Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 13.275 billion yuan for the first three quarters of 2025, a decrease of 9.20% year-on-year, and a net profit attributable to shareholders of 382 million yuan, down 18.48% year-on-year [7][8] - The company has maintained stable growth in new orders, with a total of 19.11 billion yuan in new contracts signed in the first three quarters of 2025, an increase of 2.3% year-on-year [7][8] - The projected revenues for 2025-2027 are 16.946 billion yuan, 17.378 billion yuan, and 18.326 billion yuan respectively, with net profits expected to be 457 million yuan, 506 million yuan, and 571 million yuan [7][8] Financial Performance Summary - Revenue for 2023A is 20,187 million yuan, with a projected decline of 7.5% in 2024A and 2025E [6][9] - Net profit for 2023A is 1,024 million yuan, with a significant projected decline of 46.9% in 2024A [6][9] - Earnings per share (EPS) is projected to decrease from 0.39 yuan in 2023A to 0.17 yuan in 2025E [6][9] - The price-to-earnings (PE) ratio is expected to be 19.9 in 2025E, decreasing to 15.9 by 2027E [6][9] Operational Metrics - The company’s gross profit margin for the first three quarters of 2025 is 12.64%, a decrease of 0.29 percentage points year-on-year [8] - The operating cash flow for the first three quarters shows a net outflow of 619 million yuan, which is an improvement compared to the previous year [8] - The company’s accounts receivable and inventory have decreased by 15.14% and 19.15% respectively compared to the beginning of the year [8]

Core Viewpoint - The company reported a decline in revenue and net profit for Q3 2025, attributed to slower project execution due to tight funding from downstream government investments, but maintains a positive long-term outlook due to consistent order growth since Q2 2023 [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 13.275 billion yuan, down 9.20% year-on-year, and a net profit of 382 million yuan, down 18.47% year-on-year [1] - In Q3 2025, revenue was 3.747 billion yuan, down 29.62% year-on-year and 20.98% quarter-on-quarter, with net profit at 23.67 million yuan, down 80.87% year-on-year and 83.54% quarter-on-quarter, falling short of expectations [1] - The gross margin for the first nine months of 2025 was 12.64%, a decrease of 0.29 percentage points year-on-year, while Q3 gross margin was 9.92%, down 1.73 percentage points year-on-year and 4.27 percentage points quarter-on-quarter [2] Cost and Expense Analysis - The company’s expense ratio increased due to a significant drop in revenue, with the nine-month expense ratio at 8.27%, up 0.62 percentage points year-on-year, and Q3 expense ratio at 9.74%, up 2.52 percentage points year-on-year [2] - The net profit margin for the first nine months of 2025 was 2.87%, down 0.33 percentage points year-on-year, while Q3 net profit margin was 0.63%, down 1.69 percentage points year-on-year and 2.40 percentage points quarter-on-quarter [2] Cash Flow and Balance Sheet - The company reported a negative operating cash flow of 619 million yuan for the first nine months of 2025, an improvement of 102 million yuan year-on-year, with a cash collection/payment ratio of 107.9%/103.0% [3] - As of Q3 2025, accounts receivable and contract assets were 11.047 billion yuan and 9.636 billion yuan, respectively, showing a significant reduction in receivables [3] - The company maintained a healthy balance sheet with interest-bearing liabilities of only 730 million yuan and cash reserves of 4.912 billion yuan, resulting in a debt ratio of 58.2%, down 2.15 percentage points year-on-year [3] Order Growth and Market Position - The company signed new orders worth 19.11 billion yuan in the first nine months of 2025, a year-on-year increase of 2.4%, with public decoration orders up 4.1% and residential orders down 18.0% [4] - The company has maintained positive order growth for ten consecutive quarters, indicating resilience in its market position [4] - As of Q3 2025, the total signed but uncompleted orders amounted to 19.3 billion yuan, providing a revenue safety cushion [4] Profit Forecast and Valuation - Future revenue growth forecasts have been adjusted downward due to slow project execution, with net profit estimates for 2025-2027 reduced by 16.37%, 17.38%, and 18.48% respectively [5] - The company is assigned a 2026 price-to-earnings (PE) ratio of 22x, with a target price adjustment to 4.12 yuan, reflecting a decrease from the previous target of 4.31 yuan [5]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of RMB 4.12 [7][5]. Core Views - The company reported a significant decrease in revenue and net profit for Q3 2025, primarily due to slower project execution influenced by tight funding from downstream government investments. However, new orders have been consistently growing since Q2 2023, indicating an increase in market share and a solid competitive position [1][5]. - The gross margin has declined year-on-year, and the expense ratio has increased due to a significant drop in revenue. Despite this, the company has managed to reduce accounts receivable significantly, indicating improved cash flow management [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of RMB 13.275 billion, down 9.20% year-on-year, and a net profit of RMB 382 million, down 18.47% year-on-year. In Q3 2025, revenue was RMB 3.747 billion, down 29.62% year-on-year and 20.98% quarter-on-quarter, with a net profit of RMB 23.67 million, down 80.87% year-on-year [1][2]. - The gross margin for the first nine months of 2025 was 12.64%, a decrease of 0.29 percentage points year-on-year, while the Q3 gross margin was 9.92%, down 1.73 percentage points year-on-year [2]. Cash Flow and Balance Sheet - The company reported a negative operating cash flow of RMB 619 million for the first nine months of 2025, but the cash collection ratio improved, with accounts receivable and contract assets significantly reduced [3]. - As of Q3 2025, the company had a healthy balance sheet with interest-bearing liabilities of only RMB 730 million and cash reserves of RMB 4.912 billion, resulting in a debt ratio of 2.16% [3]. Order Book and Future Outlook - The company signed new orders worth RMB 19.11 billion in the first nine months of 2025, representing a year-on-year increase of 2.4%. The order book as of Q3 2025 stood at RMB 19.3 billion, providing a safety cushion for future revenues [4]. - Future revenue growth estimates have been revised downwards due to slow project execution, with net profit forecasts for 2025-2027 adjusted down by 16.37% to 18.48% [5].

