证券代码： 001368 证券简称：通达创智 通达创智（厦门）股份有限公司投资者关系活动记录表 编号：2025-007 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及人 | 中国银河证券股份有限公司研究院： | | 员姓名 | 陈柏儒（轻工行业首席分析师） | | 时 间 | 2025 年 12 月 24 日 10:00-12:00 | | 地 点 | 厦门市海沧区东孚街道鼎山中路 89 号公司会议室 | | 上市公司 | 董事会秘书：陈雪峰 | | 接待人员姓名 | | | | 一、目前公司的客户群体介绍 | | | 公司与迪卡侬、宜家、Wagner、YETI 等全球领先跨国企业 | | | 建立长期、稳定的战略合作关系，公司形成显著的客户资源优势。 | | | 实力雄厚、经营规模大、品牌影响力强、销售渠道布局完善的优 | | | 质客户可为公司带来大量且稳定的订单和市场份额，同时也有利 | | | ...

（文章来源：证券日报） 证券日报网讯 12月16日，通达创智在互动平台回答投资者提问时表示，通达创智（厦门）股份有限公 司是一家致力于研发、生产和销售体育户外、家居生活、健康护理等行业消费品的国家级高新技术企 业，主要产品包括体育用品、户外休闲用品、家用电动工具、室内家居用品、个人护理用品等。 ...

Core Points - Mexico's President Claudia Sheinbaum proposed a high tariff policy on imports from China and other countries without free trade agreements, with rates up to 50%, affecting approximately 1,371 tariff codes and an estimated $52 billion in imports [1][3][5] - The tariff proposal is part of the "Plan Mexico" industrial policy and is one of the largest tariff reforms in decades, with various rates including 10%, 20%, 25%, 30%, 35%, and 50% [3][5] - The automotive sector is significantly impacted, with tariffs on Chinese light vehicles set to rise from 20% to 50% [3][11] Tariff Proposal Details - The proposed tariffs will cover a wide range of products, including automobiles, textiles, steel, toys, footwear, plastics, furniture, and machinery [3][5] - The Mexican government anticipates that the new tariffs will generate approximately 37.6 million pesos (around $2 billion) in additional revenue annually [5] - The implementation of these tariffs is expected to be fully effective by December 31, 2026, with potential extensions [5][14] International Pressure and Reactions - The tariff proposal is seen as a response to pressure from the United States, particularly following threats from the Trump administration regarding tariffs on Mexican goods [5][6][8] - The U.S.-Mexico-Canada Agreement (USMCA) is set for review in 2026, adding to Mexico's pressures regarding trade relations [8] - The Chinese government has expressed strong opposition to the proposed tariffs, emphasizing its commitment to free trade and indicating potential retaliatory measures [10][14] Domestic Opposition - The proposal has faced significant backlash from business leaders and within the ruling party, leading to delays in congressional debates [8][10][14] - Concerns have been raised about increased production costs for Mexican manufacturers reliant on Chinese imports, with potential price hikes of up to 100% for some products [10][14] - There is a division among lawmakers regarding the timing and necessity of escalating trade tensions with China [10][14] Strategic Implications for Chinese Companies - Chinese automotive companies are advised to reconsider their export strategies, with suggestions to shift towards local production in Mexico to mitigate tariff impacts [13] - Challenges for Chinese firms include establishing a robust supply chain and after-sales service network in Mexico [13]

Core Insights - This year's Black Friday shopping trends indicate a significant shift from purchasing large items to stocking up on essential goods like pet food and cleaning supplies, reflecting consumer concerns over rising tariffs and living costs [1][2][3] Group 1: Consumer Behavior Changes - Consumers are increasingly focused on practical purchases, with 62% experiencing financial pressure and 87% planning to shop at discount stores due to rising prices [2] - The trend towards essential goods was evident during the summer, with household items like dish soap becoming top sellers during Amazon's Prime Day [1][2] - The expectation of higher tariffs is influencing consumers to buy in bulk, particularly for imported personal care and pet products, to avoid future price increases [3] Group 2: Financial Concerns - Consumer worries about personal finances have reached the highest level since 2009, driven by high prices and recent layoffs, which are reshaping spending habits [1] - A Deloitte report indicates that 64% of consumers plan to purchase discounted essential items during the October sales season, up from 58% in 2024 [1] Group 3: Gift-Giving Trends - There is a notable shift in gift expectations, with consumers planning to buy fewer gifts and preferring cash or gift cards over traditional items [4] - This change reflects a more conservative financial strategy among consumers, as they aim to avoid wasteful spending during uncertain economic times [4]

