Group 1 - The company actively embraces the young consumer demographic [1] - It has created a two-dimensional trendy IP called "Homie" [1] - The initiative aims to build a communication bridge with the new consumer main force, enhancing brand promotion [1]

中国经济网北京11月24日讯 好莱客(603898.SH)今日跌停，收报13.83元，跌幅10.02%，总市值43.06 亿元。 （责任编辑：田云绯） 2025年11月21日，华创证券有限责任公司发布研报《好莱客(603898)2025年三季报点评：业绩短期 承压 静待市场复苏》，研究员为刘一怡。研报称，公司积极推动渠道变革和智能家居业务，优化门店 体系，持续赋能经销商，行业调整期仍保持较强经营韧性。考虑到终端需求仍有压力，预计公司25-27 年分别实现归母净利润0.54/1.47/1.91亿元，对应PE为80/30/23X。参考绝对估值法，给予目标价17.3元/ 股，维持"强推"评级。 ...

Core Viewpoint - The company announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% in closing prices over three consecutive trading days from November 19 to November 21, 2025 [1] Group 1 - The company confirmed that there are no undisclosed significant information apart from what has already been disclosed [1] - The company conducted a self-examination and verified with its major shareholders and actual controllers regarding the stock trading anomalies [1] - During the period of abnormal stock trading fluctuations, the company did not engage in buying or selling its own shares [1]

Core Viewpoint - Haolaike (603898) experienced a significant price increase, reaching the daily limit, with a trading volume of 4.06 billion yuan and a turnover rate of 8.83% [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange due to a price deviation of 12.47%, with a total net sell of 35.68 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 22.2 million yuan, with a buying amount of 9.32 million yuan and a selling amount of 12.9 million yuan, resulting in a net sell of 35.68 million yuan [2] - The largest buying and selling brokerage was Goldman Sachs (China) Securities, with a buying amount of 28.43 million yuan and a selling amount of 55.69 million yuan [3] Fund Flow - The stock saw a net inflow of 2.22 million yuan from main funds, with a significant single order net inflow of 12.92 million yuan, while large orders experienced a net outflow of 10.70 million yuan [2] - Over the past five days, the net inflow of main funds totaled 15.86 million yuan [2] Financial Performance - For the first three quarters, the company reported a total revenue of 1.265 billion yuan, a year-on-year decrease of 12.38%, and a net profit of 31.36 million yuan, down 65.53% year-on-year [2]

证券代码：603898 证券简称：好莱客 公告编号：2025-048 广州好莱客创意家居股份有限公司 关于股票交易异常波动的公告 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。 广州好莱客创意家居股份有限公司（以下简称"公司"）股票于 2025 年 11 月 19 日、11 月 20 日、11 月 21 日连续三个交易日内收盘价格涨幅偏离值累 计超过 20%。根据《上海证券交易所交易规则》的有关规定，属于股票交易波动 异常情形。 经公司自查并向公司大股东及实际控制人核实，截至本公告披露日，除 公司已披露事项外，不存在应披露而未披露的重大信息，在股票交易异常波动期 间，未买卖公司股票。 一、股票交易异常波动的具体情况 公司股票交易在 2025 年 11 月 19 日、11 月 20 日、11 月 21 日连续三个交易 日内收盘价格涨幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的有 关规定，属于股票交易波动异常情形。 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司目前生产经营正常，内外部经营环境未发 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 17.3 yuan per share [2][8]. Core Views - The company's performance is under short-term pressure, with expectations for market recovery in the future [2][8]. - The company reported a revenue of 1.265 billion yuan and a net profit attributable to shareholders of 31 million yuan for the first three quarters of 2025, reflecting a year-on-year decline of 12.38% and 65.53% respectively [2][8]. - In Q3 2025, the company achieved a revenue of 435 million yuan, with a net profit of 7 million yuan, showing a year-on-year decrease of 16.44% and 85.40% respectively [2][8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 1.91 billion, 1.727 billion, 1.964 billion, and 2.152 billion yuan respectively, with year-on-year growth rates of -15.7%, -9.5%, 13.7%, and 9.6% [4][9]. - Net profit attributable to shareholders is projected to be 81 million, 54 million, 147 million, and 191 million yuan for the same years, with year-on-year growth rates of -62.9%, -32.5%, 171.1%, and 29.5% [4][9]. - The company’s gross margin for Q3 2025 was 29.2%, down 4.9 percentage points year-on-year, while the net profit margin was 1.5%, down 7.3 percentage points year-on-year [8][9]. Market Performance - The company is actively promoting channel transformation and smart home business, optimizing its store system, and continuously empowering distributors [8][9]. - The company has opened 1983 distribution stores and 2 direct sales stores by the end of Q3 2025, reflecting a year-to-date increase of 135 and a decrease of 7 respectively [8][9].