Market Overview - The decoration and renovation sector experienced a decline of 0.71% on October 30, with leading stock Jin Tang Lang showing the most significant 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 in the sector included: - *ST Dongyi (002713): Closed at 10.84, up 5.04% with a trading volume of 374,800 shares and a turnover of 402 million yuan - *ST Jianyi (002789): Closed at 10.65, up 5.03% with a trading volume of 35,200 shares and a turnover of 36.84 million yuan - *ST Baoying (002047): Closed at 2.93, up 5.02% with a trading volume of 18,200 shares and a turnover of 5.34 million yuan [1] - Conversely, significant decliners included: - Jin Bi Bu (002081): Closed at 3.42, down 5.79% with a trading volume of 766,600 shares and a turnover of 266 million yuan - Zheng Zhong Design (002811): Closed at 12.65, down 2.99% with a trading volume of 106,500 shares and a turnover of 136 million yuan - Guangtian Group (002482): Closed at 1.82, down 2.67% with a trading volume of 1,263,000 shares and a turnover of 232 million yuan [2] Capital Flow - The decoration and renovation sector saw a net outflow of 126 million yuan from institutional investors, while retail investors contributed a net inflow of 49.94 million yuan [2] - The capital flow for specific stocks indicated: - Jin Bi Bu (002081): Main investor net inflow of 16.4 million yuan, retail net outflow of 22.71 million yuan - ST Ruihe (002620): Main investor net inflow of 5.81 million yuan, retail net outflow of 3.58 million yuan - *ST Jianyi (002789): Main investor net inflow of 4.17 million yuan, retail net outflow of 2.62 million yuan [3]

Group 1 - The core point of the news is that Jin Tanglang's stock price dropped by 5.23% to 3.44 CNY per share, with a trading volume of 186 million CNY and a turnover rate of 2.02%, resulting in a total market capitalization of 9.134 billion CNY [1] - Jin Tanglang is primarily engaged in the design and construction of public decoration projects, including hotels, office buildings, libraries, hospitals, and sports venues, with its main business revenue composition being 84.25% from decoration, 7.23% from curtain wall, 6.85% from design, and 1.26% from other sources [1] - The company was established on January 6, 1993, and was listed on November 20, 2006, located in the Suzhou Industrial Park, Jiangsu Free Trade Zone, China [1] Group 2 - Among the top ten circulating shareholders of Jin Tanglang, a fund under Southern Fund holds a position, specifically the Southern CSI 1000 ETF (512100), which reduced its holdings by 174,400 shares in the third quarter, now holding 14.5693 million shares, accounting for 0.55% of circulating shares [2] - The Southern CSI 1000 ETF (512100) has a current scale of 76.63 billion CNY and has achieved a year-to-date return of 28.54%, ranking 2138 out of 4216 in its category [2] - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for nearly 7 years, with the fund's total asset scale reaching 122.76 billion CNY and a best return of 170.06% during the tenure [3]

