双塔食品三季报：业绩承压背后的内外挑战与应对

Core Viewpoint - The financial performance of Shuangta Food in Q3 2025 shows significant pressure, with a notable decline in revenue and a substantial net loss compared to the previous year [1][2]. Financial Performance Summary - In Q3 2025, Shuangta Food reported a revenue of 469 million yuan, a year-on-year decrease of 33.66% [1]. - The net profit attributable to shareholders was -19.92 million yuan, reflecting a year-on-year decline of 319.92% [1]. - For the first nine months of 2025, total revenue was 1.516 billion yuan, down 10.45% year-on-year, and net profit was 34.44 million yuan, a decrease of 45.27% [1]. External Factors Impacting Performance - The change in external trade environment significantly affected performance, particularly due to the EU's anti-dumping investigation into Chinese high-protein pea protein, a core product of the company [2]. - The company's overseas revenue contribution was substantial, with 483 million yuan from international markets in H1 2025, accounting for 46.11% of total revenue [2]. - The EU market share increased from 3.92% in 2024 to 6.48% in H1 2025, but the anti-dumping investigation poses uncertainty for future growth [2]. Internal Operational Challenges - Internal pressures also contributed to the decline in profitability, with asset impairment losses increasing by 40.42% due to rising starch inventory [3]. - Sales expenses rose by 36.19%, primarily due to increased costs associated with order meetings [3]. - Despite reductions in management and financial expenses, the growth in asset impairment and sales costs exerted pressure on net profit [3]. Strategic Responses - In response to current challenges, the company is intensifying its domestic market efforts, achieving a 15.63% increase in domestic sales revenue in H1 2025 [3]. - The company is also constructing a factory in Thailand to leverage Southeast Asia's advantages and mitigate trade barriers [3]. - A special task force has been established to address the EU anti-dumping investigation, including hiring professional legal teams [3]. Industry Context and Future Outlook - The performance of Shuangta Food reflects the common challenges faced by export-dependent plant protein companies in the current global trade environment [4]. - The transition from "export processing" to "domestic brand operation" will take time and may not immediately compensate for lost overseas revenue [4]. - The success of domestic market expansion and overseas capacity building will be crucial for the company to overcome current pressures and achieve stable growth in the long term [4].