Core Viewpoint - On November 17, Haoyang Co., Ltd. experienced a decline of 5.02%, with a stock price of 41.83 CNY per share and a total market capitalization of 5.291 billion CNY [1] Company Overview - Haoyang Co., Ltd. is located in Panyu District, Guangzhou, established on March 17, 2005, and listed on May 20, 2020. The company specializes in the research, production, and sales of stage entertainment lighting equipment, architectural lighting equipment, and trusses [1] - The revenue composition of the company is as follows: stage entertainment lighting equipment 90.84%, other accessories 5.38%, trusses 1.90%, and architectural lighting equipment 1.89% [1] Shareholder Information - Longxin Fund has a presence among the top ten circulating shareholders of Haoyang Co., Ltd. Longxin Jinli Trend Mixed A (519994) entered the top ten in the third quarter, holding 821,100 shares, accounting for 1.01% of circulating shares. The estimated floating loss today is approximately 1.8147 million CNY [2] - Longxin Jinli Trend Mixed A (519994) was established on April 30, 2006, with a latest scale of 4.03 billion CNY. Year-to-date return is 34.63%, ranking 2292 out of 8213 in its category; the one-year return is 28.87%, ranking 2490 out of 8130; and since inception, the return is 707.96% [2] Fund Manager Information - The fund manager of Longxin Jinli Trend Mixed A (519994) is Gao Yuan, who has been in the position for 8 years and 321 days. The total asset scale under management is 6.028 billion CNY, with the best fund return during his tenure being 218.49% and the worst being 19.19% [3] Fund Holdings - Longxin Fund's Longxin Shuangli Preferred Mixed A (519991) holds Haoyang Co., Ltd. as its tenth largest holding, with 71,100 shares, accounting for 3.33% of the fund's net value. The estimated floating loss today is approximately 157,100 CNY [4] - Longxin Shuangli Preferred Mixed A (519991) was established on June 19, 2008, with a latest scale of 91.3121 million CNY. Year-to-date return is 24.64%, ranking 3662 out of 8213 in its category; the one-year return is 27.73%, ranking 2675 out of 8130; and since inception, the return is 275.56% [4] Additional Fund Manager Information - The fund manager of Longxin Shuangli Preferred Mixed A (519991) is Zhu Yufeng, who has been in the position for 8 years and 32 days. The total asset scale under management is 9.16542 million CNY, with the best fund return during his tenure being 66.39% and the worst being -27.98% [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown signs of stabilization in Q3 2025, with revenue and profit turning positive on a quarterly basis, indicating a potential upward turning point in operations [2][3] - The company is expected to benefit from improved downstream demand, reduced tariff impacts, and expansion of its own brand [2][3] - The company has a strong competitive advantage as a leading manufacturer of stage lighting equipment, combining overseas brands with domestic production capabilities [5] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 8.01 billion, a year-on-year decrease of 15.36%, and a net profit attributable to shareholders of 1.34 billion, down 48.04% year-on-year [2] - In Q3 2025, the company reported revenue of 2.79 billion, a slight increase of 0.62% year-on-year, and a net profit of 0.57 billion, up 1.96% year-on-year [2] - The gross margin for the first three quarters improved to 52.02%, while the net profit margin decreased to 16.94% due to revenue decline and integration costs [4] Future Outlook - The company is expected to see revenue recovery in the coming years, with projected revenues of 11.17 billion, 13.36 billion, and 15.83 billion for 2025, 2026, and 2027 respectively [5] - Earnings per share (EPS) are forecasted to be 1.87, 2.50, and 3.08 for the same years, reflecting a long-term growth potential despite short-term pressures [5] - The company continues to invest heavily in research and development, with R&D expenses increasing by 14.56% to 68.6 million in the first three quarters of 2025, maintaining its leading position in product innovation [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown signs of revenue stabilization and an initial performance turning point, with a year-on-year revenue decline of 15.36% in