BIEM(SZ:002832) Shen Zhen Shang Bao·2025-10-31 04:17Core Viewpoint - The company reported a revenue increase of 6.71% year-on-year for the first three quarters of 2025, but net profit decreased by 18.7%, indicating a struggle with profitability despite revenue growth [1][2][3]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of approximately 3.201 billion yuan, up 6.71% compared to the same period last year [1][2]. - The net profit attributable to shareholders was about 619.6 million yuan, down 18.7% year-on-year [1][2]. - The non-recurring net profit was approximately 577.9 million yuan, reflecting a decline of 21.36% year-on-year [1][2]. - In Q3 alone, the net profit and non-recurring net profit decreased by 27.42% and 32.01% year-on-year, respectively [1][2]. Cost Structure - Sales expenses increased to 1.34 billion yuan from 1.049 billion yuan in the same period last year [2]. - Research and development expenses rose slightly to 98.9 million yuan from 98.24 million yuan [2]. - Management expenses decreased to 243 million yuan from 268 million yuan [2]. Inventory and Market Position - As of September 30, 2025, the company's inventory was 1.128 billion yuan, an increase from 950 million yuan at the beginning of the reporting period [3]. - The company is recognized as a leading brand in the domestic golf apparel segment and has been referred to as the "Moutai of clothing" in the capital market [3]. - The company faced a profit decline in 2024, with net profit down 14.28% year-on-year, attributed to increased brand marketing investments [3]. Market Performance - As of October 31, 2025, the company's stock price was 15.95 yuan per share, with a market capitalization of 9.103 billion yuan [3]. - The stock has seen a decline of 24.63% since the beginning of 2025 [3].