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].

惠达卫浴股份有限公司 证券代码：603385 证券简称：惠达卫浴 公告编号：2025-042 第七届董事会第九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 惠达卫浴股份有限公司（以下简称"公司"）第七届董事会第九次会议于 2025 年 10 月 29 日在公司会议室以现场结合通讯方式召开。本次会议由董事长 王彦庆先生召集并主持，应出席会议的董事 9 名，实际出席会议董事 9 名，公司 高级管理人员列席了本次会议。本次董事会参与表决人数及召集、召开程序符合 《公司法》《公司章程》的有关规定，所作决议合法有效。 二、董事会会议审议情况 （一）审议通过《关于计提资产减值准备的议案》 第七届董事会审计委员会 2025 年第五次会议已审议通过本议案，并同意将 该议案提交董事会审议。 具体内容详见公司同日披露的《关于计提资产减值准备的公告》（2025-043）。 表决结果：9 票同意、0 票反对、0 票弃权。 （二）审议通过《关于公司 2025 年第三季度报告的议案》 第七届董事会审计委员会 20 ...

Core Viewpoint - 惠达卫浴 reported a significant decline in both revenue and net profit for the third quarter and the first three quarters of the year, indicating potential challenges in the market [1] Financial Performance - Third quarter revenue was 785 million, a decrease of 12.09% [1] - Third quarter net profit was a loss of 2.73 million, a decline of 108.25% [1] - Year-to-date revenue for the first three quarters was 2.21 billion, down 10.71% [1] - Year-to-date net profit was 15.24 million, a decrease of 83.69% [1]

证券代码：603385 证券简称：惠达卫浴 公告编号：2025-041 惠达卫浴股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 惠达卫浴股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公 司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三 季度经营成果、财务状况，公司计划于 2025 年 11 月 04 日（星期二）11:00-12:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 11 月 04 日（星期二）11:00-12:00 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 04 日（星期二）11:00-12:0 ...

Market Overview - The home goods sector increased by 0.07% on October 14, with Hao Tai Tai leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Top Performers - Hao Tai Tai (603848) closed at 22.13, up 9.99% with a trading volume of 104,800 shares and a turnover of 227 million yuan [1] - Sea Owl (002084) closed at 4.52, up 9.98% with a trading volume of 573,900 shares and a turnover of 252 million yuan [1] - Yu Ma Technology (300993) closed at 19.35, up 5.39% with a trading volume of 264,400 shares and a turnover of 506 million yuan [1] Underperformers - Jiangshan Oupai (603208) closed at 15.26, down 5.63% with a trading volume of 177,200 shares and a turnover of 283 million yuan [2] - Filinger (603226) closed at 45.08, down 4.09% with a trading volume of 161,500 shares and a turnover of 758 million yuan [2] - Qi Sheng Technology (603610) closed at 18.52, down 3.94% with a trading volume of 228,500 shares and a turnover of 433 million yuan [2] Capital Flow - The home goods sector experienced a net outflow of 26.59 million yuan from institutional investors and 53.19 million yuan from speculative funds, while retail investors saw a net inflow of 79.79 million yuan [2] - The capital flow for individual stocks in the home goods sector is detailed in the following table [3] Individual Stock Capital Flow - Sea Owl (002084) had a net inflow of 93.29 million yuan from institutional investors, but a net outflow of 36.74 million yuan from speculative funds and 56.54 million yuan from retail investors [3] - Hao Tai Tai (603848) saw a net inflow of 36.04 million yuan from institutional investors, with net outflows from both speculative and retail investors [3] - Yu Ma Technology (300993) had a net inflow of 29.99 million yuan from institutional investors, but a net outflow from retail investors [3]