Core Insights - The company has achieved a year-on-year increase of 32% in net profit attributable to shareholders in Q1 2025, driven by the expansion of its own brand business and increased revenue from overseas OEM operations [1] - The overall revenue for Q1 2025 reached 1.48 billion yuan, reflecting a year-on-year growth of 34.82% [1] Group 1: Financial Performance - Q1 2025 revenue was 1.48 billion yuan, with a quarter-on-quarter decrease of 5.97% but a year-on-year increase of 34.82% [1] - Net profit attributable to shareholders for Q1 2025 was 204 million yuan, showing a quarter-on-quarter increase of 32.31% and a year-on-year increase of 37.37% [1] - Gross margin for Q1 2025 was 41.56%, with a year-on-year increase of 0.42 percentage points [1] - Net margin for Q1 2025 was 13.82%, with a quarter-on-quarter increase of 3.93 percentage points and a year-on-year increase of 0.26 percentage points [1] Group 2: Expense Management - Sales expenses for Q1 2025 amounted to 264 million yuan, representing a year-on-year increase of 38.83%, with a sales expense ratio of 17.81% [2] - Management expenses for Q1 2025 were 75 million yuan, showing a year-on-year increase of 23.92%, with a management expense ratio of 5.09% [2] - R&D expenses for Q1 2025 were 22 million yuan, reflecting a year-on-year increase of 27.22%, with an R&D expense ratio of 1.47% [2] Group 3: Strategic Initiatives - The company is actively expanding its direct sales of its own brands, with direct sales revenue reaching 1.969 billion yuan in 2024, a year-on-year increase of 59.33% [2] - The proportion of direct sales in total revenue from own brands has increased to 55.54%, surpassing revenue from distribution for the first time [2] - The gross margin for direct sales in 2024 was 53.11%, which is significantly higher than the gross margin for distribution [2]
乖宝宠物(301498)：积极拓展自有品牌直销 Q1归母净利润同比+32%