乖宝宠物三季度净利下滑八成，弗列加特能否修复品牌信任？

亿邦动力 2026-10-30 09:50

亿邦动力 2026/10/30 09:50

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核心数据

1.前三季度营收51.25亿元，同比增长8.17%；归母净利润2.14亿元，同比下降58.35%。

2.第三季度营收15.82亿元，同比增长4.27%；归母净利润2300.63万元，同比下降82.96%，净利率约1.45%。

原因与费用

1.汇率波动、原材料上涨拖累毛利率，前三季度毛利率39.18%，同比下降3.65个百分点。

2.销售费用12.41亿元，同比增长20.04%；管理费用3.27亿元，同比增长21.51%。

品牌与投入

1.双11开门红，麦富迪、弗列加特进入天猫、抖音宠物品类榜前列。

2.弗列加特转向信任修复，减少低质流量和不必要促销；公司最高2.25亿元购入NPFG品牌资产，经营现金流同比下降89.35%。

品牌矩阵与定位

1.麦富迪、霸弗、奶弗承担业绩基本盘；弗列加特修复价格体系与利润结构；K9、康弗打开新价格带；营养森林、佰萃扩大人群覆盖。

2.双11开门红中，麦富迪、弗列加特分别位列天猫宠物品牌成交榜第七、第八，弗列加特旗舰店排名第五，抖音商城麦富迪第三、弗列加特紧随。

营销与价格

1.弗列加特7月舆情后，下半年减少低质流量依赖，转向内容与品牌故事建设，减少不必要促销以稳定价格体系。

2.围绕安全可验证、专业有背书、功效有证据建信任体系，通过工厂溯源、兽医师和营养师共创、临床验证修复复购与客单价。

产品与投入

1.前三季度研发费用6764.57万元，同比下降3.68%，第三季度约2892.72万元，同比增长33.97%。

2.公司最高2.25亿元购入NPFG品牌资产，包含商标、包装设计、视觉形象等，用于中国大陆市场。

市场与机会

1.宠物食品仍是增长赛道，乖宝前三季度营收51.25亿元，同比增长8.17%；双11麦富迪、弗列加特在淘系和抖音榜单靠前。

2.多品牌覆盖基本盘、高端、新价格带和平价人群，卖家可关注细分价格带与人群覆盖机会。

事件应对

1.弗列加特7月8日舆情集中爆发，公司判断短期业绩影响较大、集团整体可控；下半年优先修复消费者信任。

2.应对措施包括减少低质流量、减少促销、稳定价格、做内容与品牌故事、工厂溯源和专业背书。

风险提示

1.前三季度归母净利润同比下降58.35%，第三季度下降82.96%；原材料、汇率、费率上升挤压利润。

2.公司经营现金流净额5302.59万元，同比下降89.35%；最高2.25亿元购品牌资产，投入加大。

生产与成本

1.前三季度营业成本31.17亿元，同比增长15.07%，高于营收增速；毛利率39.18%，同比下降3.65个百分点，原材料上涨压力明显。

2.公司推进固定资产建设，前三季度购建长期资产支付现金7.29亿元，高于上年同期3.76亿元；在建工程4.81亿元，较年初增长717.20%。

供应链与产品

1.公司与新西兰K9 Natural Food开展供应链合作，最高2.25亿元购买NPFG品牌资产，涉及K9 Natural、Feline Natural相关商标、包装设计、视觉形象等。