the first three quarters of 2025, but a slight increase of 0.61% in Q3 2025 [7] - The company is actively expanding overseas opportunities and has acquired Danish SGM's assets to enhance its product offerings and international sales channels [7] - The forecasted net profits for 2025-2027 are expected to be 207 million, 318 million, and 418 million RMB respectively, with corresponding PE ratios of 25.5, 16.6, and 12.6 [7] Financial Performance Summary - For 2023A, the company reported a revenue of 1,304 million RMB, with a projected revenue decline to 1,167 million RMB in 2025E, followed by a recovery to 1,648 million RMB in 2027E [6][8] - The net profit for 2023A was 366 million RMB, expected to drop to 207 million RMB in 2025E, before increasing to 418 million RMB in 2027E [6][8] - The company's gross profit margin for Q3 2025 was 54.77%, showing an increase of 3.29 percentage points year-on-year [7] Market Performance - The company's stock performance over the last 12 months shows a decline of 21%, compared to a 20% increase in the Shanghai Composite Index [4]

Core Viewpoint - The report from Xinda Securities highlights the steady recovery of Haoyang Co., Ltd. (300833.SZ) in its self-owned brand, accelerated product iteration, significant improvement in profitability, and increased optimization of expense ratios, despite short-term fluctuations in operational capacity [1] Group 1: Financial Performance - The company released its Q3 2025 report, indicating a notable improvement in profitability [1] - The expense ratio has been optimized at an accelerated pace, contributing to better financial health [1] Group 2: Product and Brand Development - The self-owned brand is showing a steady recovery, reflecting positive market reception [1] - There is an acceleration in product iteration, suggesting a proactive approach to innovation and market demands [1] Group 3: Operational Challenges - Short-term fluctuations in operational capacity have increased, indicating potential instability in operations [1]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on order recovery and improving profitability, suggesting a favorable investment sentiment [1][2]. Core Insights - The company reported a revenue of 800 million yuan for the first three quarters of 2025, a year-on-year decrease of 15.4%, with a net profit attributable to the parent company of 134 million yuan, down 48.0% year-on-year. However, Q3 showed signs of recovery with a revenue of 279 million yuan, a slight increase of 0.6% year-on-year, and a net profit of 57 million yuan, up 2.0% year-on-year [1][2]. - The company is experiencing a steady recovery in its self-owned brands and accelerating product iterations. It is expected that orders and shipments will gradually improve in Q3, with a stable growth outlook for OBM and a significant recovery for ODM [2]. - Profitability is improving significantly, with a gross margin of 54.8% in Q3, an increase of 3.3 percentage points year-on-year. The net profit margin reached 20.2%, up 0.3 percentage points year-on-year. The company’s pricing power and product positioning in the mid-to-high-end market contribute to this stability [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 800 million yuan, a decrease of 15.4% year-on-year, and a net profit of 134 million yuan, down 48.0% year-on-year. In Q3 alone, revenue was 279 million yuan, up 0.6% year-on-year, and net profit was 57 million yuan, up 2.0% year-on-year [1]. - The company’s gross margin improved to 54.8% in Q3, reflecting a year-on-year increase of 3.3 percentage points, while the net profit margin was 20.2%, up 0.3 percentage points year-on-year [3]. Operational Insights - The company is expected to see a gradual recovery in orders and shipments, particularly in Q3, as the impact of previous tariff policies diminishes. The new brand SGM is positioned to complement existing offerings, with positive market feedback anticipated for Q4 [2]. - The operational cash flow for Q3 was reported at 48 million yuan, indicating a year-on-year increase of 9 million yuan [3]. Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are estimated at 211 million yuan, 369 million yuan, and 441 million yuan, respectively, with corresponding PE ratios of 26.1X, 14.9X, and 12.4X [3].

