66 million yuan, down 48.28% year-on-year. In Q3, the revenue was 338 million yuan, a decline of 0.43% year-on-year, with a net profit of 25 million yuan, down 18.25% year-on-year, and a net profit after deducting non-recurring gains and losses of 10 million yuan, down 62.32% year-on-year [2][5] Market Trends - The revenue decline in Q3 showed a narrowing trend compared to previous quarters, with expectations of growth in domestic and South Korean markets, while the US and Russian markets experienced significant declines. The company has entered a strategic partnership with Meituan for a therapy robot project, aiming to leverage both parties' strengths in health technology and local services [10] Cost and Profitability - The gross margin for Q3 was 31.11%, an increase of 0.69 percentage points year-on-year. However, various expense ratios increased significantly, with sales, management, R&D, and financial expense ratios reaching 14.58%, 6.21%, 7.73%, and 1.34%, respectively, all showing year-on-year increases. The net profit margin attributable to the parent company was 7.54%, down 1.64 percentage points year-on-year [10]