- The report tracks the performance of long-term industry-themed fund indices, showing that TMT-themed funds had the most significant net value increase this week, with a weekly return of 7.24%[37][38][39] - Among actively managed equity funds, the median weekly return was 3.2%, with the top-performing fund being Manulife Revival Industry A (001170.OF), achieving a weekly return of 18.24%[40][41] - For stock passive index funds, the median weekly return was 3.28%, with the best-performing fund being Communication ETF (515880.SH), which recorded a weekly return of 13.88%[42][43] - The REITs comprehensive index rose by 0.25% this week, with the water infrastructure REITs index leading the gains at 3.23%[51][52][53] - ESG funds showed strong performance, with actively managed equity ESG funds achieving a median weekly return of 4.51%, and low-carbon economy-themed funds standing out with returns as high as 14.77%[84][85]

Investment Rating - The report has downgraded the investment rating of the company to "Accumulate" [9] Core Views - The company's performance is under short-term pressure due to a weak retail environment and business adjustments, with a significant decline in revenue and net profit for the first three quarters of 2025 [5][9] - The company is expected to face continued challenges in the short term due to uncertain consumer demand and ongoing business adjustments, but there is potential for performance improvement once inventory clearance and business adjustments are completed [9] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 1.63 billion yuan, a year-on-year decrease of 13.8%, and a net profit attributable to shareholders of 160 million yuan, down 45.5% year-on-year [5] - Quarterly performance showed a decline in revenue and net profit, with Q1 to Q3 revenue decreasing by 17.8%, 15.3%, and 7.6% respectively, and net profit decreasing by 54.1%, 47.7%, and 28.7% respectively [5] Revenue Breakdown - Revenue from various product categories in the first half of 2025 showed declines: bedding sets (-21.6%), quilts (-13.3%), pillows (-14.7%), and others (-7.7%) [6] - Revenue from different sales channels also declined, with online sales down 5%, franchise sales down 43.3%, and direct sales down 9.1% [6] Profitability and Costs - The gross margin for the first three quarters of 2025 decreased by 1.6 percentage points to 53.5%, attributed to adjustments in product mix and inventory clearance [7] - The expense ratio increased by 4.3 percentage points to 41.1%, with sales expenses significantly impacting the overall cost structure [7] Inventory and Receivables - As of September 2025, inventory decreased by 6.2% year-on-year to 830 million yuan, while accounts receivable decreased by 8.9% to 240 million yuan [8] Future Earnings Forecast - The earnings forecast for 2025-2027 has been revised downwards, with expected net profits of 360 million yuan, 440 million yuan, and 490 million yuan respectively, reflecting a significant reduction in previous estimates [9][10]

2025 年 10 月 27 日 总量研究 利润率改善驱动企业利润加速修复 ——2025 年 9 月工业企业盈利数据点评 作者 分析师：赵格格 执业证书编号：S0930521010001 0755-23946159 zhaogege@ebscn.com 分析师：刘星辰 执业证书编号：S0930522030001 021-52523880 liuxc@ebscn.com 相关研报 8 月工业企业利润缘何高增？——2025 年 8 月工业企业盈利数据点评（2025-09-27） "反内卷"推动制造业盈利好转——2025 年 7 月工业企业盈利数据点评（2025-08-27） 企业利润继续承压，亟待"反内卷"政策提 振——2025 年 6 月工业企业盈利数据点评 （2025-07-27） 中游制造业支撑利润增长——2025年4月工 业企业盈利数据点评（2025-05-27） 工业企业盈利恢复向好——2025年3月工业 企业盈利数据点评（2025-04-27） 关注工业企业利润修复的持续性——2025 年 1-2 月工业企业盈利数据点评 （2025-03-27） 工业企业利润同比增速为何转正？——2024 年 12 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a steady revenue growth of 4.0% year-on-year for the first nine months of 2025, with total revenue reaching 33 billion yuan. The net profit attributable to shareholders increased by 0.7% to 2.07 billion yuan, while the net profit excluding non-recurring items decreased by 9.7% [4][5] - In Q3 2025, the company achieved a revenue of 11.32 billion yuan, reflecting a year-on-year growth of 4.5%. However, the net profit attributable to shareholders declined by 1.2% to 650 million yuan, and the net profit excluding non-recurring items decreased by 5.7% [4][5] - The company faced asset impairment losses of 60 million yuan and credit impairment losses of 140 million yuan in Q3, which were higher than the previous year, impacting the quarterly performance [5] - The gross margin for the first nine months of 2025 was 17.2%, a decrease of 1.68 percentage points