HAI TIAN(SH:603288) Xin Lang Cai Jing·2025-10-29 12:32Core Insights - The company reported a revenue of 21.63 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 6.0% [1] - The net profit attributable to shareholders reached 5.32 billion yuan, up 10.5% year-on-year, while the net profit excluding non-recurring items was 5.16 billion yuan, increasing by 11.7% [1] - For Q3 2025, the company achieved a revenue of 6.40 billion yuan, a year-on-year growth of 2.5%, with a net profit of 1.41 billion yuan, up 3.4% year-on-year [1] Revenue Analysis - The revenue growth rate for Q3 2025 decreased compared to previous quarters, with Q1 and Q2 showing year-on-year increases of 8.1% and 7.0% respectively [2] - By product category in Q3 2025, soy sauce, seasoning sauce, oyster sauce, and other products generated revenues of 3.23 billion, 600 million, 1.13 billion, and 1.09 billion yuan, with year-on-year growth rates of 5.0%, 3.5%, 2.0%, and 6.5% respectively [2] - Revenue by channel in Q3 2025 showed offline and online channels generating 5.64 billion and 400 million yuan, with year-on-year growth of 3.6% and 19.8% respectively [2] - Regional revenue in Q3 2025 was as follows: Eastern region 1.28 billion, Southern region 1.27 billion, Central region 1.33 billion, Northern region 1.40 billion, and Western region 760 million yuan, with year-on-year growth rates of 9.0%, 10.4%, 3.0%, -2.5%, and 4.6% respectively [2] Profitability and Cost Structure - The company experienced a continuous improvement in gross margin, which increased by 3.0 percentage points year-on-year in Q3 2025 [3] - Expense ratios for Q3 2025 were as follows: sales expenses increased by 1.8 percentage points, management expenses by 1.0 percentage points, while R&D and financial expenses decreased by 0.1 and 0.9 percentage points respectively [3] - The net profit margin attributable to shareholders increased by 0.2 percentage points year-on-year, while the net profit margin excluding non-recurring items rose by 0.3 percentage points [3] Future Projections - The company is projected to achieve revenues of 29.11 billion, 31.97 billion, and 34.94 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 8.2%, 9.8%, and 9.3% respectively [3] - Expected net profits attributable to shareholders for the same period are 7.20 billion, 7.95 billion, and 8.76 billion yuan, with year-on-year growth rates of 13.5%, 10.4%, and 10.3% respectively [3] - Corresponding EPS for 2025, 2026, and 2027 are projected to be 1.23, 1.36, and 1.50 yuan per share [3]