Core Insights - The company reported a revenue of approximately 800 million yuan for the first three quarters of 2025, representing a year-on-year decline of 15.36%, while net profit attributable to the parent company decreased by 48.04% to around 134 million yuan [2] - The company is actively integrating its Danish subsidiary SGM, which focuses on architectural and performance lighting, to complement its existing Arden brand and expand its product matrix [3] - There are signs of recovery in orders and shipments since the third quarter, with expectations for a stable improvement in the market if US-China trade policies stabilize [4] Financial Performance - Revenue for the first three quarters of 2025 was approximately 800 million yuan, down 15.36% year-on-year [2] - Net profit attributable to the parent company was around 134 million yuan, a decrease of 48.04% compared to the previous year [2] Strategic Initiatives - The company has completed the acquisition of SGM's assets and established subsidiaries in Denmark and the US to enhance technology and production capacity [3] - The company plans to increase R&D investment to drive innovation and improve market share despite current revenue challenges [5] Market Outlook - The company noted a resilient demand in the US market, with three key insights: cost increases from trade friction will be passed to downstream, ODM and OBM customers are less sensitive to upstream price hikes, and the end market shows greater price acceptance than expected [6] - The company will monitor the sustainability of market recovery and adjust product structures to seize opportunities [6] Investor Engagement - During a recent investor meeting, institutions expressed interest in the pace of overseas market recovery, new product development, and cost transmission mechanisms [7] - The company aims to optimize production resources and enhance service quality to achieve sustainable development [7]

Core Viewpoint - Despite a decline in revenue for the first three quarters of 2025, the company is experiencing an increase in the penetration rate of new technology products and a year-on-year growth in sales revenue from new products [1] Group 1: Company Strategy - The company will continue to adhere to independent innovation and increase R&D investment to promote the application and development of new products in the industry [1] - The company aims to further enhance its market share by optimizing product structure and service quality to address market challenges [1] - The focus on sustainable development is a key aspect of the company's future strategy [1]

Group 1: Company Overview and Financial Performance - The company is a high-tech enterprise engaged in the R&D, production, and sales of stage lighting, architectural lighting, and truss equipment [2] - In the first three quarters of 2025, the company achieved revenue of approximately RMB 800 million, a year-on-year decrease of about 15.36% [2] - The net profit attributable to the parent company was approximately RMB 134 million, a year-on-year decrease of about 48.04% [2] Group 2: Strategic Initiatives - The company has increased R&D investment to explore new opportunities and has integrated Danish SGM company to enhance development momentum [2] - The new headquarters has been put into use to optimize production capacity [2] Group 3: Market and Trade Environment - Orders and shipments have shown signs of recovery since the third quarter, with expectations for stabilization in US-China trade policies [4] - If trade policy factors weaken, it could lower procurement costs for downstream customers, enhancing their purchasing power [4] Group 4: Product Development and Innovation - The penetration rate of new products continues to rise, with sales revenue of new products increasing year-on-year despite overall revenue decline [5] - The company plans to continue investing in independent innovation and R&D to enhance market share [5] Group 5: Industry Outlook - The company is focused on the sustainability of recovery in the US market, with industry consensus on cost pass-through to downstream due to trade friction [6] - The company aims to adjust product structure and enhance service quality to meet future market challenges and opportunities [6]

Financial Performance - The company's revenue for Q3 2025 was CNY 279,155,580.76, an increase of 0.62% compared to the same period last year, while year-to-date revenue decreased by 15.36% to CNY 800,798,421.34[5] - Net profit attributable to shareholders for Q3 2025 was CNY 56,504,590.15, up 1.96% year-on-year, but down 48.04% year-to-date to CNY 134,253,608.01[5] - The basic earnings per share for Q3 2025 was CNY 0.4467, reflecting a 1.97% increase year-on-year, while year-to-date earnings per share decreased by 48.03% to CNY 1.0614[5] - Total operating revenue for the period was ¥800,798,421.34, a decrease of 15.4% compared to ¥946,173,542.27 in the previous period[26] - The net profit for the current period is CNY 135,617,548.85, a decrease of 47.9% compared to CNY 260,867,900.55 in the previous period[27] - The total