2026年第三季度：毛利率压力愈发明显

3Q26 revenue rose 11% YoY to Rmb4.6bn, while net profit fell 72% to Rmb121mn on raw material costs and investment fair-value losses. GPM dropped 10.2ppt YoY to 39.6%, with memory costs (now ~double-digit share of COGS) impacting more than 5ppt and FX about 2ppt, plus pressure from pricing and channel mix. OPM fell 4.6ppt YoY to 5.7%, with a 5.7ppt decline in the SG&A ratio helping offset GPM pressure. Memory price hikes will keep weighing on GPM through 1H27, though the pace of inflation has moderated so sequential pressure could be less than in 3Q; the company expects further opex optimization via domestic market consolidation and offline channel expansion. Overseas accounted for 55% of 3Q revenue (51% in 2Q), with Ecovacs up close to 20% and Tineco up more than 20%;