2.第三季度研发费用约2892.72万元，同比增长33.97%，说明单季产品研发投入回升。

经营启示

1.自有品牌及直销占比提升带来费率上升，工厂做品牌化要预估销售、管理费用。

2.弗列加特强调工厂溯源、专业共创和临床验证，生产端可积累可验证的安全与功效证据。

行业趋势

1.宠食企业仍在扩品牌、扩高端、扩价格带，乖宝形成麦富迪、弗列加特、K9、康弗、营养森林等多品牌矩阵。

2.增长不等于增利：前三季度营收增8.17%，归母净利润降58.35%，成本、汇率和费率是核心压力。

客户痛点

1.弗列加特7月舆情后需修复信任，减少低质流量和不必要促销，稳定价格体系，提升复购与客单价。

2.自有品牌及直销占比提升推高销售费用，前三季度销售费用12.41亿元，同比增长20.04%。

解决方案

1.用内容与品牌故事替代低质流量，围绕安全可验证、专业有背书、功效有证据建信任体系。

2.通过工厂溯源、兽医师和营养师共创、临床验证形成证据链；同时关注经营现金流下降89.35%带来的精细化运营需求。

平台表现

1.双11开门红，麦富迪、弗列加特位列天猫宠物品牌成交榜第七、第八；弗列加特旗舰店第五、麦富迪旗舰店第六。

2.抖音商城宠物生活榜中，麦富迪第三，弗列加特紧随其后，说明头部宠食品牌在多平台仍有较强成交能力。

运营与风控

1.弗列加特7月8日舆情集中爆发，品牌下半年减少低质流量依赖、减少促销、转向内容和品牌故事，平台需关注高端品牌舆情与价格体系稳定。

2.品牌提出安全可验证、专业有背书、功效有证据，通过工厂溯源、专业共创、临床验证修复信任，平台招商可重视这类质量型品牌。

商业需求

1.乖宝最高2.25亿元购入NPFG品牌资产，推进K9等品牌在中国大陆市场运营，平台可关注高端宠食品牌资产与供应链合作带来的招商机会。

2.公司经营现金流同比下降89.35%，平台需关注商家投入加大后的经营稳健性。

产业新动向

1.乖宝前三季度营收51.25亿元，同比增长8.17%，但归母净利润2.14亿元，同比下降58.35%；第三季度净利率约1.45%，呈现增收不增利。

2.公司推进多品牌矩阵：麦富迪等稳基本盘，弗列加特修价格与利润，K9等开新价格带，平价品牌扩人群。

新问题与应对

1.汇率、原材料、自有品牌及直销占比提升带来毛利率和费率压力；前三季度毛利率39.18%，销售费用率约24.22%。

2.弗列加特7月舆情后转向信任修复，提出安全可验证、专业有背书、功效有证据，并用工厂溯源、专业共创、临床验证修复复购。

商业模式与启示

1.公司最高2.25亿元购入NPFG品牌资产，以固定对价加浮动尾款绑定中国大陆销售和运营利润率，体现品牌资产交易与供应链合作模式。

2.固定资产和品牌资产投入加大，经营现金流净额5302.59万元，同比下降89.35%，高端化与现金流平衡是研究重点。

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Quick Summary

Core data

1. Revenue in the first three quarters was RMB 5.125 billion, up 8.17% year on year; net profit attributable to shareholders was RMB 214 million, down 58.35%.

2. Third-quarter revenue was RMB 1.582 billion, up 4.27% year on year; net profit attributable to shareholders was RMB 23.01 million, down 82.96%, with a net margin of about 1.45%.

Reasons and expenses

1. FX fluctuations and rising raw material costs weighed on gross margin, which was 39.18% in the first three quarters, down 3.65 percentage points year on year.

2. Selling expenses were RMB 1.241 billion, up 20.04%; administrative expenses were RMB 327 million, up 21.51%.

Brand and investment

1. Double 11 got off to a strong start, with Myfoodie and Fregate ranking among the top pet categories on Tmall and Douyin.

2. Fregate shifted toward trust repair, reducing low-quality traffic and unnecessary promotions; the company acquired NPFG brand assets for up to RMB 225 million, while operating cash flow fell 89.35% year on year.

Brand portfolio and positioning

1. Myfoodie, Barf, and Naifu underpin the core business; Fregate is repairing its price system and profit structure; K9 and Kangfu open new price bands; Nutrition Forest and Baicui expand demographic coverage.

2. In the Double 11 opening, Myfoodie and Fregate ranked seventh and eighth on Tmall's pet brand GMV list, respectively; Fregate's flagship store ranked fifth, while on Douyin Mall Myfoodie was third and Fregate followed closely.

