宽平衡，价格支撑减弱。成本方面，国际油价现实端供强于需持续，地缘方面俄乌、美委局势仍存不确定 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 苯乙烯产业日报 2025-12-01 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):苯乙烯(日,元/吨) | 6549 | -17 期货成交量(活跃:成交量):苯乙烯(EB)(日, | 270098 | -20251 | | | 前20名持仓:买单量:苯乙烯(日,手) | 316499 | 手) -21219 1月合约收盘价:苯乙烯(日,元/吨) | 6549 | -17 | | | 期货持仓量(活跃:成交量):苯乙烯(EB)(日, | | | | | | | | 308914 | -6808 前20名持仓:净买单量:苯乙烯(日,手) | -46463 | 4741 | | | 手) 前20名持仓:卖单量:苯乙烯(日,手) | 362962 | -25960 仓单数量:苯乙烯 ...

作者|远禾 数据支持| 勾股大数据（www.gogudata.com） 近一段时间，金龙鱼的投资者问答平台几乎被针对一连串的外部纠纷的质疑淹没。 十万股东的焦灼背后，是金龙鱼已经低迷许久的股价。 最近一连串事件导致公司股价连连下跌，近一周，金龙鱼已经跌去了百亿市值。 2020年，金龙鱼登陆创业板，创造了当时创业板最大IPO纪录。以25.70元的发行价计算，上市之后几个月，金龙鱼股价暴涨超450%，市值最高超过7800亿 元，被誉为"油茅"。 然而巅峰过后，便是无尽的下跌。自2021年1月最高点以来，金龙鱼股价已然跌去了近80%，跌市值跌去超6000亿元。 时至今日，这家千亿市值的"油茅"巨头，又站在了风口浪尖。 01 近几年来，金龙鱼的负面舆论不断。 先是打假人王海曝光金龙鱼五常大米造假，随后食用油行业又出现工业油罐车运油乱象，金龙鱼被湖北前首富兰世立硬刚。 而最近，金龙鱼和兰世立的纠纷余波再起，尽管法庭审理暂时落下帷幕，但在法庭上的胜利，没能带来舆论场上的支持。 在媒体平台上，抵制金龙鱼的声浪仍未止息。然而一波未平，一波又起。 近日，金龙鱼子公司广州益海又面临合同诈骗罪的天价退赔金额。 11月20日，金龙鱼 ...

Core Viewpoint - The article discusses the recent challenges faced by the company Jinlongyu, including a significant decline in stock price, legal issues, and ongoing negative public sentiment, which have collectively impacted its market value and financial performance [4][8][48]. Group 1: Stock Performance and Market Value - Jinlongyu's stock has seen a dramatic decline, losing nearly 80% of its value since its peak in January 2021, resulting in a market value drop of over 600 billion yuan [4][16]. - The company was once celebrated for its record IPO in 2020, but has since struggled to maintain investor confidence amid ongoing controversies [4][7]. Group 2: Legal Issues and Financial Pressure - Jinlongyu's subsidiary, Guangzhou Yihai, was recently found guilty of contract fraud, resulting in a fine of 1 million yuan and a staggering 1.881 billion yuan in compensation, which could severely impact the company's profitability [10][15]. - The company's net profit for 2024 is projected at only 25.02 billion yuan, indicating that the potential legal liabilities could consume a significant portion of its earnings [15][20]. Group 3: Operational Challenges - Jinlongyu is facing underutilization of its production capacity, with oilseed crushing and refining capacities operating at less than 50% [22][23]. - The company has also delayed multiple investment projects, indicating difficulties in achieving expected returns and managing excess capacity [25]. Group 4: Industry Context and Competitive Landscape - The food oil industry is characterized by high costs, low margins, and intense competition, which limits profitability and growth potential [31][38]. - Despite being a market leader, Jinlongyu is challenged by emerging brands and changing consumer preferences, particularly as the market shifts from growth to saturation [41][44]. Group 5: Future Opportunities and Strategic Directions - There is potential for Jinlongyu to capitalize on trends towards health and premium products, but this requires significant brand rebuilding and innovation [46][47]. - The company must address its operational inefficiencies and adapt to market changes to regain investor confidence and improve its financial standing [47][49].

