Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved revenue of 20.37 billion yuan, net profit attributable to shareholders of 0.81 billion yuan, and net profit excluding non-recurring items of 0.63 billion yuan in Q3 2025, representing year-on-year changes of +2%, -23%, and -36% respectively. A turning point in operations is expected to begin in Q4, with interest rate cuts likely to stimulate industry demand [2][4]. Summary by Sections Performance Overview - For the first three quarters of 2025, the company reported revenue of 60.82 billion yuan, net profit attributable to shareholders of 2.72 billion yuan, and net profit excluding non-recurring items of 2.87 billion yuan, with year-on-year changes of +6%, -2%, and +11% respectively. In Q3 2025, the revenue was 20.37 billion yuan, net profit attributable to shareholders was 0.81 billion yuan, and net profit excluding non-recurring items was 0.63 billion yuan, with year-on-year changes of +2%, -23%, and -36% respectively [4]. Dividend Announcement - The company plans to distribute a cash dividend of 2 yuan per 10 shares (including tax) to all shareholders, totaling 0.80 billion yuan [4]. Market Dynamics - Q3 performance met expectations, with European markets being the main growth driver, showing double-digit growth year-on-year. The U.S. market is expected to improve in Q4 as supply chain issues are resolved [11]. Growth Drivers - The company is focusing on expanding product categories, particularly in high-value items, and enhancing its presence on platforms like Amazon while exploring new markets in North America and Southeast Asia [11]. Operational Efficiency - Significant progress in internal optimization has been noted, with improvements in delivery efficiency and cost reduction in logistics, particularly in Europe and the U.S. [11]. Future Outlook - The company is expected to achieve net profits of 3.7 billion yuan, 4.9 billion yuan, and 6.3 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 20x, 15x, and 12x [11].
致欧科技（301376）：符合预期，期待Q4开始出现经营拐点