Marketing and pricing

1. After Fregate's reputational incident in July, the company reduced reliance on low-quality traffic in the second half, shifted to content and brand storytelling, and cut unnecessary promotions to stabilize the price system.

2. It is building a trust system around verifiable safety, professional endorsement, and evidence-backed efficacy, using factory traceability, co-creation with veterinarians and nutritionists, and clinical validation to restore repurchase and average order value.

Products and investment

1. R&D expenses were RMB 67.65 million in the first three quarters, down 3.68% year on year; third-quarter R&D expenses were about RMB 28.93 million, up 33.97% year on year.

2. The company acquired NPFG brand assets for up to RMB 225 million, including trademarks, packaging design, and visual identity, for use in the Chinese mainland market.

Market and opportunities

1. Pet food remains a growth track; Gambol's first-three-quarter revenue was RMB 5.125 billion, up 8.17% year on year; during Double 11, Myfoodie and Fregate ranked high on Taobao and Tmall and Douyin lists.

2. A multi-brand strategy covers the core base, premium segment, new price bands, and value-oriented consumers; sellers can look for opportunities in sub-price bands and demographic coverage.

Incident response

1. Fregate's reputational incident erupted on July 8; the company judged the short-term earnings impact to be significant but manageable at the group level, and prioritized restoring consumer trust in the second half.

2. Measures include reducing low-quality traffic, cutting promotions, stabilizing prices, developing content and brand storytelling, factory traceability, and professional endorsement.

Risk alerts

1. First-three-quarter net profit attributable to shareholders fell 58.35% year on year, and third-quarter net profit fell 82.96%; raw materials, FX, and rising expense ratios are squeezing profit.

2. Net operating cash flow was RMB 53.03 million, down 89.35% year on year; the company will spend up to RMB 225 million on brand assets, increasing investment.

Production and costs

1. First-three-quarter cost of sales was RMB 3.117 billion, up 15.07% year on year, faster than revenue growth; gross margin was 39.18%, down 3.65 percentage points year on year, reflecting clear pressure from rising raw materials.

2. The company is advancing fixed-asset construction; cash paid for long-term assets was RMB 729 million in the first three quarters, up from RMB 376 million a year earlier; construction in progress was RMB 481 million, up 717.20% from the beginning of the year.

Supply chain and products

1. The company is cooperating with New Zealand's K9 Natural Food on the supply chain and will pay up to RMB 225 million for NPFG brand assets, involving trademarks, packaging design, and visual identity related to K9 Natural and Feline Natural.

2. Third-quarter R&D expenses were about RMB 28.93 million, up 33.97% year on year, indicating a rebound in single-quarter product R&D investment.

Operational takeaways

1. A higher share of private-label brands and direct sales is pushing up expense ratios; factories moving into brand building should budget for selling and administrative expenses.

2. Fregate emphasizes factory traceability, professional co-creation, and clinical validation; production-side players can accumulate verifiable safety and efficacy evidence.

Industry trends

1. Pet food companies continue to expand brands, premium tiers, and price bands; Gambol has formed a multi-brand matrix including Myfoodie, Fregate, K9, Kangfu, and Nutrition Forest.

2. Growth does not equal profit growth: first-three-quarter revenue rose 8.17%, but net profit attributable to shareholders fell 58.35%; costs, FX, and expense ratios are the core pressures.

Client pain points

1. After Fregate's July reputational incident, it needs to repair trust, reduce low-quality traffic and unnecessary promotions, stabilize the price system, and improve repurchase and average order value.

2. A higher share of private-label brands and direct sales is pushing up selling expenses; first-three-quarter selling expenses were RMB 1.241 billion, up 20.04% year on year.

Solutions

1. Replace low-quality traffic with content and brand storytelling, building a trust system around verifiable safety, professional endorsement, and evidence-backed efficacy.

2. Form an evidence chain through factory traceability, co-creation with veterinarians and nutritionists, and clinical validation; meanwhile, address the need for refined operations after operating cash flow fell 89.35%.