Core Viewpoint - Controlling incremental growth is the key to long-term improvement in the industry, while reducing existing capacity focuses on addressing current contradictions [1][2] Group 1: Industry Improvement Strategies - The "Stabilizing Growth Work Plan for the Petrochemical Industry" emphasizes scientific regulation of major project construction, strict control of new refining capacity, and reasonable determination of new capacity scale and deployment rhythm for ethylene and paraxylene [1] - The industry is experiencing a high operating rate without significant overcapacity, with various petrochemical products expected to see an average capacity growth rate exceeding 10% per year from 2019 to 2025 [2] - The industry is likely to transition from localized improvements to a comprehensive recovery, with a significant decline in the production growth rate of most petrochemical products expected by 2026 [2] Group 2: Market Dynamics and Future Outlook - In 2026, the new capacity for PX is expected to fall short of expectations, while geopolitical factors and refinery disruptions are driving up the price differential for overseas refined oil, potentially enhancing profitability for refining [3] - The PTA and polyester filament sectors are making positive progress in reducing excess capacity, with future new capacity growth expected to be low and increasing maintenance activities [3] - The high barriers to entry in the petrochemical industry are expected to further solidify the industry's competitive moat as new capacity growth declines from 2027 to 2028 [2]

Summary of the Conference Call for Beijiajie Company Overview - **Company**: Beijiajie - **Industry**: Oral Care and Consumer Products Key Financial Performance - **Net Profit**: For the first three quarters of 2025, Beijiajie reported a net profit of 77.07 million, a year-on-year increase of approximately 85% [2][4] - **Operating Cash Flow**: Operating cash flow reached 136 million, up 26% year-on-year [2][4] - **Revenue**: Total revenue for the first three quarters was 1.119 billion, an 18.75% increase year-on-year [4] Product Performance - **Oral Care Products**: Revenue from oral care products was 762 million, a 26% increase year-on-year [2][5] - **Toothpaste**: Revenue increased tenfold to 129 million [5] - **Dental Floss Picks**: Revenue grew by 30% to 104 million [5] - **Toothbrushes**: Revenue decreased by 0.22% to 373 million [5] - **Dental Floss**: Revenue fell by 5.78% to 66 million [5] - **ODM and OBM Business**: - ODM revenue grew by 11%-11.5% [2][6] - OBM revenue increased by 52% to 89.75 million but still incurred a loss of 20.8 million [2][6] Market Dynamics - **Domestic vs. Export Market**: - Domestic revenue grew by 37% to 499 million [7] - Export revenue only increased by 1.2% to 583 million, indicating weak growth potentially due to tariff policies [2][7][18] Investment and Subsidiary Performance - **Investment in Weimei Zi (Shuke)**: - Weimei Zi achieved revenue of 1.68 billion, a 17% increase, and a net profit of 12.2 million, turning around from a loss of 41.24 million [9] - Significant contribution from e-commerce, particularly from Shuke Baby [9] Future Outlook - **Growth Projections**: Beijiajie expects to maintain double-digit growth in 2025, with a target of 50% growth for the toothpaste category [3][13] - **Order Backlog**: The company has a backlog of over 80 million toothbrushes and 30 million packs of wet wipes, indicating strong demand [8][13] Operational Efficiency and Cost Management - **Cost Reduction Initiatives**: Beijiajie is implementing cost-cutting measures focused on manufacturing efficiency, with expert guidance on lean improvement projects [20][21] - **Gross Margin Improvement**: The gross margin is expected to improve due to better performance in toothpaste and OBM business [17][21] Challenges and Risks - **Tariff Impact**: Short-term tariff policies have affected sales, particularly in toothbrushes and wet wipes, but the long-term impact is expected to be minimal [18] - **Utilization Rates**: Current utilization rates for toothbrush production are over 80%, while wet wipes are at 30%, indicating room for improvement [19] Conclusion Beijiajie is demonstrating strong financial performance with significant growth in its oral care segment, particularly in toothpaste and dental floss picks. The company is focused on maintaining growth through operational efficiency and strategic investments, while navigating challenges in the export market and tariff impacts.

