Core Viewpoint - The company reported a decline in both revenue and net profit for the third quarter of 2025 compared to the previous year, indicating potential challenges in its financial performance [2] Financial Performance - In Q3 2025, the company achieved a revenue of 1.057 billion yuan, a year-on-year decrease of 1.89% [2] - The net profit attributable to shareholders was 23.39 million yuan, down 55.21% year-on-year [2] - Basic earnings per share for Q3 2025 were 0.074 yuan [2] Year-to-Date Performance - For the first three quarters of 2025, the company reported a total revenue of 3.195 billion yuan, reflecting a year-on-year decline of 8.07% [2] - The net profit attributable to shareholders for the first three quarters was 124 million yuan, a decrease of 20.17% compared to the same period last year [2] - Basic earnings per share for the first three quarters were 0.403 yuan [2]

证券代码：603517 证券简称：ST 绝味 公告编号：2025-080 绝味食品股份有限公司 2025 年前三季度经营数据公告 单位：元 币种：人民币 | 分行业 | 金额 | 占比 | | --- | --- | --- | | 卤制食品销售 | 3,526,559,504.06 | 84.63% | | 加盟商管理 | 42,373,925.37 | 1.02% | | 集采业务 | 159,714,358.16 | 3.83% | | 供应链物流 | 422,689,746.20 | 10.14% | | 其他 | 15,843,262.27 | 0.38% | | 主营业务收入小计 | 4,167,180,796.06 | 100.00% | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 绝味食品股份有限公司（以下简称"公司"）根据上海证券交易所《上市公 司行业信息披露指引第十四号—食品制造》相关规定，现将公司 2025 年前三季 度经营数据（未经审计）公告如下： 一、报告期经营情况 2025 年 1-9 月 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company achieved a total revenue of 1.378 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 1.00%. However, the net profit attributable to shareholders decreased by 34.06% to 54 million yuan [1][7]. - In Q3 2025, the company reported a revenue of 492 million yuan, a year-on-year increase of 4.27%, while the net profit attributable to shareholders decreased by 19.06% to 18 million yuan [1][7]. - The direct sales channel showed stability, with improvements in the distribution channel structure, particularly with key clients like Haidilao and Hema [1][10]. Summary by Sections Financial Performance - The gross margin for Q3 2025 was 21.1%, a decrease of 1.4 percentage points year-on-year, attributed to changes in product and channel structure [2][10]. - The sales and management expense ratios were 4.7% and 9.6%, respectively, with the sales expense ratio declining year-on-year due to improved cost control [2][10]. - The net profit margin for Q3 2025 was 4.0%, showing a year-on-year decrease of 0.8 percentage points but a recovery from the low point in Q2 [2][10]. Strategic Initiatives - The company is deepening strategic cooperation with core clients like Yum and actively developing new products, focusing on the new retail channel [2][12]. - The company is leveraging its customization and R&D capabilities to expand into membership stores and upgraded supermarket formats, with a focus on baked goods and frozen prepared dishes [2][13]. Earnings Forecast - The revenue forecasts for 2025-2027 are adjusted to 1.907 billion, 2.059 billion, and 2.217 billion yuan, respectively, with year-on-year growth rates of 2.1%, 7.9%, and 7.7% [3][14]. - The net profit forecasts for the same period are 80 million, 90 million, and 100 million yuan, with year-on-year changes of -5.2%, 14.5%, and 7.9% [3][14]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 48.9, 42.7, and 39.6 for the years 2025, 2026, and 2027, respectively [3][15].

编辑 王进雨 新京报贝壳财经讯 10月28日，克明食品公告，第三季度营收为10.57亿元，同比下降1.89%；净利润为 2339.25万元，同比下降55.21%。前三季度营收为31.95亿元，同比下降8.07%；净利润为1.24亿元，同比 下降20.17%。 ...