Platform performance

1. In the Double 11 opening, Myfoodie and Fregate ranked seventh and eighth on Tmall's pet brand GMV list; Fregate's flagship store ranked fifth and Myfoodie's flagship store sixth.

2. On Douyin Mall's pet lifestyle list, Myfoodie ranked third and Fregate followed closely, showing that leading pet food brands still have strong transaction capabilities across multiple platforms.

Operations and risk control

1. Fregate's reputational incident erupted on July 8; in the second half, the brand reduced reliance on low-quality traffic, cut promotions, and shifted to content and brand storytelling. Platforms need to monitor reputational and price-system stability for premium brands.

2. The brand proposes verifiable safety, professional endorsement, and evidence-backed efficacy, and is repairing trust through factory traceability, professional co-creation, and clinical validation; platforms can prioritize such quality-oriented brands in merchant recruitment.

Commercial needs

1. Gambol will pay up to RMB 225 million for NPFG brand assets to advance the operation of K9 and other brands in the Chinese mainland market; platforms can watch for merchant recruitment opportunities arising from premium pet food brand assets and supply chain cooperation.

2. The company's operating cash flow fell 89.35% year on year; platforms need to monitor merchants' operational soundness after increased investment.

New industry developments

1. Gambol's first-three-quarter revenue was RMB 5.125 billion, up 8.17% year on year, but net profit attributable to shareholders was RMB 214 million, down 58.35%; third-quarter net margin was about 1.45%, showing revenue growth without profit growth.

2. The company is advancing a multi-brand matrix: Myfoodie and others stabilize the core base, Fregate repairs price and profit, K9 and others open new price bands, and value brands expand demographic coverage.

New issues and responses

1. FX, raw materials, and a higher share of private-label brands and direct sales are creating pressure on gross margin and expense ratios; first-three-quarter gross margin was 39.18%, and the selling expense ratio was about 24.22%.

2. After Fregate's July reputational incident, the company shifted to trust repair, proposing verifiable safety, professional endorsement, and evidence-backed efficacy, and using factory traceability, professional co-creation, and clinical validation to restore repurchases.

Business model and implications

1. The company will pay up to RMB 225 million for NPFG brand assets, using a fixed consideration plus a contingent deferred payment to tie in Chinese mainland sales and operating profit margins, reflecting a model of brand asset transactions and supply chain cooperation.

2. Investment in fixed assets and brand assets has increased, while net operating cash flow was RMB 53.03 million, down 89.35% year on year; balancing premiumization and cash flow is a key research focus.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

I am a Brand Seller Factory Service Provider Marketplace Seller Researcher Read it again.

【亿邦原创】日前，乖宝宠物发布2026年第三季度报告。前三季度，公司实现营业收入51.25亿元，同比增长8.17%；归属于上市公司股东的净利润为2.14亿元，同比下降58.35%。

其中，第三季度营业收入为15.82亿元，同比增长4.27%；归母净利润为2300.63万元，同比下降82.96%。

收入仍在增长，利润却出现更大幅度下滑。乖宝宠物在财报中表示，汇率波动、原材料上涨导致毛利率下降，加之境内自有品牌及直销占比提升、相应费率上升，综合导致利润减少。

营收增长8.17%，净利润下滑近六成

从前三季度整体表现看，乖宝宠物的营收仍在增长，但利润端已经出现明显下滑。

前三季度，公司实现营业收入51.25亿元，同比增长8.17%；归母净利润为2.14亿元，同比下降58.35%；扣除非经常性损益后的净利润为2.14亿元，同比下降56.50%。扣非净利润与归母净利润的降幅接近，说明利润下滑主要体现在整体经营表现中。

第三季度单季的变化更加明显。公司当季营收同比增长4.27%，增速低于前三季度整体水平；归母净利润则降至2300.63万元，同比下降82.96%。按财报数据计算，第三季度归母净利率约为1.45%，明显低于上年同期约8.9%的水平。