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - After the restart of previously overhauled devices, the short - term domestic production of cis - butadiene rubber is expected to increase, and the inventories of production and trading enterprises are expected to rise slightly [2]. - Last week, tire companies had insufficient orders, with some arranging overhauls and others reducing production, dragging down the capacity utilization rate. As the production scheduling of overhauled enterprises gradually recovers, the capacity utilization rate of tire companies this week may show a restorative increase, but the overall demand improvement space is limited, and enterprises' production control will continue, restricting the increase in capacity utilization rate [2]. - The br2601 contract is expected to fluctuate in the range of 10,000 - 10,500 in the short term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 10,360 yuan/ton, and the position volume is 63,030, a decrease of 5,705 [2]. - The 1 - 2 spread of synthetic rubber is 5 yuan/ton, a decrease of 10; the warehouse receipt quantity of butadiene rubber is 2,880 tons, a decrease of 80 [2]. 3.2 Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical in Shandong is 10,500 yuan/ton (unchanged), from Daqing Petrochemical in Shandong is 10,450 yuan/ton (a decrease of 50), from Daqing Petrochemical in Shanghai is 10,500 yuan/ton (unchanged), and from Maoming Petrochemical in Guangdong is 10,650 yuan/ton (a decrease of 50) [2]. - The basis of synthetic rubber is 140 yuan/ton, and the spread is - 90 [2]. - Brent crude oil is 62.48 dollars/barrel (a decrease of 0.89), WTI crude oil is 57.95 dollars/barrel (a decrease of 0.89), the price of Northeast Asian ethylene is 730 dollars/ton (unchanged), the price of naphtha CFR Japan is 560.88 dollars/ton (a decrease of 1.75), the intermediate price of butadiene CFR China is 820 dollars/ton (a decrease of 20), and the market price of butadiene in Shandong is 7,150 yuan/ton (a decrease of 25) [2]. 3.3 Upstream Situation - The weekly production capacity of butadiene is 159,400 tons (an increase of 3,800), and the capacity utilization rate is 72.53% (a decrease of 0.49 percentage points) [2]. - The port inventory of butadiene is 39,800 tons (an increase of 10,800), and the operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 54.26% (an increase of 1.01 percentage points) [2]. - The monthly production of cis - butadiene rubber is 137,600 tons (an increase of 7,200), and the weekly capacity utilization rate is 72.64% (an increase of 2.72 percentage points) [2]. - The weekly production profit of cis - butadiene rubber is 284 yuan/ton (a decrease of 352), the social inventory is 31,500 tons (an increase of 700), the manufacturer's inventory is 26,630 tons (an increase of 780), and the trader's inventory is 4,880 tons (a decrease of 90) [2]. 3.4 Downstream Situation - The operating rate of domestic semi - steel tires is 70.05% (a decrease of 3.63 percentage points), and that of full - steel tires is 62.25% (a decrease of 2.25 percentage points) [2]. - The monthly production of full - steel tires is 12.42 million pieces (a decrease of 720,000), and that of semi - steel tires is 51.68 million pieces (a decrease of 8.57 million) [2]. - The inventory days of full - steel tires in Shandong are 40.24 days (an increase of 0.69), and those of semi - steel tires are 45.86 days (an increase of 0.5) [2]. 3.5 Industry News - As of November 20, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 69.36%, a decrease of 3.63 percentage points month - on - month and 10.40 percentage points year - on - year. The capacity utilization rate of full - steel tire sample enterprises was 62.04%, a decrease of 2.25 percentage points month - on - month and an increase of 1.56 percentage points year - on - year. Enterprises had insufficient orders, with some arranging overhauls and others reducing production, dragging down the capacity utilization rate [2]. - In October 2025, the domestic production of cis - butadiene rubber was 137,600 tons, an increase of 7,200 tons from the previous month, a month - on - month increase of 5.52% and a year - on - year increase of 24.07%. The capacity utilization rate was 71.39%, an increase of 1.46 percentage points from the previous period and 10.93 percentage points from the same period last year. Most previously overhauled cis - butadiene rubber devices restarted, and domestic production increased restoratively. Recently, the raw material buyers actively followed up, and the cost support of cis - butadiene rubber strengthened slightly [2]. - As of November 19, the domestic inventory of cis - butadiene rubber was 31,500 tons, an increase of 700 tons from the previous period, a month - on - month increase of 2.24%. This period, the raw material buyers actively followed up, the cost support of cis - butadiene rubber strengthened slightly, the supply prices of Sinopec and PetroChina resources increased, but the spot resources remained tight. High - premium offers were difficult to attract buyers, and private enterprises' price - holding was also difficult to get terminal follow - up, with some transactions weakening [2].

