Core Insights - The company reported a revenue of 2.55 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 6.66% [1] - The net profit attributable to shareholders was -79.48 million yuan, an increase of 30.38% year-on-year, while the net profit excluding non-recurring items was -91.27 million yuan, up 31.75% year-on-year [1] - The basic earnings per share stood at -0.35 yuan [1] Financial Performance - The gross margin for the first three quarters of 2025 was 33.57%, an increase of 1.64 percentage points year-on-year, while the net margin was -3.12%, up 1.06 percentage points from the previous year [2] - In Q3 2025, the gross margin was 32.55%, down 1.63 percentage points year-on-year and 0.76 percentage points quarter-on-quarter; the net margin was 0.12%, an increase of 0.92 percentage points year-on-year and 5.29 percentage points quarter-on-quarter [2] - Total operating expenses for Q3 2025 were 904 million yuan, a decrease of 112 million yuan year-on-year, with an expense ratio of 35.46%, down 1.75 percentage points from the previous year [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 13,400, a decrease of 1,408 or 9.51% from the end of the previous half [2] - The average market value per shareholder increased from 199,700 yuan at the end of the previous half to 205,600 yuan, a growth of 2.95% [2] Company Overview - Guangzhou Shangpin Home Collection Co., Ltd. specializes in the customized production and sales of whole-house panel furniture, with 80.44% of its revenue coming from customized furniture products [3] - The company was established on April 19, 2004, and went public on March 7, 2017 [3] - The company operates in the light industry manufacturing sector, specifically in home goods and customized home furnishings [3]