从成本端看，前三季度，乖宝宠物营业成本为31.17亿元，同比增长15.07%，高于同期8.17%的营收增速。按营业收入与营业成本计算，公司前三季度毛利率约为39.18%，较上年同期的42.83%下降3.65个百分点。

毛利率下滑进一步影响了利润表现。前三季度，公司营业利润为3.14亿元，同比下降53.22%；利润总额为3.11亿元，同比下降54.10%；归母净利润降幅则扩大至58.35%。按归母净利润计算，公司前三季度净利率约为4.17%，较上年同期约10.83%的水平明显下降。

对于利润下滑，乖宝宠物在财报中表示，汇率波动、原材料上涨导致毛利率下降。营业成本增速超过营收增速、毛利率同比下降，也反映出成本端压力已经传导至盈利水平。接下来，销售及管理费用的变化，则进一步影响了公司最终的利润表现。

销售费用增长20%，弗列加特转向信任修复

前三季度，乖宝宠物销售费用为12.41亿元，同比增长20.04%；管理费用为3.27亿元，同比增长21.51%。两项费用的增速均高于同期8.17%的营收增速。其中，销售费用占营收的比例约为24.22%，较上年同期上升约2.39个百分点。

从第三季度单季看，按三季报与半年报披露的累计金额相减计算，公司销售费用约为3.81亿元，同比增长7.75%；管理费用约为1.21亿元，同比增长27.49%。销售费用增速较前三季度累计水平有所放缓，管理费用则保持较快增长。

研发投入呈现出不同的变化。前三季度，公司研发费用为6764.57万元，同比下降3.68%；但第三季度单季研发费用约为2892.72万元，同比增长约33.97%。这意味着，研发费用在上半年和第三季度呈现不同走势，单季度投入有所回升。

乖宝宠物在财报中提到，境内自有品牌及直销占比提升，相应费率上升。对于持续推进自有品牌建设的乖宝而言，销售费用增长反映出品牌经营需要相应投入，但公司尚未披露各品牌具体的费用分配及利润贡献。

从今年双11开门红的表现看，乖宝旗下品牌仍在主要电商平台的宠物品类榜单中占据前列位置。10月20日开门红阶段，麦富迪、弗列加特分别位列天猫宠物品牌成交榜第七、第八名；对应的品牌旗舰店成交榜中，弗列加特旗舰店排名第五，麦富迪旗舰店排名第六。在抖音商城的双11开门红战报中，麦富迪位列宠物生活榜第三，弗列加特紧随其后。

这与乖宝目前的多品牌布局有关。根据公司此前披露的品牌分工，麦富迪、霸弗、奶弗承担业绩基本盘稳定职能；弗列加特重点推进价格体系修复与利润结构调整；K9、康弗用于打开新价格带、培育新增量；营养森林、佰萃等平价品牌则用于扩大人群覆盖。

不过，弗列加特今年7月经历的舆情事件，也使高端品牌的经营面临新的挑战。

在8月的投资者关系活动中，乖宝宠物表示，弗列加特相关舆情于7月8日集中爆发，对短期业绩影响较大，但对集团整体业绩的影响可控。

针对舆情影响，乖宝主动调整弗列加特下半年的投放节奏，优先修复消费者信任，而非追求短期增速。公司表示，下半年将减少对低质流量的依赖，转向内容与品牌故事建设，同时减少不必要的促销活动，以保障价格体系稳定。公司还预计，弗列加特下半年毛利率将较上半年有所提升。

在品牌信任建设方面，乖宝提出围绕“安全可验证、专业有背书、功效有证据”建立高端品牌信任体系，计划通过工厂溯源、与专业兽医师和营养师共创、临床验证等方式，推动复购率修复和客单价提升。

乖宝也明确表示，高端化是整体品牌矩阵的结构性升级，不会因为单一品牌舆情调整中长期战略。对公司而言，麦富迪等主力品牌需要稳定基本盘，弗列加特则需要在修复消费者信任的同时改善利润结构。如何在维持市场竞争力的前提下控制费用、稳定价格并提升复购，将直接影响其高端化布局的实际经营成效。

