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 ...

Core Viewpoint - The company, Co-Creation Turf, is a leading global manufacturer of artificial turf, with significant market presence and strong financial performance in the industry [1][2]. Financial Performance - For Q3 2025, Co-Creation Turf reported revenue of 2.474 billion yuan, ranking 5th among 24 companies in the industry, surpassing the industry average of 2.198 billion yuan and the median of 1.16 billion yuan, but significantly lower than the top two competitors, Bull Group at 12.198 billion yuan and ST Songfa at 11.759 billion yuan [2]. - The company's net profit for the same period was 515 million yuan, ranking 3rd in the industry, with the top competitor Bull Group at 2.982 billion yuan and ST Songfa at 1.271 billion yuan, while the industry average was 263 million yuan and the median was 65.059 million yuan [2]. Profitability and Debt Ratios - As of Q3 2025, Co-Creation Turf's debt-to-asset ratio was 23.87%, an increase from 14.36% year-on-year, but still below the industry average of 35.61% [3]. - The company's gross profit margin for Q3 2025 was 34.04%, up from 30.16% year-on-year, and higher than the industry average of 27.17% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.76% to 16,200, while the average number of circulating A-shares held per shareholder increased by 5.12% to 24,800 [5]. Market Outlook and Growth Potential - According to Shanghai Shenwan Hongyuan Securities, Co-Creation Turf is expected to benefit from an increase in artificial turf penetration, with sales of artificial turf reaching 49.48 million square meters in H1 2025, a year-on-year increase of 6.5% [6]. - Revenue from leisure turf and sports turf grew by 8.4% and 8.0% year-on-year, respectively, while revenue from simulated plants and other businesses surged by 45.5% [6]. - The company has a production capacity of 56 million square meters in China and 60 million square meters in Vietnam, with plans for additional capacity in Vietnam and Mexico, which is expected to enhance profitability [6].

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.

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]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a revenue of 900 million in Q2 2025, an increase of 8% year-on-year, and a net profit attributable to the parent company of 200 million, up 16% year-on-year. For the first half of 2025, revenue reached 1.7 billion, growing by 11%, with a net profit of 300 million, increasing by 22% [1] - The company sold a total of 49.48 million square meters of artificial turf products, representing a year-on-year increase of 6.45%. Revenue from leisure grass products was 1.2 billion, up 11.79%, while sports grass revenue was 300 million, down 4.18%. Revenue from simulated plants and other products was 200 million, up 46%, driven by rapid growth in diversified business sales [1] - International market revenue for the first half of 2025 was 1.6 billion, an increase of 12.88%, accounting for 95% of total revenue, which is an increase of 1.23 percentage points year-on-year, contributing significantly to overall performance [1] - The main sales category and growth driver in the overseas market remains leisure grass, with sales volume increasing by 8.69% year-on-year and revenue growing by 11.23% [1][2] Financial Performance Summary - Domestic market revenue for the first half of 2025 was 82.95 million, a decrease of 10.72%, accounting for 4.93% of total revenue. The domestic artificial turf application remains concentrated in sports venues, with demand driven by the expansion of the football industry and government investment in sports infrastructure [2] - The company adjusted its profit forecast, expecting revenues of 3.5 billion, 4.3 billion, and 5.2 billion for 2025, 2026, and 2027 respectively, with net profits of 660 million, 830 million, and 1.02 billion. The EPS is projected to be 1.6, 2.1, and 2.6 for the same years, corresponding to P/E ratios of 21, 17, and 13 [3][4]

Summary of Conference Call for AceCamp AI (共创草坪) Company Overview - **Company**: AceCamp AI (共创草坪) - **Industry**: Artificial Turf and Landscaping Products Key Financial Metrics - **Net Profit Growth**: Over 20% year-on-year in the first half of 2025 [1][2] - **Operating Cash Flow**: Significant improvement indicating effective cost reduction and efficiency measures [1][2] - **Gross Margin**: Reached 33%, up 2.3 percentage points year-on-year [2] - **Sales Volume Growth**: - Americas: Nearly 20% increase - Europe: Approximately 10% increase - Asia-Pacific and Africa: Continued demand weakness [1][2] Product Performance - **Leisure Turf Sales**: Increased by nearly 10% [2] - **Sports Turf Sales**: Slight decline noted [2] - **Revenue from Simulation Plants and New Business**: Grew by 46%, nearing 190 million yuan [1][2] Cost and Pricing Dynamics - **Cost Reduction Measures**: Internal cost-cutting is the primary factor for improved gross margins [1][4] - **Raw Material Prices**: Decreased, triggering a price adjustment mechanism in April 2025; overall product prices remained stable with slight increases [1][5][6] - **Impact of Tariffs**: Tariffs mainly affected the Vietnam factory, with limited impact on performance as most costs were absorbed by channels and consumers [1][10] Order Trends - **Order Growth**: Significant increase in July and August 2025, with July seeing about a 20% increase and August exceeding expectations [10][11][12] - **Customer Behavior**: Initial hesitance in May and June due to tariff policy uncertainty, followed by a surge in orders post-implementation [11][12] Market Insights - **Regional Performance**: - Strong growth in the Americas and Europe contrasted with weak demand in Asia-Pacific and Africa due to geopolitical tensions and economic conditions [19] - Anticipated recovery in traditional markets like Southeast Asia and the Middle East [13][19] Manufacturing and Supply Chain - **Vietnam Factory**: Supplies nearly all orders for the U.S. market; manufacturing costs are now lower than domestic costs [3][14][15] - **New Facilities**: Ongoing construction of the third phase in Vietnam and a new facility in Indonesia to meet local demand [14][15] Future Outlook - **Revenue and Profit Targets for 2025**: Aiming for 15% revenue growth and over 20% profit growth [3][21] - **Dividend Policy**: Fixed dividend payout ratio of 50% of profits, with no expected changes [3][17] - **Market Share Strategy**: Observing a trend of local manufacturers in Europe outsourcing to Chinese companies, which may enhance global market share [22] Additional Insights - **Price Stability**: Current market competition has stabilized prices, with no significant adjustments anticipated [10] - **Domestic Sports Turf Market**: Expected to see growth driven by increased investment in sports and football [18][19] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, market dynamics, and strategic outlook for the future.

