GONGNIU(SH:603195) Xin Lang Cai Jing·2025-10-30 11:14Core Viewpoint - Bull Group reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1][2]. Financial Performance - The company's revenue for the first three quarters was 12.198 billion yuan, a year-on-year decrease of 3.22% [1]. - The net profit attributable to shareholders was 2.979 billion yuan, down 8.72% year-on-year [1]. - The basic earnings per share stood at 1.65 yuan [1]. - The gross profit margin for the first three quarters was 42.11%, a decrease of 1.01 percentage points year-on-year [2]. - The net profit margin was 24.45%, down 1.43 percentage points compared to the same period last year [2]. Quarterly Analysis - In Q3 2025, the gross profit margin was 41.68%, a decline of 1.79 percentage points year-on-year and 1.83 percentage points quarter-on-quarter [2]. - The net profit margin for Q3 was 22.81%, down 1.49 percentage points year-on-year and 2.82 percentage points from the previous quarter [2]. Expense Management - Total operating expenses for the period were 1.798 billion yuan, a decrease of 178 million yuan year-on-year [2]. - The expense ratio was 14.74%, down 0.94 percentage points from the same period last year [2]. - Sales expenses decreased by 19.37% year-on-year, while management expenses increased by 18.38% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 52,800, an increase of 18,300 or 53.08% from the end of the previous half [2]. - The average market value per shareholder decreased from 2.5309 million yuan to 1.5304 million yuan, a decline of 39.53% [2]. Company Overview - Bull Group, established on January 18, 2008, is located in Qingpu District, Shanghai, and focuses on the research, production, and sales of civil electrical products, particularly converters and wall switches [3]. - The company is classified under the light industry manufacturing sector, specifically in home goods [3].