Huakai Yibai(SZ:300592) Xin Lang Zheng Quan·2025-10-28 14:54Core Viewpoint - Huakai Yibai, a well-known cross-border e-commerce seller, has shown strong revenue growth and is actively expanding its business model while maintaining a low debt ratio and facing challenges in profit margins [1][2][3]. Group 1: Company Overview - Huakai Yibai was established on February 23, 2009, and listed on the Shenzhen Stock Exchange on January 20, 2017, with its headquarters in Changsha, Hunan Province [1]. - The company focuses on spatial environment art design and provides comprehensive exhibition services for large venues, alongside its cross-border e-commerce business [1]. Group 2: Financial Performance - In Q3 2025, Huakai Yibai reported revenue of 6.74 billion yuan, ranking second in the industry, surpassing the industry average of 3.964 billion yuan [2]. - The main business segment, cross-border e-commerce, generated 4.182 billion yuan, accounting for 92.16% of total revenue [2]. - The net profit for the same period was 45.055 million yuan, ranking fourth in the industry, with the industry average at 135 million yuan [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 41.69%, lower than the industry average of 47.80% [3]. - The gross profit margin was reported at 32.71%, which is below the industry average of 38.17% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.52% to 19,800 [5]. - The average number of circulating A-shares held per shareholder decreased by 2.47% to 17,800 [5]. Group 5: Future Outlook - The company is expected to achieve revenues of 9.511 billion yuan, 10.34 billion yuan, and 11.20 billion yuan from 2025 to 2027, with net profits projected at 195 million yuan, 262 million yuan, and 336 million yuan respectively [5]. - Analysts have maintained a "buy" rating based on the company's growth potential and operational improvements [5].