year-on-year, while the net margin was 6.8%, down by 0.09 percentage points. In Q3, the gross margin improved slightly to 18.1%, but the net margin fell to 6.1% [5] Revenue and Profitability - The company signed new contracts worth 59.88 billion yuan in the first nine months of 2025, marking a 13.4% increase year-on-year. In Q3 alone, new contracts surged by 19.2% [7] - The overseas new contract value reached 41.3 billion yuan in the first nine months, up 37% year-on-year, with Q3 showing a remarkable growth of approximately 100% [7] - The company’s engineering technology services and high-end equipment manufacturing segments maintained high growth rates, contributing positively to future performance [7] Financial Management - The company effectively managed its expense ratios, with sales, management, financial, and R&D expense ratios for the first nine months of 2025 at 1.0%, 4.7%, -0.3%, and 3.4%, respectively [6] - The operating cash flow for the first nine months was -630 million yuan, an increase in outflow of 370 million yuan compared to the previous year. However, Q3 showed a significant improvement with an operating cash flow of -20 million yuan, a positive change of 1.12 billion yuan year-on-year [6] Dividend Policy - The company has maintained a high dividend payout ratio over the past three years, with a projected payout ratio of 39.8% for 2024. The estimated dividend yield is approximately 4.75% based on the market value as of October 24, 2025 [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5][13]. Core Insights - The company's revenue for the first three quarters of 2025 reached 3.453 billion yuan, a year-on-year increase of 8.52%, while the net profit attributable to shareholders was 211 million yuan, a decline of 17.36% [1]. - In Q3 2025, the company achieved revenue of 1.190 billion yuan, up 13.40% year-on-year, but the net profit attributable to shareholders fell by 47.55% due to a one-time payment of 19 million USD (approximately 136 million yuan) related to a patent settlement with Roche [1][2]. - Excluding the one-time patent fee, the company's underlying profit showed strong growth, with a net profit of 105 million yuan in Q3 2025 [2]. Summary by Sections Revenue and Profitability - The company’s CGM (Continuous Glucose Monitoring) business is a key driver of growth, with strong performance in both domestic and international markets. The company aims to achieve its annual sales target [2]. - The traditional BGM (Blood Glucose Monitoring) business continues to grow steadily in China [2]. Market Position and Strategy - The company has adopted a differentiated competitive strategy, focusing on cost-effective first-generation products and high-end second-generation products. This approach has led to a reduction in losses for domestic operations and gradual improvement in profitability [2]. - The company is making progress in obtaining insurance coverage for its CGM products in Europe and the Middle East, laying the groundwork for future sales growth [2]. Financial Forecasts - The net profit forecast for 2025 has been revised down to 288 million yuan, a 23% decrease from the previous estimate of 374 million yuan. However, the forecasts for 2026 and 2027 remain at 468 million yuan and 564 million yuan, respectively [3][4]. - The report provides a detailed financial summary, including projected revenues and profits for the years 2023 to 2027, indicating a growth trajectory despite short-term challenges [4][9].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a decline in revenue and profit for the first three quarters of 2025, with a total revenue of 2.514 billion yuan, down 6.43% year-on-year, and a net profit of 194 million yuan, down 44.37% year-on-year [1]. - The revenue growth rate has shown improvement quarter-on-quarter, with Q3 2025 revenue reaching 1.041 billion yuan, an increase of 1.75% year-on-year [2]. - The gross margin has decreased, with Q1-Q3 2025 gross margin at 22.52% and Q3 2025 at 22.92%, reflecting a year-on-year decline of 5.61 percentage points [3]. Revenue Performance - For Q3 2025, fresh product revenue was 874 million yuan, showing a slight increase of 0.08% year-on-year, driven by growth in spicy snacks and other fresh products [2]. - The company is expanding into overseas markets, achieving 11 million yuan in revenue from international operations in Q1-Q3 2025 [2]. Profitability and Cost Analysis - The report indicates a