跨境电商卖家迎来品牌布局好时机 美国专利商标局（USPTO）近日发布公告称，其在2025财年（截至2025年9月30日）全面超额完成全年商标审查绩效目标：审查速度明显提升、待审库存 大幅下降、审查质量指标同步走高。 对于以美国市场为核心阵地的跨境电商卖家而言，这一信号意味着：美国商标从"排队慢、周期长"的不确定因素，正在加速回归到可预测、可规划的节奏 之内。 平均首次审查时间缩短至 5.6个月 平均总审理时间缩短至 11.7个月 未审查商标类别库存降至 346,378类，较上一年度减少逾9万类。 在此期间，商标需求依然强劲：2025财年新增申请超过 82.4万，较2024年增长 7.4%。即便在申请量继续上升的情况下，审查速度与质量双双改善，两项 质量指标均高于USPTO年度目标。 | Performance measure | FY 2025 goal | FY 2025 actual | | --- | --- | --- | | Average time to first action | 6.7 months | 5.6 months | | Average total processing time ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company has shown a revenue of 1.306 billion yuan for the first three quarters of 2025, a slight decrease of 0.7% year-on-year, while the net profit attributable to the parent company increased by 3.8% to 157 million yuan [1] - The third quarter revenue was 418 million yuan, reflecting a significant decline of 16.98% year-on-year, with a net profit of 55 million yuan, down 2.2% [1] - The company is expected to see improved performance in the second half of 2025 due to stable growth from quality customers and the anticipated ramp-up of overseas production capacity [2] Summary by Sections Financial Performance - For Q3 2025, the gross profit margin was 22.6%, an increase of 1.9 percentage points year-on-year, and the net profit margin was 13.1%, up by 2.0 percentage points [3] - The company’s operating cash flow for the period was 74 million yuan, showing a slight increase from the previous year [3] - The forecast for net profit attributable to the parent company for 2025-2027 is 234 million, 283 million, and 335 million yuan respectively, with corresponding PE ratios of 27.5X, 22.8X, and 19.3X [3] Business Strategy - The company plans to enhance its brand portfolio by acquiring 100% equity of a brand called "Gao Ye Jia," which includes popular products in the pet food sector [2] - The brand "Xu Cui Hua" achieved significant sales during the 618 shopping festival, ranking first in the cat litter category on Tmall, indicating strong market presence [2] Market Position - The company holds a leading position in the industry, accounting for nearly 40% of the total export value of similar products in China [2] - The company is strategically expanding its production capacity in Cambodia, which is expected to contribute positively to revenue growth in the upcoming quarters [2]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to rising gold prices leading to increased store closures among franchisees, but maintains a high dividend policy [1][3]. Group 1: Financial Performance - For 2024, the company recorded revenue of 13.89 billion yuan, a year-on-year decrease of 14.7%, and a net profit attributable to shareholders of 1.01 billion yuan, down 23.25% year-on-year, slightly below expectations [1]. - In Q1 2025, revenue was 2.67 billion yuan, a significant year-on-year decline of 47.3%, with a net profit of 250 million yuan, down 26.1% year-on-year [1]. - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares (tax included), with an annual total dividend of 0.95 yuan per share (tax included), resulting in a dividend yield of approximately 7% [1]. Group 2: Market Strategy - The company is enhancing its brand matrix to adapt to current consumer trends and capture market share, with four main brands focusing on different segments [2]. - The main brand "Zhou Dazheng" is improving store profitability through adjustments in store image and product structure [2]. - "Zhou Dazheng Classic" focuses on gold products blending Eastern culture with modern fashion, while "Zhou Dazheng National Treasure" targets high-end channels [2]. - "Zhuanzhuge" is positioned as a light asset, high-margin brand focusing on cultural jewelry products, with over 60 stores opened [2]. Group 3: Revenue Channels and Profitability - In Q1 2025, franchise business revenue was 1.58 billion yuan, down 58.6%, with a revenue share decrease of 16.3 percentage points to 59.3%, attributed to increased store closures [3]. - Offline self-operated and e-commerce channel revenues were 527 million yuan and 534 million yuan, down 16.3% and 6.7% year-on-year, respectively [3]. - The gross profit margin for Q1 2025 was 26.2%, an increase of 10.6 percentage points year-on-year, benefiting from rising gold prices [3]. - The net profit margin for Q1 2025 was 9.4%, up 2.7 percentage points year-on-year [3]. Group 4: Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 down by 12% and 11% to 1.1 billion yuan and 1.23 billion yuan, respectively, and introduced a 2027 forecast of 1.38 billion yuan, with growth rates of 9.3%, 11.2%, and 12.7% [4]. - The average PE ratio for comparable companies in 2025 is expected to be 14 times, reflecting improved consumer demand in the gold and jewelry sector [4]. - The company is assigned a 2025 PE of 17 times, leading to a target price of 17.2 yuan, up from a previous 14.8 yuan [4].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 13.89 billion RMB for 2024, a decrease of 14.7% year-on-year, and a net profit attributable to shareholders of 1.01 billion RMB, down 23.25% year-on-year, slightly below expectations [1][4] - The company plans to distribute a cash dividend of 6.5 RMB per 10 shares (including tax), resulting in an annual dividend of 0.95 RMB per share, corresponding to a dividend yield of approximately 7% [1] - The first quarter of 2025 saw a revenue of 2.67 billion RMB, a significant decline of 47.3% year-on-year, with a net profit of 250 million RMB, down 26.1% year-on-year [1] Summary by Sections Performance Overview - The company experienced a decline in revenue and net profit due to rising gold prices affecting franchisee store closures [1][3] - The first quarter of 2025 showed a gross margin of 26.2%, an increase of 10.6 percentage points year-on-year, benefiting from rising gold prices [3] Brand Strategy - The company is enhancing its brand matrix to adapt to current consumer trends and capture market share [2] - The main brand "Zhou Dasheng" is improving store profitability through adjustments in store image and product structure [2] Revenue Channels - Franchise business revenue decreased by 58.6% year-on-year, accounting for 59.3% of total revenue [3] - Offline self-operated and e-commerce channel revenues were 527 million RMB and 534 million RMB, down 16.3% and 6.7% year-on-year, respectively [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025 and 2026 have been revised down by 12% and 11% to 1.10 billion RMB and 1.23 billion RMB, respectively [4] - The target price is set at 17.20 RMB, based on a 17 times PE ratio for 2025 [4][8]