随着气温降低，湖南宁乡市灰汤镇的各家温泉酒店逐渐迎来接待热潮，多家酒店的入住率已经超过七成。今年以来，这个以温泉而命名的 小镇已累计接待150万名游客。 央视网消息：冬季旅游，既有冰雪运动的精彩体验，也有温暖避寒的热门景点。不少小众的"宝藏城市"都迎来了冬季"热力值"攀升。从10 月份开始到第二年的3、4月份都是温泉的最佳体验季节，接下来，我们就去湖南灰汤镇看看。 在这些小众的"宝藏城市"里，泡完温泉暖意未散，何不走向野外搭个帐篷感受冬天最后的绿意盎然。在福建福安，露营经济持续升温，当 地依托良好的生态资源，吸引市民游客走进田园山水，享受与大自然相处的惬意时光。 在福安市溪潭镇的上湾村，记者看到，虽已入冬，但这里依旧绿意盎然。青山环抱间，潺潺溪流蜿蜒而过，140多亩的枫杨林沿溪铺展， 初冬暖阳透过郁郁葱葱的树木投射出斑驳光影。草地上支着色彩斑斓的帐篷，有的三两好友围炉煮茶，共享惬意时光，有的携家带口，在岸边 抓螃蟹感受自然妙趣。 靠着好生态和好环境，上湾村的露营经济持续火热。为进一步提升游客的游玩体验，在村委会的引导下，村民们自发行动起来，提供免费 停车和露营装备租赁业务，不仅极大地方便了游客，更带动了村里特 ...

Core Viewpoint - The company, Zhiyou Technology, is experiencing fluctuations in stock performance and is leveraging various economic trends such as the camping economy, influencer marketing, cross-border e-commerce, and the pet economy to enhance its business model [2][3]. Company Overview - Zhiyou Technology, established on January 8, 2010, is located in Zhengzhou, Henan Province, and specializes in the research, design, and sales of proprietary home products. The company went public on June 21, 2023, and its main revenue source is cross-border e-commerce retail, accounting for 99.09% of total revenue [7]. - As of September 30, 2025, the company reported a revenue of 6.082 billion yuan, representing a year-on-year growth of 6.18%, while the net profit attributable to shareholders decreased by 2.09% to 272 million yuan [8]. Product and Market Strategy - The company offers a range of courtyard products categorized into home furnishings, leisure, and sports, including items like rattan furniture sets, fences, garden tables, and sunshades [2]. - The pet product line includes furniture for pets such as cat trees, dog beds, and pet mats [3]. Marketing and Sales Channels - Zhiyou Technology collaborates with influencers based on product usage scenarios and follower demographics, having partnered with influencers on platforms like Instagram and TikTok to drive sales, although current contributions are minimal [2]. - The company has developed a differentiated cross-border e-commerce logistics system, establishing self-operated warehouses in countries like Germany and the USA, which enhances operational efficiency and customer satisfaction [2][3]. Financial Performance and Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 7.59% to 10,500, while the average circulating shares per person increased by 8.21% to 18,473 shares [8]. - The company has distributed a total of 401 million yuan in dividends since its A-share listing [9].

Core Viewpoint - The company, Zhejiang Yayi Metal Technology Co., Ltd., is focusing on outdoor leisure furniture, particularly fire pits and gas stoves, and is expanding its online sales channels through platforms like Amazon and TikTok, benefiting from the depreciation of the RMB and the growth of the camping economy [2][4]. Company Overview - Zhejiang Yayi Metal Technology Co., Ltd. was established on June 9, 2005, and went public on December 22, 2021. The company specializes in the research, design, production, and sales of outdoor leisure furniture, with a revenue composition of 55.86% from fire pits and stoves, 33.74% from other products, and 10.40% from gas stoves [8]. Financial Performance - In the first nine months of 2025, the company achieved a revenue of 239 million yuan, representing a year-on-year growth of 22.23%. However, the net profit attributable to the parent company was 1.78 million yuan, a significant decrease of 68.19% year-on-year [9]. - The 2024 annual report projects a revenue of 296 million yuan for 2023, reflecting a substantial year-on-year increase of 87.22%, driven by the strong performance of online sales channels [2]. Investment Activities - On July 26, 2023, the company announced plans to invest 10.2 million yuan in a partnership with several investment firms to establish a venture capital partnership, holding a 39.98% stake [3]. Market Position and Strategy - The company has established itself as one of the main providers of fire pits and gas stoves in China, with a comprehensive system for research, design, production, sales, and service [2]. - The overseas revenue accounted for 98.94% of total revenue, benefiting from the depreciation of the RMB [4]. Shareholder Information - As of September 30, 2025, the number of shareholders was 6,381, a decrease of 0.62% from the previous period, with an average of 8,629 circulating shares per person, an increase of 0.53% [9]. - The company has distributed a total of 142 million yuan in dividends since its A-share listing, with 51.1 million yuan distributed over the past three years [10].