Group 1 - Baiyang Co., Ltd. (SZ 002696) announced the convening of its 20th meeting of the 6th Board of Directors on October 27, 2025, discussing the proposal for the 4th extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, Baiyang's revenue composition was as follows: food processing accounted for 50.9%, feed manufacturing for 46.22%, and other industries for 2.88% [1] - As of the report, Baiyang's market capitalization stood at 2.3 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a "slow bull" new pattern [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company reported a total revenue of 1.378 billion yuan for the first three quarters of 2025, a year-on-year increase of 1%. However, the net profit attributable to the parent company was 54 million yuan, down 34.06% year-on-year [2]. - In Q3 2025, the company achieved a total revenue of 492 million yuan, representing a year-on-year increase of 4.27%, marking a positive turnaround from a 3.12% decline in Q2 [3]. - The company is actively expanding its new retail channels, with significant contributions from clients like Hema, while also restructuring its distribution channels to improve client quality and reduce price competition [3][4]. Revenue Performance - The revenue growth in Q3 2025 was primarily driven by the direct sales channel, which outperformed the distribution channel. The company is focusing on enhancing its direct customer base and exploring new retail opportunities [3]. - The product categories showing strong revenue growth include baked goods and frozen prepared dishes, which are key areas for the company's direct and new retail channel strategies [3]. Profitability and Cost Management - The gross margin for Q3 2025 was 21.18%, down 1.26 percentage points year-on-year, influenced by pricing pressures in the small B-end and distribution model [4]. - The sales expense ratio was 4.72%, slightly down year-on-year, while the net profit margin improved to 3.64% compared to 3.43% in Q2 2025, indicating effective cost management strategies [4]. Earnings Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised down to 81 million, 98 million, and 117 million yuan, respectively, reflecting a decrease of 18.5%, 11.7%, and 6.6% from previous estimates [5]. - The current stock price corresponds to a P/E ratio of 47, 39, and 33 for the years 2025, 2026, and 2027, respectively [5][6].

AvaTrade爱华每日市场报告：美国股市以稳健上涨开启新的一周，主要指数全线收高。在科技股和成长股的强劲带动下，市场延续了上周的积极势头。投资 者情绪受到利率环境稳定以及对政策风险可能缓解的乐观预期支撑，纷纷转向贝塔系数较高的股票。纳斯达克指数表现尤为突出，单日涨幅接近2%，显示 出市场对即将公布的大型科技公司财报抱有积极期待。 前一天总结 – 2025 年 10 月 27 日星期一 美国主要指数 • 标准普尔 500 指数：+ 1.23% 至 6,875.15 • 道琼斯指数： ▲ +0.71% 至 47,544.59 点 欧洲股市跟随华尔街走高，得益于能源稳定和科技韧性。在亚洲，由于投资者等待贸易发展和盈利势头的明朗化，市场涨跌互现。 市场驱动因素 顶级股票推动者 波动性和收益率 商品 欧洲 / 全球市场 • 纳斯达克 100 指数： ▲ +1.83% 至 25,821.54 点 • 罗素 2000 指数： ▲ +0.28% 至 2,520.44 • VIX： ▼ -0.11% • 势头延续：股市延续了上周的涨幅，纳斯达克指数表现优异，因为投资者领先于大型科技公司的财报。 • 利率稳定：10年期国债收益 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 3.195 billion yuan, representing a year-on-year decrease of 8.07% [1] - The net profit attributable to shareholders was 124 million yuan, down 20.17% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 113 million yuan, reflecting a year-on-year decline of 22.55% [1]

格隆汇10月28日丨甘源食品(002991.SZ)公布三季度报告，前三季营业收入15.3亿元，同比下降4.53%， 归属于上市公司股东的净利润1.56亿元，同比下降43.66%，归属于上市公司股东的扣除非经常性损益的 净利润1.4亿元，同比下降43.68%。 ...

投资建议：看好品类品牌势能延续，渠道建设推进，利润进一步释放。公司Q3 收入/归母净利润分别增 长+6.0%/+33.5%。Q3 魔芋延续强劲增长，溏心蛋新品反馈不错，渠道端定量流通、量贩、会员商超渠 道表现较好，电商调整回升中。未来三年公司聚焦魔芋品类，同时通过研发突破其余品类，利用大单品 提升品牌势能，辣味事业部加大投入打造品牌。预计公司25-27 年归母净利润分别为8.15 亿/9.44 亿/11.05 亿，预计25-27 年EPS分别为2.99、3.46、4.05 元，对应26 年20xPE 估值，维持"强烈推荐"评 级。 预计公司25-27 年EPS 分别为2.99、3.46、4.05 元，对应26 年20xPE 估值，维持"强烈推荐"评级。 风险提示：行业竞争加剧、动销不及预期、产能释放不及预期、成本上涨 Q3 收入/归母净利润分别增长+6.0%/+33.5%。公司发布2025 年三季报业绩，公司25 年Q1-Q3 实现总收 入44.3 亿，同比+14.7%；归母净利润6.0亿，同比+22.6%；扣非归母净利润5.5 亿，同比+30.5%。25Q3 公司实现收入/归母净利润/扣非净利润14.9 亿 ...