COMIX GROUP(SZ:002301) Xin Lang Cai Jing·2025-10-29 13:08Core Viewpoint - Qixin Group is a leading player in the B2B office procurement sector, with a strong focus on comprehensive office supplies and a digital operation platform that enhances its industry experience [1] Group 1: Business Performance - In Q3 2025, Qixin Group reported revenue of 7.729 billion, ranking second in the industry, with the top competitor, Chenguang Co., achieving 17.328 billion [2] - The main business revenue from office supplies was 4.734 billion, accounting for 99.18% of total revenue, while other segments contributed only 21.932 million (0.46%) and enterprise-level SaaS software and services contributed 17.226 million (0.36%) [2] - The net profit for the same period was 142 million, ranking third in the industry, with Chenguang Co. leading at 973 million [2] Group 2: Financial Ratios - As of Q3 2025, Qixin Group's debt-to-asset ratio was 64.21%, slightly down from 64.43% year-on-year, but significantly higher than the industry average of 43.06% [3] - The gross profit margin for Q3 2025 was 9.05%, an increase from 8.72% year-on-year, yet still below the industry average of 27.82% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.03% to 36,500, while the average number of circulating A-shares held per shareholder increased by 9.93% to 19,700 [5] - Hong Kong Central Clearing Limited exited the top ten circulating shareholders list [5] Group 4: Strategic Insights - Qixin Group is recognized for its robust client base in the B2B office supplies sector, which supports long-term performance stability [5] - Key business highlights include a steady recovery in office procurement, the empowerment of self-owned brands through "Guochao" cultural creativity, and a focus on overseas market expansion via cross-border e-commerce [5] - The company has completed impairment for Haoshitong, and the stock incentive plan reflects confidence in future growth, with clear performance targets for 2025 [5]