Huakai Yibai(SZ:300592) Nan Fang Du Shi Bao·2025-10-31 15:00Core Insights - The article highlights the contrasting financial performance of Huakai Yibai, a leading player in China's cross-border e-commerce sector, with revenue showing double-digit growth while net profit significantly declined due to industry changes and strategic adjustments [2][6][10] Financial Performance - For the first three quarters of 2025, Huakai Yibai reported total revenue of 6.74 billion yuan, a year-on-year increase of 10.21%, indicating resilience in its business fundamentals [6][7] - However, the net profit attributable to shareholders plummeted by 73.90% to 49.41 million yuan, with the non-recurring net profit dropping by 81.12% to 35.18 million yuan [6][7] - In Q3 2025, the company experienced a revenue decline of 15.10% to 2.20 billion yuan, marking the first quarterly year-on-year revenue drop during the reporting period [6][7] Cost and Profitability Challenges - The company's operating costs increased by 14.32% to 4.54 billion yuan, while total expenses rose by 11.67% to 2.12 billion yuan, outpacing revenue growth and compressing profit margins [6][8] - The gross profit margin was negatively impacted by increased promotional activities aimed at clearing inefficient inventory, alongside rising warehousing and logistics costs [8][9] Strategic Adjustments and Market Conditions - The cross-border e-commerce industry is facing heightened competition, frequent policy adjustments, and rising international trade friction, leading to increased operational uncertainties [8][10] - Huakai Yibai is focusing on optimizing its business structure and enhancing asset quality, which has resulted in a slowdown in revenue growth [8][10] - The company remains heavily reliant on Amazon, with over 60% of sales coming from this platform, exposing it to risks from potential policy changes [8][10] Cash Flow and Future Outlook - Despite profitability pressures, Huakai Yibai's cash flow remains strong, with net cash flow from operating activities reaching 579 million yuan, representing a 239% increase [9][10] - The company’s ecosystem platform, Yimai, is rapidly growing, with the number of partner merchants exceeding 339, a 23.27% increase from the end of 2024, indicating potential for future growth [9][10] - Analysts suggest that the worst may be over for Huakai Yibai, with expectations for a recovery in performance in 2025 [10]