金吾财讯 | 招银国际研报指，宝尊电商(09991)发布3Q25业绩，总营收达22.0亿元人民币，同比增长5%，较招银国际/彭博一致预期分别高出2/1个百分点；Non-GAAP归属于普通股股东的净亏损4020万元，较3Q24的6680万元收窄，核心驱动为毛利率扩张及成本优化。分业务板块来看，宝尊电商业务（BEC）营收18.0亿元，同比增长2.4%，Non-GAAP营业利润达2810万元（3Q24为亏损2980万元）；品牌管理业务（BBM）营收3.96亿元，同比增长20%，主要由GAP及Hunter品牌门店扩张带来的强劲表现驱动。该机构预计，受益于运营效率提升，2025EBECNon-GAAP营业利润将实现22%的同比增长。对于BBM，依托GAP的营销活动及同店销售额增长，该机构将2025年营收增长预测从21%上调至25%，同时将全年Non-GAAP营业亏损预测从1.0亿元收窄至9400万元。该机构将估值窗口前滚至2026E，基于SOTP的目标价由3.52美元上调至3.81美元，维持“买入”评级。
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