Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, with all board members assuming legal responsibility for any misrepresentation or omissions [2][3][4] Financial Data - The third-quarter financial report has not been audited [8] - The company does not require retrospective adjustments or restatements of previous accounting data [3] - There are no non-recurring profit and loss items applicable for the quarter [3] Shareholder Information - As of September 19, 2025, the company released 76,921,500 shares from lock-up, accounting for 69.93% of the total share capital [5] - The company’s 2025 restricted stock incentive plan was approved on August 12, 2025, with adjustments made to the number of participants and shares granted [6] Financial Statements - The consolidated balance sheet and profit and cash flow statements for the period ending September 30, 2025, have been prepared [7][8]

Core Viewpoint - Zhejiang Zhengte is a leading manufacturer of outdoor leisure furniture and products in China, known for its high cost-performance ratio and quality service, with a focus on overseas markets [1] Group 1: Business Performance - In Q3 2025, Zhejiang Zhengte reported revenue of 1.299 billion yuan, ranking second among 17 companies in the industry, surpassing the industry average of 684 million yuan and the median of 388 million yuan [2] - The main business revenue composition includes sunshade products at 905 million yuan (86.83%), leisure furniture at 69.17 million yuan (6.64%), and other products at 68.15 million yuan (6.54%) [2] - The net profit for the same period was 45.53 million yuan, ranking eighth in the industry, with the industry leader reporting a net profit of 183 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 39.16%, higher than the previous year's 27.01% and above the industry average of 30.49% [3] - The gross profit margin for Q3 2025 was 25.31%, slightly down from 26.49% in the previous year but still above the industry average of 23.75% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.85% to 4,147, while the average number of circulating A-shares held per shareholder increased by 7.35% to 25,000 [5] Group 4: Strategic Developments - The company's revenue growth in H1 2025 was significantly driven by the strategic product "Starry Canopy" entering multiple Costco stores, with revenue growth of 36% year-on-year [6] - Key business highlights include product innovation with several awards, enhanced customer marketing strategies, manufacturing upgrades, and successful expansion into e-commerce channels [6] - Revenue forecasts for 2025-2027 have been adjusted to 1.7 billion, 2.4 billion, and 3.2 billion yuan, with net profit estimates of 100 million, 130 million, and 170 million yuan respectively [5][6]

Core Insights - Zhejiang Zhengte reported a revenue of 1,298,633,536.53 yuan for the first three quarters of 2025, representing a year-on-year growth of 32.29% [1] - The net profit attributable to shareholders of the listed company was 45,510,051.90 yuan, showing a year-on-year increase of 43.92% [1] Financial Performance - Revenue for the first three quarters of 2025 reached approximately 1.30 billion yuan, marking a significant increase compared to the previous year [1] - The net profit for the same period was around 45.51 million yuan, indicating strong profitability growth [1]

Market Overview - The entertainment products sector experienced a decline of 0.33% on October 30, with Zhejiang Zhengte leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers included: - Helen Piano (300329) with a closing price of 17.57, up 7.59% and a trading volume of 180,300 shares, totaling 311 million yuan [1] - Source Pet (001222) closed at 24.51, up 2.21% with a trading volume of 66,300 shares, totaling 162 million yuan [1] - Major decliners included: - Zhejiang Zhengte (001238) closed at 49.33, down 3.08% with a trading volume of 8,368 shares, totaling 41.9 million yuan [2] - Huali Technology (301011) closed at 25.65, down 2.88% with a trading volume of 32,400 shares, totaling 83.57 million yuan [2] Capital Flow - The entertainment products sector saw a net outflow of 69.16 million yuan from institutional investors, while retail investors contributed a net inflow of 66.54 million yuan [2] - Specific stock capital flows included: - Morning Light Co. (6688809) had a net inflow of 11.21 million yuan from institutional investors [3] - Source Pet (001222) saw a net inflow of 10.59 million yuan from institutional investors [3] - Zhejiang Zhengte (001238) experienced a net outflow of 0.53 million yuan from institutional investors [3]