need for profit recovery, with the net profit margin for Q3 2025 at 8.60%, down 6.15 percentage points year-on-year [3]. - The sales expense ratio for Q1-Q3 2025 was 5.58%, while the management expense ratio was 6.37%, indicating increased costs associated with market expansion efforts [3]. Earnings Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised downwards to 255 million, 278 million, and 325 million yuan, respectively, reflecting a decrease of 27.6%, 28.2%, and 24.7% from previous estimates [4]. - The projected EPS for 2025-2027 is 0.62, 0.67, and 0.79 yuan, with corresponding P/E ratios of 30, 28, and 24 [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 16.844 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 34.13%, with a net profit of 3.761 billion yuan, up 38.91% year-on-year [4][5] - The growth is driven by the core product "Dongpeng Special Drink" and the new product line "Dongpeng Water" which saw a revenue increase of 134.8% year-on-year [5][6] - The company's national expansion strategy is showing significant results, with revenue growth in various regions, particularly in Southwest and North China [5][8] Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 6.107 billion yuan, a 30.36% increase year-on-year, and a net profit of 1.386 billion yuan, up 41.91% year-on-year [4][5] - The gross margin for the first three quarters of 2025 was 45.2%, with a net profit margin of 22.3%, reflecting improved profitability [7][9] Product and Market Strategy - The product matrix is expanding with a focus on high-value products like "Dongpeng Water" and "Fruit Tea," which have seen significant revenue increases [5][8] - The company has over 4.2 million retail points, enhancing its market presence and brand visibility through various marketing strategies [8] Regional Performance - Revenue growth in the Southwest and North China regions was particularly strong, with increases of 48.9% and 72.9% respectively [5][6] - The company is also focusing on expanding its presence in overseas markets, particularly in Southeast Asia [8] Profitability and Valuation - The report projects net profits for 2025-2027 to be 4.584 billion, 5.840 billion, and 7.046 billion yuan respectively, with corresponding EPS of 8.81, 11.23, and 13.55 yuan [9][10] - The current stock price corresponds to a PE ratio of 34x for 2025, indicating a favorable valuation outlook [9][10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is undergoing significant reforms, which are currently impacting its performance negatively. The focus is on channel inventory digestion and establishing a stable pricing system to create a healthy long-term channel ecosystem [8] - Despite the short-term challenges, the company is actively pursuing long-term growth opportunities, particularly in the restaurant channel and enhancing internal operational efficiency [8] - The report projects a decline in revenue and net profit for 2025-2027, with expected revenues of 44.31 billion, 47.77 billion, and 51.23 billion respectively, and net profits of 5.57 billion, 6.37 billion, and 7.27 billion [9] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 31.56 billion, down 20.01% year-on-year, and a net profit of 3.80 billion, down 34.07% year-on-year. In Q3 alone, revenue was 10.25 billion, down 22.84% year-on-year, and net profit was 1.23 billion, down 45.66% year-on-year [4][5] - The core subsidiary, Meiwai Xian, reported revenue of 31.07 billion for the first three quarters, down 18.40% year-on-year, with Q3 revenue at 10.09 billion, down 19.37% year-on-year [4] Revenue Breakdown - Revenue by product category for the first three quarters showed declines: soy sauce (-17.50%), chicken essence and powder (-22.76%), cooking oil (-42.67%), and others (-4.90%). In Q3, the declines were more pronounced, particularly in soy sauce (-19.2%) and chicken essence and powder (-24.2%) [5] - Revenue by sales model indicated a decline in distribution channels (-21.06%) but an increase in direct sales (+43.99%) for the first three quarters. In Q3, distribution revenue fell by 23.07%, while direct sales rose by 57.44% [5] Cost and Margin Analysis - The company’s gross margin improved to 39.2% for the first three quarters, up 1.84 percentage points year-on-year, primarily due to favorable raw material costs. However, the expense ratio increased to 25.7%, up 6.33 percentage points year-on-year [7] - In Q3, the gross margin was 39.5%, with a slight year-on-year increase, while the expense ratio rose to 26.9% [7] Future Outlook - The company is expected to continue facing challenges due to ongoing reforms, but there is optimism regarding its long-term growth potential as it focuses on channel management and operational efficiency [8] - The report emphasizes the importance of monitoring the company's inventory digestion and pricing recovery processes, as well as its expansion into restaurant clients [8]