Company Performance - In H1 2025, the company achieved revenue of 1.682 billion yuan (+11.43%) and a net profit of 345 million yuan (+21.69%) [2] - For Q2 2025, the company reported revenue of 889 million yuan (+8.21%) and a net profit of 189 million yuan (+16.43%) [2] - The revenue from simulation plants and other products saw significant growth, with a 46% increase [2] Business Segmentation - In H1 2025, revenue from leisure grass, sports grass, and simulation plants was 1.195 billion yuan (+11.79%), 289 million yuan (-4.18%), and 190 million yuan (+46.00%) respectively [2] - Domestic revenue was 83 million yuan (-10.72%), while overseas revenue was 1.599 billion yuan (+12.88%), driven mainly by leisure grass sales [2] Profitability Metrics - The gross margin for Q2 2025 was 33.85% (+2.55 percentage points), with leisure grass and sports grass gross margins at 32.77% and 39.99% respectively [3] - The net margin for Q2 2025 was 21.23% (+1.50 percentage points), attributed to market insights and cost optimization [3] Investment Outlook - The company is expected to benefit from increased investment in sports facilities in developing countries and upgrades in developed nations, driving growth in sports grass [4] - The company is expanding its production capacity, with a new facility in Indonesia expected to produce 4 million square meters annually [4] - Forecasted net profits for 2025, 2026, and 2027 are 645 million yuan, 749 million yuan, and 849 million yuan respectively, with corresponding EPS of 1.61, 1.86, and 2.11 yuan [4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 39.51 [1][5][7] Core Insights - The company reported a revenue of RMB 1.682 billion for H1 2025, representing a year-over-year increase of 11.43%, and a net profit of RMB 345 million, up 21.69% year-over-year [1] - The company has seen strong overseas sales, particularly in the leisure grass segment, which grew by 11.23% in revenue year-over-year [2] - The company is expanding its production capacity with new facilities in Vietnam and Indonesia, aiming for a total annual production capacity of 176 million square meters of artificial turf [4] Financial Performance - For H1 2025, the company achieved a comprehensive gross margin of 33.24%, an increase of 2.31 percentage points year-over-year, attributed to lower raw material prices [2] - The operating cash flow for H1 2025 improved significantly, reaching RMB 278 million, an increase of RMB 261 million year-over-year [3] - The company’s net profit forecast for 2025 has been adjusted upwards to RMB 634.83 million, reflecting a growth of 24.17% compared to 2024 [10] Production Capacity and Expansion - The company is in the process of expanding its production capabilities, with the Vietnam facility expected to produce 40 million square meters annually once operational [4] - The Indonesian facility is also under development, projected to add another 4 million square meters of production capacity [4] Valuation and Earnings Forecast - The earnings per share (EPS) forecast for 2025 is set at RMB 1.58, with a projected PE ratio of 20.14 [10] - The target price has been revised to RMB 39.51, based on a PE valuation of 25 times the expected earnings for 2025 [5][10]

