SAINT ANGELO(SZ:002154) 光大证券研究·2025-10-28 23:08Core Viewpoint - The report highlights the financial performance of Baoxiniang for the first three quarters of 2025, indicating a decline in revenue and net profit compared to the previous year, with a slight recovery in Q3 revenue growth [4][5]. Financial Performance Summary - For the first three quarters of 2025, Baoxiniang achieved a revenue of 3.48 billion yuan, a year-on-year decrease of 1.6%, and a net profit attributable to shareholders of 240 million yuan, down 43.2% year-on-year [4]. - The earnings per share (EPS) for the period was 0.16 yuan, with quarterly revenues for Q1, Q2, and Q3 being 1.30 billion, 1.09 billion, and 1.09 billion yuan respectively, showing a year-on-year change of -3.7%, -3.5%, and +3.1% [4]. Brand and Channel Performance - In the first half of 2025, Baoxiniang's revenue decreased by 9.6%, while other brands like Haggis and Lefeiye saw increases of 8.4% and 20.5% respectively [5]. - The revenue distribution by channel showed that direct sales, online, group purchases, and franchise income accounted for 43.2%, 18.7%, 17.8%, and 13.1% respectively, with online sales growing by 17.7% year-on-year [5]. Operational Metrics - As of June 2025, the number of stores for Baoxiniang was 817, a decrease of 4 from the beginning of the year, while Haggis and Lefeiye saw increases in store count [5]. - The total number of direct and franchise stores was 837 and 972 respectively, with a net decrease in direct stores for Baoxiniang [5]. Margin and Cost Analysis - The gross margin for the first three quarters of 2025 decreased by 0.2 percentage points to 65.6%, with quarterly margins showing mixed results [6]. - The expense ratio increased by 5.7 percentage points to 55.6%, driven primarily by higher sales and management expenses [6]. Inventory and Cash Flow - As of September 2025, inventory increased by 17.0% to 1.41 billion yuan, with inventory turnover days rising by 21 days to 308 days [7]. - Operating net cash flow for the first three quarters was 100 million yuan, a decrease of 32.1% year-on-year [7].