证券日报网讯12月17日，惠达卫浴（603385）在互动平台回答投资者提问时表示，目前公司生产经营活 动正常开展，不存在任何应披露而未披露的重大不利事项。公司将通过多种举措，致力于提升企业价值 与股东回报。 ...

来源：环球网 11月25日，惠达凭借深度融合ESG理念的绿色科技，一举斩获2025年度中国建筑材料流通协会科学技术 奖中的科技进步类大奖。 如今，衡量一家企业是否真正卓越，有了一把新尺子：ESG。它不只是三个字母，而是衡量一家公司能 否走得更远的"终极考卷"。 E（环境）看它如何对待地球——是索取，还是共生；S（社会）看它如何对待人——是交易，还是共 创；G（治理）看它如何对待自己——是短视，还是可持续。 在全球范围内，ESG已成为投资者、消费者甚至政策制定者评判企业的"价值新标尺"。当ESG从"必答 题"变成"加分题"，中国企业交出了怎样的答卷？惠达卫浴用硬核科技，写下了自己的答案。 在E（环境）上，惠达用"国际领先"的固废资源化技术，让生产线真正"绿"起来，实现资源的高效循 环。在S（社会）上，牵头制定《全水路杀菌团体标准》，把用户健康放在首位，推动行业共同提升。 在G（治理）上，建成5G+数智工厂，用智能化管理确保每一个环保承诺不走样、能落地。 一份行业荣誉，一项国际认证。双重复合，不仅证明了技术的突破，更印证了惠达ESG战略的深厚积淀 与真实效能。这背后，是一场关于"绿色制造"的深度革命。 新技术破解 ...

Group 1 - The company has been exporting products to several EU member countries, making Europe its second-largest export region [2] - The company's products have been exported to France, Italy, Poland, Netherlands, Belgium, Spain, and Portugal, among others [2] - Additionally, the company also exports to other significant European markets, including the UK [2]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with a year-over-year decrease of 10.71% in revenue and a shift from profit to loss in net profit [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.21 billion yuan and a net profit of 15 million yuan, with a year-over-year decline of 83.69% in net profit [1]. - In Q3 2025, the company reported revenue of 785 million yuan, with a net profit of -3 million yuan, reflecting a year-over-year decline of 12.09% [1]. Market Strategy - The company is facing pressure from weak downstream demand but is actively deepening its channel strategy to expand both domestic and international markets [2]. - Retail channel initiatives include the "thousand merchants, ten thousand stores" and "thousand counties, ten thousand towns" plans, which have improved the coverage rate in prefecture-level cities by 3% and county-level cities by 12% by mid-2025 [2]. - Online channel growth is supported by partnerships with major platforms like JD.com and Tmall, with revenue from emerging platforms like Douyin and Kuaishou exceeding 100% growth [2]. Profitability and Cost Structure - The company's gross margin for the first three quarters of 2025 was 25.1%, a decrease of 2.3 percentage points year-over-year, with asset impairment losses of 25.76 million yuan impacting net profit margins [2]. - In Q3 2025, the gross margin was 25.5%, down 2.2 percentage points year-over-year but up 2.1 percentage points quarter-over-quarter [2]. Investment Outlook - The company is accelerating product iteration and channel expansion, with expectations for operational improvement in the future [3]. - Projected net profits for 2025-2027 are 50 million yuan, 135 million yuan, and 171 million yuan, corresponding to PE ratios of 55, 21, and 16 times [3]. - A target price of 8.90 yuan per share is set based on a relative valuation method, maintaining a "strong buy" rating [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][13]. Core Views - The company reported a revenue of 2.21 billion yuan and a net profit attributable to shareholders of 15 million yuan for the first three quarters of 2025, reflecting a year-over-year decline of 10.71% and 83.69% respectively [2]. - The company is facing short-term pressure on its performance but is expected to see a turning point in operations in the future [2]. - The report anticipates that the company will achieve net profits of 50 million yuan, 135 million yuan, and 171 million yuan for the years 2025 to 2027, corresponding to PE ratios of 55, 21, and 16 respectively [2]. Financial Performance Summary - For Q3 2025, the company achieved revenue of 785 million yuan, with a net profit of -3 million yuan, indicating a year-over-year revenue decline of 12.09% [2]. - The gross margin for Q1-Q3 2025 was 25.1%, down 2.3 percentage points year-over-year [2]. - The company plans to accelerate product iteration and channel expansion to improve future operations [2]. Market Position and Strategy - The company is actively expanding its retail channels and has increased its coverage in lower-tier cities, with a 3% increase in city-level coverage and a 12% increase in county-level coverage by mid-2025 [2]. - Online sales through major platforms like JD and Tmall have seen significant growth, with revenue from emerging platforms like Douyin and Kuaishou exceeding 100% growth [2]. - The company is shifting its focus towards the hotel and public building sectors to adjust its customer structure [2].