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the company "共创草坪" (Co-Creation Turf) and its challenges in the turf industry, particularly in the U.S. market, where it has seen a decline in market share and operational difficulties in its Mexican factory [2][3]. Key Points and Arguments Market Challenges - Co-Creation Turf has withdrawn its application materials, leading to a weakened competitive position due to declining market share in the U.S., losses from the Mexican factory, and high operational costs [2][3]. - The company's profits have fluctuated since reaching 140 million yuan in 2020, dropping to 100 million yuan in 2023, with significant losses attributed to the Mexican factory fire and higher costs compared to Vietnam [3]. Strategic Responses - Starting from Q4 2023, the company plans to implement targeted strategies to gradually increase its market share in the U.S. and expects to return to normal levels in 2024, particularly in the leisure grass sector [2]. - The company anticipates a more aggressive strategy in the U.S. and European markets, focusing on price and product structure improvements, with a notable increase in average product prices observed in Q1 2023 [2][5]. Domestic Market Dynamics - The implementation of national policies to revitalize the football economy is expected to boost demand for sports turf in China, with the company adjusting its marketing team to seize these opportunities [2][9]. - The domestic market is characterized by partnerships with engineering firms for product procurement and installation, with a growing emphasis on turf systems and training for contractors [10][11]. Financial Performance and Projections - The company expects profit growth to outpace revenue growth in Q2 2023, driven by declining raw material prices and an appreciating RMB [4][16]. - The overall profit margin is projected to fluctuate between 16% and 20% [22]. Competitive Landscape - The competitive landscape is expected to shift positively for the company following Co-Creation Turf's withdrawal, potentially allowing for increased market share in both the U.S. and European markets [5][26]. - The company is positioned as a compliant and preferred supplier in Asia, enhancing its competitive advantage in the domestic market [20]. Future Outlook - Long-term market changes are anticipated to positively impact pricing and profitability, with expectations of sustained improvements in product pricing and structure [6][8]. - The company is optimistic about future demand in the domestic sports turf market, particularly following the implementation of government policies [9]. Additional Important Insights - The impact of U.S. tariffs on Vietnamese imports is expected to be minimal, with most costs passed on to customers [12][13]. - The company has successfully transferred all production capacity from Mexico back to Vietnam, focusing on operational efficiency and cost reduction [19][23]. - The growth of the artificial plant and grass fiber business is projected to contribute significantly to revenue, potentially accounting for 10% to 15% of total income within three years [24]. This summary encapsulates the key points discussed in the conference call, highlighting the challenges, strategies, and future outlook for the company and the turf industry.

Summary of the Conference Call for "Co-Creation Turf" Company Overview - **Company**: Co-Creation Turf - **Industry**: Turf and Landscaping Products Key Financial Performance - **Q1 2025 Revenue Growth**: 15% increase, with profits growing over 28%, marking the best performance since the company went public [2][3] - **2024 Revenue Growth**: Close to 20%, with similar profit growth, achieving stock incentive targets [3] - **Cash Flow**: Strong operating cash flow supports profit performance [3] Market Insights and Strategies - **Market Focus**: Enhanced focus on key markets and improved marketing strategies led to significant sales share increases in both primary and global markets [2][4] - **Cost Reduction Measures**: Achieved cost reductions through energy savings, improved labor efficiency, and benefited from declining raw material prices and currency fluctuations [2][4] - **Sales Performance by Region**: - **2024 Sales Growth**: 10% for sports turf, 30% for leisure turf; Americas and Europe saw over 30% growth, while Asia-Pacific and other regions approached 10% [2][8] - **Q1 2025 Sales Growth**: Over 10% in the Americas and Europe, with a decline in Asia-Pacific and other regions [2][9] Production and Capacity - **Vietnam Production**: Near full capacity utilization in 2024, with net profit margins exceeding 20%, higher than domestic margins [4][16] - **New Projects**: High-quality completion of the Vietnam Phase III project planned for 2025 [2][7] Human Resource Management - **Employee Incentives**: Implemented HR mechanism reforms, optimizing compensation, performance, and career development systems, along with stock and cash incentives to boost employee motivation [2][6] Future Plans - **2025 Goals**: Aim for at least 15% revenue growth by expanding market reach and developing new customers, alongside comprehensive cost reduction across various functions [2][7] - **Process Improvement**: Initiating process system construction with consulting firms for planning and transformation [7] Tariff and Trade Policy Impact - **Tariff Situation**: Facing a 46% tariff on exports to the U.S., currently delayed by 90 days, with an additional 10% already imposed, costs passed to customers [2][10] - **Long-term Outlook**: Despite potential tariffs, Vietnam maintains a cost advantage over U.S. production, making local expansion unlikely [10][11] Competitive Landscape - **Market Position**: Co-Creation Turf holds over 50% market share in the U.S., with limited competition from smaller domestic firms [18] - **Cost Comparison**: Estimated production costs in Mexico are about 30% higher than in Vietnam, influencing future production decisions based on tariff changes [15][16] Revenue Streams and Product Performance - **Other Products**: Coatings and other products, including grass fibers and artificial plants, saw revenue growth exceeding 30% [22] - **Price Trends**: Average prices for sports turf decreased by approximately 4%, while leisure turf prices fell by about 6% due to raw material price drops and currency fluctuations [8][14] Dividend and Capital Expenditure - **Dividend Policy**: The company maintains a fixed 50% dividend payout ratio, expected to remain unchanged unless significant capital expenditures arise [18] Conclusion and Outlook - **Overall Assessment**: The company has enhanced its competitiveness through improvements in market, manufacturing, R&D, and management, positioning itself well to meet 2025 targets [26] - **Investment Potential**: Current valuation is considered low, indicating potential for further appreciation and better returns for investors [26]