Investment Rating - The investment rating for Xun'an Technology (920950.BJ) is "Outperform" (maintained) [1][3] Core Views - The company has officially launched its smart factory and is undergoing a brand renewal, aiming to deepen its development in personal protective equipment [1][4] - In the first three quarters of 2025, the company reported a revenue of 141 million yuan, a year-on-year decline of 16.7%, and a net profit attributable to shareholders of 31.03 million yuan, down 29.4% year-on-year [3] - The company is optimistic about the performance contributions from its fundraising projects and has adjusted its profit forecasts for 2025-2027 [3] Financial Performance - For the first three quarters of 2025, the company invested 8.1652 million yuan in R&D, accounting for 5.79% of revenue [4] - The sales expenses for the same period were 4.7917 million yuan, representing 3.40% of revenue [4] - Management expenses increased by 31.52% year-on-year to 11.7584 million yuan, accounting for 8.34% of revenue due to depreciation and amortization costs from the new factory [4] Industry Insights - The personal protective equipment industry in China is growing at an annual rate of approximately 15%, supported by new national standards and increasing safety awareness among workers [5] - The implementation of mandatory national standards for personal protective equipment is expected to further support and regulate the development of the labor protection equipment industry [5]

Core Points - The National Market Supervision Administration has approved 46 mandatory national standards for personal protective equipment (PPE), covering eight major protective areas, with a 12-month transition period [1][2] - The implementation of these standards will result in nearly 90% of the PPE field being governed by mandatory standards, enhancing safety production and emergency management [1][2] - The new standards aim to shift the focus of safety production governance from reactive measures to proactive prevention, ultimately protecting workers' health and safety [1][2] Group 1 - The revised standards adhere to the principle of "strengthening safety production standards as much as possible," further improving the standard system for PPE [2] - Four mandatory national standards, including those for mechanical equipment, are critical for supporting high-quality economic development, particularly in high-risk industries such as machinery manufacturing, subway operation, and construction [2] - Eight standards for selection, use, and maintenance have been converted from recommended to mandatory, addressing long-standing issues in the PPE field related to improper selection and maintenance [2] Group 2 - All 34 product standards have been converted to mandatory national standards, reinforcing the baseline role of PPE standards [2] - Updates include new classifications and testing methods for safety nets, as well as enhanced protection requirements against new types of particulate matter and toxic gases [2] - The release of these standards provides clear technical research and quality control guidelines for manufacturers, as well as authoritative guidance for employers and workers in selecting compliant protective equipment [3]