（文章来源：证券日报） 证券日报网讯 12月22日，安利股份在互动平台回答投资者提问时表示，公司市值受宏观经济、市场情 绪等多重因素综合影响，其表现不以公司主观评价所主导。公司将持续聚焦主业的深耕与拓展，不断提 升核心竞争力与经营质量，努力为广大投资者创造持续稳定的长期价值。 ...

Core Insights - The company reported a revenue of 1.58 billion yuan for Q3 2025, representing a year-on-year growth of 30.7% [1] - Adjusted operating loss and adjusted net loss narrowed by 64.6% and 69.9% respectively [1] - The education industry is undergoing a redefinition of market valuation, focusing on structural quality rather than just scale or growth [1][2] Revenue Growth - The revenue for the first three quarters of FY 2025 reached 4.46 billion yuan, a year-on-year increase of 41.0% [2] - The company’s revenue growth is characterized by structural signals, indicating stability within the inherent seasonal rhythm of the education industry [2][3] - Deferred revenue reached 1.77 billion yuan, up 23.2% year-on-year, indicating higher user retention and course fulfillment capabilities [3] Organizational Efficiency - Operating expenses decreased by 3.7% year-on-year, with a significant reduction in the ratio to revenue by 27.6 percentage points [4] - Marketing expenses fell by 1.4%, leading to a 12.8% improvement in customer acquisition ROI [4] - The company’s CFO highlighted that operational efficiency is improving due to resource optimization and AI integration [6][7] Profitability and Cash Flow - Gross profit increased by 34.0% to approximately 1.04 billion yuan, with a gross margin of 66.1% [7] - The company’s cash and cash equivalents, along with restricted funds and short-term investments, exceeded 3.04 billion yuan, indicating a robust financial position [7] - The company has initiated a new stock repurchase plan, signaling management's confidence in future cash flow and business visibility [8] Future Growth Strategy - The company aims to enhance user lifecycle value through improved teaching quality and operational efficiency [3][9] - The revenue growth guidance for Q4 is projected to slow to a range of 17.2% to 18.7%, reflecting a shift from scale expansion to quality management [8][10] - The focus is on sustainable structural improvements in organizational efficiency, which will determine the company's future market valuation [10]

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 11.03 CNY and a projected dynamic P/E ratio of 17x for 2025 [5][3]. Core Views - The company experienced a decline in revenue and net profit in the first half of 2025, with total revenue of 2.1 billion CNY, a decrease of 11% year-on-year, and a net profit of 271 million CNY, down 20% year-on-year [1][2]. - Despite the revenue and profit pressures, the company's operational quality showed improvement, with a net cash flow from operating activities of 580 million CNY, an increase of 290 million CNY year-on-year [3]. Summary by Sections Revenue and Profit Performance - In H1 2025, the company reported total revenue of 2.1 billion CNY, with a net profit of 271 million CNY and a non-recurring net profit of 268 million CNY, reflecting year-on-year declines of 11%, 20%, and 21% respectively [1]. - In Q2 2025, the company achieved revenue of 1.18 billion CNY, with net profit and non-recurring net profit of 157 million CNY and 154 million CNY, showing year-on-year declines of 12%, 16%, and 22% respectively [1]. Main Business Analysis - The company's retail and engineering businesses both saw accelerated declines, with the waterproof and water purification business experiencing its first revenue drop. Revenue from PPR pipes, PE pipes, PVC pipes, and other products was 930 million CNY, 410 million CNY, 290 million CNY, and 420 million CNY respectively, with year-on-year changes of -13%, -13%, -4%, and -8% [2]. - The gross profit margins for PPR pipes, PE pipes, and other products decreased, with overall gross margin at 40.5%, down 1.6 percentage points year-on-year [2]. Operational Quality - The company's cash flow from operating activities improved, with a net cash flow of 580 million CNY, an increase of 290 million CNY year-on-year, attributed to decreases in inventory and accounts receivable [3]. - The accounts receivable at the end of H1 2025 stood at 460 million CNY, down 150 million CNY year-on-year, indicating improved cash collection efficiency [3]. Financial Forecast - The company is projected to have revenues of 6.546 billion CNY in 2025, with a growth rate of 4.46%, and a net profit of 1.05 billion CNY, reflecting a growth rate of 10.17% [4]. - The report outlines a gradual improvement in profitability metrics, with the return on equity (ROE) expected to be 19.63% in 2025 [4][12].