Core Viewpoint - The stock of Haoleke experienced a significant price fluctuation, with a cumulative increase of over 20% in closing prices over three consecutive trading days from November 19 to November 21, 2025, indicating abnormal trading activity [1] Company Summary - Haoleke conducted a self-examination and confirmed that, apart from disclosed matters, there are no undisclosed significant information as of the announcement date [1] - The company's major shareholders, directors, and senior management did not engage in buying or selling the company's stock during the period of abnormal trading [1] - The company's production and operations are normal, with no significant changes in the internal and external environment [1] - The board of directors confirmed that there are no undisclosed significant matters and that previously disclosed information does not require correction or supplementation [1]

Core Viewpoint - The company announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% during three consecutive trading days from November 19 to November 21, 2025 [1] Summary by Relevant Sections - **Stock Price Movement** - The company's stock price rose significantly, with a cumulative increase exceeding 20% over three consecutive trading days [1] - **Company's Response** - The company conducted a self-examination and confirmed with major shareholders and actual controllers that there were no undisclosed significant information apart from what has already been disclosed [1] - The company's production and operations are reported to be normal, and it is not involved in any market hot concepts [1] - **Investor Advisory** - The company has reminded investors to be cautious regarding trading risks during this period of abnormal stock price movement [1]

Core Viewpoint - The A-share market experienced significant activity with 33 stocks hitting the daily limit up, indicating strong investor interest and potential bullish trends in specific sectors [1] Group 1: Aquaculture Sector - Zhongshui Fishery achieved a remarkable six consecutive limit-up days, highlighting its strong performance in the aquaculture sector [1] Group 2: Other Notable Stocks - Rongji Software recorded five consecutive limit-up days, associated with the data element concept [1] - ST Mubang also saw five consecutive limit-up days, linked to the photovoltaic silicon wafer sector [1] - Deep China A and Guofeng New Materials both achieved three consecutive limit-up days, with Deep China A in the lithium battery sector and Guofeng New Materials in the photolithography glue sector [1] - Other companies such as ST Suwu, Meng Tian Home, and Caixin Development also showed notable performances with three consecutive limit-up days in their respective sectors [1]

Group 1 - The renovation and building materials sector experienced a slight increase, closing at 16,438.23 points with a growth rate of 0.27% [1] - Several stocks in the renovation and building materials sector saw price increases, with Haolaike (603898) leading at 13.97 CNY per share, up 10.00% [1] - Yong'an Forestry (000663) and Beixin Building Materials (000786) also showed significant gains, with increases of 9.99% and 5.69% respectively [1] Group 2 - According to HuLong Securities, the building materials industry is expected to see a slight decline in operating income in the first three quarters of 2025, but profitability is improving [2] - The cement and glass industries are anticipated to rebound in profitability in the fourth quarter, driven by high demand for high-end fiberglass [2] - Continuous real estate policy support is expected to facilitate industry valuation recovery, with measures such as relaxed purchase restrictions and optimized public housing funds being implemented [2]