Investment Rating - The report maintains a "Buy" rating for the company [5][13]. Core Insights - The company reported a revenue of 3.589 billion yuan in Q3 2025, a year-on-year decrease of 10.81%, while the net profit attributable to shareholders was 217 million yuan, an increase of 2.82% year-on-year [2]. - The company has implemented effective adjustments in its department store and supermarket operations, leading to a narrowing decline in revenue for both segments [3]. - Investment income for Q3 2025 reached 196 million yuan, a significant year-on-year increase of 33% [3]. Summary by Sections Performance Review - In Q3 2025, the company's revenue was 3.589 billion yuan, down 10.81% year-on-year, while the net profit attributable to shareholders was 217 million yuan, up 2.82% year-on-year. The net profit excluding non-recurring items was 231 million yuan, an increase of 17.90% year-on-year [2]. Operational Analysis - Despite a decline in total revenue, the revenue drop in the department store and supermarket segments showed signs of narrowing. Supermarket revenue fell by 3.99% year-on-year in Q3 2025, an improvement from a 5.02% decline in Q2 2025. Department store revenue decreased by 2.16%, compared to a 9.06% decline in Q2 2025 [3]. - The gross margin improved by 2.1 percentage points, with a rise in sales expense ratio by 1.7 percentage points and management expense ratio by 0.2 percentage points, while financial expense ratio decreased by 0.2 percentage points, indicating an overall improvement in operational efficiency [3]. Store Count and Dividends - As of the end of Q3, the company had 42 department stores, unchanged from the beginning of the year, and 145 supermarkets, a decrease of 3 stores. The company also initiated a mid-term dividend, proposing a cash dividend of 0.1589 yuan per share, totaling 70 million yuan, which accounts for 9.04% of the net profit attributable to shareholders for the first half of 2025 [4]. Profit Forecast and Valuation - The company is projected to generate revenues of 16.385 billion yuan, 17.073 billion yuan, and 18.307 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -4.40%, +4.20%, and +7.23%. The net profit attributable to shareholders is expected to be 1.445 billion yuan, 1.568 billion yuan, and 1.738 billion yuan for the same years, with growth rates of +9.92%, +8.47%, and +10.89% respectively [5][10].

Core Insights - The General Administration of Customs announced the performance evaluation ranking of national comprehensive bonded zones for 2024, with Guangzhou Nansha Comprehensive Bonded Zone receiving an A-class rating for the fourth consecutive year, being the only A-class special customs supervision area in the province [1] - Nansha's cross-border e-commerce import and export value has ranked first in the country for six consecutive years [1] Group 1: Development and Upgrades - Since its establishment in October 2008, Nansha Bonded Port Area has undergone multiple upgrades, officially operating since 2009, included in the China (Guangdong) Pilot Free Trade Zone in 2015, and upgraded to a comprehensive bonded zone in 2020 [1] - The comprehensive bonded zone is set to expand its enclosure area and add two major industrial carriers by 2025 [1] Group 2: Focus on Foreign Trade and E-commerce - Nansha has focused on developing new foreign trade formats, achieving high-quality development through institutional innovation [2] - In the cross-border e-commerce sector, Nansha established a comprehensive e-commerce demonstration project with the most complete range of goods, and built a shared center at the Greater Bay Area airport to facilitate a full-process import and export channel [2] - From January to July this year, Nansha's cross-border e-commerce import and export value reached 47.5 billion yuan, a year-on-year increase of 76% [2] Group 3: Logistics and Multi-Modal Transport - Leveraging the advantages of Nansha Port's "large port navigation" and "large channel," a multi-modal transport system integrating sea, land, air, and rail has been constructed [2] - The logistics clustering effect is enhanced with the establishment of various logistics distribution centers, including those for fine wines, gourmet food, engineering plastics, and biomedicine [2] Group 4: "Bonded+" Initiatives - The "Bonded+" initiatives include promoting customs remote supervision models, with a total of 314 aircraft introduced under the "Bonded+ Financing Leasing" scheme, making it the largest aircraft leasing hub in South China [2] - An integrated platform for "Bonded+ Display+ Sales" in automobile trade has been developed, expanding Nansha's role from parallel imports of automobiles to a major export channel [2]