顶固集创前三季度营收6.89亿元同比降13.48%，归母净利润1171.94万元同比增222.32%，研发费用同比下降10.29%

Core Insights - The company reported a revenue of 689 million yuan for the first three quarters of 2025, a year-on-year decrease of 13.48% [1] - The net profit attributable to shareholders was 11.72 million yuan, a significant increase of 222.32% year-on-year [1] - The basic earnings per share stood at 0.06 yuan [1] Financial Performance - The gross profit margin for the first three quarters was 23.28%, an increase of 0.19 percentage points year-on-year [1] - The net profit margin was 1.71%, up 2.91 percentage points compared to the same period last year [1] - In Q3 2025, the gross profit margin was 24.09%, a decrease of 0.60 percentage points year-on-year, but an increase of 0.13 percentage points quarter-on-quarter [1] - The net profit margin for Q3 was 0.76%, an increase of 2.63 percentage points year-on-year, but a decrease of 1.17 percentage points from the previous quarter [1] Expense Analysis - Total operating expenses for the period were 156 million yuan, a decrease of 23.6 million yuan year-on-year [2] - The expense ratio was 22.69%, an increase of 0.09 percentage points year-on-year [2] - Sales expenses decreased by 22.66%, management expenses decreased by 5.95%, and R&D expenses decreased by 10.29% [2] - Financial expenses increased by 88.26% year-on-year [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 9,066, a decrease of 158 from the end of the previous half-year, representing a decline of 1.71% [2] - The average market value per shareholder increased from 187,100 yuan to 200,300 yuan, a growth of 7.07% [2] Company Overview - The company, Guangdong Topstrong Home Co., Ltd., was established on December 4, 2002, and listed on September 25, 2018 [2] - The main business includes custom wardrobes and furniture, premium hardware, smart hardware, custom ecological doors, and other smart home products [2] - The revenue composition is as follows: custom wardrobes and furniture 55.75%, premium hardware 35.49%, custom ecological doors 5.42%, and others 3.34% [2] - The company belongs to the light industry manufacturing sector, specifically in home products and custom home segments [2]