证券代码：002081 证券简称：金螳螂 公告编号：2025-042 苏州金螳螂建筑装饰股份有限公司 第八届董事会第二次临时会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 本议案已经董事会审计委员会审议通过。 具体内容详见公司于巨潮资讯网（www.cninfo.com.cn）及指定信息披露媒体 披露的《公司 2025 年第三季度报告》及其他相关公告。 （二）会议以赞成票 7 票，反对票 0 票，弃权票 0 票审议通过了《关于 2025 年前三季度计提资产减值准备及核销资产的议案》。 一、董事会会议召开情况 苏州金螳螂建筑装饰股份有限公司（以下称"公司"）第八届董事会第二次 临时会议于 2025 年 10 月 24 日以书面形式发出会议通知，并于 2025 年 10 月 29 日以通讯方式召开。会议应出席董事 7 人，实际出席董事 7 人，公司高级管理人 员列席了会议。会议由公司董事长张新宏先生主持，会议的通知、召集、召开和 表决程序符合《公司法》及《公司章程》的规定，会议合法有效。 二、董事会会议审议情况 会议审议并通过了如下议案： （一）会议以 ...

Core Viewpoint - The company, Jin Tanglang, reported a significant decline in both revenue and net profit for the third quarter of 2025, reflecting challenges in the construction and decoration industry [1] Financial Performance - In Q3 2025, the company achieved revenue of 3.747 billion yuan, a year-on-year decrease of 29.62% [1] - The net profit for Q3 2025 was 23.67 million yuan, down 80.87% year-on-year [1] - For the first three quarters of 2025, the company reported total revenue of 13.275 billion yuan, a decrease of 9.20% compared to the same period last year [1] - The net profit for the first three quarters was 382 million yuan, reflecting an 18.47% year-on-year decline [1] Industry Context - The decline in performance is attributed to two main factors: a decrease in current operating revenue and increased competitive pressure in the construction decoration industry [1] - The overall slowdown in industry growth has led to downward pressure on project management fees, impacting the company's short-term gross margin [1] - The company has strategically taken on some projects with adjusted fees, which are considered manageable risks, to navigate the challenging market conditions [1]

经审议，我们认为：本次计提资产减值准备及核销资产事项符合《企业会计 准则》等相关规定，基于谨慎性原则，根据公司实际状况，计提资产减值准备依 据充分、合理，能够公允地反映公司的财务状况及经营成果，不存在损害公司及 全体股东、特别是中小股东利益的情形。 我们同意该议案，并同意将该议案提交公司董事会审议。 苏州金螳螂建筑装饰股份有限公司 独立董事 2025 年第三次专门会议审议意见 根据《公司法》《上市公司独立董事管理办法》《深圳证券交易所股票上市规 则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 及《公司章程》、公司《独立董事工作制度》等有关规定，苏州金螳螂建筑装饰 股份有限公司（以下简称"公司"）全体独立董事召开独立董事专门会议，对会议 审议的相关事项发表意见如下： 一、关于 2025 年前三季度计提资产减值准备及核销资产的审议意见 独立董事：朱雪珍、殷新、杨俊 2025 年 10 月 30 日 ...

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the third quarter and the first three quarters of 2025, primarily due to a decrease in operating income and increased competition in the construction decoration industry [1] Financial Performance - In Q3 2025, the company achieved an operating income of 3.747 billion yuan, a year-on-year decrease of 29.62% [1] - The net profit for Q3 2025 was 23.67 million yuan, reflecting a year-on-year decrease of 80.87% [1] - For the first three quarters of 2025, the company reported an operating income of 13.275 billion yuan, down 9.20% year-on-year [1] - The net profit for the first three quarters was 382 million yuan, a decrease of 18.47% compared to the previous year [1] Industry Context - The decline in performance is attributed to two main factors: a decrease in operating income and the overall slowdown in growth within the construction decoration industry [1] - The industry is facing increasing competition, leading to downward pressure on project management fee rates [1] - The company has strategically taken on some projects with fee adjustments that are considered manageable risks, which has exerted pressure on short-term gross margins [1]

金螳螂公告，第三季度营收为37.47亿元，下降29.62%；净利润为2366.64万元，下降80.87%。前三季度 营收为132.75亿元，下降9.20%；净利润为3.82亿元，下降18.47%。 ...