comprehensive income for the current period is CNY 163,671,676.97, down from CNY 261,890,125.04 in the previous period, reflecting a decline of 37.5%[27] - The basic and diluted earnings per share for the current period are both CNY 1.0614, compared to CNY 2.0425 in the previous period, indicating a decrease of 48.0%[28] Assets and Liabilities - Total assets at the end of Q3 2025 were CNY 2,701,412,552.31, a decrease of 0.69% from the end of the previous year[5] - The total assets of the company stood at ¥2,701,412,552.31, slightly down from ¥2,720,279,261.90[24] - The total liabilities decreased to ¥260,632,776.29 from ¥276,296,012.85, a reduction of 5.7%[24] - The company's total equity decreased to ¥2,440,779,776.02 from ¥2,443,983,249.05, a decline of 0.1%[24] Cash Flow - Cash generated from operating activities decreased by 51.33% to ¥97,429,364.74 compared to ¥200,180,992.99 in the same period last year, primarily due to a reduction in cash received from sales of goods and services[14] - Cash flow from investing activities improved by 77.15%, with a net cash outflow of ¥108,048,934.14 compared to ¥472,809,200.10 in the previous year, mainly due to increased cash inflows from maturing investment products[14] - The net increase in cash and cash equivalents was a decrease of 59.28%, amounting to -¥191,746,620.40 compared to -¥470,889,405.09 in the previous year, attributed to increased cash flow from investing activities[14] - Cash flow from operating activities generated a net amount of CNY 97,429,364.74, down 51.4% from CNY 200,180,992.99 in the previous period[28] - Cash flow from investing activities resulted in a net outflow of CNY 108,048,934.14, an improvement from a net outflow of CNY 472,809,200.10 in the previous period[29] - Cash flow from financing activities showed a net outflow of CNY 177,156,585.01, compared to a net outflow of CNY 204,540,882.91 in the previous period, indicating a reduction in cash outflow[29] - The total cash and cash equivalents at the end of the period is CNY 648,548,443.22, slightly down from CNY 648,961,692.35 in the previous period[29] Expenses - The company experienced a 38.61% increase in management expenses, totaling CNY 93,630,801.73, primarily due to higher personnel costs[12] - The financial expenses showed a significant improvement, with a decrease of 87.66% to CNY -2,907,291.36, mainly due to reduced foreign exchange losses[12] - The income tax expense for Q3 2025 was CNY 21,550,919.89, down 55.85% year-on-year, reflecting a decrease in total profit[12] - The company's net profit margin for the period was impacted by increased R&D expenses, which rose to ¥68,599,555.37 from ¥59,882,798.01, an increase of 14.3%[26] - The company reported a tax expense of CNY 21,550,919.89, down from CNY 48,817,150.37 in the previous period, indicating a decrease of 55.7%[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,997, with no preferred shareholders having restored voting rights[16] - The largest shareholder, Jiang Weikai, holds 36.70% of the shares, amounting to 46,415,812 shares, with 34,811,859 shares under lock-up[16] - Jiang Weiqian and Jiang Weihong, both significant shareholders, hold 10.97% and 10.49% of the shares, respectively, with substantial portions also under lock-up[16][17] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[18] - There were no new restrictions on shares for major shareholders during the reporting period, with all lock-up shares adhering to relevant regulations[19] - The company has a total of 34,811,859 shares under lock-up for Jiang Weikai, with no shares released during the reporting period[19] Strategic Outlook - The company has not disclosed any new strategies regarding product development, market expansion, or mergers and acquisitions in the conference call[14] - The company plans to focus on market expansion and new product development in the upcoming quarters[25]

Core Viewpoint - Haoyang Co., Ltd. has experienced fluctuations in stock performance, with a recent increase in share price and notable changes in shareholder structure and financial performance [1][2][3]. Financial Performance - As of June 30, 2025, Haoyang Co., Ltd. reported a revenue of 522 million yuan, a year-on-year decrease of 21.99% [2]. - The net profit attributable to shareholders was 77.75 million yuan, down 61.69% compared to the previous year [2]. - The company has distributed a total of 654 million yuan in dividends since its A-share listing, with 552 million yuan distributed over the past three years [3]. Stock Performance - On October 21, 2023, Haoyang's stock price rose by 2.03%, reaching 41.19 yuan per share, with a trading volume of 26.27 million yuan and a turnover rate of 0.80% [1]. - Year-to-date, the stock has decreased by 3.87%, but it has increased by 9.11% over the last five trading days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 9.03% to 10,700, while the average number of tradable shares per shareholder decreased by 8.29% to 7,620 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 3.54 million shares, a decrease of 40.47% from the previous period [3].