Advanced Manufacturing Sector - The narrow passenger car retail market in October is expected to reach 2.2 million units, reflecting a month-on-month decline of 2.0% and a year-on-year decline of 2.6%. The retail sales of new energy vehicles are projected to be 1.32 million units, with a penetration rate potentially rising to around 60%, marking a historical high [3] - The average price of new energy vehicles in September was 158,000 yuan, down 8% year-on-year, indicating price pressure at the market level. The ongoing price war negatively impacts the improvement of profitability quality in October, posing significant resistance to the recovery of market conditions [3] Consumer Sector - Zhongxing Junye reported a revenue of 1.475 billion yuan for the first three quarters of 2025, a year-on-year increase of 4.16%, with a net profit attributable to shareholders of 204 million yuan, up 130.51%. The third quarter revenue was 568 million yuan, growing 13.10% year-on-year, and net profit reached 135 million yuan, increasing by 128.70% [7] - The growth in performance is primarily attributed to stable price increases for Agaricus bisporus products, reduced costs for enoki mushrooms, and improved prices in the third quarter, along with increased investment income and reduced financial expenses. The ongoing price rise in vegetable products has contributed to the recovery of industry conditions [7] - The company is actively advancing its artificial cultivation project for Cordyceps sinensis, which is seen as a second growth curve. The project has moved from planning to trial production, generating revenue of 4.8451 million yuan in the first half of 2025 [7] - Zhongshun Jierou reported a revenue of 6.478 billion yuan for the first three quarters, an increase of 8.78%, with net profit and net profit excluding non-recurring items both experiencing over threefold growth. The third quarter revenue was 2.149 billion yuan, up 11.09%, and net profit reached 80 million yuan, growing 335.38% [8] - The company has seen a recovery in operations, driven by the continuous release of cost benefits from raw materials like pulp, along with internal cost reduction and efficiency improvement measures. It is expected that the gross margin and net margin will continue to improve in the short term [8] - The company is focusing on high-end, high-margin non-traditional dry towels and personal care products as strategic categories for future development, aiming to enhance overall profitability [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant growth in Q3 2025, with a revenue of 6.478 billion yuan, representing a year-on-year increase of 8.78%, and a net profit attributable to shareholders of 230 million yuan, up 329.59% year-on-year [4][5] - The improvement in profitability is attributed to a decline in raw material prices, enhanced cost control, and increased management efficiency [5] - The company has optimized its product structure and marketing network, establishing itself as a leading brand in the high-end consumer paper market [6] Financial Performance Summary - For the first three quarters of 2025, the gross margin was 33.98%, an increase of 2.96 percentage points year-on-year, while the net profit margin was 3.55%, up 2.65 percentage points year-on-year [5] - In Q3 2025, the gross margin reached 36.71%, a year-on-year increase of 9.46 percentage points, with a net profit margin of 3.72%, up 5.48 percentage points year-on-year [5] - The company expects revenues of 9.394 billion yuan in 2025, 10.617 billion yuan in 2026, and 11.398 billion yuan in 2027, with respective year-on-year growth rates of 15.3%, 13%, and 7.4% [7] Future Outlook - The company aims to focus on high-end, high-margin non-traditional products and personal care items as strategic growth categories [6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.24 yuan, 0.31 yuan, and 0.35 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 37.42, 28.14, and 25.16 [7]

Group 1 - The core point of the article is that Hengtian Hailong (SZ 000677) announced the convening of its 13th first board meeting on October 23, 2025, to review the full text of the Q3 2025 report [1] - For the first half of 2025, Hengtian Hailong's revenue composition was as follows: 93.09% from tarpaulin, 4.34% from other industries, and 2.58% from personal care products [1] - As of the time of reporting, Hengtian Hailong had a market capitalization of 4.6 billion yuan [1]

