证券日报网讯 11月26日晚间，共创草坪发布公告称，2025年11月21日，公司披露了《江苏共创人造草 坪股份有限公司关于股权激励限制性股票回购注销实施的公告》。公司已在中国证券登记结算有限责任 公司上海分公司（简称"中国结算上海分公司"）开设了回购专用证券账户，并就本次回购注销涉及的1 名激励对象持有的已获授予但尚未解除限售的61股限制性股票向中国结算上海分公司申请办理回购过户 手续。上述已获授予但尚未解除限售的61股限制性股票已过户至公司开立的回购专用证券账户内，并于 2025年11月25日完成注销。公司后续将依法办理相关工商变更登记手续。公司本次限制性股票回购注销 完成后，公司注册资本将相应变更为402，522，083.00元，总股本将相应变更为402，522，083股。 （编辑 任世碧） ...

共创草坪 20251120 摘要 共创草坪预计 2026 年收入至少增长 15%，利润增长 20%以上，主要 得益于公司综合竞争力的增强和对行业需求增长的乐观预期，以及作为 龙头企业有望获得更多市场份额。 受益于原材料价格处于低位和成本加成定价模式，2025 年三季度公司 毛利率达到 35%以上，预计四季度盈利能力将继续受益于此趋势。预计 2026 年原材料价格相对稳定，利润率将在今年基础上小幅波动。 公司通过研发优化配方、生产节能降耗、自建上游供应链和材料采购降 本等多项措施降本增效，这些措施将在 2026 年继续体现效果，提升公 司盈利能力。 2025 年各区域休闲草业务表现良好，盈利能力显著改善。美洲和欧洲 价格保持稳定，亚太和非洲地区价格略有下降，预计美国降息后购买力 提升将对高端产品价格产生积极影响。 原材料价格下降会部分反映到报价中，但不会完全传导，对利润率影响 有限。目前按单报价比例已达 80%以上，库存周转周期约为一个月，影 响盈利能力走势。 Q&A 请介绍一下共创草坪在 2025 年三季度的经营情况以及对四季度和 2026 年的 展望。 2025 年三季度，共创草坪的整体经营情况符合年初规划 ...

机构评级来看，近一个月该股获7家机构买入评级。预计目标价最高的是国泰海通，11月6日国泰海通发 布的研报给予公司目标价47.18元。（数据宝） 证券时报·数据宝统计，截至发稿，共创草坪收盘价为35.52元，下跌0.92%，本期筹码集中以来股价累 计下跌1.96%。具体到各交易日，4次上涨，5次下跌。 公司发布的三季报数据显示，前三季公司共实现营业收入24.74亿元，同比增长9.52%，实现净利润5.15 亿元，同比增长30.89%，基本每股收益为1.2800元，加权平均净资产收益率17.84%。 共创草坪11月21日披露，截至11月20日公司股东户数为9465户，较上期（11月10日）减少1884户，环比 降幅为16.60%。这已是该公司股东户数连续第2期下降。 （文章来源：证券时报网） ...

Core Insights - The company reported a decrease in the number of shareholders, with a total of 11,349 shareholders as of November 10, down by 1,828 from the previous period, representing a decline of 13.87% [2] - The closing price of the company's stock was 35.62 yuan, down 1.68%, but the stock has seen a cumulative increase of 2.33% since the concentration of shares began [2] - The company's third-quarter report indicated a revenue of 2.474 billion yuan, a year-on-year increase of 9.52%, and a net profit of 515 million yuan, reflecting a year-on-year growth of 30.89% [2] - The basic earnings per share were reported at 1.2800 yuan, with a weighted average return on equity of 17.84% [2] - In terms of institutional ratings, the stock received buy ratings from seven institutions in the past month, with the highest target price set at 47.18 yuan by Guotai Junan on November 6 [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company reported impressive profit performance in Q3 2025, with revenue reaching 2.474 billion yuan, a year-on-year increase of 9.5%, and net profit of 515 million yuan, up 30.9% year-on-year [6]. - The company benefits from increasing penetration of artificial turf, with a stable growth in sales driven by improved orders from various regions [6]. - The global multi-base layout helps mitigate trade risks, with significant production capacity in Vietnam and Mexico, enhancing profitability [6]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 3.441 billion yuan, with a year-on-year growth rate of 16.6% [2]. - The net profit for 2025 is forecasted to be 677 million yuan, reflecting a growth rate of 32.3% [2]. - The company’s gross margin is expected to be 32.3% in 2025, with a return on equity (ROE) of 21.3% [2]. Market Data - As of October 31, 2025, the closing price of the stock is 34.81 yuan, with a market capitalization of 13.973 billion yuan [3]. - The stock has a price-to-earnings (PE) ratio of 27, which is projected to decrease to 21 in 2025 [2][3]. Profitability and Cost Management - The company has shown continuous improvement in profitability, with a net profit margin of 20.8% in Q1-Q3 2025, up 3.4 percentage points year-on-year [6]. - The gross margin for Q3 2025 was reported at 35.7%, an increase of 7.1 percentage points year-on-year, attributed to cost reduction and efficiency improvements [6]. Global Expansion and Competitive Position - The company is recognized as a leading player in the global artificial turf industry, supported by certifications from international sports organizations [6]. - The strategic location of production bases in Vietnam and Mexico provides tax advantages and helps in managing trade risks effectively [6].

