Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company reported impressive profit performance in Q3 2025, with revenue reaching 2.474 billion yuan, a year-on-year increase of 9.5%, and net profit of 515 million yuan, up 30.9% year-on-year [6]. - The company benefits from increasing penetration of artificial turf, with a stable growth in sales driven by improved orders from various regions [6]. - The global multi-base layout helps mitigate trade risks, with significant production capacity in Vietnam and Mexico, enhancing profitability [6]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 3.441 billion yuan, with a year-on-year growth rate of 16.6% [2]. - The net profit for 2025 is forecasted to be 677 million yuan, reflecting a growth rate of 32.3% [2]. - The company’s gross margin is expected to be 32.3% in 2025, with a return on equity (ROE) of 21.3% [2]. Market Data - As of October 31, 2025, the closing price of the stock is 34.81 yuan, with a market capitalization of 13.973 billion yuan [3]. - The stock has a price-to-earnings (PE) ratio of 27, which is projected to decrease to 21 in 2025 [2][3]. Profitability and Cost Management - The company has shown continuous improvement in profitability, with a net profit margin of 20.8% in Q1-Q3 2025, up 3.4 percentage points year-on-year [6]. - The gross margin for Q3 2025 was reported at 35.7%, an increase of 7.1 percentage points year-on-year, attributed to cost reduction and efficiency improvements [6]. Global Expansion and Competitive Position - The company is recognized as a leading player in the global artificial turf industry, supported by certifications from international sports organizations [6]. - The strategic location of production bases in Vietnam and Mexico provides tax advantages and helps in managing trade risks effectively [6].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 40.31 [1][4]. Core Insights - The company reported Q3 revenue of RMB 792 million, a year-on-year increase of 5.69% but a quarter-on-quarter decrease of 10.84%. The net profit attributable to the parent company was RMB 171 million, up 54.49% year-on-year but down 9.57% quarter-on-quarter, slightly exceeding previous expectations due to a continued decline in raw material costs and effective cost reduction measures [1]. - For the first three quarters of 2025, the company achieved a cumulative revenue of RMB 2.474 billion, a year-on-year increase of 9.52%, and a net profit of RMB 515 million, up 30.89% year-on-year [1]. - The gross margin for the first three quarters of 2025 was 34.04%, an increase of 3.88 percentage points year-on-year, with Q3 gross margin at 35.74%, reflecting improvements due to lower raw material prices and effective cost management [2]. - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of RMB 542 million for the first three quarters, a year-on-year increase of 103.8%, attributed to enhanced receivables turnover and increased cash inflow from sales [3]. Summary by Sections Financial Performance - Q3 revenue was RMB 792 million, with a year-on-year growth of 5.69% and a quarter-on-quarter decline of 10.84% [1]. - The net profit for Q3 was RMB 171 million, representing a year-on-year increase of 54.49% [1]. - Cumulative revenue for the first three quarters of 2025 reached RMB 2.474 billion, up 9.52% year-on-year, with net profit at RMB 515 million, a 30.89% increase [1]. Cost Management and Margins - The gross margin for the first three quarters was 34.04%, up 3.88 percentage points year-on-year, with Q3 gross margin at 35.74% [2]. - The decline in raw material prices, particularly PVC resin, contributed to improved margins, with Q3 PVC resin prices down 15.3% year-on-year [2]. Cash Flow and Efficiency - The company achieved a net cash flow from operating activities of RMB 542 million for the first three quarters, a 103.8% increase year-on-year [3]. - The receivables turnover ratio improved, with cash received from sales significantly increasing [3]. Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been adjusted upwards by 3.74%, 8.16%, and 12.89% respectively, with projected net profits of RMB 659 million, RMB 811 million, and RMB 1.022 billion [4]. - The estimated EPS for 2025, 2026, and 2027 are RMB 1.64, RMB 2.02, and RMB 2.54 respectively [4].

Core Insights - Jiangsu Gongchuang Artificial Turf Co., Ltd. has seen a stock price increase of 67.85% year-to-date, with a recent trading price of 34.14 CNY per share as of October 31 [1] - The company reported a revenue of 2.474 billion CNY for the period from January to September 2025, reflecting a year-on-year growth of 9.52%, and a net profit of 515 million CNY, up 30.89% year-on-year [2] - The company has distributed a total of 1.089 billion CNY in dividends since its A-share listing, with 698 million CNY distributed over the last three years [3] Company Overview - Jiangsu Gongchuang specializes in the research, production, and sales of artificial turf, with its main revenue sources being leisure turf (71.06%), sports turf (17.21%), and simulation plants and others (11.73%) [1] - The company was established on January 16, 2004, and went public on September 30, 2020 [1] Market Performance - As of October 31, the company had a market capitalization of 13.742 billion CNY, with a trading volume of 128 million CNY and a turnover rate of 0.96% [1] - The stock has experienced fluctuations, with a 6.62% increase over the last five trading days and a 10.49% increase over the last 20 days, but a decline of 13.44% over the last 60 days [1] Shareholder Information - As of October 10, the number of shareholders decreased by 2.02% to 15,800, with an average of 25,337 circulating shares per shareholder, an increase of 2.06% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 1.8936 million shares to 6.5654 million shares as of September 30, 2025 [3]

