UE(SH:603600) Xin Lang Cai Jing·2025-11-06 12:32Core Viewpoint - Yongyi Co., Ltd. reported a mixed performance in its Q1-Q3 2025 financial results, with revenue growth but declining net profit, indicating challenges in both domestic and international markets [1][2][3]. Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 3.483 billion yuan, a year-on-year increase of 2.75%, while the net profit attributable to shareholders was 191 million yuan, a decline of 14.83% [1]. - In Q3 2025, the company recorded a revenue of 1.294 billion yuan, down 3.26% year-on-year, and a net profit of 59 million yuan, down 40.15% year-on-year [1]. - The gross profit margin for Q1-Q3 2025 was 21.31%, a decrease of 1.37 percentage points year-on-year, while for Q3 2025, it was 20.46%, down 1.97 percentage points year-on-year [3]. Market Dynamics - The company faced pressure on sales due to trade wars and inflation in Europe and the U.S., leading to a decline in revenue from the U.S. market [2]. - Despite challenges, the company has accelerated its domestic market expansion and growth in non-U.S. markets, with significant increases in sales from Asia, Europe, the Middle East, and South America [2]. - The export value of office chairs from China decreased by 6.37% year-on-year, with exports to the U.S. dropping by 25.54% [2]. Cost Management and Profitability - The company’s expense ratio for Q1-Q3 2025 was 15.21%, an increase of 0.36 percentage points year-on-year, while for Q3 2025, it was 14.67%, up 0.41 percentage points year-on-year [3]. - The net profit margin for Q1-Q3 2025 was 5.48%, down 1.30 percentage points year-on-year, and for Q3 2025, it was 4.53%, down 2.94 percentage points year-on-year [3]. Growth Prospects - The company is positioned as a leading ODM exporter of office chairs, with new overseas clients and channels expected to drive growth, while its domestic self-owned brand is anticipated to become a second growth curve [4]. - Revenue projections for 2025-2027 are estimated at 5.146 billion, 5.802 billion, and 6.333 billion yuan, with corresponding net profits of 289 million, 378 million, and 445 million yuan [4].