天眼查App显示，近日，上海匠履鞋业有限公司成立，法定代表人为陈龙，注册资本10万人民币，经营 范围为一般项目：鞋帽批发；鞋帽零售；日用品批发；日用品销售；家居用品销售；橡胶制品制造；化 工产品销售（不含许可类化工产品）；互联网销售（除销售需要许可的商品）；进出口代理；技术进出 口；货物进出口；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；专业设计服务。 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Group 1: Financial Performance - The company's gross margin improved in Q3 2025 compared to Q2 2025, but overall gross margin has declined compared to the same period last year due to new factories ramping up production and capacity adjustments [2] - Interest expenses increased significantly this year due to a rise in short-term borrowings compared to last year [4] - Cash dividends in 2021 accounted for approximately 89% of net profit, while in 2022 and 2023, the ratios were 43% and 44% respectively. The projected dividend payout for 2024 is about 70% of net profit [11] Group 2: Operational Insights - The company has established factories for Adidas in Vietnam, Indonesia, and China, with no significant discrepancies between formal and forecasted orders [5] - The production capacity utilization is flexible and adjusted based on order conditions, maintaining a high utilization rate [6] - The first factory in Indonesia has achieved profitability during the reporting period, indicating positive operational progress [7][8] Group 3: Market Dynamics - The average selling price increased year-on-year in Q3 2025, despite a decline in sales volume, driven by changes in customer and product mix [3] - The company employs a diversified brand strategy, optimizing customer and product structures to influence average selling prices [3] - The company competes effectively against established manufacturers by leveraging its comprehensive shoe-making technology and strong market reputation [9] Group 4: Future Outlook - The company plans to continue expanding production capacity in the coming years, with three out of four new factories projected to achieve profitability by the end of 2025 [10] - Future production capacity will be adjusted based on customer orders, with a focus on new factory construction and equipment upgrades [10]

秋冬的运 动鞋， 不止要舒适好穿， 更要 方便！ 保暖！暴走 不臭脚！ 最近降温，我彻底迷上了今年爆火的 秋冬一脚蹬"闪穿鞋"！ 经常刷小X书都知道，今年 闪穿运动鞋真的火。 因为它能一双鞋搭配所 有： 上班通勤、运动徒步、逛街暴走都想穿它！ 相信我，一双好穿的运动鞋在秋冬才是真正的 "实穿王者" 今天，我直接帮大家找到来自 "中国鞋都"晋江的源头实力工 透气，真正做到冬季户外不冻脚，不臭脚 拿到手就忍不住想给大家看一波实拍， 秋冬穿真的太舒服了， 尤其是这个超柔软的鞋垫， 缓震效果出色 厂，良心价上新今年爆火的 2款闪穿鞋（都是男女同款）！ 很多人不知道，福建除了莆田，晋江鞋厂更有名 莆田擅长模仿制造，晋江擅长工艺创新 。 第一款：「流体闪穿鞋」，自媒体福利价159元/双： | 旋钮系统， | 一拧即走，自动裹脚 | ① | | | 迪某特同源流体 | | --- | --- | --- | --- | --- | --- | | 计， | 无惧冰雪湿滑路面，随时随地享受运动 | ② | | | 全地形防滑设 | | | | ③ | | | 超临界发泡中 | | 底， | 千元跑鞋技术， | | | 4.5 ...