Investment Rating - The report upgrades the investment rating to "Buy" based on the company's improving profitability and positive industry supply-demand dynamics [6]. Core Insights - The company is a leading global supplier of artificial turf, benefiting from increasing penetration rates and stable sales growth. The sales volume of artificial turf reached 49.48 million square meters in H1 2025, a year-on-year increase of 6.5% [6]. - The company is actively reducing costs and improving efficiency, with a net profit margin of 20.5% in H1 2025, up 1.7 percentage points year-on-year. The gross profit margin for the same period was 33.2%, reflecting a 2.3 percentage point increase [6]. - The company's multi-base global layout helps mitigate trade risks, with significant production capacity in Vietnam and plans for further expansion [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 2,952 million yuan in 2024 to 4,685 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 16.6% [2][8]. - Net profit is expected to increase from 511 million yuan in 2024 to 932 million yuan in 2027, representing a CAGR of 17.8% [2][8]. - Earnings per share (EPS) are forecasted to rise from 1.28 yuan in 2024 to 2.32 yuan in 2027 [2][8]. Market Data - The closing price of the stock is 30.61 yuan, with a price-to-earnings (P/E) ratio of 24 for 2024, decreasing to 13 by 2027 [3][8]. - The company has a market capitalization of 12,287 million yuan and a dividend yield of 2.09% [3].

Summary of Conference Call for Co-Creation Turf Industry and Company Overview - The conference call pertains to the turf industry, specifically focusing on Co-Creation Turf, which has reported a significant increase in orders and stable pricing dynamics in the third quarter of 2025 [2][4]. Key Points and Arguments - **Order Growth**: Co-Creation Turf experienced a year-on-year order growth of approximately 30% in Q3 2025, with stable pricing and no significant fluctuations noted [2][5]. - **Regional Performance**: The Americas market showed outstanding performance, while Europe and other regions also experienced growth of 20%-30% [2][6]. - **Product Categories**: The leisure grass category outperformed expectations, and there was also growth in the sports grass segment [2][6]. - **Impact of Sports Policies**: The "Su Chao" phenomenon and related sports policies are expected to positively influence the demand for sports grass in the long term, although explosive growth in the short term is unlikely [7]. - **World Cup Influence**: The upcoming World Cup is anticipated to drive demand for sports grass [8]. - **Pricing Adjustments**: Due to a decrease in raw material prices, the company adjusted pricing for order-based clients, while annual pricing for other clients remained unchanged [9]. - **Production Capacity**: The Vietnam Phase III project is fully operational, and the Indonesian factory is delivering small batches to meet local demand [10]. - **Gross Margin Stability**: The gross margin for Q3 remained stable compared to the first half of the year, showing a significant increase compared to the same period last year [11]. - **Growth of Artificial Plant Business**: The artificial plant business has been growing rapidly, with expectations to reach 10% of total revenue within 3-5 years [12]. - **Raw Material Prices and Currency Fluctuations**: Raw material prices are expected to remain stable, and the company has a flexible pricing mechanism. Currency appreciation is projected to result in a loss of around 10 million RMB [13]. - **Tariff Impact**: Tariffs have minimal impact on the business model, as costs can be passed on to customers. The lower tariffs in Vietnam create competitive advantages [21]. - **Market Competition**: The domestic market remains competitive with many manufacturers, but leading companies benefit more than smaller ones [22]. Additional Important Insights - **Settlement Structure**: The settlement structure has not changed significantly, with DDP accounting for a controlled proportion and CNF at approximately 70% [3][18]. - **Future of Overseas OEM Business**: There is significant potential for overseas OEM business as local companies in Europe and the U.S. may increasingly rely on Chinese manufacturers due to higher costs [19]. - **Inventory Levels**: Downstream inventory levels are generally limited, with clients maintaining 3 to 6 months of stock due to the customized nature of products [24]. - **Sales and Profit Guidance**: The company maintains an optimistic outlook for profit, with a revenue growth target of 15%-20% for the year [20]. This summary encapsulates the key insights from the conference call, highlighting the performance, market dynamics, and strategic outlook of Co-Creation Turf in the turf industry.