Liquidity - The BCI small and medium enterprise financing environment index for October 2025 is 52.41, with a month-on-month increase of 10.15% [4] - The M1 and M2 growth rate difference in October 2025 is -2.0 percentage points, a decrease of 0.80 percentage points from the previous month [4] - The current price of London gold is $4064 per ounce [4] Infrastructure and Real Estate Chain - The operating rates for cement and asphalt have dropped to the lowest level in five years [5] - Weekly price changes include rebar up by 1.89%, cement price index down by 0.47%, rubber up by 0.34%, coke up by 3.29%, coking coal down by 0.95%, and iron ore up by 1.40% [5] - National blast furnace capacity utilization, cement, and asphalt operating rates have decreased by 0.22 percentage points, 10.80 percentage points, and 8.8 percentage points respectively [5] Real Estate Completion Chain - The prices of titanium dioxide and flat glass remain at low profit levels, with flat glass operating rate at 74.86% [6] - The weekly price change for titanium dioxide and glass is 0.00% [6] - The profit margins for flat glass and titanium dioxide are -58 yuan/ton and -1526 yuan/ton respectively [6] Industrial Products Chain - The operating rate for semi-steel tires is at a five-year high [7] - Major commodity price changes include cold-rolled steel down by 0.25%, copper down by 1.35%, and aluminum down by 2.42% [7] - The national semi-steel tire operating rate is 71.07%, a decrease of 2.61 percentage points [7] Subcategories - The price of tungsten concentrate has reached a new high since 2012, at 329,000 yuan/ton, with a week-on-week increase of 3.46% [8] - The price of graphite electrodes is 18,500 yuan/ton, with a profit margin of 1357.4 yuan/ton, down by 19.55% [8] - The price of electrolytic aluminum is 21,360 yuan/ton, with a profit margin of 4161 yuan/ton (excluding tax), down by 9.96% [8] Price Comparison - The price ratio of rebar to iron ore is 4.03 this week [10] - The price difference between hot-rolled and rebar steel is 50 yuan/ton [10] - The price difference between cold-rolled and hot-rolled steel in Shanghai is 540 yuan/ton, an increase of 70 yuan/ton [10] Export Chain - The new export orders PMI for China in October 2025 is 45.90%, a decrease of 1.9 percentage points [11] - The China Containerized Freight Index (CCFI) composite index is 1122.79 points this week, an increase of 2.63% [11] - The capacity utilization rate for crude steel in the US is 76.20%, a decrease of 0.50 percentage points [11] Valuation Percentiles - The CSI 300 index has decreased by 3.77%, with the best-performing cyclical sector being engineering machinery at -1.65% [12] - The PB ratio of ordinary steel and industrial metals relative to the PB of the Shanghai and Shenzhen markets is 40.01% and 85.11% respectively [12] - The current PB ratio for the ordinary steel sector relative to the Shanghai and Shenzhen markets is 0.54, with the highest value since 2013 being 0.82 [12]

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - After the restart of previously overhauled devices, the short - term domestic output of cis - butadiene rubber is expected to increase, and the inventories of production enterprises and trading enterprises are also expected to rise slightly. The cost side support has strengthened slightly, but high - premium offers and private price - holding strategies have difficulty attracting buyers. Last week, tire enterprises had insufficient orders, some arranged overhauls and some reduced production, dragging down tire capacity utilization. As the production scheduling of overhauled enterprises gradually recovers, the tire enterprises' capacity utilization may show a restorative increase this week, but the overall demand improvement space is limited, and enterprise production control will continue to restrict the increase in capacity utilization. The br2601 contract is expected to fluctuate between 10,000 - 10,500 in the short term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract for synthetic rubber was 10,270 yuan/ton, a decrease of 125 yuan/ton; the position of the main contract was 15 (units not specified), a decrease of 5; the 1 - 2 spread of synthetic rubber was not specified in the change; the total warehouse receipt quantity of butadiene rubber in warehouses was 68,735 tons, a decrease of 1,588 tons [2]. 3.2 Spot Market - The mainstream prices of cis - butadiene rubber (BR9000) from different manufacturers in different regions increased by 50 yuan/ton. The basis of synthetic rubber was 105 yuan/ton, a decrease of 10 yuan/ton. The price of Brent crude oil was 63.37 dollars/barrel, an increase of 0.81 dollars/barrel; the price of naphtha CFR Japan was 562.63 dollars/ton, an increase of 0.75 dollars/ton [2]. 