天眼查App显示，近日，成都菲尔洛鞋业有限公司成立，法定代表人为郭辉，注册资本20万人民币，经 营范围为一般项目：鞋帽批发；鞋帽零售；制鞋原辅材料销售；特种劳动防护用品销售；皮革销售；服 饰研发；针纺织品及原料销售；针纺织品销售；纺织专用设备销售；服装服饰批发；日用品销售；互联 网销售（除销售需要许可的商品）；产业用纺织制成品销售；技术服务、技术开发、技术咨询、技术交 流、技术转让、技术推广。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，揭阳市兴沛鞋业有限公司成立，法定代表人为叶超博，注册资本5万人民币， 经营范围为一般项目：鞋帽批发；鞋帽零售；日用品销售；家居用品销售；塑料制品销售；橡胶制品销 售；劳动保护用品销售；特种劳动防护用品销售；户外用品销售；办公用品销售；玩具销售；销售代 理；国内贸易代理；信息咨询服务（不含许可类信息咨询服务）；互联网销售（除销售需要许可的商 品）。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Insights - The company reported a revenue fluctuation in Q3 2025, with total revenue for the first three quarters reaching 18.68 billion yuan, a year-on-year increase of 6.67% [1] - Net profit attributable to shareholders decreased by 14.34% to 2.435 billion yuan, while the non-recurring net profit fell by 10.83% to 2.500 billion yuan [1] - Q3 single-quarter revenue, net profit, and non-recurring net profit were 6.019 billion yuan, 765 million yuan, and 816 million yuan, respectively, showing year-on-year changes of -0.34%, -20.73%, and -14.83% [1] Revenue and Sales Performance - The company sold 168 million pairs of sports shoes in the first three quarters of 2025, a year-on-year increase of 3.04%, with an increase in average selling price (ASP) [1] - In Q3, sales volume decreased by 3.6% to 5.3 million pairs due to short-term order adjustments from some old customers [1] - The company is accelerating new customer expansion and optimizing customer structure, with three out of four new production factories expected to achieve profitability in Q3 2025 [1] Profitability and Cost Management - The gross margin for the first three quarters was 21.96%, a year-on-year decrease of 5.85 percentage points, but Q3 gross margin improved by 1.11 percentage points compared to Q2 [2] - The company has implemented cost control measures, with selling and administrative expense ratios at 0.27% and 2.75%, respectively, showing year-on-year changes of -0.08 and -2.54 percentage points [2] - Inventory turnover days decreased to 58 days, down by 6 days year-on-year, indicating improved turnover efficiency [2] Investment Outlook - The company is in a rapid capacity expansion phase, with new factory efficiency expected to improve over time [2] - Following the adjustment of old customer orders, a recovery in orders is anticipated in 2026 [2] - EPS estimates for 2025, 2026, and 2027 have been revised down to 2.84, 3.37, and 3.91 yuan, respectively, with corresponding PE valuations of 20, 17, and 15 times [2]

Core Insights - The company reported a revenue increase of 6.67% year-on-year for the first three quarters of 2025, reaching 18.68 billion yuan, while net profit faced short-term pressure, declining by 14.34% to 2.43 billion yuan [1] - The gross margin decreased by 5.85 percentage points year-on-year to 21.96%, primarily due to the new factories being in the ramp-up phase and capacity adjustments [2] - Despite short-term performance challenges, improvements in gross and net margins were observed in Q3 compared to Q2, indicating potential recovery in profitability moving forward [3] Revenue and Profitability - For Q3, the company's revenue and net profit decreased by 0.34% and 20.73% year-on-year, respectively, attributed to increased macroeconomic pressures and weaker downstream demand [1] - The company’s gross margin improved by 1.11 percentage points and net margin by 0.31 percentage points in Q3 compared to Q2, benefiting from the gradual maturity of new factory operations and cost reduction measures [2] Cost Management and Efficiency - The management expense ratio decreased by 2.54 percentage points year-on-year to 2.75%, mainly due to reduced performance-related compensation linked to the decline in net profit [2] - The company is implementing cost reduction and efficiency enhancement measures across its factories, which are expected to support profitability improvements [2] Future Outlook - The company maintains its profit forecast, expecting net profits of 3.51 billion, 4.17 billion, and 4.89 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 19, 16, and 14 times based on the closing price on October 30, 2025 [3] - The gradual maturation of new factories and ongoing cost efficiency initiatives are anticipated to lead to further recovery in profitability in Q4 and 2026 [3]

Core Viewpoint - The company reported a revenue of 18.68 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.67%, but the net profit attributable to shareholders decreased by 14.34% to 2.435 billion yuan, indicating challenges in profitability despite revenue growth [1]. Revenue and Profit Analysis - For Q3 2025, the company achieved a revenue of 6.019 billion yuan, a slight decline of 0.34% year-on-year, with net profit attributable to shareholders dropping by 20.73% to 765 million yuan [1][2]. Order and Sales Performance - The company sold 16.8 million pairs of sports shoes in the first three quarters of 2025, reflecting a year-on-year growth of 3.04%. However, Q3 saw a decline in volume by approximately 3.7%, while the average selling price (ASP) increased by about 3.5% [2]. Gross Margin and Cost Management - The gross margin for Q3 2025 was approximately 22.2%, down 4.8 percentage points year-on-year, primarily due to the initial efficiency ramp-up of new factories. However, there was a sequential improvement of 1.1 percentage points, indicating progress in production efficiency [3]. - Management and sales expense ratios decreased by 3.0 and 0.1 percentage points to 2.7% and 0.13%, respectively, with a significant reduction in management fees due to lower performance-related compensation [3]. Production Capacity and Inventory Management - The company is making steady progress in expanding production capacity, with three out of four new sports shoe factories expected to start production in 2024 already achieving profitability during the reporting period. This suggests that the negative impact on profits from new capacity is gradually diminishing [4]. - As of the end of Q3 2025, the company's inventory balance was 3.159 billion yuan, remaining stable since the beginning of the year, with inventory turnover days maintained at a healthy level of approximately 58 days [4]. Profit Forecast and Investment Recommendation - The profit forecast has been adjusted due to slight operational pressures on some brand clients, with expected net profits for 2025-2027 revised to 3.457 billion, 3.982 billion, and 4.735 billion yuan, respectively. The company is still rated as a "buy" due to its strong ties with leading international brands and steady capacity growth [5].

