菜百股份（605599）：菜百股份2025Q3季报点评：延续稳健拓店，归母较优增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - In Q3 2025, the company achieved revenue of 5.22 billion yuan, a year-on-year increase of 19.9%, and a net profit attributable to the parent company of 190 million yuan, up 21.9% year-on-year. For the first three quarters, revenue reached 20.47 billion yuan, a 33.4% increase year-on-year, with a net profit of 650 million yuan, growing 16.7% year-on-year [2][4] - The company continues to expand its store network steadily, with a net increase of 3 stores in Q3, bringing the total to 106. The company opened 5 new stores (3 in Beijing, 1 in Tianjin, and 1 in Shaanxi) and closed 2 [11] - The demand for jewelry has recovered alongside rising gold prices, leading to an increase in gross margin to 9.15%, up 0.48 percentage points year-on-year. The gross profit amount increased by 27% year-on-year [11] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 5.22 billion yuan and a net profit of 190 million yuan. For the first three quarters, total revenue was 20.47 billion yuan with a net profit of 650 million yuan [2][4] - The company’s gross margin improved to 9.15%, reflecting a recovery in jewelry demand and favorable gold price conditions [11] Market Position and Strategy - The company is a leading brand in the gold and jewelry sector in North China, with strong brand loyalty and a diversified product range including gold jewelry and investment gold [11] - The company is focusing on steady store expansion in the North China region while also considering cross-regional openings and e-commerce growth [11] Future Outlook - The company is expected to achieve earnings per share (EPS) of 1.04, 1.18, and 1.31 yuan for the years 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [11]