Core Insights - The company reported a decline in revenue and net profit for the third quarter of 2025 compared to the same period last year [1] - Year-to-date figures also show a decrease in both revenue and net profit for the first three quarters of 2025 [1] Financial Performance - In Q3 2025, the company achieved revenue of 1.437 billion yuan, a year-on-year decrease of 11.64% [1] - The net profit attributable to the parent company for Q3 2025 was 94.2487 million yuan, down 35.05% year-on-year [1] - For the first three quarters of 2025, the company reported revenue of 4.049 billion yuan, a decline of 12.88% compared to the same period last year [1] - The net profit attributable to the parent company for the first three quarters was 298 million yuan, reflecting a decrease of 31.49% year-on-year [1]

北京商报讯（记者 郭秀娟 王悦彤） 10月29日，黑芝麻发布2025年三季报，公司第三季度实现营收5.41 亿元，同比下降12.07%；归母净利润为-94.62万元。前三季度实现营收14.69亿元，同比下降7.52%；归 母净利润为681.93万元，同比下降83.67%。 ...

北京商报讯（记者 郭秀娟 王悦彤） 10月29日，海欣食品发布2025年三季报，公司第三季度实现营收 3.63亿元，同比下降14.82%；归母净利润为-788.17万元。前三季度实现营收9.7亿元，同比下降 15.05%；归母净利润为-2818.58万元。 ...

Group 1 - The chairman of Guangxi Meishanyuan Group, Huang Hai, anticipates a 10% to 20% growth in overall sales during this year's Double 11 shopping festival, particularly for their main product, Luosifen (snail rice noodle), which sees peak sales in the autumn and winter seasons [2] - The competition in the Luosifen industry is intense, with many businesses heavily investing in sales, while Meishanyuan focuses on optimizing its supply chain and reducing production costs [2] - Meishanyuan has adopted strategies such as live streaming and advertising on platforms like Douyin and Kuaishou for the Double 11 event, but has faced a 50% increase in advertising costs compared to two years ago [2] Group 2 - JD Group's Vice President, Qi Ting, reported that 370 million users have purchased products from JD's self-operated platform, Jingxi, over the past two years, with a goal of achieving a tenfold increase in transaction volume by 2025 [3] - Jingxi aims to attract 150 million new users and has expanded its product categories to include food, fresh produce, and clothing, hoping to see significant sales during the Double 11 event [3][4] - The strategy for Double 11 includes focusing on "key product pallets" based on accumulated data, ensuring sufficient stock of popular items, and targeting high repurchase rates for these products [4]

Core Viewpoint - The company reported steady growth in Q3 2025, reversing the downward trend observed in Q1 and Q2, with significant improvements in revenue and net profit [2][4]. Financial Performance - For Q1-Q3 2025, the company achieved total revenue of 11.371 billion, a year-on-year increase of 2.66%, and a net profit attributable to shareholders of 949 million, a decrease of 9.35% [1]. - In Q3 2025, the company recorded total revenue of 3.766 billion, up 6.61% year-on-year, and a net profit of 273 million, an increase of 11.80% [1][2]. Product Category Performance - Revenue from various product categories for Q1-Q3 2025 includes: - Frozen prepared foods: 5.665 billion (+0.72%) - Frozen dishes: 3.643 billion (+9.19%) - Frozen noodles and rice products: 1.725 billion (-5.4%) - Agricultural products: 291 million (+8.2%) - Bakery products: 32 million (-) - Other income: 13 million (-38.97%) [2]. Channel Performance - Revenue by channel for Q1-Q3 2025 includes: - Distributors: 9.004 billion (-0.96%) - Direct sales: 872 million (+23.45%) - Supermarkets: 643 million (+6.74%) - New retail and e-commerce: 853 million (+25.87%) [2]. - In Q3 2025, the performance by channel shows: - Distributors: -0.58% - Direct sales: +68.09% - Supermarkets: +28.11% - New retail and e-commerce: +38.08% [2]. Profitability and Cost Control - For Q1-Q3 2025, the company's gross margin and net margin were 20.34% and 8.36%, respectively, down 2.30 and 1.23 percentage points year-on-year [3]. - In Q3 2025, the gross margin and net margin improved slightly to 19.99% and 7.31%, respectively, with year-on-year increases of 0.05 and 0.35 percentage points [3]. - The company maintained a cost control strategy, with a total expense ratio of 9.25% for Q1-Q3 2025, down 0.41 percentage points year-on-year [3]. Growth Outlook - The company is expected to continue its growth trajectory, with projected revenues of 16.029 billion, 17.325 billion, and 19.070 billion for 2025, 2026, and 2027, respectively, and net profits of 1.400 billion, 1.479 billion, and 1.730 billion [4]. - The company is focusing on a customized strategy for supermarkets to enhance product quality and expand its market share [4].