Core Insights - Zhejiang Zhengte reported Q3 revenue of 256 million, an increase of 11.53% year-on-year, but incurred a net loss of 24.99 million, a decline of 84.28% [1] - For the first three quarters, the company achieved revenue of 1.299 billion, reflecting a year-on-year growth of 32.29%, with a net profit of 45.51 million, up 43.92% compared to the previous year [1] Financial Performance - Q3 revenue: 256 million, up 11.53% YoY [1] - Q3 net loss: 24.99 million, down 84.28% [1] - Year-to-date revenue: 1.299 billion, up 32.29% YoY [1] - Year-to-date net profit: 45.51 million, up 43.92% YoY [1]

Revenue and Profitability - Revenue for Q3 2025 reached ¥256,307,220.83, an increase of 11.53% year-over-year, while year-to-date revenue totaled ¥1,298,633,536.53, up 32.29% compared to the same period last year[5] - Net profit attributable to shareholders was -¥24,998,726.61, a decrease of 84.28% year-over-year, with year-to-date net profit at ¥45,510,051.90, an increase of 43.92%[5] - Basic and diluted earnings per share were both -¥0.23, reflecting a decline of 91.67% compared to the previous year[5] - Total operating revenue for the current period reached ¥1,298,633,536.53, an increase of 32.3% compared to ¥981,689,091.53 in the previous period[20] - Net profit for the current period was ¥45,528,791.01, representing a 44.8% increase from ¥31,496,376.24 in the previous period[21] - Earnings per share (basic and diluted) increased to ¥0.41 from ¥0.29, reflecting a growth of 41.4%[21] - The company reported a total comprehensive income of ¥68,164,609.33, compared to ¥30,869,274.31 in the prior period, indicating a significant increase[21] Assets and Liabilities - Total assets increased to ¥1,852,518,952.72, a growth of 14.07% from the end of the previous year[5] - Total assets rose to ¥1,852,518,952.72, up 14.1% from ¥1,623,995,963.84 year-over-year[20] - Total liabilities increased to ¥725,494,889.24, a rise of 28.3% compared to ¥565,739,616.35 in the previous period[20] - The company’s total liabilities increased, with a notable rise in other payables by 521.10% to ¥18,390,211.92, mainly due to new obligations related to restricted stock repurchase[10] Cash Flow - Cash flow from operating activities for the year-to-date was ¥159,206,042.44, up 76.12% compared to the same period last year[5] - Operating cash inflow for the current period reached ¥1,503,262,737.06, an increase of 30.5% compared to ¥1,150,763,706.38 in the previous period[22] - Net cash flow from operating activities was ¥159,206,042.44, up from ¥90,397,046.69, representing a growth of 76.2%[22] - Cash inflow from investment activities totaled ¥135,732,690.15, significantly higher than ¥4,353,946.27 in the previous period[22] - Net cash flow from investment activities was -¥84,456,828.57, an improvement from -¥195,251,644.21[22] - Cash inflow from financing activities amounted to ¥135,598,500.00, compared to ¥50,000,000.00 in the previous period, marking a 171.2% increase[23] - Net cash flow from financing activities was ¥18,595,411.08, recovering from a negative flow of -¥14,645,469.49[23] - The net increase in cash and cash equivalents for the period was ¥112,282,629.88, contrasting with a decrease of -¥120,382,218.61 in the previous period[23] - The ending balance of cash and cash equivalents stood at ¥297,047,596.62, up from ¥234,429,871.18[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 4,147[13] - The largest shareholder, Linhai Zhengte Investment Co., Ltd., holds 53.24% of shares, totaling 58,565,250 shares[13] - The total number of shares held by the top ten unrestricted shareholders is 76,921,500[14] - The company plans to release 76,921,500 shares for public trading, which accounts for 69.93% of the total share capital[15] Investments and Expenses - The company’s investment income improved significantly, reaching ¥1,067,215.83, a 117.03% increase compared to the previous year[11] - The company’s financial expenses surged by 201.01% to ¥4,439,691.81, attributed to changes in interest income and exchange rate gains[10] - Research and development expenses for the current period were ¥40,096,360.02, an increase of 17.8% from ¥34,031,157.16 in the previous period[20] - The company’s long-term equity investments increased slightly to ¥6,227,898.28 from ¥6,167,957.80[18] Inventory and Fixed Assets - Inventory increased to ¥508,371,754.03 from ¥448,132,886.86, reflecting a rise of 13.4%[18] - Total current assets rose to ¥1,210,075,670.63 from ¥1,015,406,860.86, marking an increase of 19.2%[18] - The company’s fixed assets increased to ¥353,774,386.12 from ¥327,431,558.17, showing a growth of 8.1%[18] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[21] - The number of restricted stock incentive plan participants was adjusted from 78 to 74, with a total of 830,000 shares granted at ¥19.74 per share[16]