来源：新浪证券-红岸工作室 1、公司坚持自主研发的发展战略，始终专注于火盆、气炉等户外休闲家具的研发、生产和销售。经过 多年发展逐步成为拥有完整的研发设计、生产、销售和服务体系的公司；公司家居产品系列丰富，品种 齐全，包括火盆、火盆桌、气炉、气炉桌等各个系列，已经成为国内主要的火盆、气炉类产品的提供商 之一。 2、2024年年报：2023年公司通过亚马逊平台建立线上销售渠道并推广自有品牌，2024年进一步深化跨 境电商布局。2024年公司营业收入达2.96亿元，同比大幅增长87.22%，显示线上渠道对业绩的强劲拉 动。与此同时，公司积极拓展 TikTok 、wayfair等新兴社交电商平台，利用其精准营销优势触达年轻消 费群体，并借助浙江省跨境电商综合试验区的政策支持，优化海外仓布局与物流效率 。公司以自有品 牌为核心，依托亚马逊扩大市场渗透，提升品牌认知度。 3、公司2023年7月26日公告：浙江雅艺金属科技股份有限公司拟与御道创业投资管理（永康）有限公 司、浙江朗迪集团股份有限公司、上海智鼎博能投资合伙企业（有限合伙）共同投资设立金华御道数维 创业投资合伙企业（有限合伙）。其中，公司作为有限合伙人以自有资 ...

Core Insights - The company reported Q3 2025 earnings with revenue of 133 million, a year-on-year decrease of 30.4%, and a net profit attributable to shareholders of 37 million, down 40.6% year-on-year, primarily due to seasonal factors and tariff impacts on customer shipments and order rhythms [1] Group 1: Short-term and Mid-term Performance - Q3 performance was significantly affected by tariffs, leading to a slowdown in orders and shipments, but there is potential for recovery as tariffs stabilize and customer inventory is digested [2] - The company is aligning with consumer trends, expanding from traditional outdoor mattresses to include water sports products and insulated bags, thus diversifying its business and leading the camping economy [2] - Water sports products are produced in Vietnam, effectively avoiding trade barriers and benefiting from tariff advantages, with a high certainty of order expansion based on existing customer relationships [2] - The insulated bag segment targets the rigid demand for food preservation in outdoor activities, leveraging partnerships with leading industry clients to quickly penetrate the market [2] Group 2: Global Supply Chain and Profitability - The company has established a robust supply chain network through bases in Vietnam, Cambodia, and Morocco, enhancing supply chain resilience [3] - The Vietnam base focuses on water sports products and is expected to show strong profitability as global outdoor sports market demand increases [3] - The Cambodian base is dedicated to insulated bags, with high scarcity in production capacity and potential for customer expansion [3] - Q3 gross margin was 28.23%, a decrease of 1.1 percentage points year-on-year, with a significant increase in expense ratios, indicating reduced scale effects on profitability [3] - The company anticipates improvement in profitability in Q4 as orders stabilize and new products gain traction, despite a stable overall expense ratio [3] Group 3: Earnings Forecast and Investment Recommendations - Due to tariff pressures on Q3 performance, the company has adjusted its earnings forecast, expecting revenues of 1.07 billion, 1.33 billion, and 1.57 billion for 2025-2027, representing growth rates of 7%, 24%, and 18% respectively [4] - Projected net profits for the same period are 210 million, 270 million, and 310 million, with growth rates of 14%, 25%, and 18% respectively, corresponding to PE ratios of 17, 13, and 11 times [4] - The investment recommendation remains a "buy" rating despite the anticipated challenges [4]

Group 1 - The camping economy concept stocks are experiencing a strong performance, with Aoya Co., Ltd. hitting a 20% limit up [1] - Sanfu Outdoor previously reached a limit up, indicating robust investor interest [1] - Other companies such as Taipeng Intelligent, Mugaodi, Wanlima, and Tanuo also saw gains, reflecting a broader trend in the sector [1] Group 2 - The recent wilderness survival event at Qixing Mountain in Zhangjiajie has gained significant popularity online, contributing to the growth of the camping economy [1]

Core Viewpoint - The company, Zhiyou Technology, is experiencing growth in its overseas revenue, primarily benefiting from the depreciation of the RMB and the rise of the camping, pet, and cross-border e-commerce economies [2][3]. Company Overview - Zhiyou Technology, established on January 8, 2010, is located in Zhengzhou, Henan Province, and was listed on June 21, 2023. The company focuses on the research, design, and sales of its own brand home products [7]. - The main business revenue composition includes 99.09% from cross-border e-commerce retail and 0.91% from other sources [7]. Financial Performance - As of September 30, 2025, Zhiyou Technology reported a revenue of 6.082 billion yuan, representing a year-on-year growth of 6.18%. However, the net profit attributable to the parent company was 272 million yuan, showing a decrease of 2.09% year-on-year [8]. - The company has distributed a total of 321 million yuan in dividends since its A-share listing [9]. Market Position and Strategy - The company has established a differentiated competitive advantage in its cross-border e-commerce export logistics system, which includes domestic and overseas self-operated warehouses, platform warehouses, and third-party cooperative warehouses [2]. - As of November 23, 2023, the company has collaborated with influencers on platforms like TikTok to promote its products, although the sales contribution from these efforts is currently small [2]. Product Offerings - Zhiyou Technology's product lines include courtyard home products, leisure products, and pet products, with a significant focus on outdoor and pet-related items [2][3]. - The overseas revenue accounted for 98.88% of the total revenue, benefiting from the depreciation of the RMB [3].