Core Viewpoint - The Chinese fast-moving consumer goods (FMCG) market is expected to remain in a low-speed adjustment phase in 2026, with an estimated annual sales growth of 0.9% [1]. Market Performance: Resilience Remains - As of September 2025, FMCG sales grew by 1.5% year-on-year, but the growth rate dropped to 0.7% in the third quarter, indicating increasingly cautious consumer spending [2]. Category Differentiation: Growth Drivers and Pressures Coexist - **Food Category**: Expected to be the main growth driver with a projected sales growth rate of 3.0% in 2026. Consumer demand for convenience, nutrition, and product upgrades supports this growth. In the first three quarters of 2025, growth was 3.4%, with a third-quarter growth rate of 4.4% [4]. - **Dairy Products**: Anticipated to decline by 6.2% in sales in 2026. In the first three quarters of 2025, there was a 6.1% year-on-year decrease, with a third-quarter drop of 6.8%, primarily due to increased competition from plant-based alternatives and heightened price sensitivity among consumers [4]. - **Non-Alcoholic Beverages**: Growth momentum is weakening, with an expected growth rate of 3.9% in 2026, down from 4.8% in 2025. The first three quarters of 2025 saw a growth of 4.9%, but the third quarter's growth plummeted to 1.7%, indicating future growth risks [4]. - **Alcoholic Beverages**: A significant shift is noted, with a slight expected decline of 0.6% in 2026. The first three quarters of 2025 showed a minor increase of 0.9%, but the third quarter experienced a year-on-year decline of 4.2%, reflecting reduced consumer spending on non-essential items [4]. - **Home Care Products**: Expected to perform steadily with a growth rate of 2.5% in 2026. The first three quarters of 2025 recorded a growth of 3.1%, with a third-quarter slowdown to 1.7% [5]. - **Personal Care Products**: Recovery is slow, with a potential flat growth rate of -0.1% in 2026. The first three quarters of 2025 saw a growth of 1.1%, but the third quarter's growth fell to zero, highlighting intense competition and consumer price sensitivity [5]. Structural Opportunities: Lower-tier Markets and Emerging Demands - Despite numerous challenges, opportunities exist in the market. Lower-tier cities are experiencing increased consumer demand, driven by the penetration of e-commerce, instant retail, and logistics infrastructure [6]. - Categories emphasizing health, functionality, and sustainability (such as plant-based foods, eco-friendly home products, and functional beverages) are showing strong growth momentum [6]. - Brands that can innovate to align with emerging lifestyles and promote product premiumization are more likely to thrive in a cautious market environment [6]. Summary: Agile Response to Complex Environment - The trend of cautious consumer behavior is expected to continue into 2026, placing pressure on corporate growth. Companies need to leverage data insights, closely monitor market changes, and swiftly adjust strategies to find survival and growth opportunities in this complex market [6].

Group 1 - China Hengtian Group Co., Ltd. plans to reduce its stake in Hengtian Hailong by up to approximately 25.92 million shares, representing 3% of the total share capital, within three months after the announcement date [1] - As of the first half of 2025, Hengtian Hailong's revenue composition is as follows: tire fabric accounts for 93.09%, other industries 4.34%, and personal care products 2.58% [1] - The current market capitalization of Hengtian Hailong is 4.6 billion yuan [2]

Core Viewpoint - Zhongshun Jierou achieved a net profit attributable to shareholders of 150 million yuan in H1 2025, representing a year-on-year increase of 71.44% [1] Financial Performance - In Q2 2025, the company reported a net profit of 83 million yuan, marking a turnaround from losses [1] - The company's revenue from daily paper and personal care products reached 4.28 billion yuan and 5 million yuan respectively, with year-on-year growth of 8.17% and a decline of 22.75% [1] - The gross margin for the daily paper business in H1 2025 was 32.42%, a decrease of 0.29 percentage points year-on-year [1] Business Strategy - The company is focusing on optimizing its product structure, emphasizing high-end and high-margin non-traditional towels and personal care products as strategic categories for future development [1] - Through continuous brand building, quality assurance, and steady capacity expansion and channel development, the company has established itself as a leading brand in the high-end daily paper market, remaining in the top tier of the industry [1]