Sanquan Food (SZ:002216) 光大证券研究·2025-11-02 00:05Core Viewpoint - The company reported a slight decline in revenue for the first three quarters of 2025, but net profit showed a modest increase, indicating a mixed performance amidst challenging market conditions [4]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 5.0 billion, a year-on-year decrease of 2.44%, while the net profit attributable to shareholders was 396 million, a year-on-year increase of 0.37% [4]. - In Q3 2025, total revenue was 1.432 billion, a year-on-year decrease of 1.87%, but net profit increased by 34.91% to 83 million [4]. Group 2: Revenue Channels - The revenue decline in Q3 2025 was less severe compared to Q2 2025, where it was down 4.39% year-on-year, indicating a narrowing of the revenue drop [5]. - The company is focusing on expanding its direct supermarket channels and has made organizational adjustments to support this strategy, expecting improvements in this area [5]. - The B-end restaurant market is seeing growth among large clients, while the small B-end is under pressure due to weak social dining demand [5]. Group 3: Cost Management - The gross profit margin in Q3 2025 was 22.34%, showing a slight year-on-year decline of 0.41 percentage points, but there is potential for stabilization as industry price competition eases [6]. - The sales expense ratio decreased to 14.04%, down 1.63 percentage points year-on-year, reflecting effective cost management and operational improvements [6]. - The net profit margin for Q3 2025 improved to 5.76%, a year-on-year increase of 1.57 percentage points, indicating successful expense optimization [6].