BIYI(SH:603215) Xin Lang Cai Jing·2025-10-30 06:31Core Viewpoint - The company reported a decline in net profit for the first three quarters of 2025, despite an increase in revenue, indicating pressure on profitability [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.76 billion, a year-on-year increase of 18.7%, but the net profit attributable to shareholders was 70 million, a year-on-year decrease of 29.0% [1]. - The net profit for Q3 2025 was 20 million, reflecting a significant year-on-year decline of 45.1% [1]. - The gross margin for the first three quarters of 2025 decreased by 2.4 percentage points to 13.8%, while Q3 gross margin fell by 2.5 percentage points to 12.7% [1]. - The net profit margin for the first three quarters of 2025 was 3.8%, down 2.9 percentage points year-on-year, and for Q3, it was 2.6%, down 2.6 percentage points year-on-year [1]. Cost Structure - The company experienced an increase in various expense ratios for the first three quarters of 2025, with sales, management, R&D, and financial expense ratios at 2.8%, 3.4%, 2.9%, and -0.1%, respectively, showing year-on-year changes of +1.9 percentage points, +0.4 percentage points, -0.1 percentage points, and +0.1 percentage points [1]. - In Q3 2025, the expense ratios showed similar trends with increases in sales, management, and R&D expenses, while financial expenses decreased [1]. Profit Forecast and Investment Recommendation - The company is expected to face continued pressure on profitability due to significant investment in new molds, with projected net profits for 2025-2027 at 121 million, 145 million, and 171 million, reflecting year-on-year changes of -13.1%, +19.3%, and +18.3%, respectively [2]. - The investment rating is maintained at "Accumulate" [2].