Core Viewpoint - Supor's performance has shown a significant "loss of momentum," with a notable decline in both revenue and net profit in the third quarter of 2025, indicating ongoing operational challenges [2][4]. Financial Performance - In Q3 2025, Supor achieved revenue of 5.42 billion yuan, a year-on-year decrease of 2.30%, and a net profit of 426 million yuan, down 13.42%, with the decline in net profit outpacing revenue [2][4]. - For the first three quarters of 2025, the company's revenue saw a slight increase of 2.33% year-on-year, while net profit decreased by 4.66% [2][4]. - The decline in net profit has been a gradual trend, with the growth rate dropping from 25.91% in 2018 to a near-zero growth of 2.97% in 2024, and a significant decline in 2025 [5][11]. Sales and Accounts Receivable - Accounts receivable rose sharply to 3.133 billion yuan by the end of Q3 2025, a 16.47% increase from the end of 2024 [8][11]. - The increase in accounts receivable raises concerns about potential bad debt risks due to prolonged collection periods [9]. Market Structure and Management Issues - Supor's internal sales growth has stagnated, with growth rates dropping from 10.8% in 2021 to -1.21% in 2024, while external sales face high dependency and volatility [11]. - The management team has experienced instability, with the resignation of key executives and subsequent share reductions by management after dividend payouts, raising market concerns [12][13]. Research and Development - Supor's R&D investment has been consistently low, averaging around 2% of revenue, which is below industry standards [15][16]. - In contrast, the company's sales expenses have been significantly higher than R&D expenditures, indicating a focus on marketing over innovation [17]. Consumer Complaints - Supor has faced a high volume of consumer complaints, with over 8,000 reported issues related to product safety and service quality, significantly higher than competitors [20][24]. - Recent data shows a 33.33% increase in public complaints within a month, highlighting ongoing consumer dissatisfaction [24].

Core Viewpoint - Supor's performance has shown a significant decline in the third quarter of 2025, with both revenue and net profit decreasing, indicating a long-term structural imbalance in the company's market and management strategies [1][2]. Performance Decline - In Q3 2025, Supor reported revenue of 5.42 billion yuan, a year-on-year decrease of 2.30%, and a net profit of 426 million yuan, down 13.42%, with the profit decline outpacing revenue [1][3]. - For the first three quarters of 2025, the company's revenue saw a slight increase of 2.33%, while net profit decreased by 4.66% compared to the previous year [1][3]. Revenue and Profit Trends - The decline in net profit growth has been a gradual process, with a peak growth of 25.91% in 2018, dropping to 14.97% in 2019, and turning negative in 2020 [3][5]. - By 2024, net profit growth was nearly flat at 2.97%, and in 2025, it turned into a decline of 4.66% for the first three quarters [3][5]. Accounts Receivable Increase - As of Q3 2025, accounts receivable rose to 3.133 billion yuan, a 16.47% increase from the end of 2024, indicating potential risks related to bad debts [7][8]. Structural Imbalance - Supor's domestic sales, which account for 66.55% of total revenue, have stagnated, with growth rates dropping from 10.8% in 2021 to -1.21% in 2024 [8]. - The company's reliance on external sales, particularly from Groupe SEB, has led to significant revenue volatility, with exports declining by approximately 11% in 2025 [8][9]. Management Turmoil - The company has experienced management instability, with the resignation of key executives and a lack of a confirmed general manager since early 2025 [9][10]. - High-level executives have engaged in stock sell-offs shortly after receiving dividends, raising concerns among investors [9][10]. Research and Development Shortcomings - Supor's R&D investment has remained low, averaging around 2% of revenue, which is below industry standards [11][12]. - In contrast, competitors have significantly higher R&D investment ratios, indicating a potential disadvantage in innovation [11][12]. Consumer Complaints - Supor has faced a high volume of consumer complaints, with over 8,000 reported issues related to product safety and service quality, significantly higher than competitors [16][19]. - Recent data shows a 33.33% increase in public complaints within a month, highlighting ongoing consumer dissatisfaction [19].