Core Insights - Nanjing Xinbai reported a slight year-on-year decline of 3.67% in Q3 2025 revenue, totaling 1.561 billion yuan, but demonstrated resilience in core business operations [1] - The company achieved a net profit of 45.9142 million yuan for the quarter, with cumulative revenue of 4.773 billion yuan and a net profit of 212 million yuan year-to-date [1] - Strong cash flow from operating activities, amounting to 526 million yuan, supports the company's transformation into a health-oriented enterprise [1] Business Strategy - Nanjing Xinbai is advancing its strategic transformation from traditional commerce to a "life and health service provider," focusing on three main sectors: health care, biomedicine, and modern commerce [1][2] - The company is enhancing its medical service facilities and increasing investment in core medical operations while pursuing a dual focus on "cell therapy and health management" [2] - The health industry is expected to grow due to aging populations and rising health awareness, positioning Nanjing Xinbai to capitalize on its previous investments in cord blood storage and medical services [2] Future Outlook - The company aims to maintain performance stability, foster innovation, and promote transformation to unlock value in the health industry, ultimately creating long-term returns for shareholders and investors [2]

南京新百（维权）成立于1991年5月14日，1993年10月18日在上海证券交易所上市，注册及办公地址均位 于江苏省南京市。该公司是国内商业与健康养老产业双轮驱动的领先企业，拥有稀缺的全产业链资源，投 资价值显著。 公司主营业务涵盖百货零售业务、脐带血存储业务、护理服务收入、养老业务等，所属申万行业为综合 - 综合Ⅱ - 综合Ⅲ，涉及新零售、干细胞、基因测序核聚变、超导概念、核电等概念板块。 经营业绩：营收行业第六，净利润第四 2025年三季度，南京新百实现营业收入47.73亿元，行业排名6/16，行业第一名浙农股份营收330.84亿元， 第二名泰达股份140.4亿元，行业平均数为56.01亿元，中位数为21.45亿元。主营业务构成中，健康养老、 护理业10.82亿元占比33.68%，医药制造业7.44亿元占比23.16%等。当期净利润2.85亿元，行业排名4/16， 行业第一名东阳光9.19亿元，第二名浙农股份5.04亿元，行业平均数为9742.46万元，中位数为9857.51万 元。 资产负债率低于同业平均，毛利率高于同业平均 偿债能力方面，2025年三季度南京新百资产负债率为26.47%，去年同期为26 ...

Core Viewpoint - Nanjing Xinbai (stock code: 600682) is accelerating its transformation into a "health service provider," with a focus on the health and wellness industry, despite a slight decline in revenue due to industry challenges [1][2] Financial Performance - In Q3 2025, the company achieved revenue of 1.56 billion yuan, a year-on-year decrease of 3.67% - Cumulative revenue for the year reached 4.773 billion yuan, with a net profit attributable to shareholders of 212 million yuan and a net cash flow from operating activities of 526 million yuan [1] Strategic Transformation - The company is transitioning from traditional commerce to a focus on "healthcare + biomedicine + modern commerce," with the health sector becoming the main driver of performance growth - The strategic focus includes enhancing medical service facilities and increasing investment in core medical businesses [1][2] Industry Trends - The health industry is expected to grow due to an aging population and increasing health awareness, providing opportunities for Nanjing Xinbai to capture market share in niche segments such as cord blood storage and medical services [2] Future Outlook - The company aims to continue its dual focus on "cell therapy + health management," leveraging policy support for the biomedicine sector and deepening collaborations with quality medical resources domestically and internationally - The core strategy moving forward will be to stabilize performance, strengthen innovation, and promote transformation to create long-term value for shareholders and investors [2]