最高2.25亿元购入海外品牌，经营现金流下降近九成

与此同时，乖宝宠物还在加大品牌资产和固定资产投入。

今年6月，乖宝宠物公告，拟以最高2.25亿元的对价，购买新西兰宠物食品企业K9 Natural Food Limited持有的、专用于中国大陆市场的NPFG品牌相关资产，并与对方开展供应链合作。

此次交易涉及用于K9 Natural、Feline Natural宠物食品及相关产品的商标、商号、标识、Logo、包装设计、视觉形象系统、域名等品牌相关知识产权资产。交易固定对价为1.25亿元，另设最高1亿元的浮动尾款，与相关产品在中国大陆市场的销售额及运营利润率挂钩。

截至9月末，乖宝宠物无形资产达到4.17亿元，较年初增长157.44%，公司解释主要系购入NPFG品牌资产等；同期，资产负债表中还列有6500万元长期应付款，主要系NPFG品牌资产采购款。品牌资产投入已经在公司财务报表中有所体现。

除品牌资产外，乖宝宠物也在推进固定资产建设。前三季度，公司购建固定资产、无形资产和其他长期资产支付的现金为7.29亿元，高于上年同期的3.76亿元。截至9月末，在建工程达到4.81亿元，较年初增长717.20%，主要系固定资产建设项目投入增加。

资产投入增加的同时，公司的经营现金流也明显收缩。前三季度，经营活动产生的现金流量净额为5302.59万元，同比下降89.35%。乖宝宠物表示，主要系购买商品及费用支出增加。

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FAQ回顾

乖宝宠物2026年第三季度净利润为什么大幅下滑？

2026年第三季度，乖宝宠物营业收入15.82亿元，同比增长4.27%；归母净利润2300.63万元，同比下降82.96%。汇率波动、原材料上涨导致毛利率下降，境内自有品牌及直销占比提升使相应费率上升；前三季度毛利率约39.18%，同比下降3.65个百分点，销售费用同比增长20.04%，共同影响利润表现。

弗列加特经历舆情后采取了哪些品牌信任修复措施？

弗列加特7月8日舆情集中爆发后，乖宝宠物调整下半年投放节奏，减少对低质流量的依赖，转向内容与品牌故事建设，并减少不必要的促销活动以保障价格体系稳定；同时围绕“安全可验证、专业有背书、功效有证据”建立高端品牌信任体系，通过工厂溯源、与专业兽医师和营养师共创、临床验证等方式，推动复购率修复和客单价提升。

乖宝宠物旗下弗列加特和麦富迪在2026年双11开门红表现如何？

10月20日双11开门红阶段，麦富迪、弗列加特分别位列天猫宠物品牌成交榜第七、第八名；品牌旗舰店成交榜中，弗列加特旗舰店排名第五，麦富迪旗舰店排名第六。在抖音商城双11开门红战报中，麦富迪位列宠物生活榜第三，弗列加特紧随其后。

乖宝宠物收购NPFG品牌资产涉及哪些内容？

2026年6月，乖宝宠物公告拟以最高2.25亿元购买新西兰宠物食品企业K9 Natural Food Limited持有的、专用于中国大陆市场的NPFG品牌相关资产，并与对方开展供应链合作。交易涉及K9 Natural、Feline Natural宠物食品及相关产品的商标、商号、标识、Logo、包装设计、视觉形象系统、域名等品牌知识产权；固定对价1.25亿元，另设最高1亿元浮动尾款，与相关产品在中国大陆市场的销售额及运营利润率挂钩。

乖宝宠物如何规划麦富迪、弗列加特等品牌分工？

麦富迪、霸弗、奶弗承担业绩基本盘稳定职能；弗列加特重点推进价格体系修复与利润结构调整；K9、康弗用于打开新价格带、培育新增量；营养森林、佰萃等平价品牌用于扩大人群覆盖。乖宝宠物同时明确，高端化是整体品牌矩阵的结构性升级，不会因单一品牌舆情调整中长期战略。