Core Viewpoint - The company, Zhejiang Yayi Metal Technology Co., Ltd., has shown significant growth in revenue and market presence, particularly through its online sales channels and cross-border e-commerce strategies, benefiting from the depreciation of the RMB. Group 1: Company Performance - In 2024, the company reported a revenue of 296 million yuan, a substantial increase of 87.22% year-on-year, driven by strong online sales channels [2] - As of September 30, 2025, the company achieved a revenue of 239 million yuan, reflecting a year-on-year growth of 22.23%, although the net profit decreased by 68.19% to 1.78 million yuan [9] - The company's overseas revenue accounted for 98.94% of total revenue, benefiting from the depreciation of the RMB [4] Group 2: Business Strategy - The company focuses on independent research and development, specializing in outdoor leisure furniture such as fire pits and gas stoves, and has developed a comprehensive system for research, design, production, sales, and service [2] - The company is expanding its cross-border e-commerce presence, utilizing platforms like Amazon and emerging social e-commerce platforms such as TikTok and Wayfair to reach younger consumers [2] - The company has established a partnership to invest in a venture capital firm, contributing 10.2 million yuan, which represents a 39.98% stake in the partnership [3] Group 3: Market Position - The company is recognized as one of the main providers of fire pits and gas stoves in China, with a diverse product range including fire pits, fire pit tables, gas stoves, and gas stove tables [2] - The company operates in the light industry manufacturing sector, specifically in home goods, and is categorized under micro-cap stocks, small-cap stocks, and outdoor camping concepts [8]

Core Viewpoint - The company, Zhejiang Yayi Metal Technology Co., Ltd., has shown significant growth in revenue and market presence, particularly through its online sales channels and cross-border e-commerce strategies, benefiting from the depreciation of the RMB. Group 1: Company Performance - In 2024, the company reported a revenue of 296 million yuan, a substantial increase of 87.22% year-on-year, driven by strong online sales channels [2] - As of September 30, 2025, the company achieved a revenue of 239 million yuan, reflecting a year-on-year growth of 22.23%, although the net profit decreased by 68.19% to 1.78 million yuan [9] Group 2: Business Strategy - The company focuses on independent research and development, specializing in outdoor leisure furniture such as fire pits and gas stoves, and has established a comprehensive system for research, design, production, sales, and service [2] - The company is expanding its cross-border e-commerce presence, utilizing platforms like Amazon, TikTok, and Wayfair to reach younger consumers and enhance brand recognition [2] Group 3: Market Position - The company has become one of the main providers of fire pits and gas stoves in China, with a product range that includes fire pits, fire pit tables, gas stoves, and gas stove tables [2] - As of the 2024 annual report, overseas revenue accounted for 98.94% of total revenue, benefiting from the depreciation of the RMB [4] Group 4: Investment and Shareholder Information - The company announced an investment partnership with several firms to establish a venture capital partnership, contributing 10.2 million yuan, representing a 39.98% stake [3] - As of September 30, 2025, the number of shareholders decreased by 0.62% to 6,381, while the average circulating shares per person increased by 0.53% to 8,629 shares [9]

Core Viewpoint - The company, Zhejiang Yayi Metal Technology Co., Ltd., is experiencing significant growth in its outdoor leisure furniture segment, particularly through online sales channels and cross-border e-commerce initiatives, benefiting from the depreciation of the RMB. Group 1: Company Overview - The company focuses on the research, production, and sales of outdoor leisure furniture, including fire pits and gas stoves, and has developed a comprehensive system for R&D, design, production, sales, and service [2][8]. - As of September 30, 2023, the company reported a revenue of 239 million yuan, a year-on-year increase of 22.23%, while the net profit attributable to the parent company was 1.78 million yuan, a decrease of 68.19% [9]. Group 2: Financial Performance - The company’s revenue for 2024 is projected to reach 296 million yuan, reflecting a substantial year-on-year growth of 87.22%, driven by strong performance in online sales channels [2]. - The overseas revenue accounted for 98.94% of total revenue, benefiting from the depreciation of the RMB [4]. Group 3: Investment and Partnerships - The company plans to invest 10.2 million yuan in a partnership with several investment firms to establish a venture capital fund, holding a 39.98% stake in the fund [3]. Group 4: Market Position and Strategy - The company is expanding its presence on emerging social e-commerce platforms like TikTok and Wayfair, targeting younger consumers and optimizing logistics through the support of the Zhejiang cross-border e-commerce pilot zone [2]. - The product revenue composition includes 55.86% from fire pits and stoves, 33.74% from other products, and 10.40% from gas stoves [8].