SIEYUAN(SZ:002028) Sou Hu Cai Jing·2025-10-23 00:05Group 1: Baia Co., Ltd. - Douyin remains a crucial platform for brand exposure and customer acquisition, with increased investment in Xiaohongshu showing positive trends [1] - Instant retail is growing rapidly, becoming a significant emerging channel with potential for industry new dividends [1] - The company reported over 100% revenue growth in the first three quarters, with a potential increase in net profit margin due to channel cost dilution [1] - The health product series accounts for over 50% of revenue, with significant growth in organic cotton and probiotic products, and plans for further scale expansion and product upgrades [1] Group 2: Siyuan Electric - The company is confident in achieving its annual targets, with a 25% growth in orders, and progress as of September is in line with expectations [2] - Overseas orders are growing faster than average, while domestic orders in systems, new energy, and energy storage are also meeting expectations [2] - Gross margin is supported by scale effects, with stable material costs, although depreciation may pose pressure [2] Group 3: Meihua Medical - For Q3 2025, the company reported revenue of 462 million yuan, a year-on-year increase of 2.56%, and a net profit of 93.9 million yuan, up 5.89% [3] - The company is advancing industrialization in brain-computer interfaces, home ventilators, injection pens, CGM, and robotics [3] - The brain-computer interface leverages technology from cochlear implants, while partnerships with global leaders are deepening for home ventilators [3]