承德露露前三季度营收净利双降，年产15万吨饮料项目仍在施工

Core Viewpoint - Chengde Lulule's financial performance in the first three quarters of 2025 shows a decline in both revenue and net profit, reflecting ongoing challenges in consumer demand and seasonal sales fluctuations [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of approximately 1.956 billion yuan, a year-on-year decrease of 9.42% [1] - The net profit attributable to shareholders was about 384 million yuan, down 8.47% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 382 million yuan, a decline of 8.55% year-on-year [1] Sales and Market Conditions - The company experiences significant seasonal sales variations, with the first quarter of 2025 facing pressure due to an early Spring Festival and a continuation of weak overall consumer sentiment [1] - Revenue in the first half of 2025 decreased by 15.30% year-on-year [1] - Despite underperformance in the first half, the third quarter showed better-than-expected revenue performance as the company accelerated its efforts to meet targets for the second year of its equity incentive plan [1] Product Development - The main product contributing to revenue remains almond milk, while new products are still in the cultivation phase, with some contribution in the third quarter but not yet significant [1] Project Development - The construction project for "annual production of 150,000 tons of Lulule series beverages" is progressing, with 90% of the foundation work completed, 85% of the main structure finished, and 10% of the secondary structure completed as of September 30, 2025 [1]