Core Viewpoint - Huida Sanitary Ware Co., Ltd. reported a significant decline in both revenue and net profit for the first three quarters of 2025, indicating potential challenges in the company's financial performance [1] Financial Performance Summary - For the first three quarters, the company achieved revenue of 2.21 billion yuan, a year-on-year decrease of 10.71% [1] - The net profit for the same period was 15.91 million yuan, reflecting a substantial year-on-year decline of 85.30% [1] - In the third quarter alone, the company recorded revenue of 785 million yuan, down 12.09% year-on-year [1] - The net profit for the third quarter was only 171,500 yuan, representing a drastic decline of 99.62% compared to the previous year [1]

Group 1 - The core point of the article is that Huida Sanitary Ware announced a provision for asset impairment losses amounting to 14.2363 million yuan for the period from January to September 2025, which will reduce the total profit in the consolidated income statement by the same amount [1] - The company’s revenue composition for the year 2024 is as follows: non-metallic mineral products account for 72.83%, metal products account for 14.15%, furniture manufacturing accounts for 7.15%, other businesses account for 4.93%, and other business activities account for 0.93% [1] - As of the report date, Huida Sanitary Ware has a market capitalization of 2.6 billion yuan [1]

Company Performance - Huida Sanitary Ware reported a revenue of approximately 2.21 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 10.71% [1] - The net profit attributable to shareholders of the listed company was approximately 15.24 million yuan, down 83.69% year-on-year [1] - Basic earnings per share were 0.04 yuan, reflecting a decrease of 83.65% compared to the previous year [1] Market Overview - As of the report, Huida Sanitary Ware has a market capitalization of 2.6 billion yuan [2]

证券代码：603385 证券简称：惠达卫浴 编号：2025-043 惠达卫浴股份有限公司 关于计提资产减值准备的公告 一、本次计提减值准备的情况概述 （一）计提资产减值准备的原因 根据《企业会计准则》及公司会计政策的相关规定，为客观、公允地反映本 公司资产状况和经营成果，确保会计信息真实可靠，基于审慎性原则，公司对合 并报表范围内的截至 2025 年 9 月 30 日的各类资产进行充分评估和减值测试，对 存在减值迹象的相关资产计提减值损失。 （二）本次计提资产减值准备的资产范围、总金额和计入的报告期间 公司及合并报表范围内子公司对 2025 年 1-9 月各项资产合计计提减值损失 1,423.63 万元，具体情况如下： | 项目 | 2025 年第三季度 计提金额（元） | 2025 年 1-9 月累计 计提金额（元） | | --- | --- | --- | | 一、信用减值损失（损失以"-"号填列） | -61,897.13 | 11,526,605.56 | | 其中：应收票据坏账损失 | -4,868.73 | 7,503.28 | | 应收账款坏账损失 | 70,284.72 | 11,441,0 ...