Group 1: Market Trends - In Q3 2025, the issuance of public funds for Hong Kong stocks saw a significant recovery, reaching the highest level since Q1 2021[4] - The stock position of actively managed public funds slightly decreased to 85.6%, with Hong Kong stock holdings at 18.7%[6] - Public funds mainly increased their positions in retail, pharmaceuticals, and non-ferrous sectors, while reducing exposure to communications, computing, and new energy vehicles[4] Group 2: Real Estate Insights - Only 19% of cities showed signs of bottoming out in the real estate market, with second-hand housing outperforming new housing in transaction volume[14] - New housing prices continued to decline, with a significant drop in transaction volumes in second-tier cities, reflecting ongoing inventory pressure[16] - The inventory clearance cycle for first-tier cities increased to 19.9-21.1 months, while second-tier cities reached a new high of 24.8 months[16] Group 3: Steel Industry Overview - Steel prices showed mixed trends, with rebar prices decreasing by 20 CNY/ton to 3190 CNY/ton, while hot-rolled coil prices increased by 20 CNY/ton to 3300 CNY/ton[18] - The operating rate of blast furnaces in 247 steel mills rose to 84.71%, indicating a slight increase in production activity[19] - The average gross profit for rebar production increased to 126.1 CNY/ton, while hot-rolled coil profits decreased to 16.1 CNY/ton[20] Group 4: Logistics and E-commerce Performance - In September 2025, the national express delivery volume increased by 12.7% year-on-year, with SF Express leading the growth at 31.8%[29] - The express delivery industry saw a revenue increase of 7.2% in September, despite a decline in single-ticket revenue by 4.9%[31] - The industry concentration continued to rise, with the CR8 market share increasing to 86.9%[30]

Economic News - The largest offshore emergency drill in northern China's waters commenced on October 28, 2025, testing the country's deep-sea wind power emergency rescue capabilities [1] - The Ministry of Finance reported that from January to September, state-owned enterprises generated total revenue of 613,290.5 billion yuan, a year-on-year increase of 0.9% [1] - The China Logistics and Purchasing Federation indicated that the total social logistics cost for the first three quarters reached 14.2 trillion yuan, growing by 4.3% year-on-year [1] - The Xiamen government announced a new household registration policy effective November 1, 2025, aimed at optimizing residency conditions [1] Company News - Three squirrels announced a price adjustment for certain products effective November 1, with price increases ranging from 0.2 yuan to 10 yuan across 35 products [4] - Tongrentang made significant progress in liquid preparation capacity, with a new production line expected to submit GMP compliance checks by the end of the year [4] - BYD launched its first K-car model, Racco, designed specifically for the Japanese market, with pre-sales planned for summer 2026 [4] - The company Guokai Military Industry signed a contract worth 4.66 billion yuan for military trade products, expected to positively impact its performance [4] Industry Insights - The "Fifteenth Five-Year Plan" outlines clear economic and social development goals, including achieving a per capita GDP at the level of moderately developed countries by 2035 [5][6] - The plan emphasizes the importance of enhancing the financial sector, improving capital market functions, and supporting emerging industries [6][7] - It highlights the need for a strong domestic market and increased consumer spending, with policies aimed at boosting consumption and enhancing public service spending [8] - The plan also focuses on accelerating the development of new energy systems and increasing the share of renewable energy supply [8][9] Investment Recommendations - The release of the planning document is expected to enhance market understanding of China's economic direction, boosting confidence in Chinese assets [9][10] - The report suggests focusing on the technology sector, particularly in areas of innovation, as a key investment opportunity [10] - It also indicates that sectors such as cyclical industries, new energy, and military industries are expected to maintain high levels of activity, presenting good investment prospects [10]

宝立食品公告，第三季度营收为7.53亿元，同比增长14.60%；净利润为7519.63万元，同比增长 15.71%。前三季度营收为21.33亿元，同比增长10.50%；净利润为1.92亿元，同比增长10.59%。 ...

10月29日，甘源食品发布投资者关系活动记录表。当中披露，关于公司第三季度收入和毛利率情况，甘 源食品称，收入方面，公司对经典产品进行了创新，刺激豆类产品新的增长点，风味豆、健康豆等新品 逐步放量，第三季度营收较上年同期增长4.37%；毛利率方面，公司的毛利率水平波动较小。2025年1-9 月综合毛利率同比下降0.63%，主要受到原料成本上升的影响。2025年第三季度，随着营收规模的增 长，以及公司在豆类产品上形成规模化生产效应，第三季度毛利率水平较上年同期有所提升。 谈及公司产品规划以及新品储备计划，甘源食品还表示，公司以豆类和风味坚果作为两大战略品类。在 豆类领域，在经典产品基础上，成功推出了如绿蚕豆、翡翠豆等新品，并正积极拓展"健康豆养"系列。 风味坚果方面，以技术创新联动风味创新，构建产品壁垒，打造差异化风味坚果产品。公司以芥末味夏 威夷果仁等产品切入市场，分渠道实现逐步覆盖。综上，公司拥有持续的新品储备和迭代计划，通过产 品创新，不断拓展市场空间，提升品牌价值，优化盈利能力，从而实现高质量增长。 （企业公告） ...

（记者 王晓波） 截至发稿，黑芝麻市值为47亿元。 每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ 每经AI快讯，黑芝麻（SZ 000716，收盘价：6.18元）10月29日晚间发布三季度业绩公告称，2025年前 三季度营收约14.69亿元，同比减少7.52%；归属于上市公司股东的净利润约682万元，同比减少 83.67%；基本每股收益0.009元，同比减少83.93%。 ...