Core Viewpoint - The financial performance of Feike Electric (603868), known as the "King of Razors" in the A-share market, shows a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in maintaining growth in a competitive market [1][4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 3.04 billion yuan, a year-on-year decrease of 8.46%. The net profit attributable to shareholders was 457 million yuan, down 1.61% year-on-year. The net profit after deducting non-recurring gains and losses was 407 million yuan, an increase of 8.13% year-on-year [1][3]. - In Q3 2025, the operating revenue was 924 million yuan, a year-on-year decrease of 7.75%. The net profit attributable to shareholders was 136 million yuan, down 8.76% year-on-year. The net profit after deducting non-recurring gains and losses was 113 million yuan, an increase of 10.64% year-on-year [3]. Business Overview - Feike Electric is a company that integrates the research, development, manufacturing, and sales of personal care appliances, household appliances, and kitchen appliances. It has a high level of recognition and market share in the personal care appliance sector [4]. - The company has been heavily reliant on electric shavers, which have historically accounted for 50%-60% of its revenue. However, this mature product category is facing limited growth potential due to high market penetration, especially in first- and second-tier cities [4]. Industry Challenges - The industry is experiencing intensified competition, particularly in the mid-to-low-end market, leading to price wars that compress profit margins. Feike has been forced to engage in price competition to maintain market share, which has weakened overall profitability [5]. - The company has attempted to upgrade its brand through strategies like "dual branding" to penetrate the high-end market, but consumer perception remains largely associated with "cost-effectiveness" rather than "high-end personal care" [5]. - The overall slowdown in e-commerce growth has reduced the online sales momentum that previously contributed to rapid revenue growth. Increased competition and rising platform traffic costs have diminished the marginal benefits of online channels [5]. - Feike Electric faces challenges related to its focus on marketing over research and development. Compared to international brands and tech companies, its investment in core technology, innovation, and product differentiation is relatively limited, relying more on design and marketing strategies [6].