3.3 Upstream Situation - The price of Northeast Asian ethylene was 730 dollars/ton, unchanged; the intermediate price of butadiene CFR China was 800 dollars/ton, an increase of 30 dollars/ton; the price of WTI crude oil was 58.84 dollars/barrel, an increase of 0.78 dollars/barrel; the market price of butadiene in Shandong was 7,175 yuan/ton, a decrease of 175 yuan/ton. The weekly capacity of butadiene was 15.94 million tons/week, an increase of 0.38 million tons/week; the capacity utilization rate of butadiene was 72.53%, a decrease of 0.49 percentage points. The port inventory of butadiene was 39,800 tons, an increase of 10,800 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation was 54.26%, an increase of 1.01 percentage points [2]. 3.4 Downstream Situation - The operating rate of domestic semi - steel tires was 70.05%, a decrease of 3.63 percentage points; the operating rate of domestic all - steel tires was 62.25%, a decrease of 2.25 percentage points. The monthly output of all - steel tires was 12.42 million pieces, a decrease of 720,000 pieces; the monthly output of semi - steel tires was 51.68 million pieces, a decrease of 8.57 million pieces. The inventory days of all - steel tires in Shandong were 40.24 days, an increase of 0.69 days; the inventory days of semi - steel tires in Shandong were 45.86 days, an increase of 0.5 days [2]. 3.5 Industry News - As of November 20, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 69.36%, a decrease of 3.63 percentage points month - on - month and 10.40 percentage points year - on - year; the capacity utilization rate of all - steel tire sample enterprises was 62.04%, a decrease of 2.25 percentage points month - on - month and an increase of 1.56 percentage points year - on - year. In October 2025, the domestic output of cis - butadiene rubber was 137,600 tons, an increase of 7,200 tons month - on - month and 24.07% year - on - year. The capacity utilization rate of cis - butadiene rubber was 71.39%, an increase of 1.46 percentage points from the previous period and 10.93 percentage points from the same period last year. As of November 19, the domestic inventory of cis - butadiene rubber was 31,500 tons, an increase of 7,000 tons from the previous period, a month - on - month increase of 2.24% [2]. 3.6 Key Points of Concern - There is no news today [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - After the restart of previously overhauled devices, the domestic production of cis - butadiene rubber is expected to increase in the short term, and the inventories of both production and trading enterprises are expected to rise slightly [2]. - The cost of cis - butadiene rubber is slightly stronger, but the high - premium offers have difficulty attracting buyers, and the private price - holding strategy also has limited support from the market. The inventory of sample production enterprises has increased, while that of sample trading enterprises has changed slightly [2]. - Last week, tire enterprises had insufficient orders, with some arranging overhauls and others reducing production, which dragged down the capacity utilization rate. As the production of overhauled enterprises gradually recovers, the capacity utilization rate of tire enterprises may show a restorative increase this week, but the overall demand growth is limited, and enterprise production control will restrict the increase [2]. - The br2601 contract is expected to fluctuate in the range of 10,000 - 10,550 in the short term [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract for synthetic rubber is 10,395 yuan/ton, with a ring - to - ring increase of 10; the position volume of the main contract is 70,323 yuan/ton, up 2,076 [2]. - The 1 - 2 spread of synthetic rubber is 20 yuan/ton, down 10; the total warehouse receipt quantity of butadiene rubber in warehouses is 2,960 tons, down 20 [2]. Spot Market - The mainstream price of cis - butadiene rubber (BR9000) from different petrochemical companies in various regions has decreased, with a range of 100 - 150 yuan/ton [2]. - The basis of synthetic rubber is 105 yuan/ton, down 10 [2]. - The price of Brent crude oil is 62.56 dollars/barrel, down 0.82; WTI crude oil is 58.06 dollars/barrel, down 0.94. The price of Northeast Asian ethylene is 730 dollars/ton, with no change; the price of naphtha CFR Japan is 573.13 dollars/ton, up 0.13; the intermediate price of butadiene CFR China is 770 dollars/ton, with