Group 1 - The core viewpoint of the announcement is the successful convening of the first extraordinary general meeting of shareholders for Jiangsu Gongchuang Artificial Turf Co., Ltd. in 2025, with all resolutions passed without any objections [1][2]. - The meeting was held on September 19, 2025, at the Dadi Construction Building in Nanjing, and was presided over by the chairman Wang Qiangxiang, utilizing a combination of on-site and online voting methods [2][3]. - All current directors and supervisors attended the meeting, confirming the legitimacy of the meeting's proceedings and the qualifications of the attendees [2][4]. Group 2 - The following resolutions were passed during the meeting: 1. Cancellation of the Supervisory Board and amendment of the Articles of Association 2. Revision of the Rules of Procedure for Shareholders' Meetings 3. Revision of the Rules of Procedure for Board Meetings 4. Change of the company's registered capital and amendment of the Articles of Association [2][3]. - The voting results for the special resolutions required a two-thirds majority of the voting rights held by shareholders present at the meeting, which was achieved for resolutions 1 and 4 [3][4]. - The legal proceedings of the meeting were verified by Beijing Dacheng (Nanjing) Law Firm, confirming compliance with relevant laws and regulations [4][5].

Summary of Conference Call for Gongchuang Turf Company Overview - Gongchuang Turf has experienced significant order growth in Q3 2025, primarily due to improved international trade conditions and reduced impact from U.S. tariffs on Vietnam [2][5] - The company maintains a fixed dividend policy, distributing 50% of annual profits, which will not change in the future [9][31] Industry Insights - The overseas market accounts for nearly 90% of Gongchuang Turf's business, with domestic demand improving due to sports events and private capital entering the market [2][6] - The domestic artificial turf market is growing rapidly, driven by government encouragement for social football fields, although growth in sports turf demand is expected to be slower than that of leisure turf over the next five years [4][17] Financial Performance - In H1 2025, Gongchuang Turf achieved stable revenue and profit growth, with Q3 orders significantly better than Q2, indicating a positive outlook for Q4 [3][29] - The company’s gross margin remains above 30%, despite fluctuations in raw material prices [11][12] Market Dynamics - The U.S. tariffs on Vietnam primarily affected order timing rather than pricing, with customers bearing most of the tariff costs [7][38] - The South American market is emerging with rapid demand growth, although its scale is still much smaller than North America [13][14] Operational Efficiency - The Vietnam base has lower manufacturing costs compared to domestic production due to lower labor and energy costs, and improved operational efficiency [18][19] - The company is focused on continuous cost control through measures such as increasing labor efficiency and optimizing production processes [4][37] Future Outlook - The company plans to expand production capacity in Vietnam with the upcoming Phase III project, which will add 40 million square meters of new capacity [20] - The overall profit target for 2025 is expected to exceed revenue growth targets, reflecting strong operational performance [29][36] Competitive Landscape - The domestic market has numerous turf suppliers, with Gongchuang Turf being one of the top players alongside several other significant companies [16] - The competitive pressure in pricing has not significantly changed compared to 2023, with a slight decrease in competition intensity noted [26] Additional Considerations - The company is not strategically abandoning important markets like the Middle East and India, despite temporary demand declines in earlier quarters [24] - The demand for leisure turf is expected to grow due to increased penetration and expanded application scenarios [22]

Core Viewpoint - The article discusses the trend of Chinese companies expanding globally, highlighting the experiences of employees sent abroad and the challenges they face in adapting to different cultural and operational environments [5][6][30]. Group 1: Global Expansion of Chinese Companies - Chinese enterprises are increasingly seeking to expand their global footprint to break domestic competition and find new growth opportunities [5][6]. - The shift in employment demand has moved from traditional sectors like internet and real estate to advanced manufacturing fields such as renewable energy and semiconductors, which are naturally oriented towards global markets [6][7]. Group 2: Experiences of Expatriate Employees - Expatriate employees often experience rapid career acceleration due to the diverse responsibilities they undertake in foreign markets, which can include various roles beyond their initial job descriptions [10][14]. - The salary for expatriates is significantly higher than domestic counterparts, with figures like 25,000 RMB annually for entry-level positions in Africa, compared to 5,000-6,000 RMB for local roles [16][17]. - The harsh living conditions and cultural differences in places like Africa and the Middle East pose significant challenges, including extreme weather and limited entertainment options [18][22]. Group 3: Cultural Adaptation and Integration - Successful integration into local markets requires understanding and respecting cultural differences, as many Chinese companies struggle with adapting their management styles to local practices [30][32]. - Expatriates serve as crucial links between Chinese companies and local communities, helping to bridge cultural gaps and facilitate smoother operations [30][34]. - The lack of cultural sensitivity can lead to misunderstandings and conflicts, emphasizing the need for expatriates to be well-versed in local customs and practices [35][38]. Group 4: Supply Chain and Brand Development - Chinese companies are transitioning from merely exporting products to leveraging their complete supply chain capabilities, which allows them to offer comprehensive solutions tailored to local needs [39][40]. - Building a strong brand presence in international markets is a long-term endeavor, with companies recognizing the importance of brand differentiation in competitive landscapes [40][41]. - The article highlights the need for Chinese firms to enhance their marketing strategies to improve brand recognition and acceptance in foreign markets [41].