Core Viewpoint - The company, Zhiyou Technology, has shown a positive performance in the stock market, with a recent increase of 1.13% in share price and a total market capitalization of 7.57 billion [1] Group 1: Company Overview - Zhiyou Technology specializes in the research, design, and sales of home products, primarily through cross-border e-commerce, with 99.09% of its revenue coming from this sector [7] - The company was established on January 8, 2010, and went public on June 21, 2023 [7] - As of September 30, the company had 10,500 shareholders, a decrease of 7.59% from the previous period [8] Group 2: Financial Performance - For the period from January to September 2025, Zhiyou Technology achieved a revenue of 6.08 billion, reflecting a year-on-year growth of 6.18%, while the net profit attributable to shareholders was 272 million, a decrease of 2.09% [8] - The company has distributed a total of 321 million in dividends since its A-share listing [9] Group 3: Market Position and Strategy - The company has developed a differentiated cross-border e-commerce logistics system, establishing self-operated warehouses in countries like Germany and the USA, enhancing operational efficiency and customer satisfaction [2][3] - Zhiyou Technology's product offerings include a range of outdoor and pet-related items, capitalizing on trends in camping, social media influence, and the pet economy [2][3] Group 4: Stock Performance and Investor Sentiment - The stock has seen a net outflow of 2.28 million from major investors, indicating a lack of strong control over the stock by major players [4][5] - The average trading cost of the stock is 19.37, with the current price near a support level of 18.80, suggesting potential volatility [6]

Core Insights - Zhiou Technology experienced a stock decline of 0.80% on October 30, with a trading volume of 76.75 million yuan [1] - The company reported a financing buy-in of 10.15 million yuan and a financing repayment of 10.52 million yuan on the same day, resulting in a net financing outflow of 367,100 yuan [1] - As of October 30, the total margin balance for Zhiou Technology was 64.04 million yuan, with a financing balance of 63.34 million yuan, accounting for 1.69% of the circulating market value [1] Financing and Margin Data - On October 30, Zhiou Technology had a financing buy-in of 10.15 million yuan, with the current financing balance at 63.34 million yuan, which is above the 90th percentile level over the past year [1] - The company repaid 200 shares of margin on the same day while selling 900 shares, with a selling amount of 16,700 yuan calculated at the closing price [1] - The margin balance exceeded the 90th percentile level over the past year, indicating a high level of margin activity [1] Company Performance - As of September 30, Zhiou Technology had 10,500 shareholders, a decrease of 7.59% from the previous period, while the average circulating shares per person increased by 8.21% to 18,473 shares [2] - For the period from January to September 2025, Zhiou Technology achieved an operating income of 6.08 billion yuan, representing a year-on-year growth of 6.18%, while the net profit attributable to shareholders decreased by 2.09% to 272 million yuan [2] - The company has distributed a total of 321 million yuan in dividends since its A-share listing [2] Shareholding Structure - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh largest circulating shareholder of Zhiou Technology, holding 9.4284 million shares, an increase of 1.694 million shares from the previous period [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved revenue of 20.37 billion yuan, net profit attributable to shareholders of 0.81 billion yuan, and net profit excluding non-recurring items of 0.63 billion yuan in Q3 2025, representing year-on-year changes of +2%, -23%, and -36% respectively. A turning point in operations is expected to begin in Q4, with interest rate cuts likely to stimulate industry demand [2][4]. Summary by Sections Performance Overview - For the first three quarters of 2025, the company reported revenue of 60.82 billion yuan, net profit attributable to shareholders of 2.72 billion yuan, and net profit excluding non-recurring items of 2.87 billion yuan, with year-on-year changes of +6%, -2%, and +11% respectively. In Q3 2025, the revenue was 20.37 billion yuan, net profit attributable to shareholders was 0.81 billion yuan, and net profit excluding non-recurring items was 0.63 billion yuan, with year-on-year changes of +2%, -23%, and -36% respectively [4]. Dividend Announcement - The company plans to distribute a cash dividend of 2 yuan per 10 shares (including tax) to all shareholders, totaling 0.80 billion yuan [4]. Market Dynamics - Q3 performance met expectations, with European markets being the main growth driver, showing double-digit growth year-on-year. The U.S. market is expected to improve in Q4 as supply chain issues are resolved [11]. Growth Drivers - The company is focusing on expanding product categories, particularly in high-value items, and enhancing its presence on platforms like Amazon while exploring new markets in North America and Southeast Asia [11]. Operational Efficiency - Significant progress in internal optimization has been noted, with improvements in delivery efficiency and cost reduction in logistics, particularly in Europe and the U.S. [11]. Future Outlook - The company is expected to achieve net profits of 3.7 billion yuan, 4.9 billion yuan, and 6.3 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 20x, 15x, and 12x [11].

证券日报网讯致欧科技（301376）10月30日发布公告，在公司回答调研者提问时表示，公司欧洲地区第 三季度实现营收13.75亿元左右，同比增长约14.8%，仍然保持了稳健的增长态势。北美市场实现6.08亿 元，同比下滑18.8%。主要原因是受关税问题国内停止大部分发货且东南亚产能没有及时到货导致的缺 货影响，该部分影响将因2025年Q4及未来持续到货而持续减弱。 ...