Core Insights - The company experienced slight revenue pressure in Q3 2025, with total revenue for the first three quarters reaching 18.68 billion yuan, a year-on-year increase of 6.67%, while net profit attributable to shareholders decreased by 14.34% to 2.435 billion yuan [1] - Q3 2025 revenue was 6.019 billion yuan, showing a year-on-year decline of 0.34%, and net profit attributable to shareholders fell by 20.73% to 765 million yuan [1] Financial Performance - The gross profit margin for the first three quarters of 2025 decreased by 5.85 percentage points to 21.96%, while the net profit margin fell by 3.19 percentage points to 13.05% [2] - In Q3 2025, the gross profit margin was 22.19%, down 4.82 percentage points year-on-year but up 1.11 percentage points quarter-on-quarter [2] - The company’s operating cash flow for the first three quarters was 3.763 billion yuan, a year-on-year decrease of 11.49%, with Q3 cash flow at 2.199 billion yuan, down 13.06% year-on-year [2] Operational Efficiency - The net operating cycle for the first three quarters of 2025 was 71.06 days, a decrease of 5.11 days year-on-year, with inventory turnover days at 58.16 days, down 5.33 days [3] - Accounts receivable turnover days increased by 2.54 days to 58.05 days, while accounts payable turnover days rose by 2.32 days to 45.15 days [3] Investment Outlook - The company is expanding its high-potential customer base, and with ongoing capacity release, revenue is expected to maintain healthy growth [4] - Profitability is anticipated to improve slightly in the future as new factory capacities ramp up and worker proficiency increases [4] - The revised profit forecast for 2025-2027 estimates net profit attributable to shareholders at 3.32 billion, 3.91 billion, and 4.63 billion yuan, respectively, with corresponding P/E ratios of 19, 16.5, and 13.9 [4]

Core Insights - The company reported Q3 revenue of 6.02 billion yuan, slightly below expectations, with a year-on-year decline of 0.3% and a net profit of 765 million yuan, down 20.7% year-on-year, resulting in a net profit margin of 12.7%, a decrease of 3.3 percentage points year-on-year [1][2] Financial Performance - For the first three quarters, the company achieved revenue of 18.68 billion yuan, an increase of 6.7% year-on-year, and a net profit of 2.435 billion yuan, down 14.3% year-on-year, with a net profit margin of 13.0%, a decrease of 3.2 percentage points year-on-year [1] - Q3 gross margin was 22.2%, down 4.8 percentage points year-on-year but up 1.1 percentage points quarter-on-quarter, driven by new factory efficiency improvements and cost reduction measures [2] - The net profit margin for Q3 was 12.7%, with a management expense ratio of 2.7%, a decrease of 3.0 percentage points, while R&D expense ratio increased to 1.9% due to new brand expansions [2] Sales and Production - The company sold 168 million pairs of sports shoes in the first three quarters, a year-on-year increase of 3.04%, with an average selling price of approximately 111 yuan per pair, up 3.5% year-on-year [1] - Q3 sales volume was approximately 54 million pairs, down 3.0% year-on-year, with an average selling price of about 112 yuan per pair, up 2.7% year-on-year [1] Future Outlook - The company expects a gradual recovery in orders for 2026 following tariff negotiations, with strong growth from new customers and sufficient new factory reserves, anticipating a return to positive revenue growth [3] - Revenue projections for 2025-2027 are 25.49 billion yuan, 28.64 billion yuan, and 32.02 billion yuan, representing year-on-year growth of 6.2%, 12.3%, and 11.8% respectively, while net profit forecasts are 3.33 billion yuan, 3.94 billion yuan, and 4.58 billion yuan, with a projected PE ratio of 19, 16, and 14 times [3]