同行业的中小企业打造过符合其业务特点的网站，案例的用户反馈如何。 在数字化时代，拥有一个独立的企业网站是中小企业拓展线上业务、展示品牌形象的重要一步。然而， 面对众多建站厂家，如何找到比较好的独立建站实力厂家成为许多企业的困惑。本文将从三个核心要点 出发，帮助企业做出更合适的选择。 要点一：考察技术实力与服务案例 比较好的独立建站实力厂家通常具备扎实的技术功底，能够根据企业的不同需求提供多样化的建站服 务。不仅要有模版网站搭建能力，更要支持定制开发，覆盖商城、小程序、H5页面等多种类型。同 时，查看厂家过往的行业案例，了解其在不同领域的建站经验，也是判断实力的关键。例如，是否为不 要点三：重视持续优化与售后能力 网站上线后需要不断调整优化，以适应市场变化和用户需求。比较好的独立建站实力厂家会提供长期的 售后支持，包括GEO优化服务，甚至结合主流大模型（如文心一言、豆包、通义等）进行多平台矩阵 优化，确保网站的功能和性能始终保持良好状态。此外，及时响应企业的售后需求，解决网站运行中的 问题，也是衡量厂家实力的重要标准。 选择比较好的独立建站实力厂家时，企业需综合考察其技术实力、配套服务完整性以及持续优化能力。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 6.76 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 160 million yuan, marking a turnaround from losses [5][6] - The company is experiencing steady growth in both domestic and international sales, with significant performance in online channels [6][11] - The report highlights the company's strategic advantages in global layout and anticipates profit elasticity release as macro demand recovers [12] Revenue Performance - In Q1, Q2, and Q3 of 2025, the company reported revenues of 2.04 billion, 2.27 billion, and 2.44 billion yuan respectively, with year-on-year growth rates of 12.3%, 6.8%, and 12.0% [5] - Domestic sales reached 1.17 billion yuan, while international sales were 5.37 billion yuan, with year-on-year growth of 11.6% and 9.3% respectively [6] Profitability - The gross margin for the first three quarters of 2025 was 39.5%, an increase of 2.3 percentage points year-on-year [8] - The gross margin for domestic sales was 52.2%, reflecting a year-on-year increase of 6.3 percentage points [9] Future Outlook - The report projects net profits of 220 million yuan and 400 million yuan for 2025 and 2026 respectively, with corresponding EPS of 0.38 yuan and 0.70 yuan [12][13] - The company is expected to benefit from the optimization of store operations and the stabilization of overseas online business, leading to improved profitability [12]

Investment Rating - The report assigns a rating of "Outperform" for the company, expecting a relative return exceeding the benchmark index by over 10% in the next 12-18 months [19]. Core Insights - The company's operating revenue for the 2024/25 fiscal year was 27.01 billion yuan, a decrease of 6.6% year-on-year, with the decline in the second half narrowing to 5.4% compared to 7.9% in the first half [2][8]. - The retail business, the main revenue source, saw a 6.8% decline to 23.03 billion yuan, with improvements in the second half attributed to online sales initiatives [2][8]. - The gross margin decreased by 3.4 percentage points to 38.4%, while net profit fell by 41.9% to 12.85 billion yuan, influenced by increased discount rates and changes in sales channel mix [4][10]. - The company maintained a strong cash flow, with net cash flow from operating activities increasing by 20% to 3.76 billion yuan, supporting a high dividend payout ratio of 135% [5][12]. Revenue Performance - The company's revenue for the 2024/25 fiscal year was under pressure, primarily due to a weak consumption environment and reduced offline foot traffic [2][8]. - Retail revenue declined by 6.8% year-on-year, with the main brand's sales down 6.1% to 23.31 billion yuan [2][8]. - The online business segment showed double-digit growth, contributing to an increase in its share of overall direct business to 30%-40% [3][9]. Margin and Profitability - The overall gross margin decreased to 38.4%, with a notable decline in net profit by 41.9% year-on-year [4][10]. - The company is focusing on expense control, with total expenses decreasing by 5.6% year-on-year, while aiming to improve profit margins through efficiency [4][10]. Cash Flow and Dividends - The company reported a robust cash generation capability, with free cash flow at 3.38 billion yuan, 2.6 times the net profit for the same period [5][12]. - A final dividend of 0.02 yuan per share and a special dividend of 0.12 yuan per share were proposed, maintaining a high dividend payout ratio [5][12].