Market Overview - The entertainment products sector increased by 0.8% on October 23, with Zhujiang Piano leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Top Performers - Zhujiang Piano (002678) closed at 6.19, up 9.95% with a trading volume of 721,500 shares and a transaction value of 443 million [1] - Sanbai Shuo (001300) closed at 15.59, up 3.66% with a trading volume of 79,300 shares and a transaction value of 124 million [1] - Zhejiang Zhengte (001238) closed at 50.51, up 2.98% with a trading volume of 46,626 shares and a transaction value of 33.21 million [1] Underperformers - Qunxing Toys (002575) closed at 6.36, down 3.49% with a trading volume of 450,700 shares and a transaction value of 288 million [2] - Gao Le Co. (002348) closed at 4.15, down 3.04% with a trading volume of 358,800 shares and a transaction value of 149 million [2] - Tianyuan Pet (301335) closed at 30.30, down 1.46% with a trading volume of 22,900 shares and a transaction value of 69.39 million [2] Capital Flow - The entertainment products sector experienced a net outflow of 93.73 million from institutional investors, while retail investors saw a net inflow of 70.65 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Source Pet (001222) had a net inflow of 18.69 million from institutional investors, but a net outflow of 9.57 million from speculative funds [3] - Guangbo Co. (002103) saw a net inflow of 18.66 million from institutional investors, but a significant net outflow of 19.70 million from retail investors [3] - Zhejiang Zhengte (001238) had a net inflow of 1.46 million from institutional investors, while speculative funds and retail investors experienced net outflows [3]

证券代码：001238 证券简称：浙江正特 公告编号：2025-038 1、2025 年 7 月 25 日，公司召开第四届董事会第四次会议和第四届监事会第 四次会议审议通过了《关于<浙江正特股份有限公司 2025 年限制性股票激励计划 （草案）>及其摘要的议案》《关于<浙江正特股份有限公司 2025 年限制性股票激 励计划实施考核管理办法>的议案》等议案。前述相关议案已经公司第四届董事会 薪酬与考核委员会第二次会议审议通过，薪酬与考核委员会发表明确同意的核查 意见。律师事务所出具了法律意见书。 2、2025 年 7 月 26 日至 2025 年 8 月 4 日，公司对本激励计划拟授予激励对象 限制性股票授予日：2025 年 9 月 18 日 限制性股票上市日期：2025 年 10 月 21 日 限制性股票授予数量：82 万股 限制性股票授予价格：19.74 元/股 限制性股票的授予登记人数：73 人 限制性股票的股票来源：公司向激励对象定向发行的本公司 A 股普通股 股票 名单的姓名及职务在公司内部公示栏予以公示，在公示期内，公司薪酬与考核委 员会未接到与激励对象有关的任何异议。2025 年 8 月 5 日， ...

Group 1 - The company Zhejiang Zhengte reported that as of October 10, 2025, the total number of shareholders is 4,004 [2]

Core Viewpoint - The home decoration and building materials sector experienced a slight decline, with the index closing at 15,161.28 points, down 1.25% [1] Group 1: Market Performance - The home decoration and building materials sector saw individual stocks decline, with Songlin Technology leading the drop at 28.76 CNY per share, down 6.62% [1] - Zhejiang Zhengte closed at 48.50 CNY per share, down 4.81%, ranking second in the decline among the sector stocks [1] - Meike Home closed at 2.27 CNY per share, down 4.62%, ranking third in the decline [1] - Qisheng Technology was the only stock to gain, closing at 19.27 CNY per share, up 9.93%, leading the gains in the sector [1] - *ST Yazhen closed at 37.18 CNY per share, up 5.00%, ranking second in gains [1] - Filinger closed at 44.60 CNY per share, up 3.58%, ranking third in gains [1] Group 2: Future Outlook - According to a report by China Galaxy Securities, the home decoration market demand is expected to gradually improve by September 2025, driven by better weather and the continued release of the old-for-new policy [1] - The ongoing urban renewal initiatives are anticipated to further stimulate demand for renovation and repair, boosting the consumption of building materials [1]