no change. The mainstream price of butadiene in the Shandong market is 7,350 yuan/ton, down 190 [2]. Upstream Situation - The weekly production capacity of butadiene is 15.94 million tons/week, up 0.38; the capacity utilization rate is 72.53%, down 0.49 [2]. - The port inventory of butadiene is 39,800 tons, up 10,800; the operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 54.26%, up 1.01 [2]. - The monthly output of cis - butadiene rubber is 13.76 million tons, up 0.72; the capacity utilization rate is 72.64%, up 2.72 [2]. - The weekly production profit of cis - butadiene rubber is 284 yuan/ton, down 352; the social inventory is 3.15 million tons, up 0.07; the manufacturer's inventory is 26,630 tons, up 780; the trader's inventory is 4,880 tons, down 90 [2]. Downstream Situation - The operating rate of domestic semi - steel tires is 70.05%, down 3.63; the operating rate of full - steel tires is 62.25%, down 2.25 [2]. - The monthly output of full - steel tires is 1,242 million pieces, down 72; the monthly output of semi - steel tires is 5,168 million pieces, down 857 [2]. - The inventory days of full - steel tires in Shandong are 40.24 days, up 0.69; the inventory days of semi - steel tires in Shandong are 45.86 days, up 0.5 [2]. Industry News - As of November 20, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 69.36%, with a month - on - month decrease of 3.63 percentage points and a year - on - year decrease of 10.40 percentage points. The capacity utilization rate of full - steel tire sample enterprises was 62.04%, with a month - on - month decrease of 2.25 percentage points and a year - on - year increase of 1.56 percentage points [2]. - In October 2025, the domestic output of cis - butadiene rubber was 13.76 million tons, a month - on - month increase of 0.72 million tons, or 5.52%, and a year - on - year increase of 24.07%. The capacity utilization rate was 71.39%, an increase of 1.46 percentage points from the previous period and 10.93 percentage points from the same period last year [2]. - As of November 19, the domestic inventory of cis - butadiene rubber was 3.15 million tons, an increase of 0.70 million tons from the previous period, or 2.24% [2].

Core Viewpoint - Zheshang Securities maintains a "Buy" rating for Yuanyuan Group (00551), highlighting that despite a decline in shipment volume due to a high base, the company has improved its profit margins through product mix optimization and strong growth in online channels [1] Performance Overview - For the first three quarters of 2025, the company reported revenues of $6.02 billion, a year-on-year decrease of 1.0%, and a net profit of $280 million, down 16.0%. Manufacturing revenue was $4.23 billion, up 2.3%, while retail revenue was $1.79 billion, down 7.9% [2] - In Q3 2025, the company achieved revenues of $1.96 billion, a year-on-year decline of 5.0%, with a net profit of $110 million, down 27.0%. Manufacturing revenue in Q3 was $1.43 billion, down 4.5% [2] Manufacturing Business Insights - In the first three quarters of 2025, manufacturing revenue reached $4.23 billion, with shipment volume at 189 million pairs (up 1.3%) and an average selling price (ASP) of $20.88 (up 3.2%). In Q3, manufacturing revenue was $1.43 billion, with shipment volume at 62.7 million pairs (down 5.3%) and an ASP of $21.4 (up 3.4%) [3] - Revenue by region showed a 5.4% increase in the U.S. (28.5% share), 11.7% in Europe (27.7% share), a 25.9% decline in mainland China (13.4% share), and a 9.2% increase in other regions (30.4% share) [3] Profitability and Efficiency - The manufacturing capacity utilization rate was 93%, up 1 percentage point year-on-year, with a gross margin of 18.3% (down 1.3 percentage points). The SG&A expense ratio was 10.2% (down 0.2 percentage points) [4] - In Q3 2025, the gross margin improved to 19.4% (down 1.2 percentage points year-on-year, up 1.6 percentage points quarter-on-quarter), driven by enhanced production efficiency and product mix optimization [4] Retail Business Performance - Retail revenue for the first three quarters was $1.79 billion, down 7.9%, affected by a weak retail environment and intensified competition. Same-store sales declined by double digits, with 3,338 direct-operated stores (down 3.5%) [5] - Online sales grew by 13% (33% share), with live-streaming revenue more than doubling year-on-year. In Q3, retail revenue was $520 million, down 6.3%, showing a narrowing decline [5] - The gross margin for retail was 33.5% (down 0.5 percentage points), with old inventory accounting for 9% and inventory turnover days at 161 days (up 9 days) [5]