Core Viewpoint - The company announced that the limited introduction of new products in the first half of the year was primarily due to the impact of increased tariffs in the United States, which hindered the original product launch plans [1] Group 1: New Product Strategy - The company adjusted its new product strategy in Q2, increasing investment in new products for the European market, which will continue to be delivered and sold in Q4 [1] - The proportion of new products in sales is expected to be higher than in the first half of the year [1] - This year's new product strategy is more focused on large items, which have shown good performance in the European market based on thorough market research and logistics advantages [1]

Group 1 - The core growth for the company in the U.S. market next year is expected to come from the launch of home furniture products after the shift from Southeast Asia [1] - Continuous optimization in operations, including VC and warehousing logistics, is anticipated to support the ongoing recovery of profitability in the U.S. [1]

Core Viewpoint - The company indicates that Southeast Asia currently has lower tariff costs compared to domestic levels, while overall procurement costs in Southeast Asia are slightly higher than in the domestic market, but the supply chain costs are lower overall [1] Group 1: Tariff and Procurement Costs - As of now, tariff costs in Southeast Asia are lower than those in the domestic market [1] - Overall procurement costs in Southeast Asia are slightly higher than domestic costs, but there are variations based on different material categories [1] - The overall supply chain costs in Southeast Asia are lower than those in the domestic market [1] Group 2: Future Cost Reduction and Product Strategy - The company sees potential for continued cost reduction in procurement as the scale increases in the future [1] - The company has not yet transferred some products to Southeast Asia, but has implemented price increases and supplier relocations to Southeast Asia for supply continuity [1] - Low-margin products that cannot be relocated will be phased out [1]

Core Viewpoint - The company has been optimizing its organizational structure since last year, leading to tighter coordination among production, supply, and sales operations [1] Group 1 - The company has shifted its performance evaluation method from a "target achievement system" to an "incremental assessment" logic in the second half of the year [1] - The new approach incentivizes teams with bonuses based on incremental performance, encouraging employees to pursue growth [1]

Summary of Zhiyou Technology Conference Call Company Overview - **Company**: Zhiyou Technology - **Industry**: E-commerce and Supply Chain Management Key Points Financial Performance - Q3 revenue reached 20.37 billion, a year-on-year increase of 1.53% [3] - Net profit declined approximately 20% due to rising procurement costs and tariffs [3][2] - Gross margin was around 35%, slightly down from the previous year [3] - European market revenue was 13.75 billion, up 15% year-on-year; North American revenue was 6 billion, down 18% [2][3] Market Dynamics - B2B revenue grew by 108%, while B2C revenue fell by 6% [2][4] - The U.S. market faced a 20% decline primarily due to tariff issues [2][4] - Southeast Asia supply chain development is ongoing, with procurement costs about 10% higher than in China [5] Cost Management - Optimized shipping and last-mile logistics costs helped mitigate some of the cost increases [2][3] - Sales expenses increased due to a higher proportion of FBM model in the U.S. and rising self-operated warehouse costs in Europe [2][3] - Financial expenses rose due to currency fluctuations, resulting in a loss of 5 million compared to a gain of 12 million in the previous year [3] Strategic Initiatives - The company plans to increase the proportion of self-operated warehouses and improve warehouse efficiency in the U.S. [7] - A new VC model was implemented in Europe, supported by Amazon policies, to optimize logistics costs [3][9] - The company aims to launch new large furniture products based on the Southeast Asia supply chain by November 2025, which are expected to be competitive in the market [8] Future Outlook - Q4 2025 is anticipated to be a turning point for revenue growth, with expectations for a full recovery in the U.S. market by 2026 [8] - The company is focusing on increasing market share in underperforming categories and introducing new products to drive growth [12][29] - Marketing expenses are expected to rise by 2-3 percentage points in 2026 due to new product introductions [19] Brand Strategy - The company consolidated its three brands under the SoMix Home label to enhance brand recognition and marketing effectiveness [16][17] - Different brand strategies are employed for various platforms, such as maintaining a unified brand on Amazon while differentiating on discount platforms like Temu [16] Operational Efficiency - The company has restructured its operations to unify supply chain management with sales, creating seven core business units [21] - The European market's gross margin is approximately 37%, while the U.S. market is around 30% [28] Challenges and Risks - The company faces challenges in the U.S. market due to high tariffs and anti-dumping measures affecting large furniture categories [8] - The transition to the VC model may lead to lower revenue recognition compared to the previous SC model, but it is expected to drive GMV growth [11][13] Conclusion - Zhiyou Technology is navigating a complex market landscape with strategic initiatives aimed at cost optimization, brand consolidation, and product innovation to drive future growth and recovery in key markets [2][8][12]

Financial Performance - The company achieved a revenue of 1.2 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 60.82% [2] - Gross margin stood at 35.01%, showing stability despite rising procurement costs and increased tariffs, offset by optimized shipping costs [2] - Net profit was 2.09 billion yuan, a slight decline of 2.72% year-on-year, primarily due to minor increases in sales, management, and financial expenses [2] Regional Revenue Breakdown - In Q3 2025, revenue from the European market was approximately 0.9 billion yuan, reflecting a year-on-year growth of 13.75% [2] - The North American market experienced a revenue decline of 18.8%, attributed to tariff issues and supply shortages from Southeast Asia [2][3] Supply Chain and Cost Management - Southeast Asia has lower tariff costs compared to domestic levels, although overall procurement costs are slightly higher [3] - The company plans to optimize its supply chain further as volumes increase, with some low-margin products being phased out [3] Product Strategy and Market Positioning - The company has adjusted its product strategy to focus on large items, leveraging local delivery advantages in Europe [4] - Series products have shown better sales performance, with higher attachment and repurchase rates compared to non-series products [4] Organizational Changes and Future Growth - The company has optimized its organizational structure and shifted performance assessments from "goal-based" to "incremental" evaluations to incentivize growth [4] - Future growth in the European market is expected to come from product optimization and the introduction of new product categories [4] U.S. Market Outlook - The U.S. market's profitability is anticipated to improve with the launch of home furniture products sourced from Southeast Asia, supported by ongoing logistics optimization [4]