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and a "Buy" rating for non-metallic building materials [5]. Core Insights - The report highlights the acceleration of the commercial aerospace industry development, with the recent successful launch of the Long March 6A rocket, which deployed 18 satellites, enhancing communication capabilities [1]. - Shanghai's action plan aims to promote high-quality development in the construction industry, focusing on optimizing competition, expanding development space, and improving the industry ecosystem [2][3]. - The report notes a decline in cement demand during the traditional peak season, with a cumulative cement production of 1.259 billion tons in the first three quarters of 2025, down 5.2% year-on-year, and a September production of 154 million tons, down 8.6% year-on-year [3]. Summary by Sections Commercial Aerospace - The central government has prioritized the construction of a "strong aerospace nation," which is expected to accelerate the development of the commercial aerospace industry [1]. Construction Industry Development - Shanghai's action plan includes measures to optimize competition by encouraging business integration and supporting the formation of construction groups with full industry chain capabilities [2]. - The plan also aims to expand development space through new real estate models and urban renewal projects, while enhancing operational capabilities in energy and environmental sectors [2][3]. - The report emphasizes the need for a robust industry ecosystem, including payment guarantees and a quality-based regulatory framework [2]. Cement Industry - The report indicates that the cement industry is experiencing a weak recovery, with production and shipment rates showing a decline due to funding shortages and adverse weather conditions [3]. - It anticipates that supply reductions will drive price trends and improve industry profitability, with expectations for accelerated capacity replacement [3]. Investment Recommendations - The report suggests focusing on companies in the new materials sector, such as China Jushi and Guoen Co., and in the infrastructure and real estate chain, including China State Construction and Conch Cement [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a decline in revenue and profit for the first three quarters of 2025, with a total revenue of 2.514 billion yuan, down 6.43% year-on-year, and a net profit of 194 million yuan, down 44.37% year-on-year [1]. - The revenue growth rate has shown improvement quarter-on-quarter, with Q3 2025 revenue reaching 1.041 billion yuan, an increase of 1.75% year-on-year [2]. - The gross margin has decreased, with Q1-Q3 2025 gross margin at 22.52% and Q3 2025 at 22.92%, reflecting a year-on-year decline of 5.61 percentage points [3]. Revenue Performance - For Q3 2025, fresh product revenue was 874 million yuan, showing a slight year-on-year increase of 0.08% [2]. - The revenue from key product categories such as "夫妻肺片" and "整禽类" has contracted, while categories like "香辣休闲" and "其他鲜货" have seen growth [2]. - Regional performance varied, with the East China market experiencing a revenue decline of 1.92% year-on-year, while South China saw significant growth of 73.13% [2]. Profitability and Cost Analysis - The company’s net profit margin for Q1-Q3 2025 was 7.72%, down 6.15 percentage points year-on-year [3]. - Selling expenses and management expenses have increased, with selling expense ratio at 5.58% and management expense ratio at 6.37% for Q1-Q3 2025 [3]. - The report indicates that the decline in gross margin is likely related to rising import beef prices [3]. Earnings Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised downwards to 255 million, 278 million, and 325 million yuan, respectively, reflecting reductions of 27.6%, 28.2%, and 24.7% from previous estimates [4]. - The projected EPS for 2025-2027 is 0.62, 0.67, and 0.79 yuan, with corresponding P/E ratios of 30, 28, and 24 [4][5].