Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has achieved a revenue of 4.737 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 29.03%. The third quarter alone contributed 1.517 billion yuan, showing a quarter-on-quarter decrease of 12.88% but a year-on-year increase of 21.85% [1][8] - The company's gross profit margin has improved, reaching 42.83% for the first three quarters of 2025, up 0.85 percentage points year-on-year. The net profit margin, however, has been under pressure due to increased marketing expenses, standing at 10.84%, down 2.01 percentage points year-on-year [2][10] - The company is actively transitioning from a distribution model to a direct sales model, which is expected to enhance profitability. Direct sales revenue from platforms like Tmall, JD.com, and Douyin reached 1.21 billion yuan in the first half of 2025, a year-on-year increase of 39.72% [3][17] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a net profit of 513 million yuan, a year-on-year increase of 9.05%. The third quarter's net profit was 135 million yuan, reflecting a quarter-on-quarter decrease of 22.35% and a year-on-year decrease of 16.65% [1][8] - The sales expenses for the first three quarters were 1.034 billion yuan, up 48.86% year-on-year, leading to a sales expense ratio of 21.82% [2][10] Profitability Metrics - The overall sales gross profit margin for the first three quarters of 2025 was 42.83%, with the third quarter gross profit margin at 42.92% [2][10] - The company’s net profit margin for the first three quarters was 10.84%, with the third quarter net profit margin at 8.91% [2][10] Future Outlook - The company maintains profit forecasts for 2025-2027 at 740 million, 940 million, and 1.19 billion yuan respectively, with corresponding EPS of 1.9, 2.4, and 3.0 yuan [3][17] - The company is expected to continue benefiting from the expansion of high-margin direct sales and premium brands, supporting strong growth in both volume and profit [3][17]

证券研究报告 | 2025年10月26日 乖宝宠物（301498.SZ） 优于大市 2025 三季报点评：品牌直销拓展稳步推进，毛利率维持同比 改善趋势 自主品牌业务维持增长，费用端短期存在压力。公司 2025 前三季度实现营 业收入 47.37 亿元，同比+29.03%，其中单 Q3 实现营业收入 15.17 亿元，环 比-12.88%，同比+21.85%，报告期内公司麦富迪品牌稳健扩张，弗列加特品 牌增势亮眼，境内自有品牌业务整体收入维持增长。公司 2025 前三季度实 现归母净利润 5.13 亿元，同比+9.05%，其中单 Q3 实现归母净利润 1.35 亿 元，环比-22.35%，同比-16.65%，报告期内公司继续加大自主品牌及直销渠 道拓展，Q3 销售费用 3.54 亿元，同比增幅超 50%，导致短期盈利承压。 毛利率维持改善，净利率因短期营销投入加大而承压。公司 2025 前三季度 整体销售毛利率 42.83%，同比+0.85pct，其中单 Q3 毛利率为 42.92%， 同比+1.08pct。年内受美国对贸易伙伴加征普遍关税影响，公司中国工 厂对美出口订单短期受阻，零食出口代工业务短期有所承压 ...

证券研究报告 | 2025年10月26日 乖宝宠物（301498.SZ） 优于大市 2025 三季报点评：品牌直销拓展稳步推进，毛利率维持同比 改善趋势 自主品牌业务维持增长，费用端短期存在压力。公司 2025 前三季度实现营 业收入 47.37 亿元，同比+29.03%，其中单 Q3 实现营业收入 15.17 亿元，环 比-12.88%，同比+21.85%，报告期内公司麦富迪品牌稳健扩张，弗列加特品 牌增势亮眼，境内自有品牌业务整体收入维持增长。公司 2025 前三季度实 现归母净利润 5.13 亿元，同比+9.05%，其中单 Q3 实现归母净利润 1.35 亿 元，环比-22.35%，同比-16.65%，报告期内公司继续加大自主品牌及直销渠 道拓展，Q3 销售费用 3.54 亿元，同比增幅超 50%，导致短期盈利承压。 毛利率维持改善，净利率因短期营销投入加大而承压。公司 2025 前三季度 整体销售毛利率 42.83%，同比+0.85pct，其中单 Q3 毛利率为 42.92%， 同比+1.08pct。年内受美国对贸易伙伴加征普遍关税影响，公司中国工 厂对美出口订单短期受阻，零食出口代工业务短期有所承压 ...