Bestore(SH:603719) 光大证券研究·2025-10-30 23:07Core Viewpoint - The company, Liangpinpuzi, reported a significant decline in revenue and net loss for the first three quarters of 2025, indicating ongoing challenges in both online and offline channels [4][5]. Revenue Performance - For Q1-Q3 2025, the company achieved a revenue of 4.14 billion yuan, a year-on-year decrease of 24.45%. The net loss attributable to shareholders was 122 million yuan, compared to a profit of 19 million yuan in the same period of 2024 [4]. - In Q3 2025, the company recorded a revenue of 1.31 billion yuan, down 17.72% year-on-year, with a net loss of 29 million yuan, compared to a loss of 4.5 million yuan in Q3 2024 [4]. Channel Analysis - Revenue from online and offline channels in Q3 2025 was 561 million yuan and 902 million yuan, respectively, reflecting declines of 14.02% and 20.15% year-on-year. The online channel faced pressure due to a general decline in e-commerce platform traffic, while the offline channel struggled with competition from snack wholesale formats [5]. - The company’s direct sales, franchise, and group purchase businesses generated revenues of 374 million yuan, 377 million yuan, and 152 million yuan in Q3 2025, showing year-on-year declines of 19.83%, 25.58%, and 3.58% respectively [5]. Store Count and Expansion - As of the end of Q3 2025, the total number of stores was 2,227, a net decrease of 218 stores since the beginning of the year. This included a net reduction of 70 franchise stores and 148 direct stores [5]. - The company has signed contracts for 18 new stores (14 franchise and 4 direct) that are pending opening [5]. Regional Performance - Revenue by region in Q3 2025 showed significant declines: Central China (431 million yuan, -14.75%), East China (85 million yuan, -36.33%), Southwest (101 million yuan, -31.44%), South China (103 million yuan, -27.40%), North China (31 million yuan, -31.08%), and Northwest (not specified) [5]. Profitability and Cost Structure - The gross margin for Q1-Q3 2025 was 24.96%, while Q3 2025 saw a gross margin of 26.14%, reflecting a year-on-year decrease of 1.81 percentage points due to price reductions on certain products [6]. - The sales expense ratio for Q1-Q3 2025 was 24.27%, with Q3 2025 at 23.74%, showing a year-on-year increase of 0.78 percentage points. This increase was attributed to reduced scale effects amid declining revenue and rising online traffic costs [6]. - The net profit margin for Q1-Q3 2025 was -2.95%, and for Q3 2025 it was -2.19%, indicating ongoing pressure on profitability [6].