玉马科技 20251119 摘要 玉马科技 2025 年前三季度营收 5.53 亿元，同比增长略超去年同期，但 归母净利润同比下降约 13%，主要受股权激励费用、利息收入波动及研 发投入增加影响，扣除非经营性因素后净利润基本持平。 公司通过加大销售推广、新产品研发和成本控制，应对关税政策不确定 性，尤其是在美国市场，并对 2026 年增长持乐观态度，前提是关税政 策无重大不利影响。 近期客户拜访显示，欧洲市场稳定，北美市场对供应链担忧减弱，拉丁 美洲老客户追加订单，新客户转向玉马科技，东南亚市场表现良好，全 球市场情绪积极，对 2026 年充满信心。 玉马科技管理层已明确继续推进海外产能布局，以应对全球政策变动风 险和中长期成本控制，并提高区域市场占有率，计划春节前确定海外选 址方案。 功能性遮阳材料赛道垂直，竞争对手较少，玉马科技凭借技术优势、高 品质产品和全球服务，与 70 多国建立合作，在欧美亚主要出口地区保 持领先地位。 Q&A 请介绍一下玉马科技在 2025 年三季度以来的经营情况及四季度的新趋势。 玉马科技是一家集功能性遮阳材料研发、生产和销售于一体的高新技术企业， 产品主要用于建筑内外遮阳、节能 ...

Summary of Yuma Technology Conference Call Company Overview - Yuma Technology specializes in functional shading materials with features such as flame retardant, antibacterial, formaldehyde removal, waterproof, and oil-repellent properties. The application scenarios have expanded from building shading to high-speed rail, RVs, and sports venues, demonstrating diversified market expansion capabilities [2][3][8]. Financial Performance - In the first half of 2025, Yuma Technology reported revenue of 364 million yuan, showing year-on-year growth. However, the net profit attributable to shareholders decreased, primarily due to tariff impacts, stock incentive costs, and reduced foreign exchange gains. After excluding these factors, the net profit remained roughly stable compared to the same period last year [2][6]. Market Presence - Yuma Technology has established strategic partnerships with clients in over 70 countries and regions across six continents, with overseas revenue accounting for more than two-thirds of total revenue. This proportion is expected to maintain above 70% from 2024 to the first half of 2025, indicating strong competitiveness in the global market [2][4]. U.S. Market Importance - The U.S. market is crucial for Yuma Technology, with exports subject to approximately 55% tariffs. Despite the tariff challenges, most customers are willing to accept the costs. The company has subsidiaries and sales teams in California and Texas, actively expanding its market presence [2][7]. Product Development and Market Expansion - Yuma Technology has made significant progress in outdoor materials and membrane materials, with applications in sports venues providing sun and rain protection. However, the revenue from the membrane business is relatively low, around 40 to 50 million yuan, and the company is gradually transitioning from mid-to-high-end markets [2][9]. Challenges in Domestic Substitution - The main challenges in achieving domestic substitution lie in the varying technical requirements for different application scenarios. The development and mass production of products tailored to specific needs require time, and customer product replacement also takes time [10]. E-commerce and Inventory Management - The cross-border e-commerce business is currently small, and the company is focusing on its core operations while exploring better methods for e-commerce. Inventory levels in the U.S. subsidiary are maintained at about two to three months, while the Australian subsidiary has a lower inventory of one to two months [11][12]. Future Growth and Market Trends - The company is optimistic about future growth in both domestic and international markets, with low penetration rates and changing consumer habits in China indicating significant potential. In overseas markets, the demand for updates and tenant increases are driving growth [21][22]. Competitive Landscape - Major competitors in the overseas market include Hunter Douglas and Phifer, which have established local factories. Yuma Technology's products are positioned in the mid-to-low-end market, while high-end markets are dominated by local brands. Recent expansions by high-end brands into the mid-to-low-end market present collaboration opportunities for Yuma Technology [13][14]. Cash Reserves and Dividend Policy - The company has substantial cash reserves of over 400 million yuan, primarily for future capacity investments. While the dividend payout ratio has been moderate, the company is open to adjustments based on investor demand [15]. Overseas Investment Strategy - Due to policy changes, Yuma Technology is cautious about overseas investments and is currently evaluating potential locations such as Vietnam, Indonesia, Thailand, and Egypt, pending clarity on tariff policies [16]. Customer Structure - The customer base primarily consists of finished product processors, accounting for over 70% of sales, with a smaller portion being traders who purchase in bulk for distribution [17]. Delivery Methods - The company primarily uses FOB delivery, with CIF delivery being negligible. This delivery method has remained stable over the past few years [18]. Industry Outlook - The company expects growth in the European market and increased efforts in North and South America, although overall regional distribution is not expected to change significantly [19]. M&A Considerations - There are currently no plans for mergers and acquisitions in the upstream sector due to stable raw material supply and pricing. The downstream customer base is fragmented, and any potential acquisitions would need to focus on high-quality targets [20].