（记者 张明双） 每经AI快讯，华凯易佰12月3日晚间发布公告称，股东周新华先生计划在自本公告披露之日起15个交易 日后的三个月内（即2025年12月25日至2026年3月24日期间）以集中竞价方式及/或大宗交易方式减持公 司股份合计不超过约1176万股（占公司总股本比例为2.91%）。股东何志良先生计划在自本公告披露之 日起15个交易日后的三个月内（即2025年12月25日至2026年3月24日期间）以集中竞价方式减持公司股 份合计不超过约12万股（占公司总股本比例为0.03%）。 每经头条（nbdtoutiao）——股民发帖求主力拉涨停，次日竟成真！襄阳轴承涨停迷局背后：平台审核 漏洞与市场操纵疑云发酵 ...

华凯易佰公告，持股8.84%的股东周新华拟自披露之日起15个交易日后的三个月内，通过集中竞价或大 宗交易方式减持不超过1176.38万股，占总股本2.91%；持股0.07%的股东何志良拟同期通过集中竞价方 式减持不超过11.88万股，占总股本0.03%。 ...

证券代码：300592 证券简称： 华凯易佰 公告编号：2025-101 2、公司原股东河南神来科技有限公司（曾用名：湖南神来科技有限公司，以下简称"神 来科技"）于 2025 年 7 月 16 日完成注销清算，其持有的公司股份通过非交易过户至其股东 周新华先生、何志良先生名下。周新华先生和何志良先生将持续共同遵守《上市公司股东减 持股份管理暂行办法》 《深圳证券交易所上市公司自律监管指引第 18 号——股东及董事、 高级管理人员减持股份》的相关减持规定。就共用减持额度的分配，按照各股东解散时对应 权益比例计算各自的减持额度。具体内容详见公司在巨潮资讯网上披露的相关公告《关于持 股 5%以上股东之一致行动人注销清算暨权益变动的提示性公告》（公告编号：2025-059）、 《关于持股 5%以上股东之一致行动人完成证券非交易过户的公告》（公告编号：2025-065）。 持股 5%以上股东周新华先生、股东何志良先生保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 持有华凯易 ...

证券之星消息，11月25日互联网电商板块较上一交易日上涨1.18%，华凯易佰领涨。当日上证指数报收 于3870.02，上涨0.87%。深证成指报收于12777.31，上涨1.53%。互联网电商板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300592 | 华凯易佰 | 12.45 | 5.96% | 51.15万 | 6.41亿 | | 301001 | 凯淳股份 | 34.53 | 4.19% | 10.10万 | 3.48亿 | | 600539 | 狮头股份 | 11.13 | 3.63% | 5.42万 | 6017.56万 | | 300518 | 新迅达 | 15.92 | 3.24% | 6.93万 | 1.10亿 | | 002803 | 吉宏股份 | 16.52 | 2.80% | 16.71万 | 2.76亿 | | 301381 | 赛维时代 | 23.47 | 2.67% | 5.45万 | 1.29亿 | | 301110 | 青木科技 | 74 ...

Core Viewpoint - In Q3 2025, the company experienced a decline in both revenue and net profit due to business restructuring and increased operational costs, indicating a phase of pressure on profitability [2][3]. Financial Performance - The company reported a revenue of 2.2 billion yuan in Q3 2025, representing a year-on-year decrease of 15% [2]. - The net profit attributable to shareholders was 12.67 million yuan, down 77% year-on-year [2]. - The gross margin decreased by 1.9 percentage points, while the sales expense ratio increased by 1.3 percentage points [2]. Inventory Management - The company has been optimizing inventory management, leading to a healthier business structure [2]. - Inventory reached 1.2 billion yuan, showing a slight decrease of 70 million yuan from the previous quarter [2]. - The company is implementing a systematic inventory screening and cleaning process to improve inventory structure [2]. Future Outlook - The company is expected to benefit from inventory structure optimization and new product introductions, leading to improved profitability [3]. - The management anticipates that the scale effect from new channel investments will gradually reduce expense ratios [3]. - Projected net profits for 2025, 2026, and 2027 are estimated to be 101 million yuan, 171 million yuan, and 334 million yuan, respectively [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q3 2025, the company achieved operating revenue of 2.2 billion yuan, a year-on-year decrease of 15%, and a net profit attributable to shareholders of 12.67 million yuan, down 77% year-on-year [2][4]. - The decline in revenue and profit is attributed to a slowdown in revenue growth due to business structure adjustments, a decrease in gross margin by 1.9 percentage points, and an increase in sales expense ratio by 1.3 percentage points [11]. - The company is actively optimizing inventory management, with inventory amounting to 1.2 billion yuan, a slight decrease of 70 million yuan from the previous quarter, indicating a healthier inventory structure [11]. - Future expectations include improved profit contributions from the integration of business units and a gradual reduction in expense ratios as scale effects materialize, with projected net profits of 101 million, 171 million, and 334 million yuan for 2025, 2026, and 2027 respectively [11]. Summary by Sections Financial Performance - Q3 2025 operating revenue was 2.2 billion yuan, down 15% year-on-year, with a net profit of 12.67 million yuan, down 77% year-on-year [2][4]. - The gross margin decreased by 1.9 percentage points, while the sales expense ratio increased by 1.3 percentage points [11]. Inventory Management - The company is focusing on inventory optimization, with a current inventory of 1.2 billion yuan, reflecting a systematic approach to inventory management [11]. - The inventory structure is expected to improve as the company implements new inventory management strategies [11]. Future Outlook - The company anticipates a gradual improvement in profitability due to better inventory management and the integration of business units, with projected net profits increasing over the next three years [11].

