PACIFIC SECURITIES(SH:601099) Ge Long Hui A P P·2025-11-04 08:13Company Performance - In the first three quarters of 2025, the net profit attributable to shareholders of the parent company was 72 million yuan, representing a decrease of 29.00% [1] - In Q3 2025, the net profit attributable to shareholders of the parent company was 18 million yuan, down 45.08% [1] - The company is expected to improve its product structure to enhance profitability [1] Industry Trends - The air frying category is evolving towards smart and healthy products, indicating a shift in consumer preferences [1] - The coffee machine market presents significant growth potential, described as a blue ocean opportunity [1] - The market for cleaning appliances and environmental electronics is expected to continue expanding in line with new consumption trends [1] Strategic Developments - The company has a stable and high-quality customer base in its core air frying business [1] - The coffee machine segment is anticipated to accelerate in volume as expectations are met [1] - New product categories are continuously being added to enrich the product matrix [1] - The Sino-Italian industrial park and the Thai dual-base are under active construction, with the first phase of the Sino-Italian industrial park entering the acceptance stage [1] - The air frying, coffee machine, environmental electronics, robotic vacuum cleaners, and AR glasses production lines have been completed simultaneously [1] - The M4 factory in Thailand has achieved stable delivery, and cooperation with new customers in North America is progressing smoothly [1] - The company's ability to manage international trade risks has improved, suggesting a positive outlook for revenue growth [1]