Financial Performance - The company's operating revenue for the third quarter was ¥785,150,322.82, a decrease of 12.09% compared to the same period last year[5]. - The total profit for the quarter was ¥171,456.31, down 99.62% year-on-year, while the profit for the year-to-date period decreased by 85.30% to ¥15,906,216.85[5][10]. - The net profit attributable to shareholders was a loss of ¥2,731,270.85 for the quarter, representing a decline of 108.25% compared to the previous year[5][11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥17,489,891.11, a decrease of 196.84% year-on-year[5][11]. - The basic earnings per share for the quarter was -¥0.0072, down 108.27% from the same period last year[6][11]. - Total operating revenue for the first three quarters of 2025 was CNY 2,209,969,855, a decrease of 10.7% compared to CNY 2,475,148,940.72 in the same period of 2024[20]. - Operating profit for the first three quarters of 2025 was CNY 10,140,809.35, significantly lower than CNY 108,994,611.14 in 2024, indicating a decline of 90.7%[21]. - Net profit for the first three quarters of 2025 was CNY 7,977,134.14, compared to CNY 85,684,082.70 in 2024, representing a decrease of 90.7%[21]. - Earnings per share for the first three quarters of 2025 was CNY 0.0400, down from CNY 0.2448 in the same period of 2024[22]. - The total comprehensive income for the first three quarters of 2025 was CNY 7,944,908.66, down from CNY 85,684,082.70 in 2024[22]. Assets and Liabilities - The total assets at the end of the reporting period were ¥5,121,507,671.11, a decrease of 7.48% compared to the end of the previous year[6]. - Total assets as of September 30, 2025, amounted to RMB 5,121,507,671.11, a decrease from RMB 5,535,670,035.12 as of December 31, 2024, reflecting a decline of approximately 7.5%[17]. - Current assets totaled RMB 2,431,978,153.36, down from RMB 2,955,783,587.74, indicating a decrease of about 17.7%[17]. - Total liabilities as of September 30, 2025, were RMB 1,128,032,451.45, down from RMB 1,482,229,824.43, indicating a decrease of about 23.8%[18]. - Total liabilities as of the end of the reporting period were CNY 1,277,305,967.05, a decrease from CNY 1,643,802,204.23 in the previous year[19]. - Total equity attributable to shareholders was CNY 3,753,720,729.36, slightly down from CNY 3,782,147,050.91 in the previous year[19]. Cash Flow - The cash flow from operating activities for the year-to-date period was ¥138,595,187.92, down 33.40% year-on-year[6][10]. - Operating cash flow from operating activities was net positive at ¥138,595,187.92, down from ¥208,097,163.89 year-over-year, indicating a decrease of approximately 33.4%[25]. - Cash inflow from investment activities totaled ¥746,005,807.51, compared to ¥869,698,915.98 in the previous period, reflecting a decline of about 14.2%[26]. - Net cash flow from financing activities was negative at -¥128,448,110.39, slightly worse than the previous year's -¥119,657,059.15, indicating a deterioration of around 2.6%[26]. - The total cash and cash equivalents at the end of the period decreased to ¥193,792,490.20 from ¥550,624,734.78, representing a significant drop of approximately 64.8%[26]. - Cash inflow from sales of goods and services was ¥2,320,931,728.60, down from ¥2,524,598,825.16, marking a decrease of about 8.1%[25]. - Total cash outflow from operating activities was ¥2,293,118,774.45, compared to ¥2,414,573,676.80 in the previous year, showing a reduction of approximately 5.0%[25]. - Cash inflow from the recovery of investments was ¥718,230,299.86, down from ¥833,919,914.20, indicating a decline of around 13.8%[26]. - Cash outflow for the purchase of fixed assets and intangible assets was ¥18,122,091.77, compared to ¥24,897,912.35, reflecting a decrease of approximately 27.1%[26]. - The company reported a cash inflow from financing activities of ¥10,150,000.00, a significant drop from ¥53,076,001.00 in the previous year, representing a decline of about 80.9%[26]. Market Conditions and Strategic Plans - The company reported a significant decline in gross profit and revenue due to adverse domestic and international market conditions[10][11]. - The company plans to address the challenges posed by the market environment through strategic adjustments and potential new product developments[10]. - The company has no significant new strategies or product developments mentioned in the conference call[15]. Shareholder Information - The company reported no changes in the top 10 shareholders or their holdings due to margin trading activities[14].