Market Overview - On November 21, the internet e-commerce sector declined by 2.05%, with Xin Xun Da leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable gainers included: - Huakai Yidan (300592) with a closing price of 11.58, up 4.14% [1] - Jiao Dian Technology (002315) at 44.23, up 1.68% [1] - Kai Chun Co., Ltd. (301001) at 32.20, up 1.42% [1] - Major decliners included: - Xin Xun Da (300518) at 15.29, down 8.22% [2] - Li Ren Li Zhuang (605136) at 10.16, down 7.04% [2] - Xing Hui Co., Ltd. (300464) at 7.12, down 5.32% [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 172 million yuan from institutional investors, while retail investors saw a net inflow of 131 million yuan [2][3] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2][3] Individual Stock Capital Flow - Huakai Yidan (300592) had a net outflow of 22.98 million yuan from institutional investors [3] - Kai Chun Co., Ltd. (301001) saw a net inflow of 11.30 million yuan from institutional investors [3] - Li Ren Li Zhuang (605136) experienced a net outflow of 11.89 million yuan from institutional investors [3]

Core Viewpoint - The stock of Huakai Yibai has experienced a decline of 23.12% year-to-date, with a recent slight recovery in the past few trading days, indicating potential volatility in its market performance [1]. Financial Performance - For the period from January to September 2025, Huakai Yibai achieved a revenue of 6.74 billion yuan, representing a year-on-year growth of 10.21%. However, the net profit attributable to shareholders decreased by 73.90% to 49.41 million yuan [2]. - Cumulative cash dividends since the A-share listing amount to 154 million yuan, with 136 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Huakai Yibai reached 19,800, an increase of 2.52% from the previous period. The average circulating shares per person decreased by 2.47% to 17,764 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the ninth largest, holding 1.86 million shares as a new shareholder [3]. Business Overview - Huakai Yibai, established on February 23, 2009, and listed on January 20, 2017, is primarily engaged in space environment art design and provides comprehensive exhibition services for large venues. The company derives 92.16% of its revenue from cross-border e-commerce, with the remaining 7.71% from comprehensive services in cross-border e-commerce [1]. - The company operates within the Shenyin Wanguo industry classification of retail trade - internet e-commerce - cross-border e-commerce, and is associated with concepts such as e-commerce, cross-border e-commerce, small-cap stocks, share buybacks, and AIGC [1].

Core Insights - The internet e-commerce sector experienced a 2.6% increase on November 18, with Liren Lizhuang leading the gains [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] E-commerce Sector Performance - Liren Lizhuang (605136) closed at 11.04, up 9.96% with a trading volume of 312,100 shares [1] - Yiwang Yichuang (300792) closed at 30.55, up 5.86% with a trading volume of 238,500 shares [1] - ST Yigou (002024) closed at 1.85, up 5.11% with a trading volume of 930,900 shares [1] - Other notable performers include Kaichun Co. (301001) up 5.05%, and Qingmu Technology (301110) up 4.62% [1] Capital Flow Analysis - The internet e-commerce sector saw a net inflow of 352 million yuan from institutional investors, while retail investors experienced a net outflow of 314 million yuan [2] - Major stocks like Liren Lizhuang had a net inflow of 151 million yuan from institutional investors, but a net outflow from retail investors of 83.42 million yuan [3] - Yiwang Yichuang also saw a net inflow of 62.44 million yuan from institutional investors, with retail investors withdrawing 48.41 million yuan [3]

Market Overview - On November 7, the internet e-commerce sector declined by 0.8%, with Qingmu Technology leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable gainers included: - Xinxunda (300518) with a closing price of 16.77, up 6.68% and a trading volume of 143,700 shares, totaling 236 million yuan [1] - Guolian Co. (603613) closed at 28.49, up 0.99% with a trading volume of 128,300 shares [1] - Significant decliners included: - Qingmu Technology (301110) closed at 72.92, down 4.07% with a trading volume of 44,300 shares, totaling 328 million yuan [2] - JiaoDian Technology (002315) closed at 44.88, down 3.79% with a trading volume of 72,600 shares [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 60.73 million yuan from institutional investors, while retail investors saw a net inflow of 72.48 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types, with retail investors showing a preference for certain stocks [2] Individual Stock Capital Flow - Xinxunda (300518) had a net inflow of 25.59 million yuan from institutional investors, while retail investors had a net outflow of 27.37 million yuan [3] - Qingmu Technology (301110) saw a net inflow of 25.37 million yuan from institutional investors, but a net outflow of 37.90 million yuan from retail investors [3] - Guolian Co. (603613) had a net inflow of 23.83 million yuan from institutional investors, with retail investors experiencing a net outflow of 35.19 million yuan [3]