HAERS(SZ:002615) Zheng Quan Ri Bao Wang·2025-10-31 02:49Core Viewpoint - Zhejiang Harsco (002615) reported a revenue of 2.437 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2.94%, indicating a slowdown but still maintaining positive growth [1] Financial Performance - The company's operating cash flow has shown a gradual recovery, achieving a "V-shaped" reversal compared to the end of the first quarter, suggesting effective management responses to external shocks [1] - However, the net profit attributable to shareholders decreased year-on-year due to a combination of slowing revenue growth and fluctuations in gross margin [1] Profitability Challenges - The decline in profit is attributed to two main factors: stable end-user demand but short-term performance fluctuations caused by international trade friction, changes in customer product structure, and exchange rate volatility [1] - Additionally, the planned production of overseas bases has led to concentrated releases of depreciation, labor, and logistics costs, with capacity utilization still in the ramp-up phase, resulting in insufficient dilution of fixed costs [1] Future Outlook - Industry analysts believe that as the external environment stabilizes, Harsco's overseas production capacity will continue to be released, local workforce ratios will steadily increase, and the overseas supply chain will mature, leading to a gradual reduction of these temporary impacts [1] - Furthermore, as the domestic team matures in online operations, product development, channel layout, and market promotion, the brand strategy's benefits are expected to gradually emerge, potentially becoming a new engine for driving company performance growth [1]