Core Insights - The report indicates that as of October 30, 2025, a total of 5 institutional investors hold shares in Gongchuang Turf (605099.SH), with a combined holding of 83.844 million shares, representing 20.83% of the total share capital [1] - The institutional holding percentage has increased by 0.22 percentage points compared to the previous quarter [1] - There are 22 public funds that have not disclosed their holdings in the current period, including notable funds such as Changcheng Anxin Return Mixed A and Guotai Shanghai Composite ETF [1] Institutional Holdings - Five institutional investors are reported to hold a total of 83.844 million shares, which is 20.83% of Gongchuang Turf's total equity [1] - The institutional investors include Jiangsu Baisite Investment Group Co., Ltd., Hong Kong Central Clearing Limited, Huai'an Chuangxiang Venture Capital Center (Limited Partnership), and two trusts from China Foreign Economic and Trade Trust Co., Ltd. [1] - The increase in institutional holding percentage indicates a growing interest from institutional investors in Gongchuang Turf [1] Public Fund Disclosures - In the current reporting period, 22 public funds have not disclosed their holdings, which includes several prominent funds [1] - The listed funds include Changcheng Anxin Return Mixed A, Guotai Shanghai Composite ETF, and Dongfanghong Dividend Quantitative Selection Mixed Initiation A among others [1]

Core Viewpoint - The company, Co-Creation Turf, is a leading global manufacturer of artificial turf, with significant market presence and strong financial performance in the industry [1][2]. Financial Performance - For Q3 2025, Co-Creation Turf reported revenue of 2.474 billion yuan, ranking 5th among 24 companies in the industry, surpassing the industry average of 2.198 billion yuan and the median of 1.16 billion yuan, but significantly lower than the top two competitors, Bull Group at 12.198 billion yuan and ST Songfa at 11.759 billion yuan [2]. - The company's net profit for the same period was 515 million yuan, ranking 3rd in the industry, with the top competitor Bull Group at 2.982 billion yuan and ST Songfa at 1.271 billion yuan, while the industry average was 263 million yuan and the median was 65.059 million yuan [2]. Profitability and Debt Ratios - As of Q3 2025, Co-Creation Turf's debt-to-asset ratio was 23.87%, an increase from 14.36% year-on-year, but still below the industry average of 35.61% [3]. - The company's gross profit margin for Q3 2025 was 34.04%, up from 30.16% year-on-year, and higher than the industry average of 27.17% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.76% to 16,200, while the average number of circulating A-shares held per shareholder increased by 5.12% to 24,800 [5]. Market Outlook and Growth Potential - According to Shanghai Shenwan Hongyuan Securities, Co-Creation Turf is expected to benefit from an increase in artificial turf penetration, with sales of artificial turf reaching 49.48 million square meters in H1 2025, a year-on-year increase of 6.5% [6]. - Revenue from leisure turf and sports turf grew by 8.4% and 8.0% year-on-year, respectively, while revenue from simulated plants and other businesses surged by 45.5% [6]. - The company has a production capacity of 56 million square meters in China and 60 million square meters in Vietnam, with plans for additional capacity in Vietnam and Mexico, which is expected to enhance profitability [6].

证券代码：605099 证券简称：共创草坪 公告编号：2025-063 江苏共创人造草坪股份有限公司 关于 2024 年股票期权与限制性股票激励计划预留部 分第一次授予股票期权之第一个行权期自主行权实 施公告 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个别及连带责任。 重要内容提示： 江苏共创人造草坪股份有限公司（以下简称"公司"）于 2025 年 9 月 30 日召 开第三届董事会第十一次会议，审议通过《关于 2024 年股票期权与限制性股票 激励计划预留部分第一次授予之第一个行权期行权条件及第一个限售期解除限 售条件成就的议案》，公司 2024 年股票期权与限制性股票激励计划（以下简称 "本激励计划"）预留部分第一次授予之股票期权的第一个行权期行权条件已成 就。 经上海证券交易所及中国证券登记结算有限责任公司上海分公司审核，本次 期权自 2025 年 11 月 5 日起可以行权。本次可以行权的期权代码：1000000741， 现将有关事项说明如下： 一、2024 年股票期权与限制性股票激励计划批准及实施情况 6、2024 年 8 ...

Core Viewpoint - The company reported a year-on-year increase in both revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company achieved total operating revenue of 2.474 billion yuan, representing a year-on-year growth of 9.52% [1] - The net profit attributable to shareholders reached 515 million yuan, showing a year-on-year increase of 30.89% [1] - Basic earnings per share were reported at 1.28 yuan [1]

江苏共创人造草坪股份有限公司 证券代码：605099 证券简称：共创草坪 公告编号：2025-062 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 11 月 05 日 （星期三） 至 11 月 11 日 （星期二）16: 00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zhen gquanbu@ccgrass.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 江苏共创人造草坪股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 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 12 日 （星期 三） 09:00-10:00 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 ...

证券代码：605099 证券简称：共创草坪 公告编号：2025-060 2025 年 9 月 30 日，公司召开第三届董事会第十一次会议，审议通过《关于 2024 年股票期权与限制性股票激励计划回购注销部分限制性股票及注销部分股 票期权的议案》，同意公司对触发回购情形的 61 股限制性股票进行回购注销。 本次回购注销完成后，公司股份总数将由 401,641,165 股变更为 402,520,598 股，因此公司注册资本则由 401,641,165.00 元变更为 402,520,598.00 元。 二、修订《公司章程》情况 鉴于以上注册资本的变更情况，公司拟对《公司章程》相关条款进行同步修 订，具体修订内容如下： 修订前 修订后 江苏共创人造草坪股份有限公司 关于变更公司注册资本及修订《公司章程》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个别及连带责任。 江苏共创人造草坪股份有限公司（以下简称"公司"）于 于 2025 年 10 月 30 日召开第三届董事会第十三次会议，审议通过了《关于变更公司注册资本及 修订<公司章程>的 ...

关于召开2025年第二次临时股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (二)股东会召集人：董事会 证券代码：605099 证券简称：共创草坪 公告编号：2025-061 江苏共创人造草坪股份有限公司 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 18 日 10 点 00 分 召开地点：南京市华侨路 56 号大地大厦 20 楼会议室 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年